Branson puts 'for sale' sign up on Virgin.net

NEWS Richard Branson is to sell ailing ISP Virgin.net just three months after partnership talks with cable operator NTL came to a standstill. Branson and co-owners NTL have appointed investment bank Lehman Brothers to find a buyer, after NTL opted out of plans to buy out Branson's stake in the company. NTL currently holds a 49 per cent stake in the ISP. A successful deal would have seen NTL sign up Virgin.net's 600,000 users, while Virgin would have taken control of the ISP's entertainment portal. Virgin.net has been valued at £240m, but analysts warn that a sale could prove difficult in a hostile ISP market.