Virgin sells off stake in digital TV channels
Scripps, which will also pay about £100m to acquire the outstanding preferred stock and debt owed by UKTV to Virgin Media, said the deal would support its strategy of international expansion in key markets.
“UKTV is a significant opportunity for Scripps Networks Interactive to participate in a thriving multi-channel, dual revenue stream media business in one of the world’s largest television markets,” said Kenneth W Lowe, chief executive of Scripps Networks Interactive. UKTV was formed in 1997 and attracts about 36 million viewers a month across its portfolio of 10 channels.