Liberty Global chairman John Malone is a step closer to facing off in the British cable biz with long-time frenemy Rupert Murdoch. European authorities today cleared Liberty’s $23.3B takeover of UK cable operator Virgin Media. The European Commission said its investigation “confirmed that the transaction would not raise competition concerns, in particular because the parties operate cable networks in different Member States and because of the merged entity’s limited market position in the wholesale of TV channels in the UK and Ireland.” Liberty already operates in 10 European Union states, including Ireland, but not the UK. Virgin is the second largest pay-TV operator in the UK where it competes, notably, with the News Corp.-controlled Sky. The Commission said the combined group “would still face sufficient competitive constraint from other players.” The deal was originally announced in February. In March, we reported that Virgin Media CEO Neil Berkett will exit with $86.8M in severance, options and rewards once the transaction is completed.
By NANCY TARTAGLIONE, International Editor | Monday, 15 April 2013 13:29 UKTags: Big Deals TV, John Malone, Liberty Media, Virgin Media
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This article was printed from http://www.deadline.com/2013/04/european-commission-approves-liberty-globals-takeover-of-uks-virgin-media/
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