Sky has agreed to take over ITV in one of the biggest shake-ups in British television history, ending the broadcaster's 70 years of independence. ITV's chief executive, Carolyn McCall, has framed the cut-price sale of its TV and streaming business as the only route to survival, having pledged only five years ago to make ITV a national champion against US streamers. The deal stokes fears over further job cuts in an already pressured sector, the fate of popular shows, and the viability of an increasingly isolated Channel 4, while also prompting talks of a BBC–Channel 4 streaming tie-up to counter Netflix and YouTube.

Sky's chief executive, Dana Strong, has identified £200m in annual cost savings within three years of the deal closing, with a minority coming from job duplication in corporate and commercial departments. Meanwhile the BBC, under former Google boss Matt Brittin, is making its deepest cuts in 15 years, shedding up to 2,000 staff. Sky and ITV's combined viewing share stood at 17.7% in May, behind YouTube's 18.6% and the BBC's dwindling 19.5%, while Netflix (10.14%) is close to overtaking ITV (11.2%); the merged group would control around 74% of the traditional TV ad market, leaving Channel 4 — on just 5.79% audience share — a distant second at 26%.