Liberty Global (NASDAQ:LBTYA) is the largest international cable company, with operations in 14 countries providing video, broadband Internet, fixed-line telephone and mobile services to its customers. As the worst of the Brexit fears began to abate (the United Kingdom represents roughly 38% of Liberty Global’s cash flow generation), shares of Liberty Global recovered some of their losses of the prior quarter. Shares also likely benefited from the EU’s approval of the previously announced formation of a 50/50 joint venture with Vodafone combining Liberty’s strong cable and broadband businesses with Vodafone’s mobile offering to create a more competitive “converged” bundle. We remain confident of continued growth for Liberty Global’s cable offerings and management’s ability to deliver operationally.
From Wallace Weitz (Trades, Portfolio)'s Partners Value Fund third-quarter commentary.
