Cable Forum - Will VM be short for Vodafone Media?

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Horizon

08-01-2015 01:23

Re: Will VM be short for Vodafone Media?

People always think you have to have over the 50% to control, but it's all down to whether you can be outvoted or not. In the case of Murdoch, its not. He can't be outvoted because no one entity can get enough shares to outvote him, thus he has control.

The situation with John Malone is similar, actually its more complicated! Most people don't realise that John Malone controls Discovery. He used to own the largest share holding, which was something like 40%, but now he is the second largest shareholder. But they have different classes of shares over there and the shares he holds gives him more votes, which gives him de facto control of the company.

I haven't checked for the new Sky company, but its either the same set up as BskyB, or Murdoch owns a different class of shares like Malone which gives him more voting rights and control. Whatever it it is, he controls Sky.

Pierre

08-01-2015 09:55

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Ignitionnet (Post 35751048)

No, it isn't. I may be wrong but based on a vote per share his stake isn't a controlling one. That would require 50% of the voting stock outstanding + 1 share.

I read the other day, he'd sold a load.

Kushan

08-01-2015 10:08

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Horizon (Post 35751070)

https://www.cableforum.co.uk/images/...2015/01/30.jpg

Sure, no single entity can outvote him but decisions like this are decided by the majority. If the other shareholders want to go through with something, their votes tally up together and so yes, he could be outvoted.

qasdfdsaq

08-01-2015 11:01

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Kushan (Post 35751097)

Sure, no single entity can outvote him but decisions like this are decided by the majority. If the other shareholders want to go through with something, their votes tally up together and so yes, he could be outvoted.

This is not a democracy! :p:

Horizon

09-01-2015 00:56

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Kushan (Post 35751097)

But that would be all the other major shareholders as well as the 20% of votes on free float on the stock market. The likely hood that would happen is zero, especially if Murdoch made it clear it was against his wishes. I am not sure on this, but I think Murdoch still holds the majority of seats (4??)on the Sky board, so no motion can be put to the Sky board without his explicit consent. No consent, no vote.

A bit of history here....Murdoch of course was the person who set up the original Sky company which he fully controlled. When he then merged it with BSB, Murdoch owned half of the company BSkyB and the former BSB shareholders the other half. But when the merger happened, it was still Murdoch's company by mutual agreement. He was the driving force behind the merged company which gave him control and why most of the BSB people resigned or were sacked at the time.

Technically, the BSB shareholders could have at least blocked Murdoch if they disagreed with him. They owned half of the merged company, but he had de facto control. When one of the large BSB shareholders then sold up and I think those shares were floated on the stock market, this cemented Murdoch's position.

The remaining old BSB shareholder's position has now been weakened further with the purchase of Murdoch fully controlled and owned Sky Italy and Sky Germany. I would expect Murdoch to now bid for the rest of the new Sky and take the company private.

---------- Post added at 00:56 ---------- Previous post was at 00:54 ----------

For those interested in how the shareholdings in media companies can actually work in the real world, should look up about the Murdoch/Malone tussle over News Corp. If you don't know about it, its very interesting and almost ended Murdoch's empire!

Ignitionnet

09-01-2015 09:12

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Horizon (Post 35751369)

Shareholders can replace the board. That's what happens with hostile takeovers - the hostile party acquires enough shares to replace the board with one more amenable to the deal.

Quote:

Originally Posted by Horizon (Post 35751369)

The remaining old BSB shareholder's position has now been weakened further with the purchase of Murdoch fully controlled and owned Sky Italy and Sky Germany. I would expect Murdoch to now bid for the rest of the new Sky and take the company private.

No it hasn't. The deal was specifically structured to ensure that Fox's shareholding in the combined entity was not increased.

If Fox's shareholding increases they are obliged to make an offer for the rest of the shares as they hold over 30% of the company.

Where is Murdoch going to find the finance from to take the company private, and will the appetite be there for the inevitable regulatory investigations given events from last time?

