Sky makes £2bn spending pledge as it prepares takeover of ITV broadcasting arm

The Rovers Return pub, featured in Coronation Street. The talks involve separating ITV’s channels and streaming platform ITVX from ITV Studios. Photograph: ITV/Shutterstock

Sky has committed to spending £2bn on ITV’s studios business over the next five years as it hammers out a takeover of its broadcasting arm, a move that will safeguard the future of popular programmes such as Coronation Street and Love Island.

Sky, owned by the US telecoms company Comcast, has been in talks for months to buy ITV’s media and entertainment operations, which include its free-to-air TV channels in the UK and the ITVX streaming platform. The £1.6bn takeover deal could be announced in early July, the Sunday Times reported.