Billionaire media mogul John Malone , the so-called “Cable Cowboy”, is stepping down as chair of his powerful empire.

Malone will stand aside in January from his roles overseeing Liberty Media, owner of Formula One, and Liberty Global , the firm behind telecommunications operator Virgin Media O2, it was announced today.

Through decades of deal-making, Malone became a groundbreaking figure in the modern telecom and TV industries, as he bought and sold a string of cable and media companies and stakes and amassed a sprawling portfolio. CBS News staffers to lose jobs as part of sweeping round of cuts from Paramount Read more

“I’m stepping back a notch,” Malone told the Wall Street Journal on Wednesday, stressing that he would now focus on strategy, deal-making and being “a cheerle

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