×

Malone’s Liberty Global Closes $24 Bil Virgin Media Deal

John Malone’s Liberty Global announced that it has completed the acquisition of British cable operator Virgin Media in cash-and-stock deal valued at $24 billion.

With the addition of Virgin Media, Liberty Global now will serve 25 million customers principally in 12 European countries. Virgin Media, the No. 1 cable operator in the U.K., has about 4.9 million customers.

Last month, Liberty Global announced the appointment of former News Corp. exec Tom Mockridge to run the company as CEO. Mockridge — who officially took the role Friday, replacing former topper Neil Berkett — reports to Liberty Global prexy and CEO Mike Fries.

On Tuesday, Liberty Global announced that Dana Strong, managing director of the company’s UPC Ireland operator, will become Virgin Media’s COO. She replaces Andrew Barron.

“This is a great day for customers, employees and shareholders of both Liberty Global and Virgin Media,” Fries said in a statement. “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 reported revenue of $10.3 billion and net income of $387 million in 2012. The company’s operator holdings include UPC, Unitymedia, Kabel BW, Telenet and VTR, and its operations also include: Chellomedia, its content division; the Liberty Global Business Services commercial division; and the Liberty Global Ventures investment fund.

Popular on Variety

More Biz

  • Spotify Announces Upgrades to Family Plan,

    Spotify Announces Upgrades to Family Plan, at No Charge in U.S. and U.K.

    Just days after reports emerged that Spotify is aiming to increase the price of its family plan in its home market of Scandinavia, the streaming giant announced an upgrade to the plan — with no price increase in the U.S. and U.K., where it remains at $14.99 and £15, respectively. A rep for the company [...]

  • Untold Stories Film Program

    Robert De Niro's Company Files $6 Million Suit Against Ex-Employee

    Robert De Niro’s company has filed a $6 million lawsuit against a former employee, accusing her of embezzling money and binge-watching Netflix while on the job. Canal Productions, De Niro’s loan-out company, also accuses Chase Robinson of racking up exorbitant hotel and restaurant charges and using millions of De Niro’s frequent flyer miles for her [...]

  • NEW YORK, NEW YORK - AUGUST

    Jay-Z Gets Shade From Kaepernick, Support From Cardi B as NFL Fallout Continues

    UPDATED: If anyone expected the drama surrounding Jay-Z’s deal with the NFL to calm down over the weekend, they were mistaken, as controversy and conversation continued to swirl. The situation grew even more intense late Friday when TMZ reported that Jay is looking to acquire a majority interest in an unspecified NFL team, which would [...]

  • Curiosity Stream Altice

    Altice USA Pacts With John Hendricks' CuriosityStream Service

    Altice USA has set a deal with John Hendricks’ CuriosityStream to expand distribution of the science- and history-focused subscription streaming service. The deal will make CuriosityStream available to all Altice USA’s 4.9 million customers across 21 states, including a big cluster serving New York and Connecticut. Altice also plans to add the CuriosityStream app to [...]

  • Led Zeppelin Stairway to Heaven

    Department of Justice Backs Led Zeppelin in ‘Stairway to Heaven’ Copyright Case

    The U.S. Department of Justice has weighed in on the next big music copyright case on the horizon following the Katy Perry “Dark Horse” decision, and taken Led Zeppelin’s side in the long-running copyright dispute that pits the writers of the group’s anthem “Stairway to Heaven” against the publishers of the earlier song “Taurus” by [...]

  • Harvey Weinstein

    Harvey Weinstein Prosecutors Make Last-Minute Move to Bolster Case

    The Manhattan D.A.’s office is making a last-minute bid to strengthen its case against Harvey Weinstein, who is set to be tried next month on charges of rape and sexual assault. Prosecutors notified the court on Tuesday that they will seek a new indictment. The D.A.’s office wants jurors to hear from Annabella Sciorra, the [...]

  • Jeffrey Epstein

    Jeffrey Epstein's Autopsy Rules That He Died by Suicide

    Jeffrey Epstein’s death earlier this month has been ruled a suicide by hanging. The New York Times reported on Friday that the city’s medical examiner has officially made the ruling six days after Epstein was found dead in his jail cell at the Metropolitan Correctional Center in Manhattan. According to the Times, which cites a [...]

More From Our Brands

Access exclusive content