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Virgin Media in talks with John Malone's Liberty Global Virgin Media in talks with John Malone's Liberty Global
(about 7 hours later)
US billionaire John Malone's cable group, Liberty Global, is in talks with Virgin Media about a possible deal with Richard Branson's UK cable company. US billionaire John Malone's cable group, Liberty Global, is in talks with Virgin Media about a possible deal with the UK cable company.
Virgin confirmed that the two sides are talking about a "possible transaction". Virgin Media confirmed the two are discussing a "possible transaction".
The Financial Times reported that Liberty is lining up a potential takeover of Virgin, behind BSkyB as the UK's second biggest pay-TV business. href="http://www.ft.com/cms/s/0/397018ac-6f20-11e2-b6da-00144feab49a.html#axzz2K3YP4U00" >The Financial Times reported that Liberty plans a potential takeover of Virgin Media, creating the UK's second biggest pay-TV business after BSkyB.
A deal would pitch Mr Malone in direct competition with Rupert Murdoch, whose media empire owns 39% of BSkyB.A deal would pitch Mr Malone in direct competition with Rupert Murdoch, whose media empire owns 39% of BSkyB.
The two mens' business interests clashed a decade ago when Mr Murdoch's News Corp and Liberty Media vied for control of DirecTV Group, the largest US satellite TV broadcaster. The two men's business interests clashed a decade ago, when Mr Murdoch's News Corp and Liberty Media vied for control of DirecTV Group, the largest US satellite TV broadcaster.
Mr Branson's company said in a statement: "Virgin Media confirms that it is in discussions with Liberty Global, a leading international cable company, concerning a possible transaction." Virgin Media said in a statement that it "confirms that it is in discussions with Liberty Global, a leading international cable company, concerning a possible transaction."
BSkyB leads the UK pay-TV market with 10.7 million customers compared with Virgin's 4.9 million. BSkyB leads the UK pay-TV market with 10.7 million customers compared with Virgin Media's 4.9 million.
Virgin Media's main listing is in the US but it has a smaller one in London, where the shares were up 14% at midday. BSkyB shares were down 1%.Virgin Media's main listing is in the US but it has a smaller one in London, where the shares were up 14% at midday. BSkyB shares were down 1%.
The firm was created from the merger of NTL and Telewest, and Richard Branson's Virgin Mobile.
Mr Branson retains a 3% stake in the company, which has a 30-year brand licencing agreement with his Virgin Group.