Liberty Media CorpNASDAQ
Fri, Dec. 2, 4:29 PM
- Earlier – Pandora +13%; reportedly open to talks with Sirius XM involving sale
- Bloomberg updates on the development, suggesting Sirius XM Holdings chairman Greg Maffei had expressed new takeover interest for Pandora. Neither a price or a response by Pandora to the approach, however, have been issued.
- Liberty Media (NASDAQ:LMCA), Sirius XM Holdings (NASDAQ:SIRI) parent, had prior informally offered $15 per share terms in July.
- Pandora (NYSE:P) closes out the week with 16% gains, Sirius XM Holdings 5.6% losses on the situation.
Thu, Nov. 17, 12:18 PM
- In no surprise, the list is dominated by the ripping financial sector:
- Allstate (ALL +1.4%)
- Ameriprise (AMP +0.2%)
- TD Ameritrade (AMTD +1.6%)
- BB&T (BBT +2.1%)
- Citigroup (C +2.4%)
- Citizens Financial (CFG +2%)
- Comerica (CMA +1.5%)
- CNA Financial (CNA +0.6%)
- Loews Corp. (L +0.9%)
- Marsh & McLennan (MMC +1.9%)
- PNC Financial (PNC +2.6%)
- Royal Bank of Canada (RY +0.7%)
- U.S. Bancorp (USB +1.9%)
- Aetna (AET +1.5%)
- Best Buy (BBY +10.4%)
- CBS (CBS +0.6%)
- Celanese (CE +0.1%)
- Comcast (CMCSA +1.5%)
- Dell Technologies (DVMT +1.1%)
- The Gap (GPS +0.4%)
- Humana (HUM +1.4%)
- KLA-Tencor (KLAC +2.7%)
- Liberty Media (LMCA +1.6%)
- Lam Research (LRCX +1.9%)
- Micron (MU +5.3%)
- Nvidia (NVDA +2.7%)
- Rockwell (ROK -0.5%)
- Teck Resources (TCK +0.5%)
- Texas Instruments (TXN +1.1%)
- New lows:
- Novo Nordisk (NVO +0.3%)
Fri, Nov. 11, 3:58 PM
- Liberty Media (LMCA +4.3%) has a bit of insulation from the industrywide trend of falling pay TV subscription, due to staying flexible on distribution, says the company's CEO, Greg Maffei.
- "Our improved video product with an all-digital experience is compelling, and we will gain, I think, a lot of video share," Maffei (also running Liberty Media's various spin-offs) tells CNBC.
- "I think it's pretty clear the Trump administration's gonna be pro-business," he adds. "I expect some decent chance we'll have a tax deal, lower corporate tax rates," along with cash repatriation, infrastructure spending. "But in general I expect less regulation and a generally pro-business environment."
- And a more hands-off FCC, he adds, but on the AT&T/Time Warner deal: "I don't know why that drew his ire." He thinks the deal gets done and that there aren't other suitors for Time Warner.
- On Liberty TripAdvisor (LTRPA -1.3%), down 21% since Tuesday: "Everybody would like to see the stock price stronger, but I think TripAdvisor's going through a massive transition ... I think everybody knew that would take a while to take hold," but it's headed in the right direction.
Tue, Nov. 8, 11:06 AM
- Liberty Media (NASDAQ:LMCA) is up 1.8% following Q3 results that featured quarterly record revenue and profits that rose 16% at its Liberty SiriusXM Group (LXSMA).
- Again, results were dominated by those of Sirius XM though the company is diversifying into Formula One; Liberty's stake in SIRI is up to 65.5% as of Oct. 25.
- Adjusted EBITDA at Liberty SiriusXM grew 10% to $492M, and revenue grew 10% to $1.3B. Meanwhile, at Liberty Braves Group (NASDAQ:BATRA), revenue dropped $10M to $109M and operating income fell $15M, to $1M, as ticket sales and broadcast revenue declined.
- Press Release
Tue, Nov. 8, 8:38 AM
Sat, Oct. 1, 9:57 AM
- A holder of the original Liberty Media in 2004 - prior to the split of its U.S. and international assets into separate companies - would have seen annualized returns of 13% vs. 7.5% for Berkshire Hathaway and 7.7% for the S&P 500, according to Gamco's Christopher Marangi.
- While the complex structure of Liberty's businesses and assets - housed under five main corporate structures, and within that group nine stocks, including seven tracking stocks - can make it challenging for investors, there's plenty to gain from taking the time to understand it.
- A handy guide is here.
- "The Malone magic formula starts with good businesses that are within his core competency, then putting the right management teams in place and leveraging those companies appropriately,” says Marangi, noting one of Gabelli's golden rules is be on the same side of the table as John Malone.
- Tickers: LSXMK, LMCK, BATRK, QVCA, LVNTA, LBTYK, LILAK, LBRDK, LTRPA, LMCA
Sun, Sep. 18, 9:02 AM
- Formula One cannot be run like a dictatorship, even if many people in the sport are used to that, according to the new chairman appointed to work with commercial supremo Bernie Ecclestone.
- Chase Carey, who took on the role as part of Liberty Media's (NASDAQ:LMCA) takeover of the sport, further said that F1's U.S. expansion should ultimately look at big cities like Los Angeles, New York or Miami.
- The primary concern, however, is building long-term value and investing in the future.
Tue, Sep. 13, 2:07 PM
- Liberty Media's (LMCA +16.6%) deal to acquire and become Formula One is "transformative" to the company, Citigroup says in upgrading the stock to Buy.
