Virgin Media Eyes Sale To US-Based Cable Firm

Virgin Media has confirmed it is in talks about a possible sale of the company to the US cable group Liberty Global.

Almost 5 millions households in the UK subscribe to Virgin's broadband, television and landline services.

Virgin also has some 3 million mobile phone customers in Britain.

Sir Richard Branson owns a 3% stake in Virgin Media and the company is listed in New York, with a secondary listing in London.

The company's share price soared this morning on news of the late-stage talks, with the price up 14% in early trading.

US-based Liberty Global operates in 13 territories and has sought to expand its base in European countries.

Virgin Media is the second pay-TV group in Britain behind BSkyB, the parent company of Sky News, and has been valued at around $20bn (£13bn).

The talks were confirmed by Virgin Media in a brief statement.

It currently has around $9bn (£5.7bn) of debt.

Liberty has recently increased its stake in Belgian operator Telenet to 58 percent and owns other consumer brandsacross Europe including UPC, Unitymedia, Kabel BW and VTR.

It also owns a content and channels group called Chellomedia.

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