BBC turns down Scripps’ £500m UKTV offer

US pay-TV company Scripps has reportedly offered the BBC £500 million to take full control of UKTV – operator of channels including Gold, Dave and Watch.

Scripps bought out Virgin Media’s 50 per cent stake in UKTV for £339 million in 2011. UKTV is a 50-50 joint venture with BBC Worldwide, the corporation’s commercial arm, is home to a portfolio of 10 pay-TV channels.

It is reported that Scripps has made multiple attempts to convince BBC Worldwide to sell its stake. However, BBC Worldwide is also said to be interested in increasing its UKTV stake.

“We have no plans to sell our stake in UKTV,” said a spokeswoman for BBC Worldwide.

Posted by on Jun 26 2014. Filed under Articles, Business, M&A.

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