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The Boston Globe

Business

Liberty Global to buy Virgin Media for $16B

NEW YORK — Liberty Global Inc., the cable TV operator controlled by media mogul John Malone, is buying UK-based Virgin Media Inc. in a $16 billion deal that steps up the rivalry between Malone­ and fellow billionaire Rupert Murdoch.

Liberty Global is paying $5.9 billion in cash and the rest in stock for Virgin Media. The combination, announced late Tuesday, will provide stiffer competition in Britain to satellite TV provider BSkyB, in which Murdoch’s News Corp. owns a 40 percent stake. The combined company will become one of the world’s largest providers of cable TV, Internet, and phone services.

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