Sky makes £2bn spending pledge as it prepares takeover of ITV broadcasting arm

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Sky is nearing a £1.6bn deal to acquire ITV’s broadcasting and streaming operations, which could be announced in early July, with the business to be separated from ITV Studios, which would remain a standalone listed company. The £2bn five-year production-spend pledge is a continuation of an existing commercial arrangement, not new money. As part of the transaction, ITV Studios is expected to buy Love Productions, maker of The Great British Bake Off, from Sky, while regulators are expected to scrutinise Sky’s potential control of over 70% of the UK TV ad market and its ownership of Sky News alongside ITV’s 40% stake in ITN.