Liberty Media Corp. (LMCA:US), John Malone’s holding company, purchased a 5.2 percent stake of its own stock from Comcast Corp. as part of a reshuffling of the billionaire’s assets.
Comcast received $417 million in cash, a newly created subsidiary of Liberty Media that holds Leisure Arts Inc., and Liberty Media’s rights to a revenue-sharing agreement relating to the carriage of CNBC, according to a statement today from Englewood, Colorado-based Liberty Media.
The company also said it plans to sell $500 million of Sirius XM Radio Inc. (SIRI:US) shares to the satellite-radio company, which boosted its stock-buyback plan by $2 billion. Liberty Media said it will own more than 52 percent of New York-based Sirius after the transaction.
Separately, Liberty Interactive Corp. (LINTA:US), another Malone holding, will split into two tracking stocks. One will be called QVC Group and the other Liberty Digital Commerce, the company said in a statement.
Liberty Media shares rose 3.3 percent to $148.08 at 10:05 a.m. in New York. The stock had climbed 32 percent this year through yesterday.
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