UK broadband and cable operator Virgin Media would consider a disposal of its 50% holding in pay-TV joint venture UKTV, CEO Neil Berkett has told the Guardian.
Such a move would help fund up to £375m of share buybacks over the next 12 months,
On the…
UK broadband and cable operator Virgin Media would consider a disposal of its 50% holding in pay-TV joint venture UKTV, CEO Neil Berkett has told the Guardian.
Such a move would help fund up to £375m of share buybacks over the next 12 months,
On the back of the group’s Q2 figures yesterday, which revealed the stake made it £7.1m net income in the three months to the end of June, such a sale could reap an estimated £351m including outstanding loans of £116m.
The sale could be used as part of Virgin Media’s £700m capital return strategy.
In other news, Darren Childs, CEO of UK broadcaster BBC Worldwide Channels, Virgin Media’s partner in UKTV, is close to being appointed as the channel’s next chief executive. Childs would be replacing David Abraham, who stepped down in the beginning of this year to become chief executive of the UK’s Channel 4.
Meanwhile, Berkett is said to be planning to soft-launch a new TV and broadband interactive platform before Christmas. The platform is being developed alongside TiVo, the US PVR group, and is expected to be rolled out in 2011.