- The firm lifted its target price to $32 from $22, implying more than 14% upside from today's elevated price.
- "A few years ago, press reports suggested an F1 IPO would value the firm at $12 billion EV," write analysts Jason Bazinet and Michael Cohen. "At $12 billion EV, we previously described Formula One as a ‘trophy asset.' But Liberty acquired the asset for just ~$8 billion EV. We suspect lower valuation based on erosion in F1's financial performance due to more F1 revenues flowing to the racing teams (versus F1 equity holders). But, the lower price tag reflects these new economics."
- Pivotal Research also launched coverage on Liberty Media, initiating with a Buy rating and $35 price target, implying about 25% upside from today's higher price.
Tue, Sep. 13, 12:45 PM
Thu, Sep. 8, 5:46 PM
- With a deal sealed to take over Formula One, U.S.-based Liberty Media (NASDAQ:LMCA) says it doesn't have big alterations in mind to change the decidedly continental appeal of the sport.
- "Realistically it's a global sport. We're not trying to Americanize the sport," said new Formula One Chairman Chase Carey. "We have great respect for the European foundations of it. Europe is critically important to us."
- That doesn't mean there isn't room for growth in America. Only one round of the 21-race championship takes place in the U.S.: at the Circuit of the Americas in Austin, Texas. And races in the sport's historical locations have struggled to profit.
- "America is an opportunity; I think we can do a lot more in America; it's probably more long-term than short-term," Carey says.
- As for collaborating on leadership with the sport's longtime impresario, Bernie Ecclestone (still CEO): "The best businesses are partnerships where people work together as a team. We'll work closely and as partners and we'll figure it out."
- Liberty Media Group will become the Formula One Group when the transaction completes, and its symbols will change from LMCA, LMCB, and LMCK to FWONA, FWONB, and FWONK.
- Previously: Formula One faces major shake-up (Sep. 08 2016)
Thu, Sep. 8, 5:08 AM
- Formula One faces its biggest shake-up in decades with the announcement that John Malone's Liberty Media (NASDAQ:LMCA) has agreed to take control of the racing group, Reuters reports.
- The $8B deal heralds a new era for the European-dominated sport that has long sought to break into the U.S. market.
- It could also accelerate the exit of Bernie Ecclestone, the Briton who has run the enterprise for nearly 40 years and built up a business with annual turnover of around $1.9B.
Wed, Sep. 7, 5:51 PM
- Liberty Media (NASDAQ:LMCA) has confirmed its transaction to take control of Formula One.
- Liberty will acquire Formula One through transactions that give the racing group an enterprise value of $8B, and an equity value of $4.4B.
- It will use cash and newly issued shares of its Liberty Media Group (NASDAQ:LMCK) tracking stock along with a debt instrument exchangeable into LMCK as part of a set of transactions where it will take 100% of the shares of Delta Topco, the parent company of Formula One.
- It's bought an 18.7% minority stake in Formula One for $746M in cash; when it takes full control, CVC Funds won't be the controlling shareholder, and Liberty will rename its Liberty Media Group the Formula One Group. (Liberty Media symbols will change from LMCA, LMCB, and LMCK to FWONA, FWONB, and FWONK.)
- The selling consortium including CVC will own about 65% of that group's equity, and a CVC representative will join the Liberty Media board.
- Selling stockholders will get a mix of consideration, including $1.1B in cash, 138M new shares of LMCK, and a $351M exchangeable debt instrument.
Wed, Sep. 7, 4:10 PM
- Liberty Media (NASDAQ:LMCA) will initially take a bigger initial stake in Formula One than planned, progressing toward an eventual full purchase of the racing group.
- The company will buy 18.7% of F1 for $4.4B. It had reportedly been looking at a stake of 10-15% at first.
- As expected, Fox executive VP Chase Carey will become chairman of F1 while Bernie Ecclestone will hold the CEO spot.
Mon, Sep. 5, 1:51 AM
- Liberty Media (NASDAQ:LMCA) is nearing a deal to acquire a 10-15% stake in Formula One for between £1B-£2B, with an agreement to take full control of the business further down the line, FT reports.
- The transaction will likely keep F1 chief Bernie Eccelstone in the driving seat of the sport. He currently owns over 5% of the business with P-E firm CVC Partners the biggest shareholder with over 35%.
- Chase Carey, the executive vice chairman of 21st Century Fox (NASDAQ:FOX), would become the chairman of F1, replacing Peter Brabeck-Letmanthe.
Thu, Sep. 1, 4:44 PM
- Liberty Media (LMCA -0.3%) has shuffled leadership and named a new chief financial officer.
- Chief Development Officer Mark Carleton will take over that CFO role, and will continue to report to CEO Greg Maffei as he takes on oversight of accounting and treasury functions.
- Christopher Shean, the company's CFO since 2011, will become senior adviser and continue to oversee some key Liberty Media investments.
- The company also tapped Albert Rosenthaler as its chief corporate development officer, focused on finding nad pursuing investment and other opportunities nad working on strategic direction.
Fri, Aug. 12, 1:11 PM
- Liberty Media (NASDAQ:LMCA) has priced an announced offering of senior debentures tied to Time Warner (NYSE:TWX) stock.
- Liberty's agreed to sell $444.61M of 2.25% exchangeable senior debentures due 2046. Those debentures are exchangeable at Liberty's option into Time Warner stock, cash, or a combination.
- The shares of TWX attributable to a debenture represent an exchange price of $104.55/share, with about 4.25M shares of TWX attributable.
- Shares of LMCA are down 1.2% today; TWX is flat.