The Week: City News - Virgin strategy questioned

One of Virgin Media's major investors, Franklin Mutual Advisors, has called the company's strategic direction into question following the company's poor first-quarter results.

Franklin Mutual, which owns a 9.45 per cent stake in Virgin Media, made the statement to the US Securities and Exchange Commission, after Virgin warned that it expected to lose subscribers this quarter as a result of its ongoing feud with BSkyB. The battle started when discussions about how much Sky wanted to charge Virgin for carrying its basic package of channels broke down.