BIDDERS are counting down to the start of a multi-billion pound auction for Hampshire-based cable giant Virgin Media which could lead to more cost-cutting.
Bosses have held a series of meetings with potential bidders in recent days as they scramble to hire bankers to prepare for the £11bn sale.
Eleven expressions of interest are thought to have been made for the New York listed company which employs hundreds of workers at its Hook headquarters.
The bidders are headed by the private equity Carlyle group, which has already made an approach.
Others include Providence Equity Partners, Blackstone, Kohlberg Kravis Roberts and Apax as well as Viacom and Time Warner.
Sir Richard Branson, whose Virgin Group, holds at 10.5 per cent stake in Virgin Media, is set to play a key role in the auction process, likley to start early next month.
Analysts believe the troubled TV, Internet and telephone firm could benefit from a period of private ownership away from the scrutiny of a publicly quoted company.
Virgin Media, formed from the merger of NTL with rival cable group Telewest then Virgin Mobile, has already undergone significant job cuts. But analysts say there is room for more cost-cutting.
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