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News Summary: Liberty Global to buy Virgin Media

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News,Business

THE DEAL: Liberty Global Inc., the cable TV operator controlled by media mogul John Malone, is buying U.K.-based Virgin Media Inc. in a $16 billion cash-and-stock deal.

THE RIVALRY: The move steps up the rivalry between Malone and fellow billionaire Rupert Murdoch, as it will provide stiffer competition in the U.K. to BSkyB, a satellite TV provider in which Murdoch's News Corp. is the largest single shareholder, with a stake of about 40 percent.

REACH: The combined company will become one of the world's largest providers of cable TV, Internet and phone services, with 25 million customers in 14 countries.

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