A person familiar with the negotiations said the bid is at more than $20 million. Virgin Media's largest investor is Sir Richard Branson.
Last year, a variety of private equity firms -- including Providence Equity Partners, the Blackstone Group, Kohlberg Kravis Roberts and Cinven -- held talks with Virgin Media about a possible $15 billion bid, the Times reported. Reports from British media sources said Providence may be interested in making another bid.
Virgin Media lost customers this year after it stopped showing numerous channels of rival British Sky Broadcasting Group, which airs several popular television programs.
Some analysts have said Virgin Media is struggling in a market where customers can increasingly choose between package deals that offer a variety of media services, the Times said.