Virgin Media has reportedly started a bidding auction which could see it sold for £11 billion.
A report in the
Times says that Virgin Media’s executive chairman, Jim Mooney, has given a series of presentations to potential bidders.
According to the report, so far 11 parties have shown interest in buying the company, including the Carlyle Group..
Carlyle, the US private equity group, has already made an approach for the cable, mobile and broadband provider, with reports in the trade press claiming that it could axe the company’s link with Sir Richard Branson if its takeover is successful (see Virgin Media Bid Firm Could Axe Branson Link).
US media giants Viacom and Time Warner are also reported to be interested, according to the Times.
Virgin Media’s total revenue for the first quarter of 2007 was £1 million, with the company saying that the majority of the decline from the previous quarter was due to a reduction in content segment revenue (see Virgin Media Releases First Quarter Results).
Related Links
