The mass media started the process through a stock dividend to its shareholders to form a new listed company called Liberty Broadband. Liberty Broadband, in a regulatory filing, said the stock dividend would be worth up to $4.8 billion and Malone would retain a voting interest of 47.3%.
The most profitable media company in 2013 isn’t one with an immediately recognizable brand name — Liberty Media Corp. Liberty Media rose to the top of the media heap, largely because of its takeover of Sirius XM Holdings, posting an overall net income of $8.9 billion. Last year’s overall profitable winner — Walt Disney Co. — came in at third place.
Liberty Media saw its profits surge in 2013, surpassing Disney to become the most profitable media and entertainment company of the year. Liberty ended the year with net income of about $8.99 billion, enough to snatch the crown of most profitable media company from Disney, which came in third also behind 21st Century Fox, according to an SNL Kagan report.
Liberty Media Corp. on Friday said it would offer to buy out the minority shareholders in satellite radio provider Sirius XM Holdings Inc., in a deal that could give cable mogul John Malone a freer hand in driving cable consolidation.
Liberty Media Corp.’s top executives estimate that a merger between Charter Communications and Time Warner Cable could generate roughly $700 million in annual synergies, according to people close to the matter.
Liberty Media, the Englewood, Colo.-based holding company controlled by billionaire John Malone, said it agreed on a deal with investment funds tied to Apollo Management, Oaktree Capital Management and Crestview Partners to buy about 26.9 million shares and about 1.1 million warrants in the cable TV provider.
As a pioneer in the U.S. cable industry, John Malone’s hard-nosed deal making earned him the moniker “Darth Vader.” Now, 14 years after selling a big chunk of his empire to AT&T, Malone is returning to the fray. According to the Wall Street Journal, his Liberty Media Corp. is close to an agreement to buy 25% of Charter Communications for about $2.5 billion, say people familiar with the situation. WSJ subscribers can read the story here.
The cash and stock deal announced late Tuesday creates a company that will provide stiffer competition in the U.K. to satellite TV provider BSkyB, in which Liberty owner John Malone’s rival Rupert Murdoch’s News Corp. owns a 40% stake.