Liberty Global Buys Virgin Media

Virgin Media has confirmed it will merge with Liberty Global, as it reports a hike in profit in 2012.

The cash and stock deal - which Liberty said is worth $16bn (£10.3bn) - is subject to approval by shareholders.

The US cable group said the agreement will create "the world's leading broadband communications company" with 25 million customers in 14 countries.

It comes as Virgin Media, which s listed in New York, but has a secondary listing in London, said its operating income for the year to the end of December was £699m - up from £540m in 2011.

The company - in which Sir Richard Branson owns a 3% stake - also said its cable customers were up by 88,700 over the last year.

Liberty Global is chaired by billionaire media mogul John Malone, and already has a strong presence in Europe.

Mr Malone has said previously he would like to enter the UK market and had looked into buying Virgin Media before.

Following news of the merger, Liberty Global's president and chief executive, Mike Fries, said: "Virgin Media will add significant scale and a first-class management team in Europe's largest and most dynamic media and communications market.

"After the deal, roughly 80% of Liberty Global's revenue will come from just five attractive and strong countries - the UK, Germany, Belgium, Switzerland and the Netherlands."

And Virgin Media's boss Neil Berkett added: "Virgin Media and Liberty Global have a shared ambition, focus on operational excellence and commitment to driving shareholder value.

"The combined company will be able to grow faster and deliver enhanced returns by capitalising on the exciting opportunities that the digital revolution presents, both in the UK and across Europe."

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