Culture secretary Lisa Nandy ‘minded to intervene’ in Sky takeover of ITV
Culture secretary Lisa Nandy is “minded to intervene” in Sky’s proposed £1.6bn takeover of ITV’s media and entertainment arm. In a statement to MPs, she said: “Having considered the anticipated merger, I am of the view that there are reasonable grounds to believe that it might affect availability of a wide range of high-quality and [...]
Culture Secretary Lisa Nandy has indicated her willingness to intervene in the proposed £1.6bn merger between Sky and ITV. Speaking to MPs, she expressed concern that the takeover might impact the availability of diverse and high-quality content on popular on-demand platforms used by UK audiences. ITV and Sky have been given until October 20th to respond to her concerns over competition issues.
The proposed takeover, which is owned by the US media conglomerate Comcast, has raised eyebrows from investors and government officials due to concerns about recent financial performance and the potential impact on broadcasting and on-demand programmes. ITV's share price has plummeted by more than 37% over the past five years, and it has continued to slide this year.
In a statement to MPs, Nandy emphasized the significance of preserving free expression in news media, the plurality of broadcasting and on-demand content, and the need for a variety of programming that appeals to different audiences. ITV pledged to keep ITV News and Sky News separate until 2030, as the two channels are separate entities.
Sky News, meanwhile, is on a roadmap to introduce paywalls for its subscription-based service, with a monthly charge of £14.99. ITV and Sky have been engaged in a battle to secure Nandy's intervention, which could disrupt the merger deal. The takeover does not include ITV's production arm, which produces popular shows such as Love Island.
ITV's CEO, Carolyn McCall, who is formerly from EasyJet, highlighted that British media platforms are competing against giants like YouTube and Netflix. An ITV spokesperson said the company would cooperate with the government's review process to create a stronger UK media player, capable of competing with global streaming platforms and supporting British programming and trusted news.
Sky was also confident that the merger would result in a more robust British media landscape, benefiting viewers, advertisers, and the UK creative industries.
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