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January 27, 2014 AT 11:51 AM
Liberty Global has agreed to buy Dutch cable company Ziggo for $9.44 billion. This furthers U.S. media mogul and Liberty Global Chairman John Malone's latest advance on the European telecommunications industry. Liberty Global already owns 28.5% of Ziggo and had been in talks with the company since August. Ziggo said in October that it had rejected a takeover offer, but remained in talks.