business
Sky to Acquire ITV for £1.6 Billion in Deal Expected to Close in 2028
Sky plans to buy ITV for £1.6 billion, creating the United Kingdom's largest commercial broadcaster. The companies expect regulatory review to last up to 18 months before the transaction can close.
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The two companies aim to complete the deal next year, though they expect regulatory approval to take 12 to 18 months, which could push finalization into 2028.
The companies anticipate scrutiny from the UK media regulator and the antitrust watchdog over their combined share of the television advertising market. ITV currently holds a 32 percent share of commercial viewing. Sky estimates the combined entity would represent 6.5 percent of the total UK advertising market.
The companies expect to achieve £200 million in annual savings after the transaction closes. Savings are projected to come primarily from marketing and technology functions. Sky's CEO stated there would be headcount reductions in corporate and commercial areas. The companies said they have begun discussions with unions regarding the merger's effects on staff.
The companies also said they intend to keep ITV's news production contract in place through 2030. Sky's CEO indicated interest in placing additional sports programming on free-to-air channels, though specific rights were not identified.
Studios will not be included in the acquisition and will continue as an independent listed company. Sky has agreed to a £200 million side deal to sell Love Productions to ITV Studios. Sky has also signed a £2.1 billion content output agreement with ITV Studios that runs through 2032.
