Tele-Communications Inc. — America's largest cable television company under John Malone, acquired by AT&T in 1999 for $48B.
TCI as the dominant cable operator: under Malone, TCI used debt-financed acquisition and operational efficiency to become the largest cable company in the United States, serving 14 million subscribers. The AT&T acquisition ($48B, 1999) was the largest cable acquisition to that date. TCI's operating model (leverage, depreciation tax shields, continuous reinvestment) became the template for the cable industry's financial structure.
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