Liberty Global completes $24bn Virgin Media purchase


International cable company finalises acquisition, as former News International boss Tom Mockridge begins his role as Virgin’s new  CEO

Liberty Global has completed the acquisition of Virgin Media in a deal worth around $24 billion (£15.4 billion).

Virgin Media is now being led by Tom Mockridge, who today officially takes over from Neil Berkett as CEO.

Mockridge held several senior management roles over the course of two decades at News Corporation, including chief executive of European television operations, chief executive of Sky Italia, and most recently chief executive of News International.

Liberty Global president and CEO Mike Fries said: “This is a great day for customers, employees and shareholders of both Liberty Global and Virgin Media. Together we now provide over 47 million video, voice and broadband services to 25 million customers located principally in 12 European countries. 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.”

Mockridge added: “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.”