Comcast’s Sky in talks to acquire ITV’s media unit for $2.15 billion

[ITV sign on the outside of television station building]
Wirestock

British broadcaster ITV (OTCPK:ITVPF [https://seekingalpha.com/symbol/ITVPF]) on Friday confirmed that it was in talks with Sky, owned by Comcast (CMCSA [https://seekingalpha.com/symbol/CMCSA]), over a potential sale of its media and entertainment unit for 1.6 billion pounds ($2.15 billion), including debt.

ITV plc's London-listed shares rose 14% following the announcement.

The company, however, said that there can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place.

The potential sale was first reported by _Bloomberg News_, and ITV, which has a market capitalization of 2.53 billion pounds, called the discussions “preliminary” in its statement [https://otp.tools.investis.com/clients/uk/itv1/rns1/regulatory-story.aspx?cid=2140&newsid=2004403].

ITV’s M&E unit made revenue of 955 million pounds ($1.28 billion) and adjusted earnings, interest, tax, and amortization of 35 million pounds in the six months to end-June, the company reported in July.

ITV also owns a Studios production business, which makes shows, including "Coronation Street" for its own channels and dramas for broadcasters, including the BBC, Netflix (NFLX [https://seekingalpha.com/symbol/NFLX]), and Apple TV (AAPL [https://seekingalpha.com/symbol/AAPL]).

French media group Banijay was also reported to have held discussions about a possible offer for ITV’s studio business or a full takeover.

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