Online Cable Cowboy John Malone and the Rise of the Modern Cable Business –

Ncrease introduction ix2 Great summary on why

the cable business 
Cable Business Is Genius Page cable business model is genius page How Malone developed intuition to see answers before his rivals did page 254 After tax cash earnings simply didn t count what counted was cable prodigious cash flow funding TCI s continual expansion page 45 One of the great parts of the books which explains why cash flows matter than earnings GREAT passage here 5 How the Ali Frazier fight transformed the economics of cable TV helped launch HBO page 526 When Malone s realized the power of programming and how TCI could own both the pipe and the water flowing through it page 597 A Cable franchise was essentially a legal right to a local MONOPOLY OPERATIONS HAD TO ANSWER TO operations had to answer to government and win approval for rate increases page 628 Malone s strategy business thinking amazing process page 779 A paragraph that sums of the entire book Forget about earnings That s a priesthood of accounting profession he would preach What you re really after is appreciating assets You want to own as much of that asset as you can then you want to finance it as efficiently as possible And above all else make sure that the deals you do avoid as much in taxes as is legally possible And then some page 81 literally sums of the ey points of the book here 10 Malone s thought on running a highly decentralized business page 8411 Malone s business philosophy explained page 10512 The creation of Liberty Media and the thoughts behind separating distributioncontent page 112 The favorable Liberty Media set up that Malone created from the spin but that few understood at the time13 Redstone sued Malone in 1993 Ompany TCI and later with Liberty Media Written with Malone's unprecedented cooperation the engaging narrative brings this controversial capitalist and businessman to life Cable Cowboy is at once a penetrating portrait of Malone's complex persona and a captivating history of the cable TV industry Told in a lively style with exclusive details the book shows how an una. It started out great The first uarter or so was very interesting telling how cable operators got started when TV was a new phenomenon sweeping the nation There was some picturesue description of how cities were connected to better TV reception via microwave towers on hilltops and poles carrying cable snaked their way into poles carrying cable snaked their way into valleyUnfortunately the rest of the book gets very dry If you re interested in business and investing you probably won t find it a worthwhile read given the time it takes to slog through all those pagesThere is diligent rattling off of what percentage stake in which company another company took and how much money in stock and cash changed hands But as far as valuable insights Had it been told in half as many pages easily could have been a 4 star book I really enjoyed this book but have to admit the financial transactions and details within were hard to follow John Malone s financial acumen was what I admired most about this book from Creating A New Metric EBITDA a new metric EBITDA his single focus on creating shareholder value through tax deferrals and tracking stocks it was amazing to read about this aspect of his life A few other threads I enjoyed were understanding where value is created in the cable industry always have alternatives with suppliers great story re Gates trying to be the cable box for the cable industry and cash flows versus earnings Here are the ey takeaways I took from this book1 Despite its reputation as a risky play through 1997 TCI outperformed every other stock in the market A single share of TCI purchased at the low 1974 of 75 cents was worth 4184 by the end of 1997 a 5578 fold An inside look at a cable titan and his industry John Malone hailed as one of the great unsung heroes of our age by some and reviled by others as a ruthless robber baron is revealed as a bit of both in Cable Cowboy For than twenty five years Malone has dominated the cable television industry shaping the world of entertainment and communications first with his cable

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N his opening words of his lawsuit Redstone summarized the ey issues the American ConsumerCompetitors had with Malone largely his monopoly power over the entire cable industry supply chain page 13514 Thoughts on tracking stocks page 159 and page 24715 The cable industry s uniue position as the 1990s set out the internet could not exist without the fat pipes of the cable industry page 213 16 ATT has non owners of the business control vs good business economics page 265 great section on why founders run a business SO much better If I could give a 6 on 5What a wonderful book brilliant writing it s a story that flows well had great facts is deep and broad at the same timeCovers the evolution of the US cable industry from the 70s to the 2000s and what a journey it had beenMost people now would not now of this wonderful history of monopolies and cable cowboys riding the wave John Malone has been cited as an Outsider in William Thorndike s book and the Cable Cowboy goes deep into making the reader realise why he was so damned good It s not at all rosy there are dark and uestionable sides to the man tooHis relation with his family and with Magness are intriguing and his thirst for challenging authority has been chronicled so wellMy doesnt do justice to the bookFor a capital allocator and promoter of shareholder wealth who 75 cents into arguably than 800 over 25 odd years may be 30 just pick up this book and read this amazing man s journey If you don t have any interest in balance sheets income statements hostile takeovers stock swaps share buybacks or tax strategies then you probably won t like this boo. Ssuming copper strand started as a backwoods antenna service and became the digital nervous system of the US an evolution that gave US consumers the fastest route to the Internet Cable Cowboy reveals the forces that propelled this pioneer to such great heights and captures the immovable conviction and uicksilver mind that have defined John Malone throughout his caree. Cable Cowboy John Malone and the Rise of the Modern Cable Business

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