Quote:

Originally Posted by Horizon (Post 35751369)

For those interested in how the shareholdings in media companies can actually work in the real world, should look up about the Murdoch/Malone tussle over News Corp. If you don't know about it, its very interesting and almost ended Murdoch's empire!

Of course it's worth mentioning too the various poison pills set to make the company harder to perform a hostile takeover on, such as that all the company's debt fell due immediately upon a takeover. 30% of the voting share is considered effective control but it's not absolute control.

Whether Vodafone would have the appetite for such a hostile bid is quite different obviously. Whether Murdoch would be opposed if the right price were offered is likewise an interesting question.

I don't know and don't care to find out how well protected Sky is against hostile takeover.

Pierre

12-01-2015 21:10

Re: Will VM be short for Vodafone Media?

Well apparently VF have had a good look at VM via a global management consulting company. A very rapid audit of VM network assets was undertaken before Christmas.

No idea on the outcome as yet

1andrew1

20-01-2015 22:47

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by 1andrew1 (Post 35744548)

I would put the combinations as:
1) BT, EE (Would broadband market share be an issue?)
2) Sky, O2 (Would Sky really want a mobile operator? Can it afford to now after its European expansion? Would Telefonica want a stake in Sky and how would Fox view this?)
3) Three, TalkTalk (Both value-for-money operators)
4) Vodafone, Virgin Media (Vodafone sees the European global cable synergies. Would there be some competition issues? UK mobile? German fixed lines?)

It is entirely possible that Vodafone and Sky won't make any big acquistions, in which case Three might make acquire EE or O2 as a defensive move against BT. Time will tell.

Sky is apparently hiring Lazard as advisers.
http://www.ft.com/cms/s/0/47050522-7...#axzz3KjVspKIv Registration required.)

Point 1) BT/EE will happen soon. The FT is now reporting today about point 2) a tie-up between Sky and O2. Experts are divided as to whether Sky could launch a mobile offering using O2's network or whether there will be a joint product offering or some form of merger.
http://www.ft.com/cms/s/0/3dc902c8-a...#axzz3PI7wWUHM (registration needed)

qasdfdsaq

20-01-2015 23:33

Re: Will VM be short for Vodafone Media?

http://www.mobiletoday.co.uk/news/in...-purchase.aspx

Kushan

21-01-2015 08:41

Re: Will VM be short for Vodafone Media?

And Three/Hutchinson are rumoured to be in talks as well. O2 is definitely being sold, the question is to whom. Virgin already has an MVNO so I suppose Sky has the most to gain from that.

GrimUpNorth

21-01-2015 10:29

Re: Will VM be short for Vodafone Media?

I know this probably is irrelevant but we're with Virgin Media Business for our telephone lines and mobile (3G). The mobiles are all on O2, so it appears VM don't just have a relationship with EE.

Cheers

Grim

qasdfdsaq

21-01-2015 13:24

Re: Will VM be short for Vodafone Media?

That's very strange, they specifically claim to be using EE only on their business mobile webpage:

http://www.virginmediabusiness.co.uk...usinessMobile/

Plus their coverage maps exactly match EE's coverage maps and don't include any O2 coverage.

muppetman11

23-01-2015 09:21

Re: Will VM be short for Vodafone Media?

Three owner Li Ka-shing in exclusive talks to buy O2 for £10bn

Link

denphone

23-01-2015 10:34

Re: Will VM be short for Vodafone Media?

Not sure that's going to be good news for us consumers though.

qasdfdsaq

23-01-2015 11:46

Re: Will VM be short for Vodafone Media?

I'm sure it would be.

Kushan

23-01-2015 16:27

Re: Will VM be short for Vodafone Media?

I don't really see the issue. That still leaves 3 major competitors in the mobile sector. On a simple level, your contracts aren't likely to change any time soon but if you're on O2 or Three, you'll benefit from much improved coverage.

Normally I'd say more competition is better but given the limited spectrum going around, I think 3 competitors might be the sweet spot.

Time will tell, though. I'll go where the best value is that suits my needs.

1andrew1

23-01-2015 16:33

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by denphone (Post 35754681)

Not sure that's going to be good news for us consumers though.

Shares in both BT and Vodafone have risen as city analysts see the merger reducing competition pressure in the market. So potentially not good news for consumers. In particular, Three currently offers some very competitive deals to get market share. And O2's GiffGaff value brand has been fighting back. Will this continue in the long term once Three and O2 are both under the same ownershup?

qasdfdsaq

23-01-2015 17:16

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Kushan (Post 35754750)

if you're on O2 or Three, you'll benefit from much improved coverage.

Normally I'd say more competition is better but given the limited spectrum going around, I think 3 competitors might be the sweet spot.

This.

I'm not a desperate cheapskate so if costs goes up but so does coverage and performance, I'd be happy to pay more.

Paying the utter minimum humanly possible isn't the only criteria which can "benefit consumers"

1andrew1

23-01-2015 23:40

FT: Mobile merger set for poor reception from users if prices rise

The Financial Times has an interesting article explaining how prices could rise if Three and O2 merge, but it also states there could be benefits in terms of network quality.
On the downside, it points out how Three has challenged the big players by packaging 4G superfast mobile in “all you can eat” data bundles. Three has also campaigned to cut roaming costs for consumers, and to lower the cost of connecting calls with the larger groups. This is likely to end with an O2 merger.

The paper points out that where mergers have happened tariffs rise. It cites Austria where the move to increase the cost of mobile tariffs was almost immediate It reports Ovum analysts as concluding "that “the biggest concern now will be what happens to consumers, particularly at the lower end of the market, which Three catered very well to”.
http://www.ft.com/cms/s/0/5b937fea-a...#axzz3PgrLLIVT

alanbjames

24-01-2015 15:55

Re: Will VM be short for Vodafone Media?

I wouldnt say that 3 is a major compeditor here in South Wales as there are a lot of no service areas that 3 claim to cover.

muppetman11

29-01-2015 12:02

Re: Will VM be short for Vodafone Media?

It would appear Sky will use O2's network for its mobile service arriving in 2016 not Vodafone as originally rumoured.

Link

1andrew1

29-01-2015 12:23

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by muppetman11 (Post 35755928)

It would appear Sky will use O2's network for its mobile service arriving in 2016 not Vodafone as originally rumoured.

Link

Interesting, thank you. I think O2 and Sky are quite close, with O2 having sold its broadband base to Sky. And O2 does not compete with Sky's TV offering. I guess similar services may be rolled out in other Sky countries if this is successful here. Does Vodafone have any MVNO agreements left? BT and Asda now use EE, and TalkTalk now uses O2.

muppetman11

30-01-2015 10:33

Re: Will VM be short for Vodafone Media?

It seems the rumour mill around Vodafone is still rife , I've seen a purchase of Liberty Global mentioned again and DS have an article with an analyst speculating they could make a move for Sky.

Kushan

30-01-2015 10:44

Re: Will VM be short for Vodafone Media?

SKy have just inked a massive deal with O2, that wouldn't go down to well with big Red. Would have thought that the Sky MVNO would factor into a Vodafone purchase.

muppetman11

03-02-2015 18:31

Re: Will VM be short for Vodafone Media?

The FT are reporting Vodafone will move into the multiplay market , saying it has plans to connect its existing fibre BB network to around 1,000 of BT's larger exchanges.

1andrew1

03-02-2015 19:09

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by muppetman11 (Post 35757088)

The FT are reporting Vodafone will move into the multiplay market , saying it has plans to connect its existing fibre BB network to around 1,000 of BT's larger exchanges.

