Liberty Media CEO Greg Maffei told analysts Wednesday that
he believes the climate could be right for further consolidation in the cable
industry, but that it is up to its latest investment -- Charter Communications
-- to decide if it wants to be a buyer or seller of systems.
Liberty Media recently
closed on a $2.6 billion investment in Charter stock, buying 27.3% of its
outstanding shares and securing four seats on the MSO's 11-member board of
directors. Liberty has the right to expand that investment to 35% of Charter's
outstanding shares after 2016 and above 39.99% thereafter.
On a conference call with analysts Wednesday to discuss
Liberty's first quarter results, Maffei said that while Charter doesn't need to
acquire more systems, it is well positioned to participate in any market
consolidation that may arise.