In a move that has sent shockwaves through the British media landscape, ITV, the United Kingdom’s largest commercial public broadcaster, confirmed on November 7, 2025, that it is in preliminary talks with Comcast-owned Sky over a potential £1.6 billion ($2.1 billion) sale of its Media & Entertainment (M&E) business. This development, emerging seemingly out of nowhere, has the potential to fundamentally reshape the country’s television industry, bringing together two broadcasting powerhouses under one corporate roof.
According to statements released by ITV and widely reported by outlets such as Deadline, Variety, and Reuters, the proposed deal would see Sky—already a dominant force in British pay-TV and streaming—acquire ITV’s main network, its suite of linear terrestrial channels, and the rapidly growing ITVX streaming platform. Comcast, Sky’s parent company, previously acquired the pay-TV giant in 2018 for around £30 billion, dramatically expanding its European footprint. Now, with this latest overture, Comcast is seeking to further consolidate its hold on the UK market.
ITV’s statement to the London Stock Exchange was measured, emphasizing the preliminary nature of the discussions: “ITV plc notes the recent press speculation and confirms that it is in preliminary discussions regarding a possible sale of its M&E business to Sky for an enterprise value of £1.6bn. There can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place. A further announcement will be made in due course if appropriate.” As The Independent and RTTNews echoed, ITV underscored that no agreement has been reached and that the outcome remains far from certain.
The scope of the potential sale is notable. While the M&E division includes ITV’s flagship free-to-air channels and the ITVX streaming service, it specifically excludes ITV Studios—the production powerhouse behind global hits like Love Island, I’m a Celebrity… Get Me Out Of Here!, and Mr Bates vs The Post Office. ITV Studios has itself been the subject of recent takeover speculation, attracting interest from heavyweights such as Banijay and RedBird IMI. However, for now, the focus is squarely on the broadcaster’s channels and streaming arm.
The timing of the talks is hardly coincidental. ITV, like many of Europe’s commercial broadcasters, has been grappling with a downturn in TV advertising revenue, a challenge exacerbated by a “softening” British economy. In its latest trading update, ITV reported a 5% decline in networks revenue to £1.44–1.45 billion over the first nine months of 2025. The company also warned that advertising income could fall by as much as 9% in the crucial fourth quarter, with widespread business caution ahead of the November UK Budget. To weather the storm, ITV announced £35 million ($46 million) in temporary cost savings—£20 million from postponing certain programmes and £15 million from trimming marketing spend. The broadcaster was quick to assure that no key shows would be cut and no job losses are expected as a direct result of these measures.
Market reaction to the news was swift and dramatic. ITV’s share price, which had languished at levels not seen in over a decade, jumped by as much as 18% to 80 pence per share at the start of trading on November 7, 2025, its highest point in several weeks. As Reuters and Deadline reported, this surge reflected investor optimism that a sale could unlock value for shareholders frustrated by years of stagnation and takeover rumors.
Yet, any deal of this magnitude is bound to attract the attention of regulators. Media analyst Ian Whittaker told the BBC that a combined Sky and ITV would command “70% plus” of the UK TV advertising market—an unprecedented level of dominance that, under normal circumstances, would likely be rejected by competition authorities. Still, Peter Bazalgette, a former ITV chairman, urged regulators to be flexible, arguing that ITV and Sky are now competing not just with each other but with global digital giants such as Google and Meta for video advertising dollars. The scale and reach of a merged entity could, proponents argue, help British broadcasters hold their own against Netflix, Amazon, and Disney in the fast-evolving streaming wars.
Sky, for its part, has been steadily expanding its offerings beyond pay-TV, investing in original content through Sky Studios and branching into broadband and mobile services across the UK, Ireland, and Italy. Recent Sky Studios productions have included star-studded dramas like Mary & George and The Tattooist of Auschwitz. Under the leadership of CEO Dana Strong, Sky has positioned itself as a formidable player in both traditional broadcasting and the streaming space.
The possible acquisition also comes at a time when Comcast is reportedly exploring additional expansion opportunities, including a potential bid for parts of Warner Bros. Discovery’s studio and streaming businesses, according to The Hollywood Reporter. The company’s appetite for growth appears undiminished, even as the industry faces headwinds from shifting viewer habits and economic uncertainty.
For ITV, the decision to consider selling its M&E division marks a significant strategic pivot. CEO Carolyn McCall, who has led the company since 2018, has frequently acknowledged the intense deal-making atmosphere in the sector. As she told Reuters earlier this year, “This whole sector, everyone talks to everyone, and everyone is talking to everyone. And you know that the board will keep all options under review.” With the broadcaster’s market capitalization standing at £2.53 billion on the eve of the announcement, the proposed sale price for the M&E business reflects both the challenges and the enduring value of British television brands.
Industry observers are now watching closely as negotiations continue. While the outcome remains uncertain, one thing is clear: the British broadcasting landscape could look very different in the months to come. Whether regulators will greenlight a deal that could place more than 70% of UK TV advertising in the hands of a single conglomerate is anyone’s guess. But as the battle for viewers—and for survival—in the streaming age intensifies, both ITV and Sky are betting that bigger just might be better.
As the dust settles on this bombshell announcement, all eyes are on the next move from ITV, Sky, and the regulators who will ultimately decide the fate of British television’s biggest merger in years.
