The news: Comcast’s Sky will purchase British media company ITV’s broadcast channels and streaming service in a deal worth $2.1 billion, creating a UK giant better positioned to survive in today’s streaming era.

• ITV will be left as a standalone production company, per the announcement.
• Sky CEO Dana Strong referred to the deal as a “defining moment” in UK media.
• The combined company will control more than 70% of the UK TV ad market, per analysts cited by Reuters.
• The acquisition is pending approval from regulators and lawmakers; the companies anticipate a significant antitrust review period, per Reuters reporting. Sky may additionally be asked to relinquish third-party ad sales contracts as a condition of the merger.

Why it matters: The deal underscores how legacy TV companies are bulking up to stay relevant as streaming keeps eroding their grip on audiences and ad dollars.