U.Ok. broadcaster ITV has confirmed it has acquired a £1.6 billion ($2.1 billion) bid from Comcast’s pay-TV platform Sky for its media and leisure unit.
The shock information — which landed in a single day within the U.Ok. — would see Comcast take management of ITV’s linear channels and ITVX streaming enterprise, considerably increasing its foothold within the British TV panorama, having already acquired Sky for round $30 billion in 2018. In line with information experiences, the bid from Sky facilities on the potential creation of a U.Ok.-focused streaming large.
In a brief assertion despatched Friday morning, ITV stated it famous “the current press hypothesis and confirms that it is in preliminary discussions concerning a potential sale of its M&E enterprise to Sky for an enterprise worth of £1.6bn.”
It added: “There will be no certainty as to the phrases upon which any potential sale could also be agreed or whether or not any transaction will happen. An additional announcement shall be made in the end if acceptable.”
The discussions don’t embody ITV’s manufacturing and gross sales arm, ITV Studios, which makes reveals together with “Love Island,” “I’m a Celeb” and the drama “Mr Bates vs The Publish Workplace” and has been the middle of quite a few current takeover rumors. RedBird IMI and Banijay are understood to have expressed an curiosity within the unit.
Affirmation of the deal talks got here shortly after ITV reported that it might “quickly” shave $46 million from its budgets over the U.Ok.’s “softening economic system” and advertiser uncertainty. It stated it anticipated advert revenues to fall by 9% in the important thing fourth-quarter interval within the lead as much as Christmas.
ITV shares jumped 18% initially of buying and selling in London on Friday following information of a possible cope with Sky.
