HSF Kramer, Freshfields advise on £1.6bn ITV deal reshaping UK media

HSF Kramer and Freshfields are taking lead roles on Sky’s £1.6 billion acquisition of ITV's broadcasting and streaming arm, ITV Media & Entertainment, in a deal which combines two of the UK’s largest broadcasters and puts competition regulation in the spotlight.

As part of the deal, ITV will gain Sky’s Love Productions, the producer behind The Great British Bake Off, and will enter into a content supply agreement with Sky for iconic ITV Studios shows including Coronation Street, Love Island and I'm a Celebrity…Get Me Out of Here!

ITV’s programming will remain free to watch until at least 2034 when its public service licence obligations expire. Some of Sky Sports' coverage will also be available for free on ITV.

The deal comes together at a time where broadcasters are facing intense competition for market share from global streaming giants including Netflix and Amazon.

Dana Strong, Sky chief executive said: “This is a defining moment for British media and an opportunity to build a stronger future.”

The deal is expected to complete in the second half of 2027, subject to regulatory approval.

Advising

HSF Kramer is advising Sky on its purchase. The team includes TMT partner Hayley Brady, M&A partner Mark Bardell, and competition partners Stephen Wisking, André Pretorius and Vassilena Karadakova.

The Freshfields cross-practice team advising ITV is led by corporate partners Piers Prichard Jones and Kate Cooper and includes partners Martin McElwee and Colin Raftery on antitrust. 

Media and entertainment specialist firm Wiggin is also advising ITV.