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Virgin Media comples sale of VMtv to BSkyB

Published: 19:13 13 Jul 2010 BST

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British Sky Broadcasting (LON: BSY) and Virgin Media (NASDAQ, LON:VMED) said in a joint statement that Sky has completed the acquisition of Virgin Media Television (VMtv) following regulatory approval in the Republic of Ireland.

VMtv has now been re-named the Living TV Group. Sky has paid Virgin Media an initial £105 million. Up to an additional £55 million will be paid on UK regulatory clearance.

Sky has acquired LIVING, LIVINGit, Challenge, Challenge Jackpot, Bravo, Bravo 2 and Virgin1 and their related websites. Sky will not license the Virgin brand and will announce the new channel brand for Virgin1 in due course.

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