ITV has announced plans to launch a £100 million share buyback program contingent on the completion of Sky’s £1.6 billion acquisition of its media and entertainment business. The proposed share repurchase represents an initial tranche of a broader £950 million in cash returns expected from the sale, which was agreed upon earlier this month and is currently awaiting regulatory approval.

The deal involves the sale of ITV’s terrestrial television channels and its streaming service, ITVX, but excludes its production division, ITV Studios, which is responsible for producing popular programs such as *I’m a Celebrity... Get Me Out of Here!* and dramas like *Mr Bates vs The Post Office*. The acquisition by Sky is expected to position the combined entity as a significant competitor to global streaming platforms including Disney+ and Netflix.

ITV reported a 2% increase in total group revenues to £1.89 billion for the first half of 2026 compared with the same period last year. The company also highlighted a boost in advertising revenues driven by the FIFA World Cup, which helped compensate for a £20 million reduction attributed to recently introduced regulations limiting advertising of less healthy food products.

Chief Executive Carolyn McCall described the company’s first-half performance as “solid,” noting that the advertising gains from the World Cup were a positive factor amid the evolving regulatory landscape for advertising. She emphasized the strategic nature of the transaction and the anticipated benefits of the cash returns to shareholders.

The sale is subject to approval by competition regulators, which will assess the impact of the deal on the UK media market. Should the transaction receive the necessary clearance, the share buyback program would commence promptly, marking the beginning of ITV’s distribution of proceeds from the sale.

Industry observers note that the deal reflects ongoing consolidation within the media and entertainment sector, as traditional broadcasters seek alliances and sales to better position themselves against digital streaming giants. ITV’s retention of its production arm suggests a continued focus on content creation, even as distribution assets transition to Sky.