ITV has agreed the sale of its media and entertainment arm to Sky for up to £1.6 billion after months of talks over a possible deal.
The companies said the deal will combine the division with Sky to create a major competitor to the global streaming giants.
They have been in talks since late last year in a bid to hammer out the terms of a sale, which is set to be transformative for UK television.
The sale includes ITV’s terrestrial TV channels and streaming service ITVX.
But it does not include its production arm, ITV Studios, which makes shows including I’m A Celebrity and the popular drama Mr Bates Vs The Post Office.
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