Feeds

Beardie cuts Virgin Media stake

Credit Suisse takes a shave

Providing a secure and efficient Helpdesk

Richard Branson has cut his stake in Virgin Media by more than a third.

Virgin Group, Branson's investment vehicle which licences the Virgin brand to Virgin Media, now owns 6.5 per cent of the UK cable network, The Financial Times reports. It had owned 10.5 per cent.

Virgin Group transferred the shares to Credit Suisse, after using them as loan collateral in June 2007. It borrowed $224m, which it used to finance the launch of Virgin Mobile in India.

Credit Suisse has taken a heavy loss on the arrangement. In June 2007 Virgin Media shares were changing hands on Wall Street for about $25 each. They're now down at about $7, but climbing.

The loan payback isn't being interpreted as a sign Beardie might want out of Virgin Media. Virgin Group said "we remain very committed" to to the firm.

In other Beardie news, Branson will this week lecture fellow tycoons at Google's self-congratulatory, whalesong-heavy "Zeitgeist" conference in London. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
Same old iPad? NO. The new 'soft SIMs' are BIG NEWS
AppleSIM 'ware to allow quick switch of carriers
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Brits: Google, can you scrape 60k pages from web, pleeease
Hey, c'mon Choc Factory, it's our 'right to be forgotten'
Of COURSE Stephen Elop's to blame for Nokia woes, says author
'Google did have some unique propositions for Nokia'
It's even GRIMMER up North after MEGA SKY BROADBAND OUTAGE
By 'eck! Eccles cake production thrown into jeopardy
Mobile coverage on trains really is pants
You thought it was just *insert your provider here*, but now we have numbers
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.