facebook
twitter
search
search

The Carlyle Group may buy Virgin Media

July 1, 2007 at 8:24 PM

LONDON, July 1 (UPI) -- The Carlyle Group, a U.S. investment firm, is in talks to buy the British cable company Virgin Media, The New York Times reported.

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.

Latest Headlines
Top Stories
Australia receives seventh C-17 in record time
Crude oil prices extend losses
Work to prepare Portsmouth Navy base for new carriers begins
Greenpeace again stands in Shell's way to arctic
Saudis to acquire hundreds of advanced Patriot missiles