On 16th of October 1991 the ITC announced that TVS Television had lost its license. With it losing out to Meridian Broadcasting. Meridian had tabled a lower bid but the ITC awarded the license because it felt that TVS’ bid of £59 million was too high. TVS Television would sign off for the last time on 31st December 1992, Meridian launched on 1st January 1993 at 0:00 GMT in its place. The TVS library would be later be sold to International Family Entertainment in 1993, which IFE was sold to Fox Kids Worldwide (currently known as ABC Family Worldwide) in 1997.