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Deal’s third man

New York Post – “Malone’s a hybrid guy,” said one media mergers-and-acquisitions banker. “He operates Liberty with as much of a financial focus as a strategic focus and he looks at deals like a leveraged buyout investor would.”

Indeed, Liberty at one point was close to being classified as a hedge fund instead of an operating company because it owned pieces of so many firms without running any of them.

Plus, Malone is aggressively opportunistic in his practice of building up minority stakes in firms like Time Warner or News Corp., and then swapping the stakes for control of an asset, such as the Atlanta Braves or DirecTV.

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