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Technology Stocks : Liberty Media Corporation - LMC.A and LMC.B -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (45)	3/17/2003 5:06:28 PM
From: Glenn Petersen	Respond to of 61

Malone's Broadband Bet Penelope Patsuris, 03.10.03, 7:00 AM ET forbes.com NEW YORK - John Malone made his fortune--some $1.5 billion at last count--by spotting a technology that would change everyday life--cable television--well before it was on most people's radar. That vision translated into TCI, the cable giant he sold to AT&T for $54 billion in 1999. Now the Liberty Media (nyse: L - news - people ) chief executive officer is demonstrating a keen interest in high-speed Internet connections that are relayed via satellite. Satellite connections currently only account for 1.2% of broadband homes, while digital subscriber lines make up 38% of the market and cable modems account for the remaining 62%. The reason? Satellite connections are slow and expensive compared to other methods of broadband delivery, appealing primarily to rural customers who can't get either cable or DSL. But Malone seems to believe that satellite Internet is about to come of age. And most media experts agree that if the satellite industry could actually provide high-speed Internet access that was competitive with the prevailing technology, cable modems, the nation's 19 million satellite television subscribers would probably embrace it, jumping at the chance to have a single provider for both TV and the Internet. Satellite's lack of Internet access is just about all that's held the industry back from stealing even more customers from cable than it already has. "Considering Malone's track record, he's looking at this as more than just a niche market opportunity," says Sean Badding, an analyst at the research firm The Carmel Group. "He sees this as something that could become a viable national service." The potential of satellite-delivered Internet is key to understanding Liberty Media's interest in Hughes Electronics (nyse: GMH - news - people ), the parent of DirecTV. Malone launched his solo effort to acquire the satellite television provider after a joint bid with News Corp. (nyse: NWS - news - people ) collapsed on Feb. 26. With its Spaceway program, DirecTV is already working on satellite Internet delivery. Spaceway is planning to launch its first satellite sometime in mid-2003 and hopes to start selling broadband to the business market sometime in 2004. Spaceway would expand on existing Malone initiatives. The Liberty Media subsidiary Liberty Satellite has already invested close to a half a billion dollars in the concept of high-speed data satellite connections. Back in 1999, Malone put $425 billion behind the satellite broadband outfit Astrolink and more recently has bought out the rest of its assets from partners Lockheed Martin (nyse: LMT - news - people ), Northrop Grumman (nyse: NOC - news - people ) and the Italian satellite outfit Telespazio S.p.A. And in December 2002, Malone boosted to $119 million his investment in WildBlue Communications, a small Denver-based broadband satellite outfit. Malone now has a 37% voting interest in the firm. All three endeavors employ the same new, advanced form of satellite spectrum called KA band. This new technology holds the potential to solve one of satellite broadband's biggest stumbling blocks--upstream access. Delivering a high-speed signal via satellite is relatively easy, but if the user wants to send data--say an e-mail--that delivery is slow and costly. "KA has fatter pipes, and provides guaranteed broadband both upstream and downstream," says Badding. KA band services will initially be too expensive for anyone but business customers, although a consumer product could be ready as soon as 2006. That's why Malone wants in now, when everyone else is still dismissing the notion of sending high-speed data using satellite. Cable modems and DSL are the entrenched Internet delivery services now. But then, broadcast and cable were the only games in town when it came to television signals until satellite TV came along.

To: mopgcw who wrote (45)	6/15/2003 8:08:28 PM
From: Glenn Petersen	Respond to of 61

Liberty eyes $12-14 bln bid for Vivendi arm -paper LONDON, June 15 (Reuters) - Liberty Media Corp. <L.N> is expected to finalise an offer for Vivendi Universal's <EAUG.PA> <V.N> entertainment assets within days, in a deal worth $12 billion to $14 billion, FT.com reported on Sunday. The report said Liberty Media Chairman John Malone met Vivendi's chief operating officer, Jean-Bernard Levy, last week to discuss the terms and structure of the deal. Liberty is expected to settle a bid for Vivendi's cable television assets, movie studios and theme parks in the coming days, FT.com added. Liberty and Vivendi could not be reached for comment. On Thursday, sources told Reuters that a group of private equity players had joined a consortium formed by Edgar Bronfman Jr. to bid for Vivendi's entertainment assets. Other suitors include oilman Marvin Davis, Viacom Inc. <VIAb.N> and Metro-Goldwyn-Mayer <MGM.N>. 06/15/03 18:52 ET Copyright 2003 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.

