Enthused by the successful spin-off of Swiss telco Sunrise, Liberty Global is preparing further business separations. In essence, Liberty Global is attempting to undo years of aggressive consolidation of its own management’s doing—though it is too late to return the cable TV empire to its former glory. Investors have evidently expressed bamboozlement about how Sunrise’s market cap now exceeds Liberty Global’s own market cap, despite Sunrise representing about 20% of Liberty’s EBITDA pre-spin-off. With Liberty Global’s telco division (Liberty Telecom) now only a four-operator entity—Virgin Media O2 (UK), VodafoneZiggo (Netherlands), Telenet (Belgium), and Virgin Media Ireland—it is possible that all four units could eventually be liberated from their parent company by 2030. Liberty Global CEO Mike Fries, speaking on the…