By Mark Robichaux
An inside of examine a cable titan and his industry
John Malone, hailed as one of many nice unsung heroes of our age via a few and reviled through others as a ruthless robber baron, is published as a little bit either in Cable Cowboy. For greater than twenty-five years, Malone has ruled the cable tv undefined, shaping the realm of leisure and communications, first together with his cable corporation TCI and later with Liberty Media. Written with Malone's unparalleled cooperation, the attractive narrative brings this debatable capitalist and businessman to existence. Cable Cowboy is straight away a penetrating portrait of Malone's advanced character, and a charming heritage of the cable television undefined. advised in a full of life type with unique info, the booklet indicates how an unassuming copper strand begun as a backwoods antenna provider and have become the electronic apprehensive procedure of the united states, an evolution that gave U.S. shoppers the quickest path to the web. Cable Cowboy finds the forces that propelled this pioneer to such nice heights, and captures the immovable conviction and quicksilver brain that experience outlined John Malone all through his occupation.
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Extra info for Cable Cowboy: John Malone and the Rise of the Modern Cable Business
F. qxd 8/28/02 9:54 AM web page 177 10 DR. KEVORKIAN n the months after John Malone awakened and retook keep watch over of TCI, he made it some degree to again Brendan Clouston, publicly and with out equivocation, yet after all Clouston’s ouster was once inevitable. It used to be an important bounty that needed to be gathered. He had devoted the gravest of sins: He had allow TCI’s funds get uncontrolled, he had dissatisfied Wall highway, and worst of all, he had stunned Wall road with that sadness. TCI’s institutional traders had to see an individual pay, and Malone was once disenchanted and aggravated with the fellow he had selected to be successful him. in any case, in 1973, an exhausted Bob Magness had tapped Malone to run the exhibit, and Malone had pretty well by no means allow the fellow down; 23 years later, an exhausted Malone had tapped Clouston, and now all hell used to be breaking unfastened. regardless of his annoyance within the first weeks after Malone rejoined daily operations, the rapport among him and Clouston was once cordial. He couldn’t deliver himself to fireplace Clouston, whom he considered as dedicated and dependable. That he allowed loyalty to come back prior to functionality was once, possibly, one in all Malone’s maximum weaknesses as a supervisor in the course of his profession at TCI. I 177 9486_Robichaux_02. f. qxd 8/28/02 9:54 AM web page 178 178 C A B L E C O W B OY Malone allowed the deposed government to stay round, which made all of it the extra humiliating whilst, in February 1997, he tapped a brand new quantity , an established cable associate named Leo Hindery, Jr. Hindery, forty nine years previous on the time, who used to be a serial deal maker, part-time racecar driving force, and, as Daniels and co-workers chairman Brian Deev y mused, “the toughest operating guy in cable. ” 1 On his first day within the new task, Hindery entered the TCI development together with his left arm in a forged, nonetheless aching after a foul spill on a freshly waxed f loor. He walked right into a 10 A. M. employees assembly that used to be run through Brendan Clouston, who by means of this time had assumed the recent identify of leader monetary officer—reporting to Hindery. After Clouston opened the assembly, each one govt round the desk spoke up, telling what he had performed the former week. Arm throbbing, Hindery listened to the 1st executives and couldn’t think that as TCI used to be crumbling, those men have been squandering precious time gabbing away in a convention room. speak much less, do extra. He rose to bail out of the assembly ahead of it used to be even over, telling the crowd, “This is the final assembly of this type we'll ever have. ” 2 He took up place of abode in Magness’s previous workplace, attached to Malone’s through a doorway. 3 months later, Hindery’s public debut because the new blood at TCI used to be a piece friendlier. In a consultation with gigantic institutional shareholders at a inn in New Orleans, Hindery strode as much as front and fielded questions from a small workforce of inf luential traders, so much of whom have been annoyed with the stock’s functionality. After 3 months at the task, this was once the 1st time a few of them had noticeable Hindery up shut. After Hindery opened the assembly with a quick creation of himself and his solemn promise to mend TCI, Gordon Crawford, who had harangued Malone approximately TCI’s inventory cost, pounced.