Virgin Media Faces Private Equity Bid

LONDON, May 21: Providence Equity Partners is said to be
leading a consortium of private equity funds that is mulling a $15-billion bid
for British quad-play provider Virgin Media.

Private-equity interest in the firm, where Sir Richard
Branson is the largest individual shareholder, has picked up since the company
reported a loss of subscribers for the first quarter, and projected further
erosion of its base, amidst its ongoing dispute with BSkyB over carriage of the
Sky basic channels. Firms are said to be interested in taking advantage of the
company’s weakened share price. The consortium is said to include Blackstone,
KKR and Cinven.