ITV has confirmed it is in discussions over a potential £1.6bn sale of its channels and broadcast operation to Sky, which is owned by the American giant Comcast.

It would be the biggest shakeup of British TV in decades giving the biggest commercial broadcaster 70% of the TV ad market.

The deal, which would exclude ITV’s lucrative production business, could pave the way for the creation of a UK-focused streaming giant. But it would raise questions over competition and how American owners could try to water down ITV’s role as a public service broadcaster with extensive requirements for news, current affairs and British content.

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