John Malone’s Liberty Media Corporation announced today the
following transactions:
- Repurchase of 5.2% of outstanding Liberty Media common stock from Comcast Corporation
- Agreement with SiriusXM to repurchase $500 million of SIRI shares from Liberty Media
- Proposed private offering of $500 million aggregate principal amount of convertible senior notes (with initial purchaser option to purchase an additional $75 million aggregate principal amount) due 2023.
That will leave the media holding company with 52% of the
satellite radio service.
Liberty Media and Comcast recently completed a transaction
in which a subsidiary of Comcast exchanged approximately 6.3 million shares of
LMCA for a newly created subsidiary of Liberty Media which holds Leisure Arts,
Inc., approximately $417 million in cash and Liberty Media's rights in and to a
revenue sharing agreement relating to the carriage of CNBC. The exchange is
intended to be tax-free.
Sirius XM Radio Inc. has agreed to repurchase $500 million
of its common stock from Liberty Media as part of Sirius' share repurchase
program, which it announced today has been increased by an additional $2
billion.
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