Only five years ago a bullish ITV was riding high, trumpeting the biggest annual advertising haul in its history, as the broadcaster pledged to become a national champion in the battle against the US streamers.

Now its chief executive, Carolyn McCall, has raised the white flag, arguing that a cut-price sale of its TV and streaming business to Sky is the only route to survival as deep-pocketed companies such as Netflix and YouTube hoover up audiences and commercial revenues.