Virgin Media to be bought by Liberty Global for £15 Billion
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Will part of Branson’s empire Virgin Media be bought for $23.3 billion by John Malone’s cable group Liberty Global? The deal will create the world’s largest broadband company (25 million customers in 14 countries) in a cash and stock deal worth $23.3 billion (£15 billion).
This deal will put Mr Malone in competition with Rupert Murdoch’s empire (who owns 39% of BSkyB) subjects to shareholder and regulatory approval. If the deal goes ahead around 80% of Liberty Global’s revenue will come from five European countries including the UK.
“Adding Virgin Media to our large and growing European operations is a natural extension of the value creation strategy we’ve been successfully using for over seven years” said Mike Fries, chief executive of Liberty Global.”
With the announcement of the deal Virgin Media reported a 30% rise in operating profit. It has also added a record 88,700 new customers during the year to it’s cable company. Current customers should not be impacted in any way by the deal, however if you would like to ensure that your service isn’t interrupted you can call the Virgin Media UK Number on 0843 515 8680.
From the merger of NTL, Telewest and Virgin Mobile, Virgin media was formed in 2006. Virgin Media has a 30 year brand licensing agreement with Sir Richard Branson’s Virgin Group.
It is hoped the deal will allow Virgin Media to grow and deliver enhanced returns by taking full advantage of the digital revolution based in the UK and throughout Europe – promising new for shareholders.
If you would like to take advantage of excellent broadband, TV and mobile phone deals please visit the Virgin Media website. For the latest in Virgin Media news, visit their official website. To get in contact with Virgin Media please use the Virgin Media Contact Number on 0843 515 8680.
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