Liberty Media Paying Price for Acquisitions

John Malone’s Liberty Media Corp. had $4.1 billion in costs last year to write down the value of media-company investments, wiping out fourth-quarter earnings. That isn’t likely to prevent Malone from making more purchases.

Investors say Liberty Media, a holding company for Malone’s cable and media investments that reported its fifth-straight loss Monday, may make a second attempt to buy German cable systems after a $5-billion bid was thwarted by regulators in February.

Investors expect Malone, Liberty Media’s chairman, to benefit from debt-laden companies selling assets at reduced prices as he pursues European acquisitions.