Virgin Media has sold its 50% stake in pay TV operator UKTV to US TV company Scripps Networks in a deal worth £339m.Can we please have Sky Atlantic with some of that £300m+, Mr Berkett?
Scripps – which owns US TV brands including The Cooking Channel and The DIY Network – has paid £239m in cash, and will pay out about £100m to acquire the outstanding preferred stock and debt owed by UKTV to Virgin Media.
Virgin Media had valued it stake in UKTV, the pay-TV business formed in 1997 as a 50-50 joint venture with BBC Worldwide, at about £350m including outstanding loans of more than £100m.
August 15, 2011
Virgin Media exits content arena
Well, at least they didn't sell it to BSkyB: