Malone turning attention to Telewest?

NEWS There is increased speculation today that US cable industry tycoon John Malone will make some kind of play for the UK's Telewest. His Liberty Media vehicle - through which he's already invested in pan-European player UPC as well as businesses in Germany and elsewhere - already holds 25 per cent of the UK cable operator. Now most reports are turning to him pushing through either a full blown takeover of the company or consolidation with NTL, the UK's other main cable player. Both Telewest and NTL have seen their share prices fall dramatically over the past 18 months, though debt makes them less attractive to buyers. Telewest owes £4.9bn but that figure is dwarfed by NTL's £11.8bn. However, less than a week ago Malone was being more closely linked with NTL. What's more, a bigger prize for the mogul remains acquiring cable assets in Germany, although the regulator there has blocked Liberty's turn-of-the-year offer.