More cable consolidation to come: Liberty's Maffei

CEO Maffei: Charter & Liberty not frustrated by TWC deal

A few high-profile mergers and acquisitions have greatly changed the landscape of the cable television industry over the past few months and yet more consolidation is likely, Liberty Media CEO Gregory B. Maffei told CNBC on Wednesday.

"I think there's more to come," Maffei said on "Squawk on the Street." "If you think about who's the natural acquirer of what comes up, we now are the largest company with synergies to buy things. We're the natural buyer. Strong stock price. Strong operating team. I think it's very logical that things that arise will come to us."

Greg Maffei, CEO of Liberty Media.
Andy Cross | The Denver Post | Getty Images

However, Maffei acknowledged its M&A opportunities may be somewhat limited following Comcast's $45 billion purchase of Time Warner Cable in February, and AT&T's $48.5 billion takeover of DirecTV announced earlier this week. "A lot of the big pieces have already happened and there are fewer alternatives left for a huge scale," Maffei said, adding Charter will be looking for takeover targets nevertheless.

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Charter Communications, backed by Liberty Media, had pursued Time Warner Cable for months before Comcast swooped in with its $45 billion offer. But neither Charter or Liberty executives are frustrated that Comcast ultimately won out, Maffei said.

"To some degree, us going after Time Warner Cable was the mouse that roared. Time Warner Cable was significantly larger ... Charter showed Time Warner Cable's vulnerabilities. Obviously they fell into Comcast's arms," Maffei said. "The reality is that Comcast is a company that is, you know, roughly 8 to 10 times as large as Charter and if Comcast wanted to do it, we always knew that was a risk."

Asked for his thoughts on the AT&T, DirecTV deal, Maffei said it makes sense—but not earth-shattering.

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"I think it's additive. Is it game-changing additive? No. But I think it's additive," he said. "It doesn't fundamentally alter the landscape in some huge way [for AT&T]. I think it's an additive thing."

—By CNBC's Drew Sandholm.

Disclosure: Comcast is the parent company of NBCUniversal, which operates CNBC.