Liberty Media Strikes Asset Swap Deal With CBS

Value investments could be described as works in progress. That's certainly the case with Liberty Media Corporation [Interactive (LINTA) and Capital (LCAPA) (I hold both tracking stocks)] and CBS (CBS).

And this week comes the news that, for once at least, their "progressions" are tied together.

John Malone's Liberty Media is trading its CBS stake to Les Moonves' CBS in exchange for a TV station and $170 million in cash. This is a good deal for both companies and their shareholders. CBS will use the proceeds to further its stock buyback program. And Liberty Media continues its transformation by getting out of a passive investment and getting into a cashflow-generating business.

Also, I don't own Time Warner (TWX), but the linked report also includes the agreement reached for Liberty to swap its Time Warner stake for control of the Atlanta Braves baseball team. Major League Baseball must approve the transaction.