Virgin Media sells off UKTV stake to Scripps
Business digest: US TV company pays £339m for 50% share in UKTV
Virgin Media has sold off its 50 per cent stake in UKTV to the US television company Scripps Networks Interactive (SNI) in a deal said to be worth £339 million.
Scripps - whose American TV brands include The Cooking Channel and The DIY Network – has paid £239 million in cash for its share of the British pay-TV network. It will also pay around £100 million to acquire the outstanding preferred stock and debt owed by UKTV to Virgin Media.
UKTV, which was formed in 1997 as a joint venture between Virgin Media and BBC Worldwide, has 10 pay-TV channels including Gold and Good Food.
SNI chairman, president and chief executive, Kenneth Lowe said that UKTV was "a significant opportunity for Scripps Networks Interactive to participate in a thriving multichannel, dual-revenue stream media business in one of the world's largest television markets".
Read a full report at the Daily Telegraph.