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While there is crossover between the ITV audience and Sky subscribers, Tom Harrington, Head of Television at Enders Analysis, said the broader audience will be a much better sell to advertisers. “You’d be enormous in a shrinking market,” he added. “If you have a declining business in many ways and combine it with another [declining] business then suddenly you look a lot bigger. That is better, even if putting them together won’t really arrest what they are facing.”

Tom Harrington, from Enders Analysis, said: "It would be unlikely for current shows to leave ITV as there will already be agreements in place."

But splitting the two businesses could make it less likely for new shows to appear on ITV, he added.

Mr Harrington said ITV Studios itself was a "very desirable operation" that was "unencumbered by a legacy linear [TV] business".

Media analyst Claire Enders said a long regulatory process was likely but that a deal would strengthen both public service broadcasters and prolong the mass advertising market.

Gill Hind, managing director and director of TV at Enders Analysis, suggested this could particularly impact streaming.

She told the PA news agency: "ITVX is growing but is still behind iPlayer and Channel 4 in terms of how many of the channels’ viewers use the streaming service.

“There could definitely be streamlining crossover opportunities with Sky able to make their programmes available to ITVX users who wouldn’t usually access their shows." She added that sports coverage could also see shared rights across public and paid-for channels.

Karen Egan, head of Enders Analysis, told The Mail on Sunday it was 'likely' that Liberty would want to sell the rest of its holding in ITV to pump cash into other assets in its empire. 

'It's quite possible it will sell the remaining stake,' Egan said of the ITV holding, though she noted Liberty would need to wait 60 days before selling more of the business. 

She added: 'It might not necessarily sell immediately after that – it'll have to gauge market appetite. But I expect it'll be looking for opportunities to sell.'