Monthly Archives: January 2014

Jeffrey Tucker Talks To Marc Abela About Liberty.me’s International Presence – Video

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Jeffrey Tucker Talks To Marc Abela About Liberty.me #39;s International Presence
Liberty.me is not about arbitrary national boundaries or state lines drawn in sand. We are about future where liberty thrives globally in the city in the clo...

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Jeffrey Tucker Talks To Marc Abela About Liberty.me's International Presence - Video

Liberty Global strikes Ziggo deal

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NEW YORK (The Deal) -- Acquisitive cable company Liberty Global (LBTYA) on Monday, Jan. 27, announced an agreement to buy the outstanding shares in Dutch cable company Ziggoin a deal with an enterprise value of 10 billion euros ($13.7 billion).

Liberty, of Englewood, Colo., said it would offer Class A and Class C shares, as well as 11 per share in cash, to buy the 71.5% of the Dutch cable company it doesn't already own. The bid is worth 34.53 euros per Ziggo share, a 4% premium to the company's Friday close and 12% higher than Ziggo's close on Dec. 11, the day before it revealed the latest round of talks.

It values the target's total equity at 6.9 billion euros.

"Our combined operations will reach over 90% of all Dutch households allowing us to compete more effectively with the other national telecommunications and satellite platforms in the Netherlands, and at the same time generate significant revenue and operating efficiencies," said Liberty CEO Mike Fries in a statement.

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Liberty Global strikes Ziggo deal

Liberty Global Snags Dutch Cable Company Ziggo

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Liberty Global (LBTYA) reached a deal Monday to buy the rest of Dutch cable operator Ziggo for $9.44 billion in cash and stock, marking John Malones latest move to expand the media giants cable footprint in Europe.

The London-based company, which already has a 28.5% stake in Ziggo, was in pursuit of the cable company as early as October. Ziggo rejected an initial takeover attempt by Liberty Global, saying the bid was too low.

Ziggo shareholders are set to receive 11 a share, about $15 a share, in cash, plus Class A and Class C ordinary shares in Liberty Global. The price values Ziggo at roughly 34.53 a share, a 22% premium over its share price before Liberty Globals initial overture was turned down.

The deal is valued at a total of $13.7 billion, including debt.

According to Dow Jones Newswires, Ziggo chief financial officer Bert Groenewegen said at a press conference that he expects shareholders to welcome the Liberty Global offer.

Liberty Global said it intends to merge Ziggo with UPC, another Dutch cable provider in its portfolio. The combined companies will generate annual revenue of around 2.5 billion, or $3.4 billion.

Our combined operations will reach over 90% of all Dutch households, allowing us to compete more effectively with the other national telecommunications and satellite platforms in the Netherlands, Liberty Global CEO Mike Fries said.

The company added that it is confidence the European Commission will provide regulatory approval of the acquisition. It anticipates closing the transaction in the second half of 2014.

Malone led an effort last summer to acquire Kabel Deutschland, Germanys largest cable operator, but ultimately lost the race to Vodafone (VOD). Liberty Global already brought in two other German cable companies, including No. 2 Unitymedia, since 2009.

Last year, Liberty Global completed its $15.8 billion acquisition of U.K. cable giant Virgin Media.

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Liberty Global Snags Dutch Cable Company Ziggo

Liberty Global offers $9 billion for Ziggo

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Ziggo NV, a Dutch cable company, will come under the Liberty Global umbrella under an agreement announced Monday. (Peter Dejong, The Associated Press)

AMSTERDAM Liberty Global PLC has agreed to buy Dutch cable company Ziggo NV for $9.44 billion in the latest offensive by Douglas County media mogul John Malone on the European telecommunications industry.

Liberty Global, Malone's international cable holding company, already owns 28.5 percent of Ziggo and had been in acquisition talks since August. Ziggo said in October that it had rejected a takeover offer but remained in talks, with the cash-and-stock deal finally announced Monday.

Under the terms of the agreement, which has the full support of Ziggo's management and supervisory board, Ziggo shareholders will get 11 euro ($15.03) in cash, 0.2282 Liberty Global Class A ordinary shares and 0.5630 Liberty Global Class C ordinary shares for each share they own. Based on Liberty Global's share price on Jan. 24, the offer implies a price of approximately $47.19 per Ziggo share.

Including debt, the deal values Ziggo at $13.7 billion.

