UK s Virgin-O2 to launch IPTV by end of the year
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UK s Virgin Media-O2 to launch IPTV by end of the year
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The eastern England broadband network has received £1bn of investment from Mikhail Fridman s LetterOne vehicle Upp said it is extensively using Openreach s infrastructure
BT Group PLC (LON:BT.A) is facing increased competition from various directions, with reports that a Russian billionaire is funding the rollout of a rival superfast broadband network coming a day after newly merged rival Virgin Media O2 set out its plan to “shake up the market”.
Upp, which is planning to roll out full-fibre broadband in eastern England, has announced that LetterOne investment group has taken up its £1bn equity financing in full.
LetterOne is controlled by Mikhail Fridman, a Ukranian-born,
It employs 18,000 people and pulled in revenues of around £11bn last year.
Chief executive Lutz Schueler, who formerly led Virgin Media, today said the merged company was the “complete package” as he vowed to shake up the UK telecoms market.
“We are ready to shake up the market and be the competitor the country needs at a time when choice has never been more important,” he said.
“Through investment and innovation in cutting-edge infrastructure and future technology, we will connect more people to the things they love, support communities across the country, help businesses to grow, and power the UK economy.”