6/7/2013 4:16:13 PM
Liberty Global completes Virgin Media takeover
Liberty Global's $24bn acquisition of Virgin Media has been formally completed, after the takeover gained approval from shareholders and regulators.
Virgin Media has been assembling a new senior team of executives in recent months, with the company being lead by former News International CEO Tom Mockridge. While the company is expected to go head to head with rival Sky, Liberty Global has identified mobile as a key area for growth. Virgin Media runs its MVNO on EE's network.
Tom Mockridge 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 am 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.'
Mike Fries, president and CEO of Liberty Global, said: '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.'
Author: Graeme Neill