Comcast's Sky to buy Britain's ITV in $2.1 billion deal

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Set us as preferred In a bid to become Britain’s largest commercial broadcaster, Comcast’s Sky pay-TV business on Monday unveiled a $2.1-billion deal to buy ITV Media and Entertainment.ITV is a television powerhouse in Britain, with “Love Island,” “Midsomer Murders,” and the hugely popular FIFA World Cup.It operates a robust TV production studio and free-to-air channels that attract nearly 32% of the nation’s ad-supported viewing.

ITV also has built a popular streaming service, which would round out Sky’s portfolio of subscription services that include satellite TV, phone and broadband internet.Both companies have prominent news channels so the proposed combination is expected to draw intense scrutiny from British regulators who have previously expressed concerns about news diversity amid a wave of media consolidations.The deal comes as traditional TV providers increasingly battle tech companies Netflix, Amazon and Google’s YouTube for consumers.

Gone are the days when British audiences largely tuned into the BBC or ITV, which launched 70 years ago as Britain’s first commercial competitor to the dominant state-supported programmer.Hollywood Inc.

Comcast is spinning off its NBCUniversal entertainment and media assets into a separate publicly traded company.ITV reaches nearly 40 million people every week and boasts 16.5 million monthly digital users.Combined with Sky, the business would command about 20% of in-home viewing in Britain, second to the BBC and ahead of YouTube.The proposed union would create a British advertising juggernaut with an estimated two-thirds of the TV ad market.

“This is a defining moment for British media and an opportunity to build a stronger future for two of the UK’s most loved and trusted brands,” Dana Strong, chief executive of Comcast’s Sky Group, said in a statement....