Liberty to Consolidate J-Com

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Liberty Media International Inc. said it will fully consolidate Jupiter Telecommunications Co. Ltd. for financial-reporting purposes effective Jan. 1, and the Japanese MSO will initiate a public offering of stock on the Jasdaq Securities Exchange.

LMI, which owns 45% of J-Com, announced in December that it had formed a holding company -- LMI Sumisho Super Media LLC -- with 20% J-Com equity holder Sumitomo Corp. to hold their combined stakes in the Japanese MSO. It was speculated at the time that the formation of the holding company was a step toward eventually taking J-Com public.

J-Com is the largest MSO in Japan, with about 1.9 million customers. LMI has said in the past that having a public Japanese currency would allow it to roll up other smaller Japanese cable operators.

The J-Com initial public offering is expected to occur March 23, and it could raise as much as $868 million through the sale of up to 1.2 million shares.