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...Atlantic. Shares in Vivendi fell as much as 40 percent on the Paris Stock Exchange that day as Le Monde questioned the company's accounting practices and Moody's cut Vivendi's credit rating to junk bond status. In New York, other big media stocks tumbled as well, including AOL Time Warner (corporate overlord of this writer) on renewed fears that the accounting for such large, multidimensional companies had become too hard to follow. By Friday the stocks had made an uneasy recovery - the prices of AOL and Vivendi returned to the levels they had been at before the Messier...
...chairman. Liberty owns the Starz and Encore premium movie channels, plus 50% of Discovery Communications (which includes Discovery, Animal Planet, Learning and Travel channels) and 43% of the home-shopping channel QVC. In addition, it holds valuable stakes in Vivendi (3%), News Corp. (18%), USA Interactive (20%) and AOL Time Warner (4%), the parent company of this magazine. Liberty also invests in cable and programming companies in Latin America and Japan, where its Jupiter Communications is the largest cable provider (though still a money loser...
With the media and cable industries rapidly consolidating, there's not much room left for a maverick like Malone. Stripped of the enormous leverage his cable empire once gave him, Malone can no longer dictate the terms at the bargaining table. AOL and Comcast are now the gatekeepers, and content players like Disney, Viacom and News Corp. carry much more weight. Malone has effectively acknowledged the corner he's in, indicating that lucrative Liberty stakes in certain closely held assets like CourtTV, E! and QVC will, within a couple of years, probably be sold to whichever media behemoth will...
...called Level 4 operators, made up of everyone from real estate companies to apartment-house owners. "The oddest part of it all is that the cable operators themselves don't get the lion's share of the money. The Level 4 operators do," says Michael Lynton, head of AOL Time Warner's international ventures. "Ultimately the economics of the business have to change for cable operators to be interested in further investment...
...which occur sporadically around the country, haven't drawn complaints. And viewers have grown used to captions on TVs at gyms and airports, advocates say, which may make the studios' case less persuasive to a jury. Several of the defendants, including 20th Century Fox and TIME's parent company, AOL Time Warner, declined to comment...