Category: 3. Business

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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.

“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 cheerleader for management”.

Malone does not plan to “get as involved in the operational details of these businesses”, he added. The move was first reported by the Financial Times.

He will become emeritus chair of Liberty Media and Liberty Global, the Journal reported, and remain a controlling shareholder.

In Malone’s place, Mike Fries, Liberty Global’s longtime CEO, will become chair. Robert “Dob” Bennett, a veteran executive within Malone’s orbit, will become chair of Liberty Media.

“I’m not retiring from business,” Malone said in a statement. “But I am looking to reduce travel and time commitments.”

Along with Fox’s Rupert Murdoch and Viacom founder Sumner Redstone, Malone reshaped the media landscape. His decision to step back from his business leaves the 94-year-old Murdoch as the last of his generation of media moguls to be actively involved in his media business. Redstone died, aged 97, in 2020.

Malone, 84, has a personal net worth of about $10.6bn, according to Bloomberg. Beyond his corporate roles, he is also one of the largest landowners in the US. He and his wife, Leslie, acquired about 2.2m acres (890,000 hectares) of land in the US.

When asked about the prospect of retirement last month, he joked that he had been telling his wife he would retire since the age of 30.

“It is slow because I’ve been involved in so many things,” Malone told Bloomberg News. “To me in, uh, retirement is primarily extricating myself from the public corporate roles that I play. I have a ton of private businesses, everything from ranching, farming, forestry, multifamily, horse racing. You know, I got a lot of things that I’m still saying grace over.”

Malone planned to maintain his control over “the various enterprises from which I will be slowly leaving the boards”, he stressed.

GSK’s outgoing chief executive, Emma Walmsley, has said Britain will struggle to be a “life sciences superpower” unless it overhauls drug pricing.

As ministers draw up proposals to increase the amount the NHS spends on new medicines by up to 25%, Walmsley said she was “hopeful and ambitious” that the standoff with the pharma industry could be resolved.

According to the Academy of Medical Sciences, the government’s drug pricing announcement could come by the end of this week.

Walmsley, who will hand over the top job to Luke Miels, currently GSK’s chief commercial officer, at the end of the year, said: “What everyone is putting their energy into, hopefully resolving, is how we make sure this country creates the right commercial environment.

“Without that, it’s going to be very difficult to be able to be a leading life sciences superpower, which is what we want … and we are not going to secure something else we all want, which is patient access to innovation.”

A potential deal between industry and government is tied up with negotiations with Donald Trump’s administration over drug pricing, after the US president put pressure on companies to lower their prices – historically much higher than elsewhere – and invest in the US, or face trade tariffs.

Walmsley noted that the NHS spends less than 10% of its budget on medicines, a lower figure than in the past. Her remarks came a day after the science minister, Patrick Vallance, said that “some degree of price increase is inevitable”.

He told MPs on the science committee: “For brand new, innovative medicines it’s likely there will be some price increase.”

A price rise will require additional funding for the NHS at a time when Rachel Reeves, the chancellor, faces tough decisions to balance the books, and is likely to breach Labour’s election promises not to raise one of the big three taxes of VAT, income tax and national insurance.

“We’ve discussed the fact that if there’s a rise in price for innovative medicines, that comes with a cost load, and that needs to be met,” Lord Vallance said.

The NHS Confederation and NHS Providers, representing trusts and other health organisations, said this week that the cost of covering redundancies and strikes, along with paying more for medicines, was not included in the budget and would need extra cash from the chancellor.

While GSK is investing $30bn in US manufacturing and research, Walmsley reaffirmed the company’s support of the UK’s life sciences strategy and its commitment to Britain. This is in contrast with other pharmaceutical groups that have scrapped or paused investments in the UK, including MSD, known as Merck in the US, and its British rival AstraZeneca.

GSK raised its 2025 sales and profit forecasts, driven by double-digit growth in respiratory, inflammation and immunology, oncology and HIV treatments. Shares in GSK jumped by almost 6%, making it one of the biggest risers on the FTSE 100.

The company reported a pre-tax profit of £2.5bn for the third quarter, compared with £64m a year earlier, which reflected the $2.2bn (about £1.7bn) settlement of US court cases over claims that its Zantac drug caused cancer. GSK denies that the drug caused cancer.

Vaccine sales rose by 2% to £2.7bn in the quarter to 30 September, mainly driven by sales outside the US. In the US, GSK reported a 15% drop in sales of its shingles vaccine, Shingrix.

Vaccination rates in the US have slowed since Robert Kennedy Jr, an anti-vaxxer, became health secretary. He has cut funding for research and ousted the head of the Centers for Disease Control and Prevention.

Walmsley said: “We remain very cautious about the environment in the US.”

SEOUL/LEATHERHEAD, October 29, 2025 – The Hyundai TUCSON has been named Best Used Family SUV at the 2025 What Car? Used Car Awards, reaffirming its strong appeal not only as a new vehicle but also as a top choice in the pre-owned market.

The judging panel at What Car? – a respected UK-based automotive consumer publication widely referenced by buyers across global markets – praised the TUCSON for its exceptional practicality, premium interior quality, engaging yet efficient driving experience, and outstanding ownership value.

“If interior space is high on your list of priorities, the family-friendly Hyundai TUCSON is well worth a look. Four tall adults will have plenty of room and the boot is cavernous. Its interior quality impresses, too. On top of that, it’s good to drive, there are frugal hybrids, and it comes with a confidence-inspiring reliability record, said Mark Pearson, Used Cars Editor of What Car magazine. He continued, “The fact that this immensely appealing family SUV should also be such great value when bought used just seals the deal for us.”

Since its launch in 2021, the TUCSON has consistently been among the UK’s best-selling new cars. It has also received multiple international accolades from outlets including Top Gear, Auto Express and Carbuyer.

Ashley Andrew, President of Hyundai Motor and Genesis UK said, “The TUCSON has proven to be a thoroughly desirable SUV for tens of thousands of new car buyers over a number of years, so it is no surprise that its many attributes are equally appealing to those in the market for a pre-owned car, as evidenced by What Car? naming it Best Used Family SUV of 2025. It’s stylish, enjoyable to drive, and superb value.”

Continuing their journey, friends will discover a presentation room, allowing for in-depth introductions to Roger Dubuis’ timepiece collections. This includes many of the Maison’s most recent novelties, such as the Excalibur Biretrograde Calendar and the Knights of the Round Table Merlin The Enchanter, as well as the original watches of Mr. Roger Dubuis, that will be on display for a limited time.

Throughout the year, the Lounge will offer friends of the Maison special services, exclusive access to limited editions, and will regularly transform to celebrate its many collaborations and launches, from motorsport through to art, helping to enliven the high watchmaking that is distinctive to the Maison.

Details

Open from Monday to Friday, from 10:00 am to 6:30 pm, and Saturday from 10:00 am to 5:00pm. To plan your visit, book an appointment on Roger Dubuis website or call: +41 22 321 28 28.

About Roger Dubuis

Representing an unexpected blend of distinctive character and horological expertise, Roger Dubuis has been at the forefront of expressive watchmaking since 1995. Sustained by its fully-integrated manufacture, where every caliber is made in-house, Roger Dubuis commits to performance and strives for excellence.

Rewarded by the Poinçon de Genève certification, their traditional yet contemporary masterpieces are a demonstration of radical skill and ancestral craftmanship, which the Maison reinterprets year after year with fervid creativity and innovative materials. With this avant-garde and daring energy, Roger Dubuis is bringing its collections to an exclusive circle of clients and friends.