Virgin Media in talks about a possible sale to US cable group

Virgin Media has confirmed that it is in talks with Liberty Global about a possible sale of the cable media company in the UK.

The media giant has around 5 million customers in the UK who take out television, broadband or telephone services. The company, which trades in London and New York, seen its share price soar Tuesday on speculation of the sale.

The American company is looking to expand its services across Europe and the rest of the world. It claims to be active in 13 countries with over 21,000 employees. Liberty Global’s consumer brands include UPC, Unitymedia, Kabel BW, Telenet, and VTR.

Virgin Media is the second biggest pay-tv company in the UK, behind British Sky Broadcasting.