UK-based cable operator Virgin Media is embarking on "Project Lightning," which it describes as the single largest investment in broadband digital infrastructure in the UK for more than a decade. The company expects to invest £3 billion in the project.
With the support of parent company Liberty Global (NASDAQ:LBTYA), Virgin Media plans to extend its network to approximately 4 million additional premises over the next five years, with Internet speeds of 152 Mbps, as well as video and voice services. Network expansion will be prioritized according to demand from households and companies, with a focus on areas closest to Virgin Media's existing network.
The expanded network expected to increase the number of homes and businesses to which Virgin Media can offer services by almost a third, from around half of the country today to nearly 17 million premises by 2020. The project is also expected to create 6,000 direct new jobs at Virgin Media and across its construction partners, including 1,000 new apprenticeships, over five years.
Virgin Media is already in the process of expanding its network to 110,000 homes across east London, Glasgow, Sunderland and Teesside.