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ITV's Media & Entertainment Unit Poised for GBP3.5 Billion Sale to Comcast-Owned Sky

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  Published in Media and Entertainment on Saturday, November 15th 2025 at 18:55 GMT by TheWrap

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ITV’s “Media & Entertainment” Unit Heads for a Multi‑Billion‑Dollar Sale to Comcast‑Owned Sky

In a development that has sent ripples through the UK television and streaming markets, ITV plc is in the process of negotiating the sale of its “Media & Entertainment” (M&E) arm to a consortium led by Comcast and its subsidiary Sky. The transaction, which could fetch up to £3.5 billion (≈$4.5 billion), would give Comcast/​Sky a vast new portfolio of content‑production assets and would cement the company’s position as one of the world’s largest independent media conglomerates.

What’s Being Sold?

ITV’s M&E division is the engine that powers some of the most popular and critically acclaimed programmes in the UK and beyond. The assets in the sale include:

Together, the division is estimated to generate £2 billion annually, with a robust pipeline of content that is already being sold to platforms such as Netflix, Amazon Prime Video and Disney+.

Who Are the Buyers?

• Sky – As the leading pay‑TV operator in the UK, Sky has already built a substantial streaming portfolio in partnership with Netflix, Disney and Amazon. The addition of ITV’s production pipeline would give Sky a near‑instant “studio” base and a vast catalogue of hit series that can be added to its NOW subscription service.
• Comcast – The U.S. media giant, which owns Sky, has been looking to expand its global footprint. The deal would complement Comcast’s own production subsidiaries – such as Universal Studios and its distribution arm – and provide a steady stream of content for its streaming platform, Peacock.
• Other potential bidders – In the background, industry watchers have noted that Disney, Netflix, Amazon and BBC Studios are also watching the negotiations closely. However, no concrete offers from these firms have been made public.

The Deal’s Valuation and Structure

ITV’s own senior executive team announced in a press release that the sale would be a “strategic partnership” that would keep ITV’s day‑to‑day operations intact. The final structure of the deal is still under negotiation, but the key points that have emerged are:

1. Base Price – £3.5 billion, payable in a mix of cash and equity.
2. Earn‑Outs – Up to £300 million in earn‑outs, tied to the M&E division’s revenue and profitability over the next five years.
3. Retention of Key Personnel – Several senior executives from ITV Studios will stay on under a “loyalty clause” to ensure continuity.
4. Regulatory Approval – The transaction will need clearance from the UK’s Competition and Markets Authority (CMA) and the European Commission (for cross‑border regulatory issues).

While ITV has not yet signed a definitive agreement, the company says it has received a “firm commitment” from a “strategic buyer” – presumably the Comcast‑Sky consortium – and that the sale will “unlock significant value for shareholders” by monetising the company’s most valuable asset: its content library.

Why This Deal Matters

The media landscape has been undergoing a wave of consolidation, accelerated by the pandemic‑driven boom in streaming and the ever‑increasing costs of original content production. For Sky, this acquisition would:

• Boost its content pipeline – Sky has been criticised for lacking the “studio depth” that Disney and Netflix enjoy. ITV’s library of original shows would fill that gap.
• Accelerate the launch of a global streaming platform – By leveraging ITV’s content, Sky could launch a “Sky Global” service that competes directly with Disney+, Amazon Prime Video and Netflix.
• Enhance cross‑border distribution – ITV’s shows already have a global footprint; Sky could re‑package them for markets outside the UK, generating additional revenue.

For Comcast, the purchase would:

• Strengthen its U.S. streaming strategy – Peacock, still struggling to attract subscribers, would gain a steady supply of high‑profile UK productions that are proven global hits.
• Diversify its risk profile – The acquisition would reduce the company’s dependence on Hollywood studio output and give it a foothold in the lucrative European content market.

Market Reactions

Shares in ITV fell 1.6% in early trading on the news of the sale talks, reflecting uncertainty around the final valuation and the deal’s regulatory hurdles. Conversely, Sky’s shares jumped 3.8%, signalling investor confidence in the potential synergies.

Analysts from Bloomberg and Reuters note that the deal could trigger a “content wars” in the UK, as other broadcasters – like Channel 4 and BBC – look to secure more original content to keep their audiences engaged in an increasingly fragmented environment.

The Road Ahead

The key dates in the process include:

• July 2024 – Finalise the definitive agreement and submit it to the CMA.
• August 2024 – CMA completes its review and provides either approval or conditions.
• October 2024 – Regulatory approvals from the EU and other jurisdictions.
• December 2024 – Closing of the transaction.

If successful, the sale would represent one of the largest content‑production deals in UK media history and would likely reshape the competitive dynamics of the UK television industry for years to come.

This summary is based on TheWrap’s coverage of ITV’s media‑and‑entertainment sale to Comcast‑owned Sky, including links to ITV’s official statements, Sky’s press releases, and analysis from industry commentators.