Virgin Media Confirms Bid


UK cable operator Virgin Media  is on the block, the company said Monday. 

The company hired Goldman Sachs to explore strategic alternatives, including the possible sale of the company, and confirmed it received a bid to acquire 100% of Virgin Media. While it will not confirm details of the proposal, wire reports suggest private equity house The Carlyle Group launched a bid. Other proposals are expected to surface in the coming weeks.

Virgin Media is a provider of cable television, high-speed data, phone and mobile services. The company has 10 million customers, including 5 million cable and 4.5 million mobile. The company is the product of the 2006 merger between cable operator NTL and Virgin Mobile. The company has been in a bitter dispute with rival BSkyB over the distribution of Virgin Media TV channels on Sky TV’s service.