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ITV has confirmed it is in preliminary discussions with Sky, owned by Comcast, regarding a potential £1.6 billion sale of its media and entertainment division. The proposed sale encompasses ITV's terrestrial television channels, its streaming service ITVX, its 40 per cent stake in ITN, and regional news operations, but explicitly excludes ITV Studios. Should an agreement be reached, it would significantly reshape the UK broadcasting landscape, positioning Sky as the nation's largest commercial broadcaster and expanding its reach to UK viewers. The acquisition would grant Sky a formidable position in the TV advertising market, potentially covering around 70 per cent of all UK broadcast advertising, which is expected to face significant regulatory scrutiny from Ofcom and the CMA. ITV's shares rose following the announcement, with analysts suggesting the sale could unlock value for shareholders amidst the company's recent declining share value.