Cheaper than buying Liberty Global! More info may be known on Thursday when Vodafone unveils it quarterly results.

qasdfdsaq

03-02-2015 19:17

Re: Will VM be short for Vodafone Media?

And what exactly do they intend to do with the fibre they're connecting?

muppetman11

03-02-2015 19:55

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by qasdfdsaq (Post 35757102)

And what exactly do they intend to do with the fibre they're connecting?

Being that your knowledge of all things fibre is far greater than mine I was hoping you'd have a read and try explain it to me.:D

qasdfdsaq

03-02-2015 20:15

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by muppetman11 (Post 35757111)

Being that your knowledge of all things fibre is far greater than mine I was hoping you'd have a read and try explain it to me.:D

http://mrwgifs.com/wp-content/upload...action-Gif.gif

1andrew1

03-02-2015 20:49

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by qasdfdsaq (Post 35757102)

And what exactly do they intend to do with the fibre they're connecting?

Add to their mobile offer with home broadband/telephony in the Spring (triple play) to be followed by quadruple play with a TV offering utilising cloud storage by the end of the year. More info to come Thursday, apparently. Whether it will have a significant pay TV element is unknown. Presumably Vodafone can't offer Tivo as its Spanish subsidiary does as VM has UK exclusitivity.

muppetman11

04-02-2015 20:03

Re: Will VM be short for Vodafone Media?

Some more news on Vodafone's broadband plans.

1andrew1

04-02-2015 22:00

Re: Will VM be short for Vodafone Media?

The FT has said that BT's acquisition of EE could be announced tomorrow with no issues discovered during due diligence process. The purchase will be financed by issuing £6.3bn in new shares to Deutsche Telekom and Orange and £6.2bn in cash. The latter will be raised via new debt and equity.
http://www.ft.com/cms/s/0/9a74a0ec-a...#axzz3QQrHhdOU

Ignitionnet

04-02-2015 22:59

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by muppetman11 (Post 35757307)

Some more news on Vodafone's broadband plans.

Woah.

Quote:

But Vodafone’s decision to abandon a campaign for Openreach to be forcibly spun off will be welcomed by BT. The division is the BT cash cow, generating £1.5bn of its £2.5bn cash flow and funding its expansion into sports broadcasting.

That's a hell of a claim. If Openreach are generating that much cash and funding BT's sports rights Ofcom would be very interested in discussing that matter.

---------- Post added at 22:59 ---------- Previous post was at 22:54 ----------

Quote:

Originally Posted by muppetman11 (Post 35757088)

The FT are reporting Vodafone will move into the multiplay market , saying it has plans to connect its existing fibre BB network to around 1,000 of BT's larger exchanges.

Hmm.

https://www.samknows.com/broadband/llu/bulldog

They already have connectivity to 936 exchanges, so this wouldn't be a massive step.

qasdfdsaq

05-02-2015 00:28

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Ignitionnet (Post 35757334)

They already have connectivity to 936 exchanges, so this wouldn't be a massive step.

Ah but what if those are all only small exchanges ;)

Ignitionnet

05-02-2015 08:35

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by qasdfdsaq (Post 35757339)

Ah but what if those are all only small exchanges ;)

Then Cable and Wireless were idiots :)

Average premises per exchange 17,484

That's an outdated figure, it'll be higher now.

Unless they do something interesting they'll be yet another company reselling the same BT products. If they started building a fibre access network as they are doing in Eire and elsewhere then I might be interested. I don't really watch TV, am fine having my mobile bill separate from broadband, and don't especially need a land line.

qasdfdsaq

05-02-2015 14:04

Re: Will VM be short for Vodafone Media?

I'd be interested to see if they ever leverage their own fibre backhaul and radio spectrum to actually deploy a viable home-broadband replacement over LTE. Pre-BT-EE merger they had the among the best allocation of high-frequency, high-capacity spectrum suitable for it.

Fixed line offerings though - meh. Best they'll do is as you say - resell Openreach last-mile FTTC or LLU.

