UK - Virgin Media acquired by John Malone's Liberty Global for £10.3 billion

The Glasgow Herald reports the purchase of Virgin Media by Liberty Global for £10.3bn.

The BBC reported that:

The deal will create the world's largest broadband company, with 25 million customers in 14 countries.

In the UK, it will be the second biggest pay-TV business after BSkyB.

The merger, subject to shareholder and regulatory approval, puts Mr Malone in competition with Rupert Murdoch, whose media empire owns 39% of BSkyB.

Following the deal, about 80% of Liberty Global's revenue will come from five European countries: the UK, Germany, Belgium, Switzerland and the Netherlands.

See also the formal announcement from Liberty Global.