ITV

ITV has agreed to sell its media and entertainment business to Sky in a deal worth up to £1.6 billion, bringing together the UK’s two largest commercial broadcasters in a bid for the scale needed to compete with American streaming giants.

Summary of transaction details:

• Value: £1.6 billion
• Sector: Media & Entertainment
• Advisor: Not disclosed
• Key Entities: ITV, Sky
• Location: UK

Note: The deal is expected to complete in the second half of next year and will see around £950 million returned to shareholders, with ITV banking net proceeds of £1.05 billion after separation costs.