John Malone's Liberty Global struck a deal on Tuesday to purchase British cable group Virgin Media for about $15.75 billion in stock and cash, a move that would put the U.S. billionaire up against old rival Rupert Murdoch.The companies announced the deal in a statement late on Tuesday, after Virgin Media, the second-biggest pay-TV provider in Britain behind Murdoch's satellite group BSkyB, confirmed Liberty's approach earlier in the day.Including debt, the deal would be worth more than $23 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 other European countries.It would also put Malone's Liberty in a strong position 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.
Liberty Global, Inc. (LGI) is an international provider of video, broadband Internet and telephony services, with broadband communications and/or direct-to-home satellite (DTH) operations, As of December 31, 2011, the Company was serving 19. Shares of LBTYA fell by 2.27% or $-1.58/share to $67.88. In the past year, the shares have traded as low as $44.87 and as high as $70.65. On average, 1386550 shares of LBTYA exchange hands on a given day and today's volume is recorded at 6792729.
Virgin Media Inc. is engaged in entertainment and communications business. Shares of VMED traded higher by 17.89% or $6.92/share to $45.61. In the past year, the shares have traded as low as $21.25 and as high as $40.25. On average, 2687320 shares of VMED exchange hands on a given day and today's volume is recorded at 44697636.
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