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Monday, June 10, 2013

Liberty Global completes its acquisition of Virgin Media

International cable TV and communications company Liberty Global has completed its acquisition of Virgin Media. The deal, which was announced in February, is worth approximately $24 billion. (£15.5 billion)

Virgin Media is now being led by Tom Mockridge, who’d previously been chief executive of News International. Dana Strong, former MD of broadband and TV provider UPC Ireland, has recently been appointed Chief Operating Officer.

The combined company provides video, voice and broadband services to 25 million customers in 12 European countries.

Mike Fries, President and CEO of Liberty Global, said “This is a great day for customers, employees and shareholders of both Liberty Global and Virgin Media. With superior network capacity, the fastest broadband speeds and innovative digital TV platforms, we've never been more excited about the growth potential and strategic direction of our business. Virgin Media will continue to thrive under the leadership of Tom Mockridge, with the support of a fantastic management team which includes both Liberty Global and Virgin Media executives.”

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Author: The Fonecast
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