The sale of Virgin Media TV to archrival BSkyB has been completed today for £105 million after regulators gave their green light to the transaction. An additional £55 million will be paid when the Office of Fair Trade in the UK give its approval to the deal.
The move will see Virgin Media TV being renamed to Living TV group and will include the likes of Living, Living IT, Challenge, Challenge Jackpot, Bravo, Bravo 2 and many others. Virgin 1 will also be rebranded as BSkyB declined to license the Virgin brand.
Virgin Media will not only get a significant cash injection bit it will also offer some Sky HD channels including Sky Movies HD, Sky Sports 1 and 2 HD as well as the broadcaster's exclusive football channels at a reduced rate.
Interestingly, shares of BSkyB went down in opening transactions while those of Virgin Media were trading up 1.68 per cent at 12.07 pence.
The news come on the same day that Virgin Media announced the arrival of Five HD on the brodcaster's line up.