Ntl (NASDAQ:NTLI)
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NTL Incorporated (NASDAQ: NTLI), the holding company of
the ntl: Telewest group, which now includes Virgin Mobile, today
announced that having received all necessary court approvals, ntl:
Telewest's acquisition of Virgin Mobile has completed and Virgin
Mobile's shares have been de-listed from the London Stock Exchange.
Under a previous agreement, ntl: Telewest has also entered into a
licensing arrangement with Virgin Enterprises permitting use of the
Virgin brand for ntl: Telewest's full portfolio of consumer services.
Together, the Virgin Mobile acquisition and licensing agreement
will make ntl: Telewest a powerful new force in the fast-changing
communications and entertainment industry and provide consumers with
their first opportunity to buy a 'quadruple-play' of competitively
priced TV, internet and fixed and mobile telephony services from a
single operator through one of the UK's most trusted brands. As the
UK's digital revolution gathers pace, the deal will also position the
company to exploit the growing demand for converged products and
services.
For the time being, however, they will continue to operate as
separate organisations and brands, so there will be no change to the
services or terms and conditions of either company's customers. It is
anticipated that the company will start marketing a single portfolio
of services under the Virgin brand some time early in 2007, if not
sooner.
Commenting on the transaction, ntl:Telewest's CEO Steve Burch
said: "This is a transformational deal for ntl:Telewest and good news
for UK consumers. Virgin Mobile has a justified reputation for being
one of the country's most customer-focused companies. This combined
with ntl:Telewest's portfolio of competitively-priced, cutting edge
products, will create a formidable competitor in the UK's fast
changing communications and entertainment industries."
Alan Gow, Managing Director of Virgin Mobile said: "Virgin
Mobile's growth from a start-up to one of the UK's most pre-eminent
and successful mobile operators in such a short time has been nothing
short of meteoric. We're looking forward to taking the experience,
values, and attitude that have got us where we are today and applying
them to the challenge of the future: of building with our new
colleagues at ntl:Telewest a world-class, new Virgin company with the
most exciting range of communications and entertainment services in
the UK."
Sir Richard Branson, founder of the Virgin Group, commented:
"Today, we've created a unique organisation - a new,
soon-to-be-branded Virgin company - which will offer the very finest
in 'quadruple' - the best-value, most -exciting TV, broadband, mobile
and phone services in Britain. We're entering a pioneering time, where
the worlds of media, entertainment and communications are coming
together - and through our new company, our aim is to offer consumers
the very best, most sought-after choice available. You ain't, as the
saying goes, seen nothing yet..."
The last date for despatch of cheques and share certificates and
crediting of ntl CDI's in respect of new ntl shares is 18 July 2006.
About ntl Incorporated (NASDAQ: NTLI)
-- On 3 March 2006 ntl Incorporated completed a merger with
Telewest Global, Inc. creating the UK's largest provider of
residential broadband and the UK's leading provider of triple
play services. The company operates under the name of ntl
Incorporated.
-- ntl offers a wide range of communications and entertainment
services to more than 5 million residential customers. ntl's
networks can service more than 12 million homes - 50% of UK
households - and 85% of UK businesses.
-- ntl's content division, Flextech Television provides
television channels for the UK multichannel TV market and owns
transactional channels price-drop TV, bid tv, speed auction tv
and screenshop. Flextech owns 6 entertainment channels -
LIVINGtv, LIVINGtv 2, Bravo, Challenge, Trouble, Ftn (plus
their time shifted variants) and is a 50% partner in UKTV
which consists of ten channels including UKTV Gold, UKTV Drama
and UKTV History. Together Flextech and UKTV are the largest
supplier of basic channels to the UK pay-TV market.
-- Further information about ntl and its products can be found at
www.ntl.com, www.telewest.co.uk or www.flextech.co.uk
About Virgin Mobile
-- Virgin Mobile is the UK's largest mobile virtual network
operator. Since its launch in November 1999, Virgin Mobile has
more than 4 million customers.
-- In the UK, Virgin Mobile phones are available direct on 0845
6000 600; on the web at www.virginmobile.com or on the high
street at approximately 6,000 outlets including Virgin Mobile
Stores within Virgin Megastores, The Carphone Warehouse, The
Link, Dixons, Phones 4u, Curry's, Comet, Tesco, Asda, John
Lewis, Argos, TOMO, Woolworths, Toys R Us and Ryman plus
hundreds of independent mobile phone dealers and are available
via Shop Direct, Littlewoods, Grattan and Empire home shopping
channels.
-- Virgin Mobile Pay Monthly (contract) is currently available in
Virgin Mobile Stores, The Carphone Warehouse, The Link, Phones
4u and at concessions in WHSmith and at www.virginmobile.com
-- Virgin Mobile employs approximately 1,500 staff at three sites
in Trowbridge, London and Daventry, and has an outsourced
customer service centre operated by approximately 200 staff in
Middlesbrough and approx 50 staff in Johannesburg.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
Various statements contained in this document constitute
"forward-looking statements" as that term is defined under the Private
Securities Litigation Reform Act of 1995. Words like "believe,"
"anticipate," "should," "intend," "plan," "will," "expects,"
"estimates," "projects," "positioned," "strategy," and similar
expressions identify these forward-looking statements, which involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements or industry
results to be materially different from those contemplated, projected,
forecasted, estimated or budgeted, whether expressed or implied, by
these forward-looking statements. These factors include: (1) the
failure to obtain and retain expected synergies from the merger with
Telewest and acquisition of Virgin Mobile; (2) rates of success in
executing, managing and integrating key acquisitions, including the
merger with Telewest and acquisition of Virgin Mobile; (3) the ability
to achieve business plans for the combined ntl: Telewest group; (4)
the ability to manage and maintain key customer relationships; (5) the
ability to fund debt service obligations through operating cash flow;
(6) the ability to obtain additional financing in the future and react
to competitive and technological changes; (7) the ability to comply
with restrictive covenants in NTL's indebtedness agreements; (8) the
ability to control customer churn; (9) the ability to compete with a
range of other communications and content providers; (10) the effect
of technological changes on NTL's businesses; (11) the functionality
or market acceptance of new products that NTL may introduce; (12)
possible losses in revenues due to systems failures; (13) the ability
to maintain and upgrade NTL's networks in a cost-effective and timely
manner; (14) the reliance on single-source suppliers for some
equipment and software; (15) the ability to provide attractive
programming at a reasonable cost; and (16) the extent to which NTL's
future earnings will be sufficient to cover its fixed charges.
These and other factors are discussed in more detail under "Risk
Factors" and elsewhere in NTL's Form 10-K and NTL Holdings Inc's. Form
10-K that were filed with the SEC on February 28, 2006 and March 1,
2006 respectively. We assume no obligation to update our
forward-looking statements to reflect actual results, changes in
assumptions or changes in factors affecting these statements.