John Malone's Liberty Global to Acquire Virgin Media in $23.3 Billion Deal

George Szalai
The Hollywood Reporter

John Malone's Liberty Global has made it official, agreeing to acquire U.K. cable giant Virgin Media in a cash and stock deal valued at approximately $23.3 billion.

Under the terms of the agreement, Virgin Media shareholders will get $17.50 in cash and Liberty Global Series A and Series C shares.

The price tag reflects a 24 percent premium to Virgin Media’s closing price on Monday when the first deal chatter first emerged.

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Virgin competes with the likes of satellite TV giant BSkyB, in which Rupert Murdoch's News Corp. owns a 39 percent stake, setting up a U.K. showdown between the moguls.

Virgin's stock had hit a 52-week high Tuesday after the second-largest British pay TV firm confirmed deal talks.

Twitter: @georgszalai