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Malone’s Liberty Global Studies Spinoff of Latin American Unit

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Liberty Global Plc (LBTYA), billionaire John Malones international cable-TV company, is studying the spinoff of its Latin American businesses.

The company is unable to predict when and if such a transaction would occur, according to a filing today. The spinoff would include Libertys VTR Internet and wireless businesses in Chile and its 60 percent stake in Liberty Cablevision of Puerto Rico.

Liberty Global has shifted its attention to Europe, where Malone is stockpiling cable assets to create a regional powerhouse. The company bought U.K. pay-TV provider Virgin Media Inc. last year for about $16 billion, and people with knowledge of the matter said last week the company is putting the final touches on an acquisition of Dutch broadband carrier Ziggo NV.

Latin America makes up about 10 percent of Liberty Globals sales and about 6 percent of its subscribers.

VTR plans to offer $1.4 billion in bonds today as it separates its debt holdings from the European business, London-based Liberty said in the filing.

To contact the reporter on this story: Crayton Harrison in New York at tharrison5@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

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Malone’s Liberty Global Studies Spinoff of Latin American Unit

Running the Numbers on SiriusXM as Liberty Stalks Cable Giants

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NEW YORK (TheStreet) - It's been about a week since Liberty Media (LMCA) unveiled its $3.68 a share takeover offer for a remaining stake in SiriusXM Holdings (SIRI), in an all-stock transaction that would give the combined company a $27 billion market cap at week-ago share prices.

SiriusXM shares are currently trading at $3.80, indicating that investors expect Liberty Media eventually to bump its all-stock offer price. Liberty Media, meanwhile, is trading at about $140 a share, 3% lower than when the offer was first announced, making the all-stock transaction even less amenable to SiriusXM's minority shareholders.

There are many steps left in this deal, including a recommendation by SiriusXM's special committee, shareholder votes and, most importantly, added information on Liberty Media's grand plans as it seeks to consolidate the satellite radio giant's earnings and cash flow. It is also important to note that Liberty Media already owns a controlling stake in SiriusXM.

Nevertheless, Carl Icahn's activist efforts in the takeover of Dell show that minority shareholders still deserve representation and a fair M&A process by SiriusXM's special committee. Courts also appear amenable to valuing appraisal rights, a potential lingering piece of the Dell transaction and something that could emerge as an issue in Liberty Media's efforts for SiriusXM.

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Running the Numbers on SiriusXM as Liberty Stalks Cable Giants

Mark Rienzi, of The Becket Fund for Religious Liberty, on "The Kelly File" 1/3/2014 – Video

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Mark Rienzi, of The Becket Fund for Religious Liberty, on "The Kelly File" 1/3/2014
Mark Rienzi, Senior Counsel for The Becket Fund for Religious Liberty, and Lead Counsel for the Little Sisters of the Poor, discusses HHS mandate challenge o...

By: SBPublicAffairs

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Mark Rienzi, of The Becket Fund for Religious Liberty, on "The Kelly File" 1/3/2014 - Video


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