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| Liberty Global to buy Virgin Media for $23.3bn | Liberty Global to buy Virgin Media for $23.3bn |
| (about 1 hour later) | |
| US billionaire John Malone's cable group, Liberty Global, has agreed to buy the UK's Virgin Media in a cash and stock deal worth $23.3bn (£15bn). | |
| It will create the UK's second biggest pay-TV business after BSkyB. | It will create the UK's second biggest pay-TV business after BSkyB. |
| The deal, subject to shareholder and regulatory approval, puts Mr Malone in direct competition with Rupert Murdoch, whose media empire owns 39% of BSkyB. | The deal, subject to shareholder and regulatory approval, puts Mr Malone in direct competition with Rupert Murdoch, whose media empire owns 39% of BSkyB. |
| Liberty Global already has operations in various European countries including Germany and Belgium. | Liberty Global already has operations in various European countries including Germany and Belgium. |
| "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," said Mike Fries, chief executive of Liberty Global. | "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," said Mike Fries, chief executive of Liberty Global. |
| On Wednesday, Virgin Media reported that its operating profit rose nearly 30% to £699.1m in the year to 31 December 2012, from a year earlier. | On Wednesday, Virgin Media reported that its operating profit rose nearly 30% to £699.1m in the year to 31 December 2012, from a year earlier. |
| It said that it added a record 88,700 new customers to its cable business during the year. | It said that it added a record 88,700 new customers to its cable business during the year. |
| Virgin Media was created from the merger of NTL and Telewest, and Richard Branson's Virgin Mobile in 2006. | Virgin Media was created from the merger of NTL and Telewest, and Richard Branson's Virgin Mobile in 2006. |
| Neil Berkett, chief executive of Virgin Media said "the combined company will be able to grow faster and deliver enhanced returns by capitalizing on the exciting opportunities that the digital revolution presents, both in the UK and across Europe". | Neil Berkett, chief executive of Virgin Media said "the combined company will be able to grow faster and deliver enhanced returns by capitalizing on the exciting opportunities that the digital revolution presents, both in the UK and across Europe". |