This news doesn't surprise me - it would cushion the load (both financially and politically) from BBC Studios buying their half, if true. (UKTV is practically a child in between two parent companies fighting for custody)
If they haven't put them on ITV3/4/Encore, I doubt they'd turn up on Gold (or any other UKTV channel). Will likely just be the same stuff over and over as it always is. Expect On The Buses on permanent loop to join OFAH.
Politically this is a shrewd move. Ideally ITV should take a 50pct plus one shareholding so that the issue of the BBC being in majority control and the nevitable repercussions of the Corporation suddenly required to be a licence holder for a bouquet of pay channels.
As for this entity becoming the UK PSB 'Netflix' I'm not so sure. The content offer would need to be skewed significantly to add less populist genres and content to it. The current offer from UKTV would lead perceptions. A separate entity in my opinion would be much the better choice.