I went for a quick look into this. Wikipedia reveals that Virgin Australia is owned by Virgin Australia Holdings, which in turn is owned by a consortium consisting of a number of other airlines (Ethiad, Singapore, Air New Zealand), plus Branson's Virgin Group with a 10% holding.
Virgin Mobile in Australia, much like the Virgin broadband/phone/TV operation in the UK, is no longer anything to do with Branson - he sold it to Optus in 2006 and that company is currently wholly owned by Singtel. In the UK, Virgin Media is owned by Liberty Global.
This reveals how, these days, Branson really does business. Virgin is basically nothing other than a brand. It's a respected brand - funky, hip, cool, relaxed, and so on. But that's all it is. Branson isn't really an entrepreneur. The way I think it works is that people with a business idea approach him, put up their own capital, and ask for the use of his brand and his personal involvement as a promoter. In exchange he receives a generous shareholding of the new company - which, if the company is successful, he later sells. If it fails, those who put up the capital are left carrying the can.