To: mopgcw who wrote (45)	7/3/2003 11:28:29 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 61

Liberty Media to Purchase Comcast's Stake in QVC nytimes.com By THE ASSOCIATED PRESS PHILADELPHIA -- Liberty Media Corp. has agreed to buy Comcast's majority stake in the lucrative shopping channel QVC for $7.9 billion, the companies said Thursday. Liberty, which already owns 42 percent of the electronic shopping service that reaches more than 85 million U.S. homes, told Comcast in March that it wanted to end the joint ownership and negotiate a sale to one party or the other. Comcast executives sharpened their pencils to decide whether to sell their 57 percent stake in QVC, a major revenue producer for the nation's largest cable company, said Brian L. Roberts, president and chief executive officer. "QVC is an exceptional and unique business, but we took a very disciplined financial approach to our evaluation. The cable business continues to be our core focus," Roberts said. "With the opportunity to sell at an attractive valuation in excess of $14 billion, we have the flexibility to improve our already strong financial position and to invest for future growth." QVC had revenues of $4.38 billion last year, accounting for more than a third of Comcast's overall $12.46 billion in revenue for the year. "I'm sure they are sorry to see QVC go; it was a great cash engine," said Matthew J. Harrigan, an analyst with Janco Partners Inc. But Harrigan said the potential returns from raising cash to invest in such things as improving cable systems probably outweighed those from holding onto QVC. With the acquisition of AT&T's cable systems in November, Harrigan said, "Comcast has such a large cable business they were well advised to stick with it." Fast-growing Liberty Media, run by John Malone, was spun off from AT&T Corp. in 2001. Its holdings include stakes in AOL Time Warner Inc. and News Corp., and it has been exploring other acquisition opportunities, including the U.S. entertainment holdings of French conglomerate Vivendi Universal. Liberty was among recent bidders for the Vivendi assets, along with General Electric Co.'s NBC, Metro-Goldwyn-Mayer Inc., Viacom Inc. and investors led by tycoon Edgar Bronfman Jr., sources close to Vivendi's board have said. The QVC purchase doesn't rule out pursuing the Vivendi holdings, said Mike Erickson, vice president for investor relations. "We had always stated that we felt like we have the firepower to do all the things we're interested in," Erickson said. Liberty also owns Starz and Encore and has interests in Discovery Communications Inc., Court TV, InterActiveCorp., Telewest Communications, Motorola Inc. and Sprint PCS Group. The QVC purchase price will be paid in cash, Liberty Media stock and other debt, with the amounts of each to be determined over the next several weeks, and the transaction was expected to close by the end of the year, the companies said. Liberty Media will own about 98 percent of QVC, with the remaining fraction consisting of equity held by QVC managers. David L. Cohen, Comcast executive vice president, said QVC boomed in value from $2.2 billion in 1995 to about $14.1 billion now. "QVC has been a wonderful business for us," Cohen said. "But we've always viewed QVC as a financial asset and not a strategic asset. We are very focused on our cable business." Comcast has more than 22 million customers and cable systems in 17 of the nation's 20 largest cities. It has ownership interests in other businesses including E! Networks, The Golf Channel, Outdoor Life Network and Comcast-Spectacor, which owns the Philadelphia Flyers and 76ers. Comcast stock rose 66 cents to close at $29.91 Thursday on the Nasdaq Stock Market. Liberty Media stock dropped 14 cents to close at $11.45 a share on the New York Stock Exchange. ------ On the Net: Liberty Media Corp.: libertymedia.com Comcast Corp.: comcast.com