Virgin Media snapped up by US giant for £15 billion
There could a major shake-up in the UK media firmament (and it IS a firmament) with US firm Liberty Global on the brink of buying Virgin Media in a deal worth £15 billion.
Once the deal is done, Liberty will be the biggest broadband company in the world, bar none, with 25 million customers in 14 countries around the world. Liberty already has a strong presence across Europe and is coming for our UK pounds sterling now as well.
Virgin Media appears to be in rude health and has reported a 30% rise in operating profit to £699.1m last year along with the sale announcement, adding a record 88,700 new customers to its cable business during the year.
The merger is subject to the usual shareholder and regulatory approval, but if and when it goes ahead, BSkyB could find itself facing some hardcore opposition over the coming years.
TOPICS: Consumer Advice