Yet Another Value Podcast John Malone's Memoirs: Born to be Wired book club
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Oct 2, 2025 
Byrne Hobart, a writer and analyst at The Diff, joins to delve into John Malone's memoir, "Born to Be Wired." They explore Malone’s strategic innovations in media and the legacy of his investments in companies like AT&T. The discussion highlights Malone's unique approach to tax efficiency and media regulation, as well as reflections on the challenges facing Liberty Media. They also engage in a spirited debate about the future of CNN and the implications of evolving media landscapes, concluding with thoughts on future reads to inspire listeners.
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Era-Optimized Capitalism
- John Malone was exceptionally suited to US capital markets from 1980 through the 2000s due to high taxes, high rates, and arbitrageable structures.
- His skillset (tax, leverage, bundling) was optimized for that era and explains much of his success.
The AT&T Dividend Story
- Early in his career Malone recommended AT&T cut its dividend and buy back stock because the firm's balance sheet contained the cheapest telecom equipment.
- The idea shocked AT&T executives and illustrated Malone's cash-flow and tax-focused thinking.
Unbundle, Reprice, Rebundle
- Media success is a blend of content quality and distribution mastery, and those roles shift over time.
- Malone's signature play was unbundling content from pipes to reprice and then rebundle for value extraction.
