And now, the deal is official! Comcast’s Sky said it has agreed to acquire the media and entertainment (M&E) unit of UK TV giant ITV for £1.6 billion ($2.13 billion). The deal covers ITV’s networks and streaming business, but not its production arm ITV Studios.
ITV, led by CEO Caroline McColl, first revealed talks with Sky focused on the company’s commercial free-to-air TV channels in the UK, as well as its ITVX streaming platform, in November. The planned deal will make ITV Studios an independent company.
Under its terms, ITV Studios buys Love Productions, producers of the TV series Great British Bread and Pianoand strengthening its portfolio of intellectual property.
Sky is led by CEO Dana Strong. It not only operates its pay TV and streaming businesses in the UK, Ireland and Italy, but is also growing its telecommunications offerings, such as its broadband and mobile operations. Sky also has production arm Sky Studios, which is led by Cécile Frot-Coutaz and is increasing its investment in original content creation. Recent Sky Studios productions have included the likes Mary and GeorgeStarring Julianne Moore, Auschwitz tattooStarring Harvey Keitel and Jackal dayStarring Eddie Redmayne and Lashana Lynch. Comcast acquired Sky in 2018.
ITV Studios, which produces such shows as Love Island, Britain’s got talent and the hit Harlan Coben Netflix series Fool me onceamong many other things, has been the subject of spin-off deal talk, which returned this week following news of the mega-merger between production giants Banijay and All3Media, owned through a co-investment partnership between Gerry Cardinale’s RedBird and IMI Media, led by RedBird operating partner and RedBird IMI CEO Jeff Zucker. RedBird IMI acquired All3Media in 2024 for $1.45 billion.
During a conference call on Wednesday, Francois Riahi, CEO of Banijay Group, Banjay’s parent company, was asked about the combined entity’s potential interest in ITV Studios. “Consolidation is the name of the game,” he said, adding that the company would keep all options open. “When you look at the Warner-Paramount deal, it’s very easy to understand why you need to be big and global to be relevant in this sector. So we share that view with RedBird IMI.”
