** Shares of British broadcaster ITV ITV.L up 1.2% at 82.75 pence

** Company agrees to sell its media and entertainment division to Comcast's CMCSA.O Sky for £1.6 billion ($2.13 billion)

** Company will receive £1.2 billion in cash plus a potential earnout of up to £200 million tied to its 2027 advertising performance

** The newly combined ITV M&E and Sky has committed to spend a minimum of £2.1 billion over 2028-2032

** ITV stock down ~0.73% this year, as of last close

($1 = 0.7501 pounds)