Sky said to have agreed terms to buy ITV's broadcast and streaming unit

(Sharecast News) - Sky has reportedly agreed on terms to buy ITV's broadcast and streaming unit. According to Reuters, which cited two people familiar with the matter, ITV will acquire "The ​Great British Bake Off" producer Love Productions as part of the ⁠deal.

Sources told Reuters on Wednesday that the £1.6bn deal had moved in a positive direction in the last week ​and was now being finalised by lawyers.

The total transaction value will include ITV Studios acquiring Sky's Love Productions, which also makes "The Piano" and could be valued between £80m and £120m based on comparable deals, and an earn-out, ​Reuters said.

It was understood that a deal could be announced in the next two weeks, with one source cautioning that the timing could still slip due ​to final legal ​complications.

Sky is owned by Comcast.

At 1235 BST, ITV shares were up 2.6% at 81.95p.