London - Premium TV, a provider of Internet TV distribution and other services, has agreed to be acquired by billionaire Len Blavatnik's Access Industries.

While financial terms of the deal were not disclosed, Reuters reported a person familiar with the situation put the price at more than $50 million.

London-based Premium TV maintains over 150 websites, 50 mobile content sites, and streams more than 8,000 live events each year.

Clients include England's Premier League, the Chelsea Football Club, Virgin Media, Warner Music and Turner Broadcasting.

Access Industries' other holdings include stakes in Warner Music Group, and Russia's TopUpTV, Amedia and CTC.

"Premium TV will play a central role in Access' digital media strategy, as a platform for online media delivery and monetization of digital rights, whilst Access Industries brings a global media expertise and financial power to Premium TV as both parties look to further the company as the world leader in digital media," the companies said in a statement.

Related Links:
http://www.premiumtv.co.uk/page/NewsDetail/0,,10823~1077274,00.html

http://news.yahoo.com/s/nm/20070723/media_nm/premiumtv_access_dc_1

http://www.accessindustries.com

http://www.premiumtv.co.uk