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09/08/2010

Virgin To Sell UKTV Stake

It has been reported that Virgin Media has put its 50% stake in UKTV up for sale.
The digital broadcasting venture between Virgin Media and BBC Worldwide launched in 1997, currently operates 10 linear channels, including Watch, Dave, Good Food and Yesterday.
UKTV also offers on-demand and online services and attracts around 36 million viewers every month.
BBC Worldwide are said to be in the running to close a deal, however, Channel 4 and Sky are also thought to be interested.
Sky purchased the Virgin Media Television business in June for £160m, including the Living, Bravo and Challenge brands.
The Sunday Times reported that Virgin's move to sell its UKTV stake is part of a strategy of disposing of non-core assets to concentrate on its cable business.
The sale is expected to produce approximately £350 million, which will contribute to reducing Virgin's corporate debt.
(BMcN/BMcC)
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