Cable mogul John Malone, whose Liberty Media has been snapping up sports properties, explained his attraction to owning sports in a Q&A session Thursday with Liberty Chief Executive Greg Maffei.
The New York Post quotes Malone, 75, saying: “Sports is like a little bit of cocaine. It can be very powerful.”
Maffei then quipped: “John is suggesting we move from being a cocaine user to a cocaine dealer.”
Added Malone: “It’s a great deal, a great tax arrangement, and on top of that you actually own it and you don’t have to renew the rights periodically.”
Since Malone complained loudly four years ago about the high price of sports channels in basic cable packages, Liberty Media has acquired the Atlanta Braves. Malone is also close to a $4.4 billion acquisition of Formula One racing.
“Malone also has a small personal stake in Discovery Communications, which is aiming to soup up the pan-continental Eurosport TV network with future Olympic rights,” The Post adds.