Virgin sells sit-up Ltd
Virgin Media has sold its shares in the home shopping retailer sit-up Ltd. to Munich-based industrial holding AURELIUS. The signing of the acquisition agreement and transaction were completed on 1 April.
Sit-up consists of three digital home shopping channels: bid tv, price-drop tv and speed auction tv, Launched in 2000, sit-up Ltd. generated revenues of £242 million in 2008, according to Virgin.
Dirk Markus, CEO of AURELIUS, comments on the rationale behind the transaction: "Since our acquisition of RTL Shop in Germany, we have become very familiar with the home shopping business model. We are excited about extending our presence in this market, especially since this is one of the few areas of growth in retailing."
The purchase price or terms of the agreement have not been disclosed.
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