Sky Agrees to Acquire ITV's Media Business in £1.6 Billion Deal

Sky, the UK television, broadband and mobile provider owned by Comcast, has agreed to acquire ITV's media and entertainment division for up to £1.6 billion (about US$2.1 billion) after months of negotiations, The Associated Press (AP) reported.

Sky and ITV have agreed to combine their broadcasting businesses to better compete with global streaming services. (Photo: Comcast Corporation)

The acquisition includes ITV's free-to-air television channels and its streaming service.

However, ITV Studios, the company's television production business known for programs such as I'm a Celebrity...Get Me Out of Here!, will remain an independent company.

ITV Chairman Andrew Cosslett said the transaction would "create a UK champion with the scale and resources to better compete with global streaming platforms."

ITV said the combined Sky-ITV business will become part of NBCUniversal following the completion of its separation from Comcast.