Liberty Global CEO Mike Fries on U.S.-Europe relations, state of telecom and AI impact

Watch on YouTube ↗  |  January 22, 2026 at 13:24  |  7:09  |  CNBC
Speakers
Mike Fries — Chairman and CEO, Liberty Global

Summary

Mike Fries, Liberty Global Chairman and CEO, joins Squawk Box from Davos to discuss U.S.-Europe relations, European competitiveness, AI, and the telecom/media landscape. He argues U.S. pressure is pushing Europe toward a more muscular industrial and defense policy, while the long-term U.S.-Europe relationship remains fundamentally intact. Fries calls Liberty Global a classic value play with local-listing and Formula E growth catalysts, and he comments positively on the Warner Bros. Discovery deal outcome.

  • Mike Fries says the U.S.-Europe relationship will not fundamentally change despite current tensions.
  • He sees Europe becoming more muscular through industrial policy and defense spending.
  • Fries describes Liberty Global as a classic value play that is undervalued and underappreciated.
  • He says local listings and positive telecom momentum can help unlock value.
  • He is bullish on Liberty Global-owned Formula E, citing the Gen4 car and global reach.
  • He calls the WBD deal a great outcome for Warner Brothers shareholders and a testament to IP/content value.
  • He discusses AI's transformational potential and a large gap between capabilities and business adoption.
  • He notes Davos sentiment is conflicted between geopolitical uncertainty and AI optimism.
Ideas
Mike Fries Chairman and CEO, Liberty Global 0:55
Europe strengthening from defense, industrial policy focus.
U.S. pressure and 'tough love' are pushing Europe to become more muscular, with a greater focus on industrial policy and defense spending to get its economy going. He sees this as a positive dividend and believes Europe is moving in the right direction, even if the Davos mood is conflicted.
VGK MED
Mike Fries Chairman and CEO, Liberty Global 4:26
Liberty Global undervalued; local listings unlock value.
Liberty Global trades as a classic value play: its European telecom business generates $22B of revenue and $8B of EBITDA, but management believes it is undervalued and underappreciated. The strategy is to unlock value by bringing assets to local public markets, where investors who want dividends and national champions may pay better multiples, and management points to positive momentum in the telecom businesses and its sports, media, and infrastructure portfolio.
LBTYA HIGH
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This CNBC video, published January 22, 2026, features Mike Fries discussing VGK, LBTYA. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike Fries  · Tickers: VGK, LBTYA