Comcast Corp., owner of the European pay-television service Sky, is in talks to buy ITV Plc’s media and entertainment arm in a deal that would dramatically shake up the UK broadcasting landscape.Sky is in preliminary discussions about a potential acquisition of the ITV division that would value it at £1.

ITV has revealed talks with Sky, the owner of Sky News, over the possible sale of its media and entertainment (M&E) division in a deal worth £1.6bn.

The proposed deal could value ITV's media and entertainment division, which includes its terrestrial TV channels and streaming service ITVX, at £1.6 billion.