US media giant Comcast, the owner of Sky News and Universal Studios, is in early-stage discussions to acquire the media and entertainment arm of British broadcaster ITV, in a move that would reshape British television, according to multiple reports.
The potential deal, valued at approximately £2 billion, would be for ITV’s broadcasting arm, not its production division. A successful acquisition would combine ITV’s linear television channels and its ITVX streaming service with Comcast’s Sky pay-TV business. The talks were first reported by Bloomberg News on Thursday, 6 November.
The move is being explored as ITV grapples with a difficult economic environment. On the same day the acquisition talks were revealed, the British media company announced it would “temporarily” cut £35 million from its budget in anticipation for a significant drop in advertising revenue. ITV revealed it expects advertising revenue, which accounts for over half its income, to fall by 9% in the crucial fourth quarter of 2025–the leadup to Christmas.
Its reliance on a volatile advertising market has contributed to a significant decline in the broadcaster’s market value, which has fallen roughly 75% over the past decade. The rise of Netflix and a myriad of other streaming services has also put pressure on ITV’s business.
For Philadelphia-based Comcast, which acquired Sky in 2018 for £30 billion, the potential purchase is seen as a strategic play to bolster its UK streaming presence. Comcast sees an opportunity to combine ITV’s assets with Sky to create a leading streaming service in the UK, the Financial Times reported. This could help offset the loss in value of Sky, which the American media giant has written down in value since its 2018 purchase of the company.
The deal would carve out ITV’s Media & Entertainment arm, which includes its commercial channels and the ITVX digital streaming service. It would not include ITV Studios, the company’s successful production division responsible for global formats like Love Island and Mr Bates vs The Post Office. That production arm has been considered the more valuable part of the company by many analysts and has reportedly been the subject of separate takeover interest in the past.
The discussions are at an early stage and there is no certainty that a deal will be finalized. Comcast and ITV declined to comment, multiple outlets reported.