Liberty Global completes Virgin Media buyout

The deal was reached with a stock and cash merger valued at $24b.
News, Broadcast Business


Liberty Global has announced that, following shareholder approvals, regulatory approvals and other customary closing conditions, it has completed the previously announced acquisition of Virgin Media Inc. in a stock and cash merger valued at approximately $24 billion.

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. 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.

Tom Mockbridge has begun his role as the CEO of Virgin Media, and is supported by a team of Liberty Global and Virgin Media executives.

Tom Mockridge, CEO of Virgin Media, said: “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. I’m 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.”

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