Liberty Global buys Virgin Media for $23.3 billion

Some British cable subscribers will soon have a new master: international telecom giant Liberty Global has just acquired Virgin Media for $23.3 billion in cash and stock. The deal gives Liberty an even larger stake in Europe than it had before and, if you believe the new partners, creates one of the bigger broadband companies on the planet at 47 million homes covered across 14 countries. Liberty also sees Virgin as good at tackling the business and mobile spaces that have been its relative weak points. How this will affect the UK isn't immediately apparent, although Virgin Media will continue to run under its existing name -- that moebius logo isn't going anywhere in the foreseeable future. We'll at least have some room to ponder the consequences when the buyout isn't poised to close until sometime in the second quarter.

Filed under: Home Entertainment, HD

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Source: Liberty Global (PDF)