It's interesting how Malone has started to go for simplification of his companies. I remember when I first saw one of his structures, it took me a while to wrap my head around it (I was a young analyst at the time 🤣).
I bet you have already read it, but if you haven't, check out Cable Cowboys. It's pretty interesting, talks about Malone and the cable industry.
Malone is definitely cleaning up his empire. But, with one or two exceptions, I’m not sure it will lead to a lot of M&A. My impression is that he is arranging his affairs so that the Liberty complex will consist of stable income producing assets that don’t require catalysts for value creation. After the dust settles on the current transactions, Malone will be left with passive investments in SIRI and CHTR, and control investments in BATR, LLYV, FWON, and LBTY (I’m ignoring QRTE and LTRP). BATR and FWON seem like the type of assets you leave to your kids (and Malone has been nibbling on BATRA shares recently). That leaves LLYV, which requires further maneuvering to realize full value, and LBTY. Of these, LBTY is the most interesting – further consolidation and convergence in European telecom seems to make sense and it would not be surprising to see LBTY as a seller at this point.
It's interesting how Malone has started to go for simplification of his companies. I remember when I first saw one of his structures, it took me a while to wrap my head around it (I was a young analyst at the time 🤣).
I bet you have already read it, but if you haven't, check out Cable Cowboys. It's pretty interesting, talks about Malone and the cable industry.
Malone is definitely cleaning up his empire. But, with one or two exceptions, I’m not sure it will lead to a lot of M&A. My impression is that he is arranging his affairs so that the Liberty complex will consist of stable income producing assets that don’t require catalysts for value creation. After the dust settles on the current transactions, Malone will be left with passive investments in SIRI and CHTR, and control investments in BATR, LLYV, FWON, and LBTY (I’m ignoring QRTE and LTRP). BATR and FWON seem like the type of assets you leave to your kids (and Malone has been nibbling on BATRA shares recently). That leaves LLYV, which requires further maneuvering to realize full value, and LBTY. Of these, LBTY is the most interesting – further consolidation and convergence in European telecom seems to make sense and it would not be surprising to see LBTY as a seller at this point.
I like the Braves and Formula One.
you say simplification.
i say under-performing overcompensated malone cronies who would have been booted long ago anywhere else.
MAGA-related empires taking notes.