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ITV in 'preliminary' talks over £1.6bn sale of media and entertainment arm to Sky
ITV is negotiating a £1.6 billion deal with Sky to sell its media and entertainment division, excluding ITV Studios, amid a 9% drop in advertising revenue.
- On Friday, ITV plc confirmed preliminary talks to sell its Media & Entertainment business to Sky for an enterprise value of £1.6bn, with shares jumping as much as 19%.
- Facing a softening ad market, ITV plc expects total advertising revenues to slump by around 9% over the final three months of the year as shares hit their lowest levels since April earlier this week.
- The M&E unit includes ITV1, ITV2, ITV3, ITV4, ITV Quiz, and the ITVX streaming platform, making 955 million pounds revenue and 35 million pounds adjusted earnings in six months to end-June.
- Regulators would need to approve any deal, with Tom Harrington, Enders Analysis warning it would raise concerns as the combined advertising share would be around 70%, prompting CMA investigation.
- If the sale completes, experts say increased scale across TV and streaming could boost revenues and make ITV Studios an instant takeover target for potential buyers like Netflix.
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Total News Sources64
Leaning Left12Leaning Right4Center21Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 32%
C 57%
11%
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