Virgin Media has sold its 50% stake in pay-TV operator UKTV for £339 million, Financial Times reports. The stake was bought by U.S. television company Scripps Networks. Scripps paid £239 million in cash and will pay about £100 million to buy the remaining preferred stock and debt owed by UKTV. Following the transaction, BBC Worldwide will increase its stake in the venture to 60% via a cash and digital rights deal with Scripps.
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