John Malone, the tax-averse telecom and media mogul who has been building and investing in companies for decades, may take advantage of a more favorable M&A environment to settle unfinished business.
up to? One of the long-running parlor games on Wall Street and in Hollywood is afoot again amid the media mogul’s noticeable portfolio-changing moves.
But at the center of some unfinished business may be Warner Bros. Discovery, which hasn’t lived up to its investor promise of a pure-play entertainment studio. With Zaslav throwing open the door for further mergers in a trial balloon during a post-earnings analyst call on Nov. 7, Malone who is a shareholder and boardmember of WBD, may be able to put his finger on the scale.
As for break up possibilities, Robert Routh, analyst at FBN Securities, notes that Malone could push to “seek to have them take DC Comics public as a separate entity via either a tracking stock or regular IPO to highlight the true value of the WBD library, as that would be the easiest way to do that.”
Beyond Warners, Malone is exploring a merger of Charter Communications, the second-largest U.S. cable operator, and his Liberty Broadband, which owns a large stake in the cable giant along with GCI, Alaska’s largest communications provider. Liberty Broadband disclosed on Sept. 23 that Charter had sent an initial merger proposal, to which it responded with a counterproposal.
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