Virgin Media has sold its stake in UKTV to Scripps Networks Interactive. The deal, worth £339m, sees Scripps Networks Interactive take Virgin Media’s 50% stake in UKTV.
Scripps Networks Interactive already own other channels such as Food Network which recently made its Freeview debut.
The other 50% share of UKTV is still owned by BBC Worldwide – the BBC’s commercial arm.
Kenneth W. Lowe, chairman of Scripps Networks Interactive, says “making a solid investment in UKTV and entering into a strong partnership with BBC Worldwide reinforces our core international strategy which we believe will create significant long-term value for our shareholders”.
It was originally thought Discovery would get the UKTV stake, but Scripps pipped them to the post.
What will this change mean for the UKTV channels? Will we see more UKTV channels on Freeview? Will certain channels close such as Good Food which has the same remit as Scripps’s own Food Network channel?