Liberty Global to Acquire Virgin Media

John Malone’s international cable business Liberty Global Inc. has agreed to acquire U.K. cable-television and Internet provider Virgin Media Inc. for $16 billion, in a deal that may create a stronger rival to market leader British Sky Broadcasting Group PLC.

Liberty Global will pay for the deal using a mix of cash and its stock, totaling $47.87 per Virgin Media share, based on Monday’s closing prices, the companies said in a joint statement Tuesday.

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