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NTL Incorporated
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NTL Incorporated
NTL Incorporated, branded as ntl:, was a United States-listed British company founded in 1992, which provided cable television, cable internet and fixed-line cable telephone services. While NTL had its headquarters in New York City, the company's activities focused heavily on the United Kingdom, with operational headquarters in Hook, Hampshire.
NTL became the dominant cable operator in the United Kingdom, controlling more than 90% of the market.[citation needed] In 2005 residential services generated 78% of NTL's revenue, and business services 22%.
In March 2006, NTL merged with fellow cable telecom company Telewest, and created 'NTL:Telewest', which then also merged with Virgin Mobile UK and Virgin.net in June 2006, creating the UK's first "quadruple play" telecom provider, offering television, internet, landline phone and mobile phone services. In February 2007, NTL:Telewest was rebranded as Virgin Media.
Barclay Knapp and George Blumenthal, the founders of American cellular network company Cellular Communications, Inc. (sold to Airtouch in 1996), established International CableTel in 1993 to take advantage of the deregulation of the UK cable market. Initially, Cabletel acquired local cable franchises covering Guildford and parts of Northern Ireland, Scotland and Wales. In 1996 CableTel acquired National Transcommunications Limited (NTL), the privatised UK Independent Broadcasting Authority transmission-network. In May 1998 CableTel adopted "NTL" as its new name.
The company spent heavily: both on expanding its network and on acquiring rivals (in 1999, it acquired Cambridge Cable, one of the earliest digital networks, that had been installed across the university city ten years earlier). In July 1999, NTL purchased the consumer assets of Cable & Wireless plc for nearly £8.2 billion, integrating the telephone, internet and television operations of Cable & Wireless into its own ever-expanding operation.
Devalued and struggling with debts of around $18bn, NTL had to seek Chapter 11 bankruptcy-protection in May 2002 in order to organise a refinancing deal. The company did not emerge from protection until January 2003, having converted around $11bn of debt into shares – technically, this amounted to the largest debt default in US corporate history. The company reduced its debt to $6.4bn. A re-organisation split NTL itself into NTL Inc. (covering the UK and Irish markets) and NTL Europe Inc. (for the French, Swiss and German parts of the corporation). New executives replaced the NTL president, CEO and co-founder Barclay Knapp, as well as Stephen Carter, the MD and COO.
After exiting from Chapter 11 protection NTL produced an operating profit. In 2004, it announced plans to split the broadcasting division off from the main company. In December 2004, NTL sold its broadcast-unit to a consortium led by Macquarie Communications Infrastructure Group (MCG) for £1.27 billion. Macquarie renamed the division Arqiva in May 2005. This sale allowed NTL to focus on its "core businesses" of providing communications packages and cable services.
In late 2004, NTL purchased the remaining shares of the Internet service provider (ISP) virgin.net, originally a joint venture between NTL and Richard Branson's Virgin Group.
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NTL Incorporated
NTL Incorporated, branded as ntl:, was a United States-listed British company founded in 1992, which provided cable television, cable internet and fixed-line cable telephone services. While NTL had its headquarters in New York City, the company's activities focused heavily on the United Kingdom, with operational headquarters in Hook, Hampshire.
NTL became the dominant cable operator in the United Kingdom, controlling more than 90% of the market.[citation needed] In 2005 residential services generated 78% of NTL's revenue, and business services 22%.
In March 2006, NTL merged with fellow cable telecom company Telewest, and created 'NTL:Telewest', which then also merged with Virgin Mobile UK and Virgin.net in June 2006, creating the UK's first "quadruple play" telecom provider, offering television, internet, landline phone and mobile phone services. In February 2007, NTL:Telewest was rebranded as Virgin Media.
Barclay Knapp and George Blumenthal, the founders of American cellular network company Cellular Communications, Inc. (sold to Airtouch in 1996), established International CableTel in 1993 to take advantage of the deregulation of the UK cable market. Initially, Cabletel acquired local cable franchises covering Guildford and parts of Northern Ireland, Scotland and Wales. In 1996 CableTel acquired National Transcommunications Limited (NTL), the privatised UK Independent Broadcasting Authority transmission-network. In May 1998 CableTel adopted "NTL" as its new name.
The company spent heavily: both on expanding its network and on acquiring rivals (in 1999, it acquired Cambridge Cable, one of the earliest digital networks, that had been installed across the university city ten years earlier). In July 1999, NTL purchased the consumer assets of Cable & Wireless plc for nearly £8.2 billion, integrating the telephone, internet and television operations of Cable & Wireless into its own ever-expanding operation.
Devalued and struggling with debts of around $18bn, NTL had to seek Chapter 11 bankruptcy-protection in May 2002 in order to organise a refinancing deal. The company did not emerge from protection until January 2003, having converted around $11bn of debt into shares – technically, this amounted to the largest debt default in US corporate history. The company reduced its debt to $6.4bn. A re-organisation split NTL itself into NTL Inc. (covering the UK and Irish markets) and NTL Europe Inc. (for the French, Swiss and German parts of the corporation). New executives replaced the NTL president, CEO and co-founder Barclay Knapp, as well as Stephen Carter, the MD and COO.
After exiting from Chapter 11 protection NTL produced an operating profit. In 2004, it announced plans to split the broadcasting division off from the main company. In December 2004, NTL sold its broadcast-unit to a consortium led by Macquarie Communications Infrastructure Group (MCG) for £1.27 billion. Macquarie renamed the division Arqiva in May 2005. This sale allowed NTL to focus on its "core businesses" of providing communications packages and cable services.
In late 2004, NTL purchased the remaining shares of the Internet service provider (ISP) virgin.net, originally a joint venture between NTL and Richard Branson's Virgin Group.
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