Countdown to Virgin Media sale begins

The Times reports that Virgin Media’s executive chairman, Jim Mooney, has secretly kick-started the auction with a series of presentations to potential bidders.

The paper said that 11 interested parties have come forward so far expressions of interest have been made for the New York-listed company.

Amonsgt the list of bidders is the Carlyle Group, the private-equity group, which has already made an approach.

Others include Providence Equity Partners, Blackstone, Kohlberg Kravis Roberts and Apax, The Times reports.

There are also thought to be a small group of trade buyers that include Viacom and Time Warner.

Sir Richard Branson, whose Virgin Group holds 10.5% of the company, will play a key role in the auction process. He is thought to be willing to roll over some of his holding into the successful bidder.