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MALONE FRETS ABOUT AT&T STOCK DROP; DISCUSSES HIS LIBERTY

          TCI Chair John Malone said that he is worried about
     Wall Street's reaction to his company's merger with AT&T in
     the cover story of BROADCASTING & CABLE.  Malone, asked
     about the drop in AT&T's stock price since the deal was
     announced: "It scares me to death to see their [AT&T] stock
     going down.  Scares me to death because I think it could
     well kill the deal.  Their shareholders have to vote for it,
     right?"  Regarding the future of Liberty Media, Malone was
     asked whether he will take News Corp. out of his Fox/Liberty
     sports operations, or perhaps buy Rainbow Holdings from
     Cablevision Chair Charles Dolan: "No. I'm an investor, I'm 
     not an operator. ... I can be a partner with Rupert
     [Murdoch] and let him do all the heavy lifting, and I can
     just participate in the economics."  More Malone: "Liberty
     Media is a financial company; it's going to be a bigger
     financial company" (BROADCASTING & CABLE, 7/13 issue).  In
     DC, Paul Farhi writes that AT&T stock, which was selling for
     as much as $65.37 1/2 per share the day before the merger
     with TCI was announced, closed yesterday at $56.75.  TCI's
     Class A shares have "generally held steady" since the
     announcement of the deal (WASHINGTON POST, 7/14).
          ANOTHER MOVE: Yesterday, Liberty Media offered to buy
     "the public's 17% stake" in TCI Int'l for stock worth $408M,
     according to Martin Peers of DAILY VARIETY.  Peers calls it
     the "latest move" by Malone "to tidy up the unwieldy TCI
     corporate structure" (DAILY VARIETY, 7/14).

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