September 25, 2016 8:49 AM ET

Media

Company Overview of Virgin Media, Inc.

Company Overview

Virgin Media Inc. provides video, broadband Internet, fixed-line telephony, and mobile services to business-to-business and residential customers in the United Kingdom and Ireland It offers cable products in various packages and tariffs; and high speed broadband Internet services. The company also operates a digital cable platform that includes access to approximately 290 linear television channels, interactive features, and various premium subscription-based and pay-per-view services. As of December 31, 2015, it provided cable broadband services to approximately 4.7 million subscribers; and digital cable services to approximately 3.7 million residential subscribers. In addition, the company...

1550 Wewatta Street

Suite 1000

Denver, CO 80202

United States

Founded in 1993

14,120 Employees

Key Executives for Virgin Media, Inc.

Chief Executive Officer
Age: 60
Chief Financial Officer
Age: 46
Chief Operating Officer
Age: 52
Chief Executive Officer of Virgin Media - Ireland
Age: 49
Principal Accounting Officer, Vice President and Controller
Age: 55
Compensation as of Fiscal Year 2016.

Virgin Media, Inc. Key Developments

Virgin Media In Talks To Acquire Arqiva

Virgin Media, Inc. is advanced in talks to acquire Arqiva Services Limited. Virgin Mobiles is seeking to expand its cable network whereas; Arqiva is seeking to off-load the loss-making Wi-Fi business. The deal could be worth $10 million. The sale is could be completed next week. Heavily indebted Arqiva could use the funds to pay down its borrowings or look to buy mobile phone masts from networks seeking to sell their infrastructure.

Liberty Media Joins Race To Buy Formula One

Liberty Media Corporation is leading the battle to buy Formula One Administration Limited with Sky plc (LSE:SKY) also in the hunt. Liberty Media is in talks with CVC Limited (ASX:CVC) about a deal for Delta Topco Limited. Liberty Global plc, including Virgin Media, Inc., has also taken a look at Formula One. Apple Inc. (NasdaqGS:AAPL) has also been linked. Liberty Media could initially buy a minority stake in Formula One, which would not require regulatory approval, before acquiring a majority stake, according to Sky News.

Virgin Media, Inc. Reports Preliminary Consolidated Unaudited Financial Results for the Three and Six Months Ended June 30, 2016

Virgin Media, Inc. reported preliminary consolidated unaudited financial results for the three and six months ended June 30, 2016. For the quarter, total revenue was £1,197.2 million against £1,147.7 million a year ago. Operating income was £79.0 million against £103.6 million a year ago. Total capital expenditures were £145.6 million against £143.7 million a year ago. The declines in operating income are primarily due to the effect of increases in related-party fees and allocations, net, increases in segment OCF, as described below, increases in depreciation and amortization and increases in impairment, restructuring and other operating charges. For the six months, total revenue was £2,375.1 million against £2,277.5 million a year ago. Operating income was £168.1 million against £201.0 million a year ago. Total capital expenditures were £293.7 million against £296.8 million a year ago. These increases were attributable to the net benefit of higher cable subscription revenue, primarily due to subscriber growth, increases in other revenue, primarily as a result of a £19 million benefit in second quarter and a £38 million benefit in first half from higher mobile handset sales pursuant to Freestyle proposition, lower mobile subscription revenue, primarily due to a £17 million reduction in second quarter and a £31 million reduction in first half from the introduction of Freestyle in the U.K., and higher business revenue, primarily in the U.K. due to an increase in underlying data volumes and higher amortisation of deferred upfront fees on B2B22 contracts. On a year-over-year basis, property and equipment additions increased by £37 million or 15% in second quarter to £281.5 million and by £65 million or 14% in first half to £539 million. These increases were primarily driven by Project Lightning costs of approximately £65 million in second quarter and £110 million in first half, compared to £17 million and £30 million, respectively, in the corresponding prior-year periods.

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