Malone strikes Virgin deal to take on Murdoch

The companies announced the deal in a statement late on Tuesday, after Virgin Media, the second-biggest pay-TV provider in Britain behind Murdoch's satellite group BSkyB, confirmed Liberty's approach earlier in the day.

Including debt, the deal would be worth more than US$23 billion and would give Liberty entry to one of Europe's biggest and most competitive telecom markets, allowing it to apply lessons learned as a pay-TV and broadband provider in 11 other European countries.

It would also put Malone's Liberty in a strong position to challenge Murdoch as cable groups across the region start to assert their authority over traditional telecoms firms with the offer of super-fast broadband and pay television.

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