ITV has revealed talks with Sky, the owner of Sky News, over the possible sale of its media and entertainment (M&E) division in a deal worth £1.6bn.
Sky News understands the approach centres on the potential creation of a UK-focused streaming giant.
The division takes in ITV’s current broadcast operations and channels which are largely dependent on advertising.
The talks do not include the company’s studios arm, which makes shows such as I’m A Celebrity… Get Me Out Of Here!
“There can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place”, a statement by ITV to the London Stock Exchange said.
“A further announcement will be made in due course if appropriate”, it concluded.
Sky declined to comment.
Elon Musk’s $1trn pay package approved by Tesla
‘I can’t sleep, my mum is on sofa and I’m thinking of leaving UK’: Diary of a house buyer/seller | Money blog
One year on from Donald Trump’s election win, an untold story has emerged
ITV released its statement after news of the discussions were first revealed by Bloomberg News, hours after the company’s latest financial results were published.
ITV reported delays to some programmes over the coming months to save costs due to an advertising slowdown.
It predicted a 9% decline in ad revenues across 2025, with the most recent trends being blamed on advertisers pulling back on spending in anticipation of the chancellor’s budget later this month.
ITV has long been the subject of takeover speculation.
The latest came from the Reuters news agency earlier this year when it reported early-stage talks with Abu Dhabi-backed group RedBird IMI about a possible merger of their respective production businesses.
French media group Banijay was also reported to have held discussions about a possible offer for ITV’s studio business or a full takeover.
Be the first to get Breaking News
Install the Sky News app for free
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the latest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.
