United Kingdom, July 7 -- Sky is determined to become a commercial streaming champion for the UK.

The broadcaster has agreed terms to acquire ITV Media and Entertainment from ITV for up to £1.6 billion, as it seeks to become a streaming giant.

Dana Strong, Sky Group CEO, said: "This is a defining moment for British media and an opportunity to build a stronger future for two of the UK's most loved and trusted brands.

"We have huge respect for the transformation the ITV team has delivered, particularly its successful move into streaming through ITVX, which has brought fantastic British content to millions of viewers across the UK.

"Bringing Sky and ITV Media and Entertainment together combines the very best of free-to-air televisio...