ITV shares soar as it holds talks to sell television business to Sky
ITV has told the market it is in preliminary talks to sell its broadcasting arm to the parent company of Sky in a £1,6bn deal, sending shares soaring by almost 20%,Comcast, the US telecom company that owns NBCUniversal, hopes to snap up ITV’s media and entertainment operations, which include its free-to-air TV channels in the UK and ITVX streaming platform,However, the deal does not involve the programme-making arm ITV Studios, one of the world’s biggest production companies,The division, which has made shows including Love Island, I’m a Celebrity and the hit drama Mr Bates vs the Post Office, has been the subject of separate takeover talks.
ITV said there could “be no certainty” about the terms of a potential sale, or whether the sale would even take place.The comments sent ITV’s share price climbing by 18% to 80.9p on Friday morning, meaning its shares are up almost 9% year-to-date.It is the top riser on the FTSE 250 index, lifting the company’s total value to about £3bn, up from just over £2.5bn on Thursday night.
However, the combination of the TV ad sales operations of ITV and Sky could prompt competition concerns, giving Comcast potential control of more than 70% of the UK market.Industry sources have said Sky may have to look at remedies, including relinquishing its third-party sales deals, which include representing ad sales for Channel 5 and Disney in the UK.That may require the competitions regulator to reconsider how it measures the ad market to include digital advertising.“There can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place,” ITV said in a statement to the market on Friday.“A further announcement will be made in due course, if appropriate.
”Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionITV announced on Thursday that it would temporarily cut £35m from its budgets – including by delaying some shows into 2026 and reducing marketing spending – amid the challenging macroeconomic environment and advertiser uncertainty in the run-up to the budget this month.The company said it expected advertising revenues, which still account for most of its income, to fall by 9% in the crucial fourth-quarter advertising period in the lead-up to Christmas.
ITV shares surge as it holds talks to sell broadcast operations to Sky; world food prices fall – business live
Newsflash: ITV has confirmed that it is in talks about the posssible sale of its media and entertainment operations to rival Sky.In a statement to the City this morning, ITV says:ITV plc notes the recent press speculation and confirms that it is in preliminary discussions regarding a possible sale of its M&E business to Sky for an enterprise value of £1.6bn.The statement comes hours after reports that Comcast, the parent company of Sky, was in talks to buy ITV’s broadcasting business, a move that would upend the British television landscape.ITV cautions that a sale isn’t certain, telling the City this morning:There can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place
ITV shares soar as it holds talks to sell television business to Sky
ITV has told the market it is in preliminary talks to sell its broadcasting arm to the parent company of Sky in a £1.6bn deal, sending shares soaring by almost 20%.Comcast, the US telecom company that owns NBCUniversal, hopes to snap up ITV’s media and entertainment operations, which include its free-to-air TV channels in the UK and ITVX streaming platform.However, the deal does not involve the programme-making arm ITV Studios, one of the world’s biggest production companies. The division, which has made shows including Love Island, I’m a Celebrity and the hit drama Mr Bates vs the Post Office, has been the subject of separate takeover talks
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Lando Norris has acknowledged that he needs to be at the very top of his game to try to secure his first world championship, as the British driver heads into this weekend’s São Paulo Grand Prix with a narrow one-point lead over his McLaren teammate, Oscar Piastri.Norris had trailed Piastri by 34 points after the Dutch GP but with a series of strong results including a dominant win from pole to flag at the last round in Mexico, Norris has edged ahead in the title race for the first time since the Saudi Arabian GP in April.Red Bull’s Max Verstappen has also made a late charge to reignite his title defence, recovering from a 104-point deficit to Piastri after Zandvoort to advance to being within 36 points of Norris.Four meetings remain, including two sprint races with one this weekend in Brazil, and with 116 points still available, Norris confirmed his aim was to simply keep winning.“Nothing is completed, nothing is done,” he said
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