Virgin Media sold for £10bn
A US cable firm has confirmed that it will buy Virgin Media in a deal worth £10 billion. Liberty Global said the agreement would create "the world's leading broadband communications company".
Latest ITV News reports
John Malone: American billionaire in Virgin takeover
Dubbed the Darth Vader of the US network TV industry, John Malone is the man behind Liberty Global, the 'world's leading broadband company.'
Read the full storyVirgin Media 'to grow faster' after £10bn deal
– Virgin Media CEO, Neil BerkettVirgin Media has transformed the digital experience of millions of customers, catalyzed a deep-rooted change in the UK's digital landscape and delivered impressive growth and returns for our shareholders.
I'm confident that this deal will help us to build on this legacy. Virgin Media and Liberty Global have a shared ambition, focus on operational excellence and commitment to driving shareholder value.
The combined company will be able to grow faster and deliver enhanced returns by capitalizing on the exciting opportunities that the digital revolution presents, both in the UK and across Europe.
Advertisement
Virgin Media's new owner makes broadband commitment
Liberty Global says the deal with Virgin Media means the company will have a total of 25 million customers in 14 countries.
It is already the largest cable operator in most of its 11 European markets. But the majority of revenue is expected to come from five countries - the UK, Germany, Belgium, Switzerland and the Netherlands.
Liberty Global says it plans to continue investing in Virgin's broadband network.
US billionaire snaps up Virgin Media
Virgin Media's new owner, Liberty Global, is controlled by John Malone who has been trying to seal a deal for more than a decade:
- Virgin Media was created by the merger of cable operators NTL, Telewest and Virgin Mobile in 2006
- Malone began buying up stock in Telewest and tried to acquire NTL back in 2000
- The deal marks his largest European acquisition
- Liberty Global already ranks as the largest cable operator in Europe with 18.4 million subscribers
US cable firm buys Virgin Media for £10 billion
A US cable firm has confirmed that it will buy Virgin Media in a deal worth $16 billion (£10 billion).
Liberty Global said the agreement would create "the world's leading broadband communications company".
With almost five million customers, Virgin Media is Britain's second biggest pay TV company, and Liberty Global is the largest cable operator in most of its 11 European markets.
Mike Fries, President and CEO of Liberty Global, said: "Virgin Media will add significant scale and a first-class management team in Europe's largest and most dynamic media and communications market."
Virgin Media CEO Neil Berkett added: "The combined company will be able to grow faster and deliver enhanced returns by capitalising on the exciting opportunities that the digital revolution presents, both in the UK and across Europe."