The Competition and Markets Authority (CMA) has invited comments on Sky's proposed £1.6bn acquisition of ITV Media & Entertainment, ahead of a decision on whether to launch a formal Phase 1 merger investigation.

The proposed deal, which was agreed earlier this month after months of talks, values ITV M&E at up to £1.6bn, comprising £1.2bn in cash, Love Productions valued at £200m and a potential earn-out of up to £200m linked to future advertising performance and other adjustments.

Interested parties have until 6 August to submit views, with the regulator expected to decide afterwards whether to open an in-depth review.

Given Sky's position in pay TV, broadband and advertising, and ITV's role in free-to-air broadcasting and television advertising, it is expected that the CMA will receive receive substantial input from broadcasters, advertisers, production companies and other interested parties.

By coincidence, the UK's competition regulator is simultaneously assessing two potentially transformative deals in the media sector.

The 6 August deadline comes one day before the CMA's current 7 August Phase 1 deadline in the separate Paramount Skydance/Warner Bros. Discovery review, which is no longer solely a competition review.

The government has stated possible intervention on public-interest grounds, specifically around news, children's television and streaming services. The secretary of state, Lisa Nandy, indicated she was "minded" to issue a public interest intervention notice, amid the CMA's ongoing review.

Paramount's $110bn acquisition of Warner Bros. Discovery was approved last night by the European Commission after the EU watchdog accepted remedies.

Specifically, Paramount agreed to exit the United International Pictures (UIP) distribution joint venture in Europe within 13 months of closing the deal and not enter new film distribution arrangements with Universal in Europe for 10 years, thereby addressing the commission's competition concerns.

---