Sky has completed its transaction to purchase Virgin Media's portfolio of premium TV channels.

The acquisition deal, which is worth an initial £105 million, has been concluded fully after regulatory approval was granted by authorities based in the Republic of Ireland. A further £55 million is set to be paid on UK regulatory clearance.

Sky has also chosen to rename the portfolio of channels, which includes Living, Challenge, Bravo and Virgin1, as the Living TV Group.

The broadband, TV and home phone provider also intends to announce a new channel brand for Virgin1, as it has no plans to license the Virgin brand.

Details of the completion of the deal have come after both Virgin Media and Sky added a new high definition version of Five to their TV packages.

Virgin Media is offering access to the channel, which shows Neighbours and top US dramas, to its subscribers for no extra monthly fee.