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August 15, 2011 by · Leave a Comment 

Scripps Networks in the U.S. has agreed to buy a 50-percent stake in the British pay-TV operator UKTV from Virgin Media in a deal worth $556 million. Scripps, the owner of The Cooking Channel and The DIY Network in the U.S. will wind up as an equal partner of BBC Worldwide, the commercial arm of the BBC, in the company when the acquisition is completed. UKTV operates some ten channels in the U.K.In a statement, Scripps Networks’ Chairman, President and CEO Kenneth Lowe said, “Making a solid investment in UKTV and entering into a strong partnership with BBC Worldwide reinforces our core international strategy which we believe will create significant long-term value for our shareholders.”