THIS IS A RUSH TRANSCRIPT.  THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. DEBORAH MARCHINI, CNN ANCHOR: We told you a couple of moments ago about a plan by Liberty Media to buy cable stations in Europe. Janet Guyon of "Fortune" magazine is here to talk about the acquisition and how it plays into what's otherwise a pretty troubled cable network industry -- Janet.</s>JANET GUYON, "FORTUNE": Yes. This is really a very interesting thing. I know John Malone is coming over in mid-September to meet with some of the German officials to talk about that acquisition of the cable companies in Germany. But that's not his only investment in Europe. He also has an investment through UnitedGlobalCom in United Pan-Europe Communications, which is Europe's biggest cable company. Now, the cable industry right now in Europe is actually quite troubled. We saw that debt downgrade earlier this week of NTL. And UPC, which is the biggest cable company, is hemorrhaging cash at the order of about $1.5 billion a year. So it will be very interesting to see what is John Malone's real strategy in Europe. He continues to invest in one form or another, but the company so far, they haven't really gotten the revenue in, and they are investing in a lot of capital expenditure to provide Internet access to people. But the revenue isn't coming in yet. So it will be very interesting to see what John Malone's real strategy is in Europe, because he is really entering what is right now a relatively dicey market.</s>MARCHINI: All right. Thank you very much -- Janet Guyon, "Fortune" magazine. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Liberty Media and the Troubled European Cable Industry