Virgin to pay Sky £38m per year

More details of the deal between Virgin Media and BSkyB are emerging.

Virgin Media will be paying BSkyB £30 million per year, plus a performance based payment adjustment of £6 million in the first year, £8 million in year two and final payment of £7.9 million for the remainder of 2011.

However, on the bounce, Virgin Media will be receiving a payment of £24 million per year for their premium channels such as Virgin One, Bravo, Living and Challenge to be distributed through the BSkyB satellite network.

This is good news for Virgin Media subscribers who have a lot of viewing to catch up on.

It is around eighteen months since they last saw the likes of Lost, Battlestar Gallactica, Stargate Atlantis and many of the other show that are exclusive to Sky One.