Liberty Global plc and Telefonica SA announced an agreement to merge their operating businesses in the U.K. to form a 50:50 joint venture (the “JV”). The combination of Virgin Media and second quarter will create a nationwide integrated communications provider with over 46 million video, broadband and mobile subscribers and £11 billion of revenue. Executive leadership of the JV will be agreed prior to the closing.

The board will consist of eight members, four from each of Liberty Global and Telefonica. Mr. Fries, CEO of Liberty Global, and Mr. Alvarez-Pallette, CEO of Telefonica, will sit on the board. The post of Chairman will be held for alternating two-year periods by Liberty Global or Telefonica with Liberty Global holding the position first.