A US private equity group is believed to be mulling over a £7.5 billion takeover approach for Hampshire-based cable company Virgin Media, according to reports today.
Providence Equity Partners is said to be leading a consortium that is considering making a bid for the group as the broadcasting giant struggles amid a high profile dispute with rival BSkyB.
Speculation over a possible takeover move from Providence comes less than a year after the American private equity group was first mooted to be in talks to buy Virgin Media, then known as NTL until its rebrand earlier this year.
It is thought that Providence is keen to revive takeover efforts in a bid to take advantage of Virgin Media's current troubles.
The cable group reported a fall in customers numbers in its first quarter results and warned of more to come as a result of a long running row with Sky over contract renewal terms for Sky basic channels, which saw the withdrawal of hit shows such as Lost and 24 from the Virgin Media network at the end of February.
Virgin Media, which declined to comment on the takeover speculation, has since launched High Court legal action against Sky in an attempt to resolve the dispute and claim damages in lost business.
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