I do believe the regulatory framework for sub-local-loop-unbundling still exists, and if Vodafone's plans for LTE microsites on every street corner actually comes to fruition they may indeed end up with a big enough fibre footprint for sub-LLU.

Horizon

05-02-2015 21:15

Re: Will VM be short for Vodafone Media?

Despite what the media said the other day, Vodafone is still piling on the pressure for BT to be broken up according to their results today. So, they're clearly still interested in broadband over fibre lines as well as their LTE plans. Interesting times ahead, especially if BT does get broken up!

Ignitionnet

06-02-2015 08:51

Re: Will VM be short for Vodafone Media?

Vodafone are alarmed as they'll be the smallest of the major mobile network operators soon. 3/O2 will be a far larger mobile operator, BT/EE a larger operator in every way.

They know they're going to have to spend some serious cash to keep up with the Joneses.

Liberty Global is an option, but then I've heard rumours of another interested party in that one that is potentially a better fit, and Liberty's more recent corporate structuring work would make it far easier for this party to acquire the group and divest where required.

Mr Banana

06-02-2015 09:50

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Ignitionnet (Post 35757529)

Lots of rumours re Liberty at the moment, share price is up 3 dollars in 5 days. Results call may be interesting.

1andrew1

06-02-2015 13:29

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Ignitionnet (Post 35757529)

I think a lot of these rumours eminate from interested parties who pitch them to the companies concerned in the hope that they will get some of the work.
The suggested break-up of Liberty Global sees the European arm merging with Vodafone and the Latin American businesses going to Comcast. I don't think Vodafone has many other options in the UK. It could of course purchase TalkTalk and operate it as a budget brand in a similar same way to which BT operates PlusNet but it would still have to introduce its own premium broadband/TV offering. TalkTalk would give it a head start and economies of scale in purchasing content but may just complicate matters.

Horizon

06-02-2015 23:29

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by 1andrew1 (Post 35757604)

The suggested break-up of Liberty Global sees the European arm merging with Vodafone and the Latin American businesses going to Comcast.

This is news to me and seems workable.

Pierre

07-02-2015 11:00

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Ignitionnet (Post 35757529)

Go on then, spill the beans

Mr Banana

07-02-2015 14:28

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Pierre (Post 35757738)

Go on then, spill the beans

I think the challenge is that Liberty have absolutely no need to sell, so it will need to be a hostile take over or an astronomical offer.

I also keep hearing that Liberty have some big plans of their own?

tvtimes

07-02-2015 14:40

Re: Will VM be short for Vodafone Media?

It would make perfect sense from a Vodafone business perspective to want to buy Virgin. Vodafone are at a huge risk of falling behind in an industry where one the dominant providers. If BT buy EE and Hutchison O2, then Vodafone become the smallest! Then there are the added benefits that Virgin already offer quadplay service's and also a fibre network. Both would hugely benefit Vf.

1andrew1

07-02-2015 14:57

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Mr Banana (Post 35757780)

I also keep hearing that Liberty have some big plans of their own?

Have you heard any clues as to what those plans might be?

Mr Banana

07-02-2015 15:29

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by tvtimes (Post 35757782)

But would Liberty want to sell off VM, from what I can tell, they see it as their Crown Jewels within their portfolio.

---------- Post added at 15:29 ---------- Previous post was at 15:28 ----------

Quote:

Originally Posted by 1andrew1 (Post 35757787)

Have you heard any clues as to what those plans might be?

No only that it's imminent, whatever it is.
earnings call is next week I think

tvtimes

07-02-2015 16:39

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Mr Banana (Post 35757791)

But would Liberty want to sell off VM, from what I can tell, they see it as their Crown Jewels within their portfolio.

---------- Post added at 15:29 ---------- Previous post was at 15:28 ----------

No only that it's imminent, whatever it is.
earnings call is next week I think

You never know if the price is right or the right deal comes along like shares?
It would be amazing to see Vodafone buy Virgin Media. It could signal the first time cable in this country hasn't been saddled with massive debt.

Pierre

07-02-2015 19:52

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by tvtimes (Post 35757800)

What makes you think there'd be no debt?

tvtimes

07-02-2015 20:33

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Pierre (Post 35757828)

What makes you think there'd be no debt?

Wishful thinking more than anything. Liberty Global are in big debt even though they're still a rich company, Vodafone are unbelievably rich after selling Verizon. I would hope the debt could be cleared as the repayments are just a burden on cable in this country which has stifled its chances of expanding and investing pretty much since its inception. A debt free company could revolutionise cable in this country.

Hugh	07-02-2015 20:41

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by tvtimes (Post 35757837)

Motley Fool

Quote:

Liberty has a $38bn market cap, and $40.1bn in net debt. Vodafone is worth $95.1bn, and has $34bn in net debt. Depending upon the premium offered by Vodafone, it’s reasonable to assume that the company’s debt would double, or even triple if it went ahead and acquired Liberty.

tvtimes

07-02-2015 20:57

Re: Will VM be short for Vodafone Media?

Oh. Lol.

I thought they were really in the money after selling Verizon. Wasn't it the biggest sale in history?

Ignitionnet

07-02-2015 22:03

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by tvtimes (Post 35757843)

Oh. Lol.

I thought they were really in the money after selling Verizon. Wasn't it the biggest sale in history?

Quote:

Under the steely eye of Vittorio Colao, chief executive of Vodafone, the company had agreed to offload its 45 per cent stake in US mobile phone giant Verizon Wireless for a whopping $130bn (£84bn).

Of the £84bn, some £54bn of cash and Verizon shares is to make its way back to the pockets of all shareholders including institutional investors such as pension funds and banks.

1andrew1

07-02-2015 22:17

Re: Will VM be short for Vodafone Media?

Quote:

Motley Fool Liberty has a $38bn market cap, and $40.1bn in net debt. Vodafone is worth $95.1bn, and has $34bn in net debt. Depending upon the premium offered by Vodafone, it’s reasonable to assume that the company’s debt would double, or even triple if it went ahead and acquired Liberty.

It depends how Vodafone pays for the acquisition. If it just issued more shares, it wouldn't go further into debt. I therefore suspect any combination would be by means of a merger with parts being sold off, like the Latin American division and maybe some of the German companies to placate the competition authorities there. But at the moment, a combination of Liberty Global and Vodafone seems unlikely in the short term.

arcimedes

05-06-2015 08:27

Re: Will VM be short for Vodafone Media?

RNS issued to-day by Vodafone

VODAFONE ANNOUNCEMENT RE MEDIA SPECULATION

Vodafone Group Plc ("Vodafone") notes the recent media speculation regarding a potential transaction between Vodafone and Liberty Global Plc ("Liberty Global").

Vodafone confirms that it is in the early stages of discussions with Liberty Global regarding a possible exchange of selected assets between the two companies.

There is no certainty that any transaction will be agreed, nor is there certainty with respect to which assets will ultimately be involved.

Vodafone is not in discussions with Liberty Global concerning a combination of the two companies.

1andrew1

05-06-2015 12:12

Re: Will VM be short for Vodafone Media?

I'm guessing this could see Vodafone acquire Virgin Media in the UK in return for some of Vodafone's European assets. An issue would be the tax losses that VM currently enjoys dating back to when its predecessors invested in the network.

Stephen

05-06-2015 12:15

Re: Will VM be short for Vodafone Media?

Well Vodafone are set to launch home TV and BB services fairly shortly and will there for have a Quad play offering, so perhaps they want in on the Cable action too.

Pierre

05-06-2015 12:16

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by 1andrew1 (Post 35781572)

Not necessarily, could see VM take over Vodafone UK mobile operations in return for some European cable assets. - Germany.

Or perhaps nothing will happen.

A good appraisal is in what I posted yesterday in another thread.

http://seekingalpha.com/article/3232...dafone-deja-vu

1andrew1

05-06-2015 12:41

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Pierre (Post 35781577)

The Financial Times thinks Vodafone selling its UK assets extremely unlikely "A sale by Vodafone of its UK business risks causing uproar since it has its headquarters in the country."
http://www.ft.com/cms/s/0/d45ddf0a-0...#axzz3cBFNDcUU (registration needed)

However The Times says "The future of the Vodafone’s presence in its home market has been thrown into doubt after the British business confirmed it was in talks to exchange assets with cable company Liberty Global which owns Virgin Media in the UK."
http://www.thetimes.co.uk/tto/busine...cle4461457.ece (subscription needed for full article).

It's obviously all speculation at this stage.

Mr Banana

05-06-2015 14:15

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by Pierre (Post 35781577)

Will be interesting to see how this plays out. UK and Germany have been LG's biggest growth areas over the last 2 quarters.

Horizon

05-06-2015 19:20

Re: Will VM be short for Vodafone Media?

I reckon Liberty and Vodafone may set up a new company and put Virgin Media, Vodafone UK and the German cablecos within it. Perhaps they might add in Liberty's other European cable assets too.

If Vodafone and Liberty don't want to merge and if Vodafone doesn't want to split into two, I don't see how else they can do this.

They could then, if they go the John Malone way of running things, leverage off VM's debts, thus avoiding a tax bill. John Malone hates paying taxes.

batchain

07-06-2015 00:07

Re: Will VM be short for Vodafone Media?

http://www.telegraph.co.uk/finance/n...-Vodafone.html

John Malone is secretly pushing for a full-blown merger of Liberty Global and Vodafone despite asset swap talks.

"Mr Malone’s senior associates have visited the UK on multiple occasions in the past month and have discussed the plans with top 10 Vodafone shareholders, sources said.

The discussions with investors are happening in parallel with talks between Liberty Global and Vodafone itself."

qasdfdsaq

07-06-2015 01:10

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by batchain (Post 35781799)

John Malone is secretly pushing for a full-blown merger of Liberty Global and Vodafone despite asset swap talks.

So secretly that the entire internet knows about it?

arcimedes

07-06-2015 07:24

Re: Will VM be short for Vodafone Media?

Vofafones's top 10 shareholders hold 1.56% of the company. I would have thought they would need more support than that.

1andrew1

07-06-2015 09:50

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by batchain (Post 35781799)

Great find. How can Vodafone negotiate an asset deal with a company doing this, if the article is true?

Quote:

Originally Posted by qasdfdsaq (Post 35781804)

So secretly that the entire internet knows about it?

Indeed.

Quote:

Originally Posted by arcimedes (Post 35781813)

Vofafones's top 10 shareholders hold 1.56% of the company. I would have thought they would need more support than that.

Great point, Vodafone really has no shareholders with large stakes in the company at all though I think your 1.56% figure is too low. http://investors.morningstar.com/own...nerCountry=USA

arcimedes

07-06-2015 16:08

Re: Will VM be short for Vodafone Media?

Yes looking at the figures again, I notice that they are split into Funds and Institutions which puts the figure up.

Pierre

07-06-2015 21:52

Re: Will VM be short for Vodafone Media?

Quote:

Originally Posted by qasdfdsaq (Post 35781804)

So secretly that the entire internet knows about it?

Quite.

Ben B

28-09-2015 14:56

Re: Will VM be short for Vodafone Media?

Talks have ended

http://www.bbc.co.uk/news/business-34377600

denphone

28-09-2015 15:18

Re: Will VM be short for Vodafone Media?

Not unexpected.

Media Boy UK

28-09-2015 15:29

Re: Will VM be short for Vodafone Media?

Been talk about also on:

http://www.cableforum.co.uk/board/10...l#post35800592

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