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ITV, BBC mull £1B joint venture to buy half of broadcaster UKTV

British broadcaster ITV PLC is looking to strike a £1 billion joint venture with British Broadcasting Corp. to acquire half of Uktv Media Ltd., according to a report in British newspaper The Telegraph.

The move to join forces is reportedly an attempt to create a potential British competitor to Netflix Inc. and may be finalized in a fortnight.

UKTV is now owned equally by BBC and Discovery Inc. and its channels include Dave and Gold.

The joint venture would allow BBC to buy out its partner at a set price prior to the end of next week. Discovery is also charting out an alternate course to break up UKTV.

Discovery acquired U.S broadcaster Scripps Networks Interactive Inc. earlier this year, the former owner of UKTV.

BBC, Disocvery and ITV reportedly declined to comment.