The paper the consortium was unlikely to take further major steps until the NTL/Telewest merger is completed, but a deal could be worth up to 8 billion pounds ($14.1 billion).

The consortium includes Apax Partners, Cinven, Kohlberg Kravis Roberts, Permira, Providence Equity Partners and, potentially, Blackstone, the Sunday Times said.

NTL and Telewest's merger has been complicated by NTL's recent efforts to buy Virgin Mobile Holdings (UK) Plc. The mobile phone operator is 72 percent owned by British entrepreneur Richard Branson, who backed NTL's 817 million pound approach. However, the Virgin Mobile board rejected the deal.

The Mail on Sunday newspaper said NTL might make a new takeover offer before Christmas worth up to a third more than its original bid.