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Liberty Media to Buy German Cable TV Firms

News, 21 June 2001

Liberty Media Group of the US is to purchase six regional cable TV companies in Germany from Deutsche Telekom for around E5.5 billion ($4.7bn).

The US media company originally led a consortium to buy 55% stakes in each TV network for around $2.5bn, leaving DT as a minority shareholder [WAMN: 23-Feb-01].

However, following a raft of regulatory and financial obstacles, the duo have deemed it more sensible for Liberty to buy the TV operators outright and without partners. The new owner could then at a later stage sell minority stakes to others, such as American financier Gary Klesch who was involved in the initial deal.

A press conference has been scheduled for today, though details are not due until the finished deal is signed, probably in July.

The purchase gives Liberty a foothold in the German TV market – the world’s second largest after the US.

News source: Wall Street Journal