Squawk on the Street Squawk on the Street+ Liberty Media Chairman John Malone 11/21/25
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Nov 21, 2025 
John Malone, the Chairman emeritus of Liberty Media and a pioneering media investor, delves into his illustrious career and industry insights. He discusses antitrust challenges in media, particularly around streaming services, and shares his thoughts on the implications of recent merger attempts. Malone also reflects on his strategic decisions involving companies like Formula One and Discovery, emphasizing the importance of maintaining control over assets. Additionally, he advocates for new tech regulations to foster innovation while cautioning against the influence of big tech.
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Streaming Isn't Necessarily Its Own Market
- John Malone argues streaming may not be a standalone antitrust category and regulators must consider broader attention markets like YouTube and TikTok.
- He warns acquisition review should account for global regulators and differing definitions of concentration.
Revalue Returns In Connectivity Businesses
- Reassess capital spending and returns if connectivity CapEx outpaces revenue due to regulation and competition.
- Consider shifting to a sustainable dividend model or diversify into growth areas to restore investor confidence.
Overbuilding Wastes National Capital
- Malone views excessive industry overbuilding as wasted capital caused by policy and competition choices.
- He suggests regulators could enable efficiency by encouraging sharing or consolidation where consumer competition remains meaningful.