Liberty Drops German Cable TV Deal
ENGLEWOOD, Colo. (AP) _ Liberty Media Corp. dropped its pursuit of six German cable television systems when Liberty executives realized they couldn’t close the deal on their terms, the company’s chief executive said Wednesday.
German regulators were concerned the proposed purchase from Deutsche Telekom would give Liberty too much control over the market. Liberty also wanted to acquire Telecolumbus, an operator of connections into viewers’ homes.
U.S. cable entrepreneur John Malone, who controls Liberty, was unwilling to change the proposal, and the deal fell apart.
Liberty CEO Robert Bennett said German regulators also wanted Liberty to invest more in telephony.
``Put all those together, and those were not the circumstances under which we were willing to pursue the business,″ Bennett said. ``Therefore we did not appeal the decision.″
Shares of Liberty fell 10 cents to close at $12 in trading on the New York Stock Exchange Wednesday, before falling another 4 cents in after hours trading.
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