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BSkyB and Virgin Media Complete Sale of VMtv

 

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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