ALEX BRUMMER: UK television jewel ITV under threat

The UK television broadcaster ITV is facing significant challenges due to the rise of streaming services and social media, leading to a potential takeover by Sky, which is owned by US company Comcast. ITV's chief executive, Carolyn McCall, is exploring options to strengthen the company, including a potential merger of ITV's entertainment channels, news, and streaming service ITVX with Sky's subscription services. This proposed deal, valued at £1.6 billion, would create a "British champion" capable of competing with global giants like Netflix and Paramount. However, the transaction raises concerns about a significant part of Britain's creative industry, with a seven-decade heritage, passing into foreign ownership. The ultimate control of the merged entity would effectively lie with Comcast's US headquarters. Regulatory hurdles are a major obstacle, with the Competition and Markets Authority (CMA) needing to be convinced that the deal would not diminish consumer and advertising choice. Ofcom would also impose public broadcast obligations on Sky, including requirements for regional programming. ITV and Sky are hoping that the Labour party's focus on growth and quicker scrutiny could expedite the regulatory process. They also argue that the TV market should be viewed in the broader context of declining terrestrial TV viewership and advertis... download the app to read more