There is a chance for Malone to go further and control 100 percent of UPC.

Here's a company with a great balance sheet driven by its international cable acquisition game plan more than anything else. Liberty has about 15 percent revenue exposure to advertising whereas Viacom, Fox, and News Corp. have about 45 percent exposure.

The company is building critical mass by buying overseas assets at a fraction of the value where they were a couple of years ago and isn't troubles by corporate or extraneous issues dogging Viacom or Disney.