UK commercial broadcaster ITV is in early talks over selling its media and entertainment business to Sky, the pay-TV heavyweight, for £1.6 billion ($2.1 billion).

ITV has confirmed it is in "preliminary discussions" with Sky, and if such a deal goes through, the UK's TV and broadcasting picture would be significantly redrawn.

The media and entertainment division of ITV includes several free-to-air linear TV channels and the ITV X streaming service.

Sky - which in the UK is possibly best known for its wide range of live rights to premium sporting properties - has been owned by US media giant Comcast since 2018, with Comcast also owning NBCUniversal in the US.

Most prominently, Sky holds the largest chunk of domestic rights to English soccer's Premier League, while it is also the main UK broadcaster for properties such as motor racing's Formula 1, the NFL, the home English cricket season, and golf's Ryder Cup.

ITV, meanwhile, shares rights to major international soccer tournaments (including the men's and women's FIFA World Cup) with the public-broadcast BBC, while it also covers a diverse range of properties from sports such as cycling, electric motor racing, horse racing, and darts.

The deal will enable Sky to offer customers and advertisers packages including free-to-air, pay-TV, and streaming options. The potential deal with Sky does not include the ITV Studios production arm.

The announcement comes days after ITV  said it would have to enact £35 million ($40.5 million) in cost savings.

One of ITV's largest single shareholders, Liberty, sold off half of its 10% stake in October.