Mergers and Acquistions News
Categories: Media & Information Services
August 15th 2011, 15:19PM
Scripps Networks Interactive is to acquire Virgin Media's 50 per cent stake in UKTV.
The company will make an investment of £239 million into the enterprise, the other half of which is owned by BBC Worldwide.
Scripps will also give Virgin Media £100 million to takeover the outstanding preferred stock and debt owed by UKTV - one of Britain's leading multi-channel programming firms.
Kenneth Lowe, chairman, president and chief executive officer of Scripps Networks, said: "Making a solid investment in UKTV and entering into a strong partnership with BBC Worldwide reinforces our core international strategy, which we believe will create significant long-term value for our shareholders."
Arrangements will be completed once regulatory approval in the Republic of Ireland and Jersey has been granted.
This is not the only media transaction taking place at present, as ITI Group revealed last week it is going ahead with its plans to sell its stake in TVN, despite shares in the Polish broadcaster recently dropping to their lowest level since July 2009.
Related News
Categories
- BPO (32)
- Hardware (118)
- IT Services & Consulting (227)
- Media & Information Services (167)
- Semi-Conductors (77)
- Software (230)
- Telecoms (331)
Archive
- May 2012 (0)
- April 2012 (0)
- March 2012 (0)
- February 2012 (0)
- January 2012 (1)
- December 2011 (20)
- November 2011 (20)
- October 2011 (20)
- September 2011 (20)
- August 2011 (20)
- July 2011 (20)
- June 2011 (21)