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.
Thu, Jul. 21, 3:17 PM
- Ahead of its earnings after the bell, Pandora Media (NYSE:P) has given up a bump fueled by a buyout-offer story, now down 0.7%.
- It had risen as much as 10.3% (to $13.62) following a report that Liberty Media (LMCA -0.1%) had floated a $15/share offer to buy the company and combine it with Sirius XM (SIRI -0.2%).
- Combining the two radio services could benefit from "hidden synergies," says Piper Jaffray's Stan Meyers. Sirius XM could take advantage of a strong ad sales team as it thinks about an ad-supported service, and it could tap a data-rich environment at Pandora to convert some of that company's 100M-plus users into paid customers.
- Meyers has Overweight ratings on both companies and a price target of $5.25 on SIRI (implying 26% upside) and a target of $18 on Pandora (47% upside, and closer to Pandora's feelings of true value around $20/share).
- Liberty Sirius XM Group shares: LSXMA +0.4%; LSXMB +0.4%; LSXMK -0.1%.
Mon, May 9, 8:28 AM
Fri, Apr. 15, 6:53 PM
- Liberty Media (LMCA +0.8%) has executed its plan to recapitalize into three new tracking stocks, reflecting its interest in the Atlanta Braves and Sirius XM (NASDAQ:SIRI).
- In accordance with its previously announced plan, the company exchanged each share of A-series common stock for: one share of Liberty Sirius XM (LSXMA); 0.1 shares of Liberty Braves (BATRA); and 0.25 shares of Liberty Media A-series common (NASDAQ:LMCA).
- All shares go to the corresponding series of stock -- so holders of series C (NASDAQ:LMCK) will get LSXMK, BATRK, and LMCK back, for example.
- All series will trade on Nasdaq Global Select, except for Liberty Media series B (NASDAQ:LMCB) and Liberty Braves series B (BATRB), which trade OTC. Trading in the new shares is expected to begin on those markets Monday.
- Now read Sirius XM: Liberty Buyout Is Coming »
Fri, Feb. 26, 11:54 AM
- Liberty Media (NASDAQ:LMCA) is up 1.1% following Q4 earnings where revenues beat expectations, and where the company entered a settlement in which it receives $775M from Vivendi.
- Again, results were dominated by those of Sirius XM -- Liberty holds a newly increased stake of 62.1% of Sirius XM, which makes up 90% of Liberty Media's market cap. Aside from that, Liberty expects to net proceeds from the Vivendi settlement after taxes and legal fees of about $420M.
- Excluding cash at Sirius XM, Liberty