Virgin Media (UK) unveiled “Project Lightning” — a plan to extend its fiber-rich cable network to approximately four million additional premises over the next five years. The expansion will increase’s Virgin Media addressable market by almost a third; from around half of the country today to nearly 17 million premises by 2020.
Virgin Media, which is a subsidiary of Liberty Global plc, expects to invest an additional £3 billion in Project Lightning. The project will be financed mainly through incremental borrowings.
Virgin Media offers broadband speeds of 152 Mbps. It also features an advanced interactive television service, bringing together broadcast TV, thousands of hours of on demand programming and the best of the web in a single set-top box.
“Our next-generation fibre-rich networks reach 50 million households across Europe, enabling our customers to discover and experience the endless possibilities of the digital world. After a record operating performance, Project Lightning is a significant investment that demonstrates the confidence we have in Virgin Media and the UK as a place to do business,” stated Mike Fries, Liberty Global Chief Executive Officer.
Prime Minister David Cameron said: “I welcome this substantial investment from Virgin Media which is a vote of confidence in our long-term economic plan to support business and create jobs by building a superfast nation backed by world-class infrastructure. Together with this Government’s rollout of superfast broadband which has now reached more than two million UK homes and businesses, this additional private investment will create more opportunities for people and businesses, further boosting our digital economy and helping secure a brighter future for Britain.”
