Virgin Media confirms takeover talks

UK cable operator Virgin Media has confirmed it is in talks with US counterpart Liberty Global over a deal that could create the UK’s second-largest pay-TV company.
Virgin yesterday responded to press reports with a statement confirming it is discussing a takeover by the US firm. It revealed few details about the talks, but noted any deal would be subject to regulatory clearance. The nod to regulators may be an attempt by Virgin to calm markets ahead of the release of its 4Q12 results, which is scheduled to happen at 1.30pm GMT today.
However the timing of its results announcement fits well with a Wall Street Journal report that states the two firms could announce a deal worth at least $10 billion (€7.6 billion) today.