Sky seal £160m Virgin TV deal
Firms also reach agreements on carriage deals
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
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
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
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.