Virgin sold for $16 billion
Feb 6, 2013 / 6:35 am
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.
Read more Business News
|QHR Technologies Inc||1.28||+0.09|
|Anavex Life Sciences||0.38||0.00|
|Copper Mountain Mining||1.54||-0.01|
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
Recently I recorded a video series for my keynote speaking business. It was called from Faith to Future. In one of the episodes, I talked about the concept of using hard work to get out of a difficul...
- Bruce Lee's iconic yellow jumpsuit fetches $100,000 at Hong Kong auction
- Spotify to allow users to create playlists on phones and tablets and listen to them for free
- US lurching from 'crisis to crisis,' politics influenced by money: Gary Doer
- Governments offers help to develop seal products in backing Atlantic industry
- Precision Drilling shares plummet as Alberta fund manager sells stake
- Most actively traded companies on the TSX, TSX Venture Exchange markets
- CIBC logs $836M profit in Q4, cautiously optimistic about next year
- Auto insurers urge holiday season refresher as young drivers return home
- Canadian Press NewsAlert: Canada creates 21,600 jobs, Nov. jobless rate 6.9%
- New CEO will help prepare Royal Bank for future, as divisions feel the pressure
- TD Bank Q4 profit rises to $1.62 billion, adjusted earnings up but miss estimate
- TSX drops 105 points amid mixed earnings from RBC, TD and CIBC, Fed concerns