Monday, August 31st15.6°C
26775

Virgin sold for $16 billion

Liberty Global Inc., the cable TV operator owned by media mogul John Malone, is buying U.K.-based Virgin Media Inc. in a deal valued at $16 billion.

The cash and stock deal announced late Tuesday creates a company that will provide stiffer competition in the U.K. to satellite TV provider BSkyB, in which Malone's rival Rupert Murdoch's News Corp. owns a 40 per cent stake.

Liberty Global and Virgin Media said tie-up will create a broadband communications company covering 47 million homes and with 25 million customers in 14 countries.

Liberty Global has pay-TV operations around the world and is the largest cable operator in most of its 11 European markets.

Liberty Global's CEO Mike Fries said that after the deal, about 80 per cent of the company's revenue will come from five countries: the U.K., Germany, Belgium, Switzerland and the Netherlands. The two companies said they had combined revenue of $16.8 billion last year.

Virgin Media is the second-biggest pay TV company in the U.K. after BSkyB, or British Sky Broadcasting Group PLC. Virgin Group boss Richard Branson, a multibillionaire, like Malone and Murdoch, still holds a minority stake.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX13859.12-5.95
S&P CDNX559.48+3.49
DJIA16528.03-114.98
Nasdaq4776.51-51.82
S&P 5001972.18-16.69
CDN Dollar0.7615+0.0002
Gold1140.10+8.50
Oil47.41-1.79
Lumber233.00-1.20
Natural Gas2.684-0.005

 
Okanagan Companies
Pacific Safety0.185+0.020
Knighthawk0.010.00
QHR Technologies Inc1.23-0.06
Cantex0.04-0.01
Anavex Life Sciences1.35+0.01
Metalex Ventures0.05-0.00
Russel Metals22.11+0.70
Copper Mountain Mining0.63-0.01
Colorado Resources0.075-0.005
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02-0.01
Mission Ready Services0.085+0.015
Decisive Dividend Corp2.75+0.14

 





FEATURED Property
1210592118 1450 Bertram St.
2 bedrooms 2 baths
$199,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_



27298




Member of BC Press Council


26708