Expanding its media holdings in the United Kingdom, Liberty Global announced Thursday that it has acquired a 6.4% stake in U.K. broadcaster ITV from BSkyB.
Liberty Global, which acquired Virgin Media, the U.K.’s largest cable operator last June, said it bought 259.8 million shares of iTV plc for £481 million (US $822.37 million).
“This is an opportunistic and attractive investment for us in our largest cable market,” said Liberty Global CEO Mike Fries (pictured), in a statement. “ITV is the leading commercial broadcaster in the U.K. and we're excited to be shareholders.”
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