"we would love for it to remain free to air."
Sky confirmed it is buying ITV’s media and entertainment business in a deal worth £1.6 billion and popular shows will remain free-to-air until at least 2034.
The £1.6 billion deal is one of the largest takeovers in British broadcasting history.
It marks a major shift in the UK media landscape as traditional broadcasters consolidate to compete with global streaming platforms.
The companies say the move will strengthen their ability to challenge international rivals.
Sky chief executive Dana Strong said ITV’s most popular programmes, including Coronation Street, I’m a Celebrity…Get Me Out of Here! and Love Island will remain free-to-air.
She said this would continue at least until public service licence obligations expire in 2034, adding that viewers should still expect continuity for flagship shows.
Strong also said some Sky Sports coverage will be made available to watch for free on ITV. She said the aim is to broaden audiences and build wider engagement across sport.
The deal includes ITV’s broadcast channels and its ITVX streaming service.
However, ITV’s studios arm, which produces major shows such as Love Island and I’m a Celebrity…Get Me Out of Here!, is not part of the transaction. That division will continue operating separately after completion.
The takeover means Sky will get access to millions more viewers, as well as scale and prominence on a free-to-air platform.
Strong said: “If viewers still love Coronation Street in 10 years’ time, and I imagine they will, then we’ll be negotiating with ITV Studios to make sure that ITV remains the home of Coronation Street, and we would love for it to remain free to air.
“It’s really hard to predict 10 years away, though, so we’ve got a five-year deal for all of the content that consumers love, and we’ll start renegotiating those deals closer to the time.”
She also said Sky plans to move some sporting rights from its own platform to ITV. The intention is to build larger audiences and deepen interest in sport across broadcast television.
Former ITV chairman Sir Peter Bazalgette, who holds shares in ITV plc, described the deal as essential for survival.
He said: “If we don’t see consolidation between domestic broadcasters, we won’t have any in 20 years time and it’s the same for all the European countries because of the competition from the streamers.
“It’s a good deal for viewers because it sustains, will sustain, ITV’s investment – as its obligations are as a public service broadcaster – in international news, national news, regional news and all the programmes that its viewers love.”
Bazalgette also said US media firms benefit from scale and deep financial resources.
He argued that UK broadcasters must consolidate to remain competitive internationally. He said the structural change is necessary for long-term survival.
The takeover remains subject to regulatory approval. Once completed, ITV Studios will operate as a standalone business under the terms of the agreement.
Under the deal, ITV will receive £1.2 billion in cash and Sky’s Love Productions business.
That arm produces shows including The Great British Bake Off and is valued at £200 million. ITV will also receive a further £200 million in 2028 if advertising targets are met.
Sky has also committed to spending £2.1 billion on content from ITV Studios over five years.
The company says this will help secure a steady pipeline of programming and strengthen long-term collaboration between the broadcasters.
Susannah Streeter, chief investment strategist at Wealth Club, said the deal marks a major shift in European media.
She added: “Traditional broadcasters are having to change tactics fast in the battle for audiences whose attention is increasingly fragmented across streaming platforms, social media and online video, making advertising revenues harder to sustain.”
