ITV has agreed to sell its media and entertainment division to Sky, the Comcast-owned UK broadcaster, for £1.6 billion (approximately $2.1 billion). The deal consolidates two of Britain's largest legacy media businesses under one roof. Separately, ITV substituted Moody's with Fitch as the rating agency for its €1.1 billion notes, signaling a housekeeping shift in its debt structure ahead of what is now a leaner corporate profile.
ITV shareholders are looking at a significant asset disposal that hands the company a substantial cash injection, which could be deployed for debt reduction, buybacks, or reinvestment into its Studios and streaming operations. Sky and parent Comcast gain UK content and distribution scale to compete more directly with Netflix and Disney+. Legacy European media names broadly come into focus as consolidation accelerates.
Watch for: ITV's next earnings update for guidance on how the proceeds will be used. Comcast's next quarterly earnings for commentary on the Sky integration strategy. Any UK media regulator (Ofcom/CMA) review of the deal, which could take several months.
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