Virgin Media has sold its 50% stake in pay-TV operator UKTV to Scripps Networks for £339m.
Scripps, the American TV company which owns The Cooking Channel and The DIY Network, has paid £239m in cash, and will pay an additional £100m to acquire the rest of the preferred stock and debt owed by UKTV to Virgin Media.
UKTV owns a portfolio of ten pay-TV channels including Gold, Dave, Home, Watch, Yesterday and Good Food.
The pay-TV business was formed in 1997 as a 50/50 joint venture between Virgin and BBC Worldwide.
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