13 July 2010
BSkyB and Virgin Media Complete Sale of VMtv
LONDON, Jul 13, 2010 (BUSINESS WIRE) --
British Sky Broadcasting (Sky; LSE: BSY) and Virgin Media (NASDAQ:VMED; LSE:VMED) today announced that Sky has completed the acquisition of Virgin Media Television (VMtv) following regulatory approval in the Republic of Ireland. VMtv has now been re-named the Living TV Group.
In completing the acquisition, Sky has paid Virgin Media an initial £105 million. Up to an additional £55 million will be paid on UK regulatory clearance.
Sky has acquired LIVING, LIVINGit, Challenge, Challenge Jackpot, Bravo, Bravo 2 and Virgin1 and their related websites. Sky will not license the Virgin brand and will announce the new channel brand for Virgin1 in due course.
SOURCE: Virgin Media