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.
ITV released its statement after news of the discussions were first revealed by Bloomberg News.
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.
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‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source news.sky.com ’
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