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Virgin Media takeover boosts Liberty Global sales

Liberty Global has reported second-quarter sales up a quarter on the same period last year, to $3.16 billion – thanks largely to its takeover of Virgin Media in the UK.

The international cable operator said that the impact of the Virgin Media takeover had been higher than initially thought. Virgin Media ended the second quarter with 1.7 million TiVo subscribers.

Liberty Global said that its new Horizon TV service had more than 270,000 subscribers in the Netherlands and Switzerland. The service is expected to be rolled out in Ireland and Germany in the next few weeks.

The company said its consolidated revenues increased by $637 million to $3.16 billion in the second quarter, showing growth of 25% on the previous year.

Liberty Global president and CEO Mike Fries said the Virgin Media transaction “marks an important milestone in our efforts to consolidate what remains a very fragmented European cable market.”

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