- Share this article on Facebook
- Share this article on Twitter
- Share this article on Email
- Show additional share options
- Share this article on Print
- Share this article on Comment
- Share this article on Whatsapp
- Share this article on Linkedin
- Share this article on Reddit
- Share this article on Pinit
- Share this article on Tumblr
LONDON — Shareholders of Virgin Media on Tuesday approved the acquisition of the U.K. cable giant by John Malone‘s Liberty Global, which is valued at $23.3 billion.
The special shareholder meeting in New York followed deal approval by Liberty Global shareholders on Monday. The two approvals set the stage for the deal to close by the end of the week.
“The transactions contemplated by the merger agreement are expected to be completed on or about June 7,” Virgin Media said.
Virgin Media’s common stock will continue to trade on Nasdaq Global Select Market until the close of business on Friday. The companies previously also said that the stock listing of Virgin Media on the London Stock Exchange will be canceled.
“This is one more brick in the wall of scale in Europe, which will ultimately pay real dividends,” said Malone during a question-and-answer session at Monday’s meeting, calling scale “critical.” Liberty Global and Virgin Media on a combined basis currently have more TV subscribers than U.S. cable giant Comcast.
Sign up for THR news straight to your inbox every day
More from The Hollywood Reporter
iHeartRadio Music Awards: Taylor Swift Honored With Innovator Award, Harry Styles Among Top Winners
Jonathan Majors Arrested and Charged With Assault, Lawyer Says Actor Is “Completely Innocent”
Jeremy Renner Shares Video Walking on Anti-Gravity Treadmill After Snowplow Accident: “Time for My Body to Rest and Recover”