Virgin Media begins sale of its content operations

LONDON - Virgin Media has formally begun the sale of its content operations, issuing a sales memorandum for its Virgin Media TV unit, owner of channels such as Living, plus ad sales house IDS. It has excluded its 50% stake in UKTV from the sale.

Virgin Media: its 50% UKTV stake will be sold separately
Virgin Media: its 50% UKTV stake will be sold separately

It is thought the UKTV stake will be sold separately, when there is less uncertainty about the future of joint owner BBC Worldwide. The BBC's commercial arm is currently locked in talks with Channel 4 over a proposed joint venture - as part of Lord Carter's Digital Britain initiative- aimed at helping to secure Channel 4's future.

It had been thought Virgin would look to sell its entire content operations at once, for an estimated £500m. Last week, however, the company announced a deal to sell its TV shopping channels arm, Sit-up TV, to German-based investment vehicle Aurelius for an undisclosed sum.

A senior source close to Virgin Media said: "The feeling is that the [UKTV] stake cannot be sold while there's uncertainty around Carter's vision for the future of broadcasting."

Virgin Media values its 50% share in UKTV at £367.7m, implying a total value for the business of £735.4m.

Virgin Media declined to comment on the matter.

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Letter from Barcelona: 'The Experience Economy' at Mobile World Congress

Letter from Barcelona: 'The Experience Economy' at Mobile World Congress

The chief digital officer, APAC, for McCann Worldgroup walks the show floor and sees the future of connected brands

Share
Evgeny Lebedev gets a close shave from Elton John for Comic Relief

Evgeny Lebedev gets a close shave from Elton John for Comic Relief

Evgeny Lebedev, owner of the Evening Standard, the Independent and London Live, has had his beard and eyebrows shaved by Sir Elton John for Comic Relief.

Share
Now TV launches 'magic ads'

Now TV launches 'magic ads'

Now TV, the online TV streaming service by Sky, has created "magic ads" to show off its new branding and push the services it provides.

Share

Get news by email