Television content developer Scripps Networks Interactive (NYSE:SNI) said today it has reached an agreement with broadband provider Virgin Media (NASDAQ:VMED) to acquire Virgin Media’s 50% equity interest in UKTV, a multi-channel TV programming company in the United Kingdom.
Scripps Networks will pay approximately 239 million pounds to purchase the stake, as well as about 100 million pounds to acquire the outstanding preferred stock and debt owed by UKTV to Virgin Media.
BBC Worldwide, a subsidiary of the British Broadcasting Corp. is the other 50% stakeholder in UKTV.
Scripps Networks Interactive and BBC Worldwide are negotiating an agreement whereby, after the close of the deal, BBC Worldwide would have the option to increase its shareholding from 50% to a maximum of 60%.
Scripps said the stake is a significant opportunity for it to participate in a thriving multi-channel, dual revenue stream media business in one of the world’s largest TV markets.
Scripps Networks Interactive’s portfolio includes HGTV, Food Netowork, and the Travel Channel.
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