For months, rumors swirled around ITV, the venerable British broadcaster behind hits like Downton Abbey, Love Island, and Fool Me Once. Industry insiders whispered about a possible sale, but ITV’s leadership kept mum—until November 7, 2025, when the network stunned the media world with a terse, 70-word statement: Sky, the Comcast-owned pay-TV giant, had made a £1.6 billion ($2.1 billion) bid for ITV’s media and entertainment division. The deal, if completed, would split ITV in two, leaving shareholders with ITV Studios—the production powerhouse behind some of the UK’s most beloved shows—while Sky would take control of the broadcaster’s TV networks and streaming platform, ITVX.
ITV’s confirmation of “preliminary” talks with Sky, as reported by BBC and Reuters, immediately sent shockwaves through the industry. ITV’s share price leapt by more than 10% on the day of the announcement, peaking at about 78p—a notable surge, though still far from its 2015 high of 258p. The move, described by some analysts as “Christmas come early for management and shareholders,” signaled a possible seismic realignment in the UK’s television landscape.
Sky, itself a storied name in British media, has been under the Comcast umbrella since 2018, when the U.S. company shelled out a hefty $39 billion for the pay-TV operator. In recent years, however, Sky has faced headwinds: mass layoffs, a declining and aging subscriber base, and a value write-down of nearly a quarter since its acquisition. Yet, as Deadline notes, Sky has been quietly preparing for this moment, holding discussions with ITV executives to map out the takeover’s rationale and regulatory path. “There is goodwill and momentum,” a source close to the talks told Deadline, though a formal deal could still be weeks or even months away.
What’s driving Sky’s interest in ITV’s media and entertainment arm? According to industry insiders, it’s all about scale. By combining the UK’s largest free-to-air commercial broadcaster with its leading pay-TV platform, Sky hopes to create a juggernaut that can better compete for advertising dollars and subscribers against global streaming behemoths like Netflix, Disney+, and YouTube. “The way the market is looking, a deal like this does make sense,” said a Sky insider, echoing the sentiment that in a shrinking market for traditional TV, bigger might just be better.
But not everyone is convinced. Some observers have questioned whether merging two struggling businesses will actually solve their problems. One former Sky executive offered a colorful analogy: “Sky is like a massive cruise liner with a small hole. It will sink eventually, but maybe ITV plugs this gap a little longer.” Another industry veteran put it more bluntly: “Two drunks propping each other up at the bar.”
Still, the potential benefits are clear. As Tom Harrington, Head of Television at Enders Analysis, told BBC, the combined audience would be a “much better sell to advertisers.” With Sky and ITV together commanding over 70% of the UK TV advertising market, their joint reach would be enormous—even if both businesses are contending with long-term decline. However, this very dominance raises serious regulatory questions.
Any deal would need approval from both Ofcom and the Competition and Markets Authority. Media analyst Ian Whittaker told BBC Radio 4’s Today program that such a combination would “in normal circumstances” be rejected outright because of the overwhelming market share. Yet, with streaming services like Netflix, Disney+, and YouTube now gobbling up more and more viewers—and ad revenue—regulators may be forced to rethink what competition in the TV advertising market really means. Former ITV chair Sir Peter Bazalgette argued that Google and Meta should now be considered the true rivals, not just other broadcasters like Channel 4 or Paramount-owned 5.
There’s also the question of what happens to ITV Studios, the production arm that makes everything from Love Island to Alan Bates vs The Post Office and Netflix’s One Piece. The current deal would see ITV Studios remain independent, but some analysts warn that splitting the studios from the broadcast business could complicate future contracts. While existing agreements would likely keep current shows on ITV’s channels for now, new programs might be up for grabs, forcing ITV to compete with rivals for its own content. As Harrington pointed out, “It would be unlikely for current shows to leave ITV as there will already be agreements in place,” but the long-term outlook is less certain.
The studios themselves are a hot commodity. ITV insiders reportedly value ITV Studios at around £3.5 billion, and there’s speculation that CEO Carolyn McCall could seek a buyer for the division soon after the networks are sold. Content-hungry streamers and global production groups like Banijay and RedBird IMI have already shown interest, though talks have cooled in recent months.
For ITV, the sale comes at a time of mounting financial pressure. The broadcaster recently forecast a 9% decline in advertising revenues for the final quarter of 2025 and announced £35 million in further cost savings—moves that could delay some programs until 2026. Liberty, one of ITV’s largest shareholders, recently sold half of its 10% stake, a decision that some market watchers now see as premature given the recent bid.
Sky, for its part, has been exploring ways to refresh its brand and reach new viewers. Its heavily marketed Essential TV deal, which bundles Sky Atlantic with an ad-tier Netflix subscription, is a sign of its willingness to experiment—something that would have been unthinkable just a few years ago. As one observer put it, “Not everyone who watches ITV watches Sky, but everyone who watches Sky watches ITV.”
Yet, the deal is far from done. Regulatory scrutiny looms large, especially given the duo’s combined grip on the UK advertising market. Commercial competitors are already raising eyebrows, and unions like Bectu have voiced alarm about potential job cuts if the merger goes through. There’s also speculation about the future of Sky News, which has been loss-making and whose funding guarantee from Comcast expires in 2028. Some suggest Sky News could end up producing ITV News, a move that would have major implications for current supplier ITN.
Ultimately, the proposed sale of ITV’s media and entertainment division to Sky could mark a watershed moment for British broadcasting. With streaming giants nipping at their heels and traditional TV facing unprecedented challenges, both companies are betting that scale, synergy, and a bit of old-fashioned consolidation will buy them time—and maybe even a new lease on life. Whether regulators, advertisers, and viewers agree remains to be seen. For now, ITV, Sky, and Comcast are staying tight-lipped, leaving the industry—and the public—waiting for the next plot twist in this high-stakes media drama.
Whatever the outcome, it’s clear that British television is entering a new era, one where survival means adapting fast, thinking big, and sometimes, taking a leap into the unknown.
