Sky completes VMtv channels acquisition

UK satellite pay TV operator Sky has completed the acquisition of Virgin Media’s channel division VMtv and will rebrand it the Living TV Group.

The acquisition received regulatory approval in the Republic of Ireland and will see Sky pay cabler Virgin Media an initial £150 million (US$226 million). An additional £55 million will be paid following UK regulatory approval.

The News Corp-backed pay broadcaster has acquired the LIVING, LIVINGit, Challenge, Challenge Jackpot, Bravo, Bravo 2 and Virgin1 channels, although it will rebrand DTT net Virgin1.

The company is still waiting on clearance from the Office of Fair Trading and will not integrate the business or merge the channels with its bouquet of entertainment networks until this is granted.