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00:02Comcast Sky agreed to buy ITV's broadcast channels and streaming service for $2.13 billion,
00:09creating a larger British media company to compete with Netflix, Amazon, and Disney,
00:13according to Reuters. The deal combines Britain's biggest free-to-air commercial broadcaster
00:18with Sky's pay-TV business and would reach more than 20 million households.
00:23Analysts said the merged company would account for more than 70% of the UK television advertising
00:28market, which could draw regulatory scrutiny. Sky and ITV will argue they need to merge as
00:34traditional TV loses younger audiences to streaming platforms and YouTube.
00:38The deal will leave ITV as a standalone production business, while the merged ITV Sky company
00:44is committed to spending at least $2.8 billion from 2028 through 2032.
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