Confirmed reports of sale of Virgin Media TV to archrival BSkyB have been posted. The deal was clinched at £105 million after receiving a nod from regulators. In addition to this a £55 million amount was paid after the Office of Fair Trade in the UK gave its final approval.

This deal will rename Virgin Media TV as Living TV group and will comprise the likes of Living, Living IT, Challenge, Challenge Jackpot, Bravo, Bravo 2 and many others. Virgin 1 will also be repositioned as BSkyB refused to grant license the Virgin brand.

Virgin Media supposedly will have a cash surplus and at the same time will offer Sky HD channels including Sky Movies HD, Sky Sports 1 and 2 HD as well as the broadcaster's exclusive football channels at a reduced rate to its users. This news made a dip in shares of BSkyB, on the contrary Virgin Media were trading up 1.68 per cent at 12.07 pence.