ITV considers £1bn joint venture with BBC to acquire UKTV

ITV and the BBC could be poised to bury the hatchet with both parties actively considering a £1bn joint venture to buy half of UKTV, according to reports.

The best of British tie-up would give UK content providers much-needed scale to compete against rapidly growing US tech firms, which have been aggressively claiming audience share.

By joining forces in this way the public and private sector broadcasters aim to form a bulwark against further encroachment on home turf, forging a homegrown competitor to Netflix in the process according to The Telegraph.

At present UKTV is jointly owned by the BBC and Discovery but the BBC has a rapidly closing widow of opportunity to buy-out its partner for a set price, should it do so by the end of next week.

UKTV includes the likes of Dave and Gold and has proven to be a success, prompting the BBC to go so far as to consider going it alone with a £500m bid to wrest full control of the station.