Scripps Networks Interactive Inc. (NYSE:SNI) and Virgin Media Inc. have reached an agreement that will result in Scripps Networks Interactive acquiring Virgin Media's stake in UKTV, one of the United Kingdom's leading multi-channel television programming companies. Scripps Networks Interactive will pay approximately £239 million to purchase Virgin Media's 50-percent common equity interest in the UKTV partnership and also will pay about £100 million to acquire the outstanding preferred stock and debt owed by UKTV to Virgin Media. BBC Worldwide, the commercial arm and wholly owned subsidiary of the British Broadcasting Corp. (BBC), is the other 50-percent stakeholder in UKTV.
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