Liberty Media has sold its remaining shares in cable operator Telewest for £119 million, a move that will put to rest its chairman’s ambition of dominating the UK cable market.
During the 1990’s, chairman John Malone, bought significant stakes in European cable operators and during this time the financial press speculated that he was looking to consolidate the industry.
When Liberty refused to build up bondholdings in Telewest’s recent £3.8 billion bond-for-equity restructuring, it became clear that the group would pull out of the UK market (see INM’s London Titles Go To Archant For £62m).
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