Liberty Global CEO says won't change Virgin Media strategy

LONDON Wed Feb 6, 2013 9:09am EST

Related Topics

LONDON (Reuters) - Liberty Global won't change Virgin Media's strategy on network roll-out and content if its deal to buy the British cable group goes through, Liberty's chief executive said on Wednesday.

The $15.75 billion deal was "compelling" for both sets of shareholders, said Mike Fries, Liberty's chief executive in a call with journalists on Wednesday.

He said Liberty would continue to invest in Virgin's broadband network.

Virgin Media CEO Neil Berkett said he would step down after the deal closed.

John Malone's Liberty Global struck a deal late on Tuesday to buy Virgin Media, a move that would put the U.S. billionaire up against old rival Rupert Murdoch. (Reporting by Paul Sandle, Writing by Rosalba O'Brien)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video