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Virgin sells 50% stake in UKTV for £339m

UKTV

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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Andy Clough

Andy is Global Brand Director of What Hi-Fi? and has been a technology journalist for 30 years. During that time he has covered everything from VHS and Betamax, MiniDisc and DCC to CDi, Laserdisc and 3D TV, and any number of other formats that have come and gone. He loves nothing better than a good old format war. Andy edited several hi-fi and home cinema magazines before relaunching whathifi.com in 2008 and helping turn it into the global success it is today. When not listening to music or watching TV, he spends far too much of his time reading about cars he can't afford to buy.