Thomas Bailey "Tom" Murphy (March 10, 1924 – December 17, 2007) was an attorney and American politician from the U.S. state of Georgia.Murphy was the Speaker of the Georgia House of Representatives from 1973 until his defeat in the general election of 2002, making him the longest serving House Speaker of any U.S. state legislature. Tom Murphy recounts his train ride with veteran Havelyn Chiasson.As the U.S. threatens to withdraw from the trade deal, other agreements have meant lower tariffs for Canadian exporters.As one of the most lucrative fisheries in Canada kicks off, some Mi'kmaq in Nova Scotia are trying to trigger a court battle over Indigenous fishing that they hope will see them win a greater share of the thriving lobster business.The executive director of Feed Nova Scotia says food banks need to strategically go after wasted groceries and make it easy for stores to donate.CBC News anchor Tom Murphy describes how in a few minutes, the water levels at a southwestern Nova Scotia river went from being remarkably low to being deep enough to almost carry away the crew's equipment.Assam Hadhad was once a successful chocolate maker in Damascus, Syria but he lost it all to war. In 1984, the FCC rules around station ownership were changed allowing Murphy to make his largest acquisition ever: ABC. Murphy’s approach was different, however.


CBS was the dominant media business at the time with more stations & in much larger markets. Murphy focused on rolling-up the broadcast industry and made over 30 acquisitions over his ~30 years at the company. Before joining Humanosphere, Tom founded and edited the aid blog A View From the Cave.

His work has appeared in Foreign Policy, the Huffington Post, the Guardian, GlobalPost and Christian Science Monitor. After a few days, Murphy sold Capital Cities/ABC for a whopping $19 billion to Disney. He paid little dividends, and his high & consistent levels of operating cash flow aided in funding his capital allocation decisions. In addition, between the long bear market of the mid-1970s into the early 80s, Murphy aggressively bought back the company’s stock (~50%) at extremely low single digit P/E multiples. Tom has 1 job listed on their profile. If anyone knows who the next Tom Murphy is, please let me know. At the time, the FCC only allowed five VHF stations and Cap Cities had hit that limit. ever seen, or maybe ever will see.” After reading this simple 22-page chapter in The Outsiders, I have a pretty good sense that Buffett was 100% right in making this statement. Tom Murphy eventually became the CEO of Capital Cities in 1966, at a time when the station only had 5 TV stations and 4 radio stations in small markets. CBS bought a number of non-core assets, like a toy business & the New York Yankees baseball team. Contact him at tmurphy[at]humanosphere.org.
It only takes a few. Buybacks were also a huge component of Murphy’s capital allocation process over his career & were the 2In 1995, Murphy sat down with the CEO of Disney (Eisner) at the annual Allen & Co. event in Sun Valley. Murphy went right to work buying 3 VHF TV stations by 1970. The best story in The Outsiders that exemplifies Murphy’s frugalness is the following: Smith (the former CEO) had asked Murphy to get the former convent that was home to their WTEN studio painted, as it needed a serious facelift to appeal to advertisers. It was a virtuous cycle & the company benefitted from increased scale over time as their broadcast network grew bigger & bigger.

In Cap Cities case, the underlying operating businesses were solid & slowly building momentum as scale increased, the management team was extraordinary, the company was structured in such a way that goals were easily achieved, & Tom Murphy was ridiculously good at strategic/opportunistic capital allocation decision making. He had a strong track record of paying down debt ahead of expectations & the ABC deal debt was eliminated in only 3 years after the transaction. Buffett once said that “Tom Murphy and Dan Burke were As we saw with the Wells Fargo sales scandal in 2016, a decentralized approach can lead to bad behavior if the culture & incentives aren’t appropriate. Over several decades, and as a result of many brilliantly crafted deals, he gradually built the telecommunications empire Capital Cities.


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