Sky to Buy ITV Broadcasting Arm for £1.6bn

Sky, owned by Comcast, has agreed to acquire ITV's media and entertainment division in a deal worth up to £1.6 billion.

The transaction will combine ITV's free-to-air channels and streaming platform with Sky, creating the UK's biggest commercial broadcaster.

Sky chief executive Dana Strong said ITV would remain a 'deeply British' business, while ITV Studios will continue as an independent production company.

The combined entity would hold 70% of the UK TV advertising market, reshaping the British television landscape.