US cable giant Liberty Global has completed its takeover of Virgin Media in a $24bn (£15.5bn) cash deal.

VM boss Neil Berkett - now £42m richer - has been replaced by one-time News Corp man Tom Mockridge.

The telco's new CEO told the city that he was glad to be "joining the company at this important inflection point in its development".

Shares in the company will begin trading on Wall Street from today.

Virgin Media has more than 5 million subscribers on its books. It will retain its brand under its new parent company.

In April, the ISP reported that revenues that surpassed £1bn in its final quarter before being acquired by Liberty Global. At the same time, Virgin Media's debt stood at more than £6bn. ®

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