Sky agrees £1.6billion takeover of ITV entertainment to create Britain's largest commercial broadcaster

Sky has reached an agreement to purchase ITV's media and entertainment division for £1.6 billion, a transaction that would establish Britain's largest commercial broadcaster.

The deal was confirmed this morning following negotiations that began last November.

Both shareholder approval and regulatory clearance remain necessary before the acquisition can proceed.

The proposed merger represents a significant consolidation within the British broadcasting landscape.

Comcast-owned Sky, which also operates Sky News, has been in discussions with ITV for several months to finalise the terms.

The acquisition encompasses ITV's streaming service ITVX alongside its portfolio of free-to-air television channels.

ITV's studio operations, however, have been excluded from the transaction.

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