I've highlighted in bold points that will make everyone smile. Enjoy the sunshine all!
British Sky Broadcasting and Virgin Media today announced that they have reached agreement for the acquisition by Sky of Virgin Media Television. The companies have, in parallel, agreed to enter into a number of agreements providing for the carriage of certain Sky standard and high-definition (HD) channels.
The agreements cover the following:
Completion of the agreements is conditional on obtaining merger control clearance in the Republic of Ireland.
Jeremy Darroch, CEO, BSkyB, said: "VMtv is an attractive investment opportunity which complements our existing content business and delivers strategic and financial benefits. We are pleased that, through commercial negotiation, we have been able to ensure wide distribution of our channels to a growing pay TV universe."
Neil Berkett, CEO, Virgin Media, said: "The sale of our channels business has generated substantial value. Together with the new commercial agreements we've announced today, it will allow us to focus more closely on our strategy of exploiting Virgin Media's super-fast connectivity to offer our customers a range of the very best content through a highly versatile next generation entertainment application."
The acquisition of VMtv involves Sky acquiring LIVING, LIVINGit, Challenge, Challenge Jackpot, Bravo, Bravo 2 and Virgin1. Sky will not license the Virgin brand and will announce the new channel brand for Virgin1 in due course.