U.K. TV giant ITV , led by CEO Carolyn McCall , provided a first-quarter 2026 trading update early in the morning, along with an update on a potential big transaction. “Following our announcement in November 2025, we remain in active discussions with Sky regarding a possible sale of the media & entertainment (M&E) business,” the company said. “We will update the market in due course.” The M&E business includes ITV’s commercial free-to-air TV channels in the U.K., as well as its ITVX streaming platform. After a potential deal, ITV Studios would continue as a standalone company. ITV Studios revenue rose 4 percent in the first quarter, while M&E revenue fell 2 percent, with total advertising revenue (TAR) down 1.5 percent, ITV reported on Thursday.…