Liberty Global in talks with Virgin Media Pay TV

Wed, Feb 6, 2013, 00:00

John Malone's Liberty Global is in takeover talks with British group Virgin Media over a $20 billion cable deal that would put the billionaire up against old rival Rupert Murdoch.

Virgin Media, the second-biggest pay-TV provider in Britain behind Murdoch's satellite group BSkyB, has said it received an approach. A deal could reach as much as $24 billion and would give Liberty entry to one of Europe's biggest and most competitive telecom markets, allowing it to apply lessons learned as a pay-TV and broadband provider in 11 European countries.

It would put Malone's Liberty in a strong place to challenge Murdoch as cable groups across the region start to assert their authority over traditional telecoms firms with the offer of super-fast broadband and pay-television. - (Reuters)