Broadband TV package provider Virgin Media is planning to sell several of its wholly-owned channels to its rival firm Sky, it has been claimed.

Virgin 1 and the Living brands look set to be sold in the near future, according to the Guardian, although current negotiations are no longer expected to include the UKTV channels.

The newspaper suggested that the channels were originally priced at £500 million by Virgin Media, but the figure is thought to have fallen significantly during talks between the two companies.

If Sky is successful with its bid, it has been suggested that the company would rebrand Virgin 1, which is broadcast through digital TV services including Freeview.

Reports on Virgin Media's efforts to dispose of the channels have come after the company confirmed that it will soon be adding high definition content from both Eurosport and Discovery to its own digital TV service.

Programming from Discovery will also be launched on its on-demand platform.