Virgin Media CEO downplays prospects of parent company Liberty Global bidding for ITV
Virgin Media Chief Executive Tom Mockridge has downplayed the prospects of the UK-based cable media group’s parent company Liberty Global [NASDAQ: LBTYA] launching a takeover bid for ITV [LON:ITV], The Sunday Telegraph reported. Mockridge, speaking at a Virgin Media product launch, said Liberty is sufficiently occupied without making further foray into programming.
Liberty Global, a UK-based cable company, holds a 9.9% stake in ITV, the item noted. The UK-based television broadcaster has been the subject of speculation that Liberty Global could launch an opportunistic bid for ITV due to the targets’s week share price, according to the report.
Liberty has acquired ITV’s Irish counterpart UTV, adding to speculation regarding a possible bid for ITV, the article continued.
Mockridge said Liberty is deploying its UK investment elsewhere, adding that Liberty is content with a stake slightly below 10% (in ITV). Making a larger investment in addition to its existing UK investments would be “problematic,” Mockridge added.
As previously reported, Colorado-based cable media investor John Malone holds a controlling interest in Liberty Global.
ITV's share price closed 3.1p down at 166.9p in London on Friday, 2 December, valuing the company at GBP 6.71bn (EUR 8.00bn).