ITV and BBC consider clubbing together to buy UKTV for £1bn

Rivals ITV and the BBC are said to be considering entering into a £1bn joint venture to buy broadcaster UKTV.

The potential acquisition could create a homegrown competitor against rivals like Netflix that are taking over viewers attention, The Telegraph reported. ITV and the BBC have until the end of next week to buy the broadcaster.

The BBC had previously approached Sky Plc as a potential partner but negotiations did not work out.

UKTV, which produces the channels Dave and Gold, is an independent commercial joint venture between BBC Worldwide and Discovery Inc, which earlier this year completed its acquisition of US broadcaster Scripps Networks Interactive.

According to the report, Discovery is also working on an alternative move to break up UKTV.

In November, the Telegraph also reported that BBC’s commercial arm was considering a £500m bid for full control of UKTV.