Liberty Global Closes Virgin Media PurchaseU.K. Cable Operator Has 4.9M Subscribers 6/07/2013 8:19 AM Eastern
Liberty Global said Friday it has closed on the purchase of Virgin Media, the U.K. cable company with about 4.9 million customers, for $24 billion in cash and stock.
Liberty first announced the deal in February.
“This is a great day for customers, employees and shareholders of both Liberty Global and Virgin Media,” Liberty Global CEO Mike Fries said in a statement. “Together we now provide over 47 million video, voice and broadband services to 25 million customers located principally in 12 European countries. 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.”
Liberty Global named former News Corp. executive Tom Mockridge as CEO of the Virgin Media unit in May. Former UPC Ireland managing director Dana Strong is expected to assume her new duties as chief operating office of the unit on July 1.
“Virgin Media has become one of the UK’s most powerful media brands thanks to both the loyalty of its customers and the energy of its employees,” Mockridge said in a statement. “I am fortunate to be joining the company at this important inflection point in its development, and look forward to working closely with Mike and the broader Liberty Global team to deliver cutting-edge products and services that excite and inspire our customers.”