Yesterday
U.S. cable pioneer John Malone's Liberty Global
officially closed it acquisition of British cable provider Virgin Media for $24
billion cash and stock. The deal expands Liberty Global's total subscriber
count to 25 million customers in 12 countries in Europe now bigger than Comcast
Cable which counted 22.3 million subscribers at the end of the first quarter.
Malone, is also
looking to boost profits from U.S. cable systems. In March, Liberty Media
agreed to pay $2.62 billion for a 27.3 percent stake in Charter Communications.
That deal also gave Malone and three of his Liberty lieutenant’s seats on
Charter's board of directors. I sure it's also no coincidence that Charters top
brass consists of some of the cable industries best and brightest and I have no
doubt they will be jumping at the chance to drive consolidation in the U.S.
cable industry. I’m sure it will not be long before we hear much more from
Liberty and Mr. Malone in the future.
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