Comcast’s European pay-TV business Sky is in talks to acquire U.K. TV giant ITV’s media and entertainment (M&E) unit.
In a statement early Friday morning London time, ITV said it “is in preliminary discussions regarding a possible sale of its M&E business to Sky for an enterprise value of £1.6 billion,” which translates to $2.1 billion.
The M&E business includes ITV’s commercial free-to-air TV channels in the U.K., as well as its ITVX streaming platform. Its revenue for the first nine months of 2025 was down 5 percent from the year-ago period to £1.45 billion ($1.90 billion).
Not part of a deal would be production powerhouse ITV Studios, which produces such shows as Love Island, Britain’s Got Talent, and the Harlan Coben Netflix hit series Fool Me Once, among many others. ITV Studios has been the topic of much deal chatter in recent years, with the likes of Banijay, All3Media parent RedBird IMI, and others being cited as potential buyers.
Sky is led by CEO Dana Strong. It not only operates pay-TV and streaming businesses in the U.K., Ireland and Italy, but has also been growing its telecom offerings, such as broadband and mobile phone operations. Sky also owns the production arm Sky Studios, which is led by Cécile Frot-Coutaz and has been growing its investment in original content creation. Recent Sky Studios productions have included the likes of Mary & George, starring Julianne Moore, The Tattooist of Auschwitz, starring Harvey Keitel, and The Day of the Jackal, starring Eddie Redmayne and Lashana Lynch.
While confirming overnight reports of deal talks, ITV on Friday also emphasized that a transaction for its M&E division with Comcast’s Sky may ultimately not come together. “There can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place,” its statement highlighted. “A further announcement will be made in due course if appropriate.”
lTV is led by CEO Carolyn McCall. The news of the deal talks came after ITV said on Thursday that it was planning $46 million in “temporary,” or “one-off,” cost savings amid “softer” advertising demand in the fourth quarter.
Comcast’s potential play for parts of ITV comes at a time when it also seems to be exploring a potential bid for parts of Warner Bros. Discovery (WBD). Overnight reports said that Comcast has hired Goldman Sachs and Morgan Stanley to evaluate a possible deal for the David Zaslav-led Hollywood conglomerate’s studio and streaming businesses, following WBD’s recent decision to explore various deal options.
