After talks beginning in November last year, a deal has finally been ironed out to the tune of £1.6 billion, with ITV selling its media divisions and entertainment arm to Sky. This includes the broadcast channels of ITV, as well as its ITVX streaming service.
As per the BBC, Sky chief executive Dana Strong said it was "a defining moment for British media." It's noted as one of the biggest takeovers in British media history, as Sky is owned by American company Comcast. There's no immediate change expected to popular shows, as ITV still owns its studios arm, which makes programmes like Love Island and I'm a Celebrity Get Me Out of Here.
"Viewers will continue to enjoy the shows they know and love, such as Coronation Street, Emmerdale, Love Island, I'm a Celebrity... Get Me Out of Here!, This Morning, Loose Women, Lorraine and News at Ten - alongside major live sporting events," Sky Group said in a statement.
ITV is still required to provide a free-to-air service until at least 2034. When the takeover is complete, ITV Studios will become a standalone business. Sky plans to keep working with ITV Studios, spending £2.1 billion on content from the studios over a five-year period.
