Internet service provider (ISP) Virgin Media is set to offload its stake in UKTV.

The broadband provider holds a 50 per cent stake in the business - the other half of which is owned by BBC Worldwide, the broadcaster's commercial arm.

UKTV is responsible for ten television channels including Yesterday, Dave and Blighty.

According to The Sunday Times, investment banks UBS and Goldman Sachs are involved in the sell-off, which ISP Virgin Media hopes will raise around £350 million.

Neil Berkett, the chief executive of Virgin Media, dropped hints that the firm would be offloading its share in UKTV two weeks ago, claiming: "It is not a strategic investment [and] as with any investment we look at it from time to time.

"There are ways and means we could realise [value]."

Last week, the broadband internet specialist lodged a complaint with media regulator Ofcom over the BBC-backed video-on-demand service Project Canvas - which is a joint-venture between the broadcaster, BT, Channel 4 and ITV.