The cable group's content operations comprise its 50% stake in UKTV and VMtv, owner of channels Living and Bravo. In
April, it formally began the disposal of the content operations, issuing a sales memorandum for VMtv. No sale has been completed. It has already sold its TV shopping channels arm, Sit-up TV, to German-based investment vehicle Aurelius for an undisclosed sum
Would-be UKTV buyers had expected a sales memorandum for UKTV to have been issued by now. Virgin Media values its 50% share in UKTV at £353.5m, according to its 2008 annual report. But it is understood Virgin Media has been attempting to sell its UKTV stake to BBC Worldwide, which owns the other 50% stake. However, no deal has been announced.
Should that deal not come to fruition, it is understood Virgin Media could restart the sale of its content division by selling its 50% UKTV stake and VMtv together as one asset.
Alternatively, it is thought it could issue a sales memorandum for a sale of its UKTV stake on the open market.
One source said: "Back at the start of the year, it was an option to sell the two assets as one entity. But it was decided to sell them separately to maximise value and not preclude possible buyers."
Virgin Media and BBC Worldwide declined to comment.
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