Comcast’s Sky has agreed to buy ITV’s television business for up to about $2.14 billion, in a deal that will combine two of the U.K.’s best-known media brands.
Under the deal, London-listed ITV will receive 1.2 billion pounds ($1.6 billion) and Sky’s Love Productions business, before additional performance-related add-ons that could bring the transaction volume up to 1.6 billion pounds.
The deal gives the U.S. media company control of one of the U.K.’s most watched broadcasters at a time when younger viewers are shunning traditional broadcasters in favor of streaming platforms like YouTube and Netflix.
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