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BSkyB completes Virgin TV acquisition

Satellite group snaps up rival's channels.

BSkyB has completed the acquisition of Virgin Media Television (VMTV)'s portfolio of channels, including Bravo, Challenge and Living, after receiving regulatory approval in the Republic of Ireland.

The satellite broadcaster said it will rename the channels as Living TV Group.

Sky is understood to have paid an initial amount of £105m on acquisition and will pay another £55m on achieving regulatory clearance in the UK.

The broadcaster said that it has not licensed the Virgin brand and hinted at eventually rebranding Virgin 1.

Sky Media will take over the advertising sales across VMTV's channels from Virgin's sales house, IDS, in January 2011.