The Week: City news - Equity group in Virgin bid

A four-strong private equity consortium is plotting a bid of between $6 billion and $7.5 billion for Virgin Media, according to a report in The Observer.

The paper said it had seen a private document titled "Project Coaxial" that showed Blackstone, Cinven, KKR and Providence are preparing an offer, albeit at a substantially lower price than the $11 billion Virgin Media was valued at when it put itself up for sale in July last year.