London, April 27, 2026, 19:05 BST
ITV PLC finished Monday’s session in London up 0.81% at 80.90 pence, giving the broadcaster a market cap near £3.03 billion. Investors tracked developments on its talks with Sky, owned by Comcast. Volume landed at 17.3 million shares.
It was a thin London session, and the FTSE 100 slipped 0.6%—that’s six days down in a row. The FTSE 250 barely budged, finishing flat. ITV managed to eke out a small gain, but that stood out as its own story, not a broader market move.
It’s a busy patch for ITV. The annual meeting lands May 7, then management turns around for a first-quarter trading update on May 14. Both dates put shareholders in position to quiz executives on ad revenue, ITVX, and what’s next with the Sky review.
Back in March, ITV confirmed it was still talking with Sky about a potential sale of its Media & Entertainment arm—the division behind both its broadcast operations and the ITVX streamer. The company cautioned investors that a deal isn’t guaranteed.
The deal, which was first confirmed back in November, carried a sticker price of roughly 1.6 billion pounds including debt, but notably leaves ITV Studios—the producer behind “Love Island”—out of the mix. At the time, Reuters pointed out that folding ITV’s TV operations into Sky could push the combined group’s grip on UK television ad revenues to over 70%, citing analyst estimates. Reuters
ITV boss Carolyn McCall said last month the company was “actively engaged” with Sky. Speaking to reporters, she mentioned about 100 advertisers in discussions with ITV for the men’s World Cup. “The momentum there is very, very strong,” McCall added. Reuters
ITV’s 2025 results painted a mixed picture. External revenue edged up 1% to 3.51 billion pounds, and digital ad revenue climbed 12%. But total advertising revenue — ITV’s catch-all for broadcast, digital, and sponsorship — slipped 5%. The company expects TAR to dip about 2% in the first quarter. ITV also pointed out that advertisers are holding back spending for the second and third quarters as they look ahead to the expanded World Cup.
Dan Coatsworth, head of markets at AJ Bell, called the latest signs of slower talks a clear indication the Sky process is “far from a done deal.” Even so, the muted move in the share price tells him investors aren’t giving up on the prospect of a transaction just yet. Redmayne Bentley
UBS analyst Adam Berlin flagged the potential for “material value” to land in ITV shareholders’ laps if a deal goes through, but he was quick to point out the hurdles: no formal offer yet, and regulatory sign-off would almost certainly be needed. Berlin put the M&E division’s valuation at roughly 1.5 billion pounds—lining up with figures from the reported deal. Proactiveinvestors UK
Simple logic for competition: a merged Sky-ITV would bulk up to hold UK viewers and ad spend against Netflix, Amazon, Disney. ITV Studios, for its part, would still stand alone as a content producer, pitching shows to a splintered global audience. Investors have been asking for that kind of narrative for years—tidier, easier to follow.
Still, the risks here are substantial. Ellen Huison, competition lawyer at Knights, noted the UK Competition and Markets Authority is “unlikely to ignore” a transaction of this magnitude. The Secretary of State might weigh in as well—media plurality could trigger a public-interest review. If the sale falls through, the regulatory process drags, or World Cup ad spending disappoints, ITV would be facing the same dilemma: falling linear TV audiences and unpredictable advertising revenue. Knightsplc
