Virgin appoints UBS to oversee sales

Virgin Media has appointed UBS bank to advise it on a sale of its television channels businesses that could be worth up to £500 million (E560m). Virgin Media Television includes Virgin's 50 per cent stake in the cable channels business UKTV. The sale will be partly dependent on the outcome of a political debate going on over the future of Channel 4 and a proposed joint venture with BBC Worldwide. Putting Channel 4 together with part of Worldwide would almost certainly involve buying Virgin's share of UKTV.

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