Weak results from Virgin Media last week, showing that the cable company continues to lose ground to rival Sky, has caused one of its more aggressive investors to demand a meeting with management.
The move is part of a growing sense of unease among the company's shareholders at the firm's direction. Already confused after last year's abortive attempt by management to buy ITV, shareholders fear the company is losing its battle against competitors including Rupert Murdoch's satellite empire and Carphone Warehouse's TalkTalk.
In a filing with the US markets regulator, New Jersey-based Franklin Mutual Advisers, which has a 9.4% stake in Virgin Media, said that in view of the results for the first quarter, it wanted discussions with Virgin about its "strategic direction, corporate governance and management".
Last week the cable company admitted it lost 47,000 customers in the first three months of the year and warned that more are likely to defect after Sky removed its channels, including Sky One, from cable households two months ago. In the same period Sky added 51,000 customers.
A spokeswoman for Franklin refused to comment further on exactly what the investment house wants to discuss with Virgin's management, but the company is well known for taking an active interest in the performance of the businesses in which it invests. It is the largest shareholder in the Franco-Spanish tobacco business Altadis, which is the subject of a bidding war.
Another Virgin Media shareholder warned yesterday that a rebellion could be brewing. He said: "The company has underperformed expectations and shareholders are frustrated both by that underperformance but also by the undervaluation of the stock."
Virgin Media announced weak results last week, in part due to competition from Sky. Virgin Media lost 47,000 customers from January to March 2007, while Sky gained 51,000 customers in the same time period. 

Franklin Mutual Advisers, which has 9.4% of the Virgin Media shares (Sir Richard Branson owns 11%) wants to have a meeting with Virgin Media about its "strategic direction, corporate governance and management". Franklin Mutual Advisers is known to take great interest in the companies in which it invests.

This has caused many of the other investors of Virgin Media to demanding meetings with the management of the company. The demands are due to confusion among shareholders at the direction in which the company is heading, ''The Guardian'' reports. After the attempt to buy ITV was stopped last year, the shareholders think that Virgin Media may lose its battle with Sky and TalkTalk.

Another issue causing concerns amongst investors is the £25.2 million pay cheques for the top seven executives of Virgin Media.  Virgin Media reported a £15.3 million loss last year.