Scripps To Buy Virgin Media Stake In UKTV For $554M

Law360, New York (August 15, 2011, 1:35 PM EDT) -- Scripps Networks Interactive Inc. reached a deal Monday to acquire Virgin Media Inc.’s stake in UKTV for £339 million ($554 million), giving it a 50 percent stake in the major U.K. multichannel television programming outfit.

The deal consists of £239 million for Virgin Media’s 50 percent common equity interest in the UKTV joint venture and about £100 million for UKTV’s outstanding preferred stock and debt owed to Virgin Media, according to a release.

“UKTV is a significant opportunity for Scripps Networks Interactive to participate in a...
To view the full article, register now.