Comcast’s Roberts family and John Malone’s Liberty Media have both reshaped and risen to the top of the cable television industry through dealmaking. h/t @qz.
Jim Urquhart / Reuters / Reuters
Kimberly White / Reuters / Reuters
Despite its hundreds of millions of subscribers and hundreds of billions in annual revenue, the U.S. cable television industry has always been a mom-and-pop operation. Not unlike the Hearst, Murdoch or Graham family dynasties of the newspaper industry, the cable industry is controlled by a few very powerful, if less recognizable, families.
Thanks to dual class voting structures, Comcast's Roberts family, Cablevision's Dolan family and Liberty Media's John Malone, among others, have been able to retain ironclad control of their companies even though they are public and, in theory, owned by shareholders. (See the chart below from a report by Macquarie Equities Research for a breakdown of family economic vs. voting interest.)
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