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NTL Inc - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
NTL Inc is a Delaware corporation and is publicly-traded on the Nasdaq National Market in the US. In April 1996, International CableTel acquired National Transcommunications Ltd (NTL), originally the Engineering Division of the Independent Broadcasting Authority (IBA) responsible for designing, building, operating, and maintaining a national transmission network for commercial broadcast use. The following year, International CableTel changed its name to NTL. International CableTel, itself, was formed by Cellular Communications Inc (CCI) in October 1993 to develop, construct, and operate broadband communications services in the UK. In June 1996, International CableTel launched commercial cable TV and telephony services in its Northern Ireland franchise. Following substantial debt problems and a recapitalisation plan, NTL was split into NTL Inc and NTL Europe in January 2003, with NTL Europe acting as a holding company for the old NTL's non-core assets - essentially, all the former company's European operating activities. NTL Inc incorporated all of the former NTL’s UK and Ireland operations. NTL is no longer affiliated with NTL Europe, which has since changed its name to PTV Inc. In January 2005, NTL sold its broadcast operations to a consortium led by Macquarie Communications Infrastructure Group for approximately UK£1.27 billion. In May 2005, the company sold its operations in the Republic of Ireland to MS Irish Cable Holdings BV for an aggregate purchase price of UK£225.5 million. In October 2005, NTL and Telewest Global announced a definitive merger agreement under which NTL would acquire Telewest. On March 3, 2006, NTL Holdings (formerly known as NTL Inc) merged with a subsidiary of NTL Inc (formerly known as Telewest) and the merger has been accounted for a reverse acquisition of Telewest using the purchase method. This merger created the UK's largest provider of residential broadband and the UK's leading provider of triple-play services. In connection with this transaction, Telewest changed its name to NTL. In April 2006, NTL and the board of Virgin Mobile Holdings (UK) reached an agreement on the terms of a recommended cash offer to be made by ntl to acquire Virgin Mobile. NTL (or ntl) is one of the leading communications and content distribution companies in the UK, providing Internet access, telephone and TV services to approximately five million residential on-net customers, including approximately 2.8 million broadband customers. The company also provides Internet and telephone services to residential customers who are not connected to the company's cable netork via access to other companies' telecommunications networks and via an Internet service provider operated by its subsidiary, Virgin Net. NTL offers a triple-play bundle of Internet, telephone and TV services through bundled packages. It also provides voice services to businesses and public sector organisations, as well as a variety of data communications solutions from high-speed Internet access to fully managed business communications networks and communication transport services. These services are delivered through NTL's wholly-owned local access communications network passing approximately 12.7 million homes in the UK. Through its wholly-owned subsidiaries, Flextech and sit-up, NTL provides basic TV services.
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