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Virgin could be bought by US cable giant
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Virgin Media will be the subject of a takeover bid from US cable firm Liberty Global, reports have suggested.
Virgin has confirmed the two companies have met to discuss "a possible transaction", but would say no more on the matter.
The Financial Time points out that Sir Richard Branson's Virgin Group only has a 3% stake in the company and would thus have no veto over a sale.
Liberty Global already has a significant presence across Europe, with 18.4 million customers spread across 11 countries on the continent.
Should the takeover be successful, it would add an interesting new dimension to the rivalry between Virgin and Sky in the UK. This is because Liberty Group owner John Malone has a long-running rivalry with BskyB?s Rupert Murdoch, with the two having clashed over previous business deals.
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Re: Virgin could be bought by US cable giant
Sounds interesting wonder if will get any more hd channels Hidden Content
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Re: Virgin could be bought by US cable giant
It was owned by an american company years ago NTL i think
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Re: Virgin could be bought by US cable giant
Well it as happend Richard branson as sold out .............as we said yesterday here at WoD
Virgin Media has vowed to become a "disruptive challenger" in the pay-TV market after agreeing a ?10 billion takeover by US cable giant Liberty Global.
The deal marks a breakthrough into the UK market for Colorado-based billionaire investor John Malone, whose Liberty empire will span 14 countries and have 25 million customers after taking on Britain's second biggest pay-TV company.
It will make him a direct rival of Rupert Murdoch's News Corporation, the company which owns 39% of pay-TV market leader BSkyB and was once 18% owned by Mr Malone.
Virgin Media, which was created out of the mergers of NTL, Telewest and Virgin Mobile, employs 14,000 people in the UK, including at offices and call centres in Swansea, Birmingham, London, Glasgow, Manchester and Bradford.
No customer-facing jobs are expected to go under plans by Liberty Global to save 180 million US dollars (?115 million) across its business.
Virgin Media chief executive Neil Berkett, who will leave the company following the completion of the deal, said Virgin would become a "disruptive challenger" to its rivals, which include BT and Sky in the UK, but would not be competing for entertainment and sports rights such as Premier League football.
Liberty Global has pay-TV operations around the world and is the largest cable operator in most of its 11 European markets, including Ireland.
After the deal, roughly 80% of Liberty Global's revenue will come from five countries - the UK, Germany, Belgium, Switzerland and the Netherlands.
In its full-year results, Virgin Media reported the net addition of a record 88,700 cable customers last year, up from 5,500 the previous year. In the last three months of last year it secured 62,700 new broadband customers, compared with 30,000 the previous year.
Liberty Global said the stock and cash merger, which is subject to shareholder approval, was valued at approximately 23.3 billion US dollars (?15 billion) when including debt. The deal values New York-listed Virgin's shares at 16 billion US dollars (?10.1 billion).
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Re: Virgin could be bought by US cable giant
This could be exciting Hidden Content , but really all there customers will care about is this gonna effect bills going up or maybe coming down in price & hopefully no disturbance with the service.
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Re: Virgin could be bought by US cable giant
Will we still get free speed upgrades? Will download caps be increased or tightened?
These are the things that matter to me!
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Re: Virgin could be bought by US cable giant
Well with the rivalry between Liberty Group owner John Malone and Rupert Murdoch
You would hope that it will be in the customers interest and help bring the price down and keep good service for all.
But we will see ..............
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Re: Virgin could be bought by US cable giant
Hidden Content Originally Posted by
Gazer
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Well with the rivalry between Liberty Group owner John Malone and Rupert Murdoch
You would hope that it will be in the customers interest and help bring the price down and keep good service for all.
But we will see ..............
Well with there being a rivalry between Liberty Group owner John Malone and Rupert Murdoch that could mean VM customers may lose Sky movies/sports unles VM have some sorta deal in place to say they have to show there services under contact.
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