Virgin Media Inc. (Nasdaq:VMED) announced on July 2nd that it had received a proposal to acquire 100% of the common stock of the Company and that it would consider the proposal as a part of its review of strategic alternatives, including a process for a possible sale of the Company. As a consequence of this review and the resulting process, potential strategic and financial counterparties have continued to confirm a strong ongoing interest in a transaction. To enhance shareholder value, Virgin Media’s financial advisors have recommended that Virgin Media extend the process until these parties can complete their proposals in a more stable debt market environment.

There is no assurance that any transaction will occur or, if so, at what price.

About Virgin Media

Virgin Media is an innovative and pioneering UK entertainment and communications business. For the first time consumers can get everything they need from one company — the UK’s only quad play of TV, broadband, phone and mobile plus the most advanced TV on demand service available, the UK’s first high definition TV service and V+, our high specification personal video recorder. We’re the UK’s most popular residential broadband provider, the largest virtual mobile network operator and the second largest provider of pay TV and home phone.

Virgin Media owns two content businesses — Virgin Media Television (VMTV) and sit-up. VMTV owns seven entertainment channels — Living, Living 2, Bravo, Bravo 2, Challenge, Trouble and Ftn — and is a 50% partner in UKTV which consists of ten channels including UKTV Gold and UKTV History. Sit-up runs retail TV channels bid tv, price-drop tv and speed auction tv.

Posted: 08|8|07 at 7:48 am. Filed under: News.