By Ron Coates, 16 March 2004 13:40
NEWS Liberty Media is to spin off its international arm to create a $9bn operation with colourful chief John Malone at the helm.
The new company, LMI, will take over Liberty's 55 per cent stake in UnitedGlobalCom, a European cable operator, 45 per cent of Jupiter Telecommunications, a Japanese cable company and some cable interests in Puerto Rico.
UnitedGlobalCom yesterday announced that it is to acquire France's biggest cable TV operator, Noos, for around £400m.
LMI will become the largest cable company outside the US, with around 13.5m customers, but will have its headquarters in Denver, Colorado.
John Malone, chairman and controlling shareholder of Liberty Media, will be returning to his roots in becoming CEO of the new company. He built Tele-Communications Inc (TCI) into the largest cable operator in the US by a series of shrewd acquisitions.
In 1998, Malone sold TCI to giant US telco AT&T for $31.8bn in stock. "I absolutely see LMI as the next TCI," Malone said yesterday in a conference call.
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