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Liberty Global to buy Virgin Media

US billionaire John Malone's cable group, Liberty Global, has agreed to buy the UK's Virgin Media in a cash and stock deal worth $23.3bn (£15bn).

US billionaire John Malone's cable group, Liberty Global, has agreed to buy the UK's Virgin Media in a cash and stock deal worth $23.3bn (£15bn).

The deal will create the world's largest broadband company, with 25 million customers in 14 countries.

In the UK, it will be the second biggest pay-TV business after BSkyB. Rory Cellan-Jones reports.