Because of structural challenges and a weak European economy, consolidation in the continent's fragmented telecom industry is widely expected to continue at a brisk pace. London-based Liberty Global has already been an active deal maker on the continent, buying U.K. cable-television and Internet provider Virgin Media for $16 billion last year. It also raised its stake in Telenet Group Holding NV of Belgium.

Still, Liberty Global sees plenty of scope for further consolidation. "The European cable sector still has about 6,000 to 7,000 cable companies, compared to about a dozen in the U.S.," Liberty Global senior vice president Manuel Kohnstamm said.

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Liberty Global offers $9 billion for Ziggo

First Read Minute: Obama’s Last Best Chance?

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Half of all Millennials ages 25-32 believe that the American dream the ability to lead a middle class lifestyle is disappearing for their generation, according to new research.

MassMutual discloses this finding in its State of the American Family Study, a biennial survey conducted in 2009, 2011 and 2013 for MassMutual by the Forbes Consulting Group, LLC. Conducted last February, the 2013 study comprised 1,337 interviews with American households with children under age 18 for whom they are financially responsible.

The survey reveals that Millennials pessimism about the future is shared by older Baby Boomers: 45 percent of those ages 54-64, also share their belief, an increase of 15 percent over the past two years.

Though Americans both young and old generally hold bearish views on the economy, the definition of the American Dream is in flux. While older respondents hold close to its traditional definitions 78 percent of older Boomers consider home ownership a key component and 80 percent consider financial independence an equally important element younger respondents show notably less engagement with these historic benchmarks for financial achievement, instead focusing on developing a monthly budget, suggesting views around financial satisfaction are undergoing fundamental shifts, according to the study.

"We've found that American families hold similar core values when it comes to their finances, but one of the study's key takeaways is that the emphasis placed on these financial views vary [among] demographic groups," says Mike Fanning, executive vice president, U.S. Insurance Group, MassMutual. "Between generations, ethnicities, and family types, the goals families hold, the confidence they feel, and the financial products and services they use differ in clear and diverse ways."

Additional findings from the survey include:

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First Read Minute: Obama's Last Best Chance?

Ken Krawchuk (K’14 #011) addressing the Board of Directors of the Libertarian Party of Pennsylvania – Video

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Ken Krawchuk (K #39;14 #011) addressing the Board of Directors of the Libertarian Party of Pennsylvania
Ken Krawchuk, Libertarian for Pennsylvania Governor in 2014, gives his stump speech at the monthly meeting of the Board of Directors of the Libertarian Party...

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Ken Krawchuk (K'14 #011) addressing the Board of Directors of the Libertarian Party of Pennsylvania - Video

Rand Paul “50-50” on presidential run

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DETROIT, MI - DECEMBER 6: U.S. Sen. Rand Paul (R-KY) delivers a speech titled, "Renewing the Opportunity for Prosperity: Economic Freedom Zones" at the Detroit Economic Club December 6, 2013 in Detroit, Michigan. As part of his plan to help save Detroit, the largest city in U.S. history to go bankrupt, and other economically depressed areas, the Senator will introduce legislation that will create so-called "economic freedom zones" by lowering taxes in those areas and change the Visa rules to help make it easier for foreign entrepreneurs to immigrate to economically depressed cities. (Photo by Bill Pugliano/Getty Images) Bill Pugliano, Getty Images

We are thinking about it, and sort of looking at what it would take to run, he told fourth-grader Clay W. during an interview for a project at Potter Gray Elementary School in Bowling Green. Its a big job, but we probably wont make our decision for about a year.

Pauls coy response sounds strikingly familiar, tracing the will-they-or-wont-they pattern his dad set before his third presidential run in 2012. Already the object of heightened scrutiny after some show-stopping stunts on the Senate floor, Paul mentioned that he does worry about facing grief from the media should he decide to launch a national campaign.

It is a big job to do, to run for president, he said. It would take traveling around the country, it would mean Id be home less time, get to see my kids less time. And the people in the media, they get meaner and meaner when you run for president. Because they pick you apart and say, Your clothes dont look good; your hair looks bad; you need a haircut.

Paul said last fall he believes the Republican Party could use a bit of libertarian infusion, and pundits have suggested he could be more than just a token candidate.

His mother, Carol Paul, told Vogue in an extensive profile on the political dynasty that her son will declare either way after 2014; first, she said, groundwork has to be set. His wife Kelley, though, seemed less sold on the idea.

In this day and age, it's mostly about character assassination," she said. "When I think of the tens of millions of dollars in opposition research that they'd be aiming right at us and our family that's what it's about."

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Rand Paul “50-50” on presidential run