Cable Cowboy: John Malone and the Rise of the Modern Cable by Mark Robichaux

By Mark Robichaux

An inside of examine a cable titan and his industry

John Malone, hailed as one of many nice unsung heroes of our age via a few and reviled by way of others as a ruthless robber baron, is published as somewhat either in Cable Cowboy. For greater than twenty-five years, Malone has ruled the cable tv undefined, shaping the area of leisure and communications, first together with his cable corporation TCI and later with Liberty Media. Written with Malone's unheard of cooperation, the enticing narrative brings this debatable capitalist and businessman to lifestyles.

Cable Cowboy is right now a penetrating portrait of Malone's advanced personality, and an enthralling heritage of the cable television undefined. advised in a full of life kind with particular information, the ebook exhibits how an unassuming copper strand all started as a backwoods antenna carrier and have become the electronic fearful procedure of the united states, an evolution that gave U.S. shoppers the quickest path to the net.

Cable Cowboy finds the forces that propelled this pioneer to such nice heights, and captures the immovable conviction and quicksilver brain that experience outlined John Malone all through his occupation.

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Additional resources for Cable Cowboy: John Malone and the Rise of the Modern Cable Business

Sample text

Worse, interest rates shot up to around 11 percent, doubling borrowing costs. The dreaded and perplexing era of stagflation, marked by economic stagnation and high inf lation, had dawned. Few industries were hit as hard as cable TV, for which debt was fuel. qxd 8/28/02 9:53 AM Page 20 20 C A B L E C O W B OY All of this took a nasty toll on TCI’s stock price, and by the fall of 1973 its shares had plunged to the $3 range and were bound to fall even lower. 1 million—TCI had ever reported as a public company.

Though not a strict churchgoer, John Malone’s father preached hard work and personal sacrifice. His hairshirted, Calvinist ethic was clear to everyone in the household: “If you didn’t try your best, work the hardest, you’re a failure. That’s what people are put on earth to do,” Dan Malone told his kids. More than anyone, Dan Malone would shape his son’s destiny. A stern but soft-spoken man, he often lapsed into the role of the professor he could have been, explaining how a two-stroke engine worked, or giving an impromptu lesson about the properties of electrical current.

TCI could split the stock and issue a class B share for every share that existed. But the class B shares would have 10 votes per share, giving holders of that stock 10 -to-1 voting power over regular class A shares; they just had to be careful to ensure somehow that they got most of the new supervoting shares. Eventually, Malone worked what was the first in a career of intricately nuanced and complex deals. First, Malone and Magness f loated the special offer of class B shares to all shareholders, with the intent to swap shares of TCI class A for the new B supervoting stock.

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