Liberty Global has acquired a 6.4% stake in UK broadcaster ITV for £481 million (US$823 million).
The company, which owns Virgin Media, has acquired 259.8 million shares, taking over the stake currently held by UK pay-TV network BSkyB.
In a stock market filing, Liberty said it intends to finance the acquisition “through a combination of a loan linked to a hedging transaction that would be secured by ITV shares and existing liquidity.”
Liberty Global’s CEO Mike Fries said: “This is an opportunistic and attractive investment for us in our largest cable market. ITV is the leading commercial broadcaster in the UK and we’re excited to be shareholders.”
The investment comes with ITV having embarked on an indie spending spree over the past two years. The broadcaster acquired 80% of U.S. prodco Leftfield Entertainment in May, in a deal which its ITV Studios U.S. Group division said would make it the largest independent unscripted producer in the country.
Leftfield was the latest addition to an ITV Studios-controlled portfolio of U.S. indies that includes Gurney Productions, High Noon Entertainment, Thinkfactory Media and DiGa Vision, in addition to UK producers So Television, The Garden and Big Talk.