Up Next for Buyouts: Cable TV |
| BusinessWeek - Jul 3, 2007 |
Not so long ago, the field of cable TV was a small-time business. Dozens of local networks, often run by families—think John Rigas' Adelphia Communications, for example—operated within tiny jurisdictions that regulators carved out as franchises. Now, with the cable industry scaling up to take on telecom in traditional telephony areas, those local barriers and small family players are giving way to giants—many of which may soon go global with private equity buyouts.
The Carlyle Group's bid for British cable company Virgin Media (VMED) is a sign that investment dollars are clamoring to push into the global cable market. New York-based Virgin Media, which counts billionaire Richard Branson as its largest shareholder, confirmed July 2 that it had received a buyout bid. While it didn't identify the identity of the bidder, one person familiar with the talks confirmed earlier media reports that private equity giant Carlyle had offered to buy the company. Dow Jones Newswires (DJ), citing a person familiar with the talks, reported that Carlyle was offering $8 billion to $10 billion. With Virgin's debt, the total value of any deal could reach $20 billion.
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- Posted: 2007-07-03 10:06:42
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