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If you went to bed tonight (March 9, 1999) owning TCI Ventures Group (NASDAQ: TCIVA) or TCI Liberty Media Group (NASDAQ: LBTYA) you will wake up tomorrow morning owning the new Liberty Media Group (NYSE: LMG). Two days after his 58th birthday, John Malone relinquished control TCI to AT&T. However, he kept for himself perhaps the biggest jewel of the TCI empire--Liberty Media Group. As chairman of the new Liberty Media Group, John Malone will have a treasure chest of cash estimated at between $5.5 to $9 billion (yes, with a "b"), no debt, and credit backed by AT&T's billions. John Malone personally will own $1.5 billion in the new Liberty's stock. The combination of TCI Liberty Media Group and TCI Ventures Group became effective March 9, 1999 in conjuction with the completion of the AT&T/TCI merger. Beginning on March 10, 1999 TCI Liberty Media Group and TCI Ventures Group will no longer trade on the NASDAQ. Instead, the combined entity will now trade as the new Liberty Media Group on the NYSE under the symbols LMG.A and LMG.B (class A and B common stock respectively). Liberty Media holds substantial interests in numerous programming assets and entertainment networks including Discovery Channel, USA, QVC, Encore, STARZ! and the Fox/Liberty Sports Network (to just name a few). Can John Malone do for Liberty Media what he did for TCI? John Malone made millionares out of many people who were early investors of TCI. I hope he will make a millionare out of me. There is so much to say about Liberty Media, that I could not begin to say it all in this intitial post. All comments are welcome. | ||||||||||||||
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