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Why always keep owning SIRI? You will want to spin it off? They like SIRI. LMCA does not have any big free cash generating possessions. SIRI is the only big one. It’s ability to generate capital for LMCA to use is interesting. SIRI is also a work in progress. They feel they can help SIRI still.
Maffei stated that historically, LMCA has spun off resources when the worthiness of an asset was not recognized by the market, or whenever a business has reached an apogee. They think neither is the situation at SIRI. The value of SIRI is well recognized within LMCA now and there is a lot more they can do there.
There continues to be “a great deal of upside”. Malone says CHTR will require capital (Time Warner?). SIRI will give them the financial versatility to “run after some more rabbits”. Malone also said that there are still some synergies in the music business that was not exploited (and LMCA can help SIRI with that). Will there be more tension between programmers and marketers now?
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Relationship more technical, more than in the past aggression? Is this a reason for consolidating? Malone said that developers and vendors experienced good relations for years. It was all about who could create financial value. The over-the-top phenomena is creating unusual tension. TV everywhere would create value for everybody. Vendors and content providers have huge monetization systems to defend still. They will recognize that eventually.
Consolidation can make it easier. Fewer logical players increase results than more, but is is not the primary reason to consolidate. LMCA would like to keep interest above 25% for future versatility. LMCA would purchase more CHTR to keep interest above that known level to offset dilution, for governmental reasons. He explained later that the Investment Company Act makes a 25%-possessed asset a good asset, and one under 25% a negative asset.
Malone feels that the long term competitive position of cable connection is good. The increasing digitization of video will release bandwidth, and increase velocity and capacity of internet delivery. Cable has a marginal cost advantage (a significant advantage) for the base network. He described that DT (Deutsch Telecom) devote a volume cover. DT provided content is not contained in the volume cover but non-DT content is.
The regulators are currently digesting this so don’t know what will happen. Malone talked about that eventually terrestrial providers must price traffic predicated on quantity. The current model is unsustainable as revenue and pricing won’t reflect capital pressures of the providers. Over-the-top content can be bundled with broadband and when that starts to occur, the wire can claw back share from satellite. Cable market talk about will grow because of services bundled.
Someone asked him how he viewed the prices of LMCA holdings versus intrinsic value. Malone said that he is a leveraged free cash flow buyer always, so the discount rates the free cashflow at whatever interest they can account at. In the event that you the maturity and fund at current levels lengthen, he says that the “multiples look low to me”.