However, neither News Corp, nor companies in which it invests, such as BSkyB, are precluded from buying the assets directly from Virgin.
It is understood BSkyB, in which News Corp owns 39.1%, has lodged the highest bid, of £160m, for VMtv. According to sources, four companies - Viacom, Time Warner, BSkyB and Channel 4 - have made the final shortlist for the sale of VMtv, with a decision due next month. All four declined to comment.
It is thought the clause has been inserted to prevent a would-be VMtv buyer from selling it on to News Corp or a company in which it invests. It is understood Virgin Media wants to ensure that if News Corp or one of its companies acquires the assets, "BSkyB will have to pay top dollar" to get them, according to a source. News Corp and Virgin Media declined to comment.
BSkyB is thought to be leading the race to buy VMtv. Sources familiar with the process said Time Warner had lodged the second-highest bid.
The sale of Virgin Media's UKTV stake has not yet officially started.
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