http://www.businessweek.com/news/2013-10-10/liberty-media-buys-5-dot-2-percent-stake-of-its-own-shares-from-comcast

Bloomberg News

Liberty Media Buys 5.2% Stake of Its Own Shares From Comcast (1)

October 10, 2013

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.

To contact the reporter on this story: Ville Heiskanen in Helsinki at vheiskanen@bloomberg.net


Later, Baby
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus