[Horizon]

Yes, of course Discovery operates independently of Liberty, but they're still controlled by the same person, John Malone.

At the moment, there are many different companies, different brands, but ultimately all controlled by Malone. Perhaps he may start to knit them together or keep them separate, but regardless, the orders come come from the same person.

On of the reasons that Malone is interested in buying Channel 4 is that Discovery and Ch4 have a long standing relationship. CH4's factual and lifestyle shows have ended up on Discovery's channels. So Malone is looking at strengthening this relationship by merging the two together, perhaps CH4 becoming a subsidiary of Discovery or one of the Liberty companies or a combination of those options. And on the other hand, he owns 10% of ITV, so may try a bid for them instead or perhaps, when/if regulations allow, merge ITV and CH4 together.