Liberty Global has announced they are purchasing Virgin Media in the UK, Virgin Media provides Pay TV that rivals Sky here in the UK, as well as ultra fast broadband and also telephone services.
Liberty Global will pay a total of $23.5 billion in cash and stock to acquire Virgin Media, and the purchase will give the new company over 25 million customers and will serve 47 million homes in 14 countries.
Mike Fries, President and CEO of Liberty Global, said: “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.
Virgin Media will add significant scale and a first-class management team in Europe’s largest and most dynamic media and communications market. After the deal, roughly 80% of Liberty Global’s revenue will come from just five attractive and strong countries – the UK, Germany, Belgium, Switzerland and the Netherlands.”
It will be interesting to see what happens to Virgin Media here in the UK, they are currently the main competitor for Sky, although Sky is more popular than Virgin Media at the moment.
Source WSJ
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