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ITV has confirmed preliminary discussions regarding a potential sale of its broadcasting division to Sky . The deal would encompass ITV's media and entertainment operations, including its channels ITV1, 2, 3, 4 and the streaming platform ITVX. ITV has placed a £1.6bn valuation on the transaction. The broadcaster, responsible for popular programmes such as I'm A Celebrity... Get Me Out Of Here! and Love Island, has said that nothing is guaranteed regarding the terms or completion of a potential sale of its media and entertainment business. ITV's share price jumped by as much as 19% during early trading on Friday, November 7, following the announcement. For the biggest stories in Wales first, sign up to our daily newsletter here Reports emerged late Thursday, November 6, revealing the possible deal with Sky's parent company, Comcast. The proposed sale would exclude ITV's production division, ITV Studios, which produces programmes including I'm A Celebrity and the acclaimed drama Mr Bates vs The Post Office, which has previously been the subject of sale rumours, reports the Liverpool Echo . ITV stated: "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 further announcement will be made in due course if appropriate." The deal would enable Comcast, which acquired Rupert Murdoch's Sky for £30bn in 2018, to strengthen its presence in the UK and Europe, whilst leaving FTSE 250-listed ITV concentrated on its studio business. ITV's chief executive, Dame Carolyn McCall, has reportedly been considering a split of the company's two main business units in an attempt to bolster the firm's dwindling share price. As reported by PA, the group's shares took another hit on Thursday following a warning about potential impacts on advertising due to uncertainty ahead of the forthcoming Budget. ITV anticipates a roughly 9% drop in total advertising revenues over the last quarter of the year as many businesses hold off on spending prior to the Budget. The company also announced plans to cut costs by an additional £35m to counteract challenging trading conditions. These cost-saving measures include delaying some programming into the new year to save £20m and reducing marketing expenditure by £15m. In recent years, ITV has often been seen as a possible acquisition target, with its studios division drawing attention from both competitors and private equity firms. Earlier this year, US private equity group RedBird IMI ended discussions to purchase the division and merge it with its All3Media business, which it acquired in 2023.
