Comcast’s Sky has agreed on terms to acquire ITV’s media and entertainment unit for £1.6 billion ($2.1 billion). The deal, which includes ITV’s linear channels and the ITVX streaming platform, is being finalized by lawyers, according to Reuters.
ITV Studios, which is famous for producing shows like “Coronation Street,” “This Morning” and “Love Island,” will remain separate, but acquire “The Great British Bake Off” producer Love Productions as part of the deal. When including that sale, the total transaction could be valued between £80 million and £120 million, the outlet notes.
Representatives for ITV declined to comment, while Sky did not immediately return TheWrap’s request for comment.
The deal terms come after ITV first confirmed it was in preliminary talks with Sky back in November. At the time, it said there could be “no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place.”
On Wednesday, Reuters said the deal could be announced within the next two weeks, but noted that timing could change due to legal complications. It also would include a payout dependent on the ITV unit’s performance of about £200 million ($264 million), per the outlet.
Shares of ITV climbed 2.8% on Thursday morning, while Sky owner Comcast’s stock popped 1.13%.
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