Nothing but negotiation

The Gap Partnership

Sky seal £160m Virgin TV deal

Firms also reach agreements on carriage deals

04 June 2010

BskyB has successfully negotiated the £160 million acquisition of Virgin Media Television (VMTV).

Sky will pay £105 million in cash on completion of the deal, with the remaining amount set to be paid following the regulatory process.

The broadcast giant will now be able to show channels such as LIVING, Challenge, and Virgin1, which will be re-branded, without having to pay carriage fees.

Virgin Media customers will still be able to watch VMTV channels, as well as a range of basic Sky channels such as Sky1.

For the first time, the cable company will broadcast Sky HD channels, while Virgin's on-demand service will also include a range of Sky content.

Jeremy Darroch, chief executive officer of BSkyB, was pleased the deal would ensure more viewers would now be able to access Sky entertainment.

He said: "VM TV is an attractive investment opportunity which complements our existing content business and delivers strategic and financial benefits."

All agreements are still subject to obtaining merger control clearance in the Republic of Ireland.

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