Liberty confirms the purchase and is paying a premium for the Virgin shares
John Malone's Liberty Global will buy the British pay-TV provider Virgin Media for about $15.75 billion, the company announced Tuesday.
Liberty is offering cash and stock worth more than $47 for each share of Virgin Media. The price reflects a premium of 24 percent considering Monday's closing stock price for Virgin Media.
The deal places Malone, left, against rival News Corporation CEO Rupert Murdoch, who owns Britain's largest satellite group BSkyB. Virgin is the U.K.'s second largest pay-TV provider.
Virgin, created in March 2006 with the merger of NTL Inc. and Telewest, says it has nearly five million subscribers.