Comcast Eyes $2.1 Billion Deal. It’s All About Fierce Competition From Netflix.

Comcast’s Sky is in preliminary talks to buy ITV’s broadcasting unit. (Jeff Fusco/Getty Images for Comcast)

Comcast’s Sky is in talks to make an 1.6 billion pounds ($2.1 billion) acqusition as legacy media companies press ahead with efforts to beef up their offerings in a bid to fend off competition from streaming platforms.

It is considering buying a part of British broadcaster ITV which said early Friday that it was in preliminary discussions to sell its media-and-entertainment segment to Sky.

Media companies have been scrambling to make deals in recent years, in the hope it will stop them shedding customers to Netflix and other streaming platforms. Paramount Skydance is also believed to be shopping, with multiple reports linking it to a potential bid for Warner Bros. Discovery.

Comcast is also under pressure to find growth away from its traditional broadband business, which has been bleeding users for years. Shares have dropped 27% this year. The S&P 500 has gained 14%.

ITV stock jumped 13% on Friday. Comcast ticked up 0.2% to $27.36.

The deal covers ITV’s broadcast channels and the ITVX streaming platform, but not the ITV Studios, which produces Love Island USA and several other high-profile shows.

Still, it would give Comcast a much bigger presence in the U.K. The cable and entertainment company already owns Sky, and has committed to build a Universal theme park in Bedfordshire, about 40 miles north of London.

“There can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place,” ITV said.

Comcast didn’t immediately respond to a request for comment.

Write to George Glover at george.glover@dowjones.com