Sky has agreed to buy the broadcast channels and streaming service of ITV for £1.6 billion.
The merger of ITV & Sky would account for more than 70% of the UK television advertising market, including contracts for third party broadcasters, analysts have said.
ITV will remain a public service broadcaster, safeguarded by its licence that lasts until 2034, with commitments in news and original content. In return, it has a prominent position on TVs and access to protected programming like the soccer World Cup.
Both companies expect the deal to face a lengthy antitrust review and public interest tests. To satisfy concerns, Sky may have to relinquish third-party ad sales contracts, for example for Paramount-owned Channel 5.