Scripps Networks to take stake in UKTV

LONDON -- U.S. TV channels operator Scripps Network Interactive has agreed to buy a 50% stake in U.K. pay TV company UKTV.Virgin Media is to sell the stake in the company, which is 50% owned by BBC Worldwide, in a deal worth a total 339 million ($556 million).The deal, which needs to be approved by the governments of Ireland and Jersey, includes a payment of about 100 million ($164 million) for the outstanding preferred stocks and debt that UKTV owes to Virgin Media.UKTV airs 10 lifestyle and entertainment channels -- including guys' channel Dave and historical docu and drama channel Yesterday -- with a total 36 million viewers a month."UKTV is a significant opportunity for Scripps Networks Interactive to participate in a thriving multi-channel, dual revenue stream media business in one of the world's largest television markets," said Kenneth W. Lowe, Scripps' chairman, president and CEO, in a statement.Scripps is negotiating with BBC Worldwide for the latter to up its stake to 60% in exchange for a combination of cash and a package of digital rights. Contact Leo Barraclough at leo.barraclough@variety.com