ITV has brought forward a £100 million share buyback as an early return to investors from the planned £1.6 billion sale of its Media & Entertainment division to Sky. The announcement accompanies ITV’s first results since confirming the deal, which is expected to complete around mid-2027 subject to regulatory scrutiny, and would leave ITV Studios operating independently.

First-half revenue rose 2% to £1.9 billion, while Media & Entertainment’s adjusted EBITDA increased 37% to £48 million as advertising and digital advertising rose 26% and 31%, respectively, aided by the football World Cup. ITV Studios’ EBITDA fell 9%, despite UK revenue rising 17%; revenue declined 17% in the US and 24% internationally. ITV will retain a 1.7p interim dividend worth £60 million, while Sky has committed £2.1 billion for ITV Studios content from 2028 to 2032 and Love Productions is set to join ITV Studios.