Virgin Media Extends Bid Deadline

LONDON, August 7: Virgin Media said today it has extended
its strategic review, giving potential buyers of the cable platform more time
to submit a bid.

The quad-play operator announced last month that it had
received a buyout offer. That $20-billion bid reportedly came from the Carlyle
Group, a private equity firm. A host of other investment firms, including Apax
Partners and KKR, are also eyeing Virgin Media, as is European cable giant
Liberty Media.

Virgin Media said in a statement today that “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.”