Liberty Media Corporation Comments on Charter’s Proposal to Time Warner Cable
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Media Corporation ("Liberty") (Nasdaq: LMCA, LMCB) today released the following statements from its Chairman, John Malone, and its President and CEO, Greg Maffei, regarding their support for the Charter proposal to Time Warner Cable.
“The proposed consolidation of Charter and Time Warner Cable, under the respected operational leadership of Tom Rutledge, will enable the cable industry to adopt common technology, brands and service offerings providing the scale necessary to compete in today’s marketplace,” said John Malone, Chairman of Liberty Media. “This industry brought to the home 500 channels; digital compression and high speed internet, but needs scale to attract the developers and innovators critical to remaining competitive.”
“A key reason Liberty invested in Charter was the strength of Tom Rutledge and his management team. They have done a tremendous job turning around Charter's business and we are pleased with the performance of our investment,” said Greg Maffei, President and CEO of Liberty Media. “Charter has been and can continue to be successful on a standalone basis, but the proposed combination with Time Warner Cable will drive shareholder value for all.”
Forward-Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about a proposed business combination between Charter and Time Warner Cable, anticipated benefits of the proposed transaction, the future prospects of Charter and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the ability of Charter to complete any such business combination, the ability of the combined company to realize the expected benefits and other matters affecting the business of the constituent companies. These forward-looking statements speak only as of the date of this press release, and Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty, including the most recent Forms 10-Q and 10-K, for additional information about Liberty and about the risks and uncertainties related to its business that may affect the statements made in this press release.
About Liberty Media Corporation
Liberty Media Corporation owns interests in a broad range of media, communications and entertainment businesses, including its subsidiaries Sirius, Atlanta National League Baseball Club, Inc. and TruePosition, Inc., its interests in Charter Communications, Live Nation Entertainment and Barnes & Noble, and minority equity investments in Time Warner Inc., Time Warner Cable, and Viacom.
Liberty Media Corporation
Courtnee Ulrich, 720-875-5420
Source: Liberty Media Corporation
Released January 23, 2014
