Scripps Networks Interactive Buys Virgin Media Stake In UKTV

Scripps Networks Interactive Inc SNI announced its plans to buy Virgin Media Inc's VMED 50% stake in UKTV for about GBP239 million. Scripps reported that it will also pay around GBP100 million to buy the outstanding preferred stock and debt owed by UKTV to Virgin Media. SNI shares gained 1.26% to close at $42.68 on Friday, while VMED shares gained 0.30% to close at $23.64 on Friday.