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US Cable Giant Liberty Global to buy Virgin Media

# Feb 6, 03:56 PM by Mick

It has been confirmed today that Cable giant Liberty Global, is to buy Virgin Media in a deal valued at £15billion. With the cash and stock deal – which Liberty Global said is valued at $23.3billion (£15billion) – is subject to approval by shareholders. The US Cable firm, Liberty Global – is owned by John Malone and once it merges with Virgin Media, would have a combined 25 Million Customers in 14 Countries.

Following the news of this deal, Liberty Global’s chief executive Mike Fries had said it would keep Virgin Media’s current strategy and content and would continue to invest in its broadband network.

Liberty’s purchase of Virgin Media will make Malone, a direct rival of Rupert Murdoch’s News Corporation, which owns 39% of BSkyB and it is not the first time they have come head-to-head in business. In previous business history, saw both Liberty Global and News Corporation, bid for control of DirecTV.

Mr Malone is described by Forbes Magazine, as the 199th richest man in the world in 2012, worth approx $5.1bn (£3.26bn). John Malone, is also one of the largest landowners in the US, with over 2 million acres of land in several American States.

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