Virgin rethinks channels sale plan
Monday, 16 November 2009
UK cable operator Virgin Media reportedly has put ‘on hold’ its plan to divest itself of its many thematic channels. Plan B is to seek other ways of raising money.
A report in the London ‘Times’ suggests that Virgin Media is reviewing its plan to raise $160m from the sale of its cable and satellite channels, such as Living, Bravo, and Challenge, as well as plans to sell its 50% in its joint-venture with BBC Worldwide (the UKTV channels).
The report says that Virgin had narrowed down to three the potential bidders, and names Viacom, Time Warner and BSkyB as the three interested parties. Sky is said to have been the most committed potential bidder.