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The British TV landscape is set to be majorly changed with the news today that ITV has sold its media and entertainment divisions to the NBCUniversal-owned Sky for £1.6 billion.
The deal, which includes ITV’s broadcast channels and its ITVX streaming service, aims to create a strong rival to global streaming giants.
At present, there are no plans for an immediate change to popular shows including soaps like “Coronation Street” and “Emmerdale” or chat shows like “Loose Women” and “This Morning”.
ITV Studios, the studio arm behind the network’s notable reality competition series like “Love Island” and “I’m a Celebrity… Get Me Out of Here,” is not included in the deal and will become a standalone business.
Additionally, Sky has said it has agreed to spend £2.1bn on content from ITV Studios over a five-year period.
Sky Group said in a statement: “The UK media market is undergoing a profound and rapid transformation, and as competition for audiences intensifies, scale matters more than ever in order to compete with global streaming giants and YouTube in the UK.”
Under its public service broadcasting licence, ITV is required by law to provide a free-to-air service until at least 2034.
Source: BBC News
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