Possible takeover bid for Virgin Media

It is understood that four private equity firms are considering launching a multi-billion dollar takeover bid for Virgin Media.

The four firms - Blackstone, Cinven, KKR and Providence Equity - are preparing to offer between $6bn and $7.5bn for cable operator Virgin Media in a plan known as "Project Coaxial".

In 2007, after appointing Goldman Sachs to consider a range of offers, Virgin Media decided not to proceed with a disposal as a result of the change in credit conditions. One of the bids under consideration was a $10bn offer from Carlyle.

Virgin Media was formed in February 2007 by bringing together ntl, Telewest, Virgin Mobile and Virgin.net to create a new entertainment and communications company. It is the UK's largest residential broadband provider, the largest virtual mobile network operator and the second largest provider of pay TV and home phone.

Virgin Media is the largest Virgin company in the world, has almost ten million customers and 13,000 employees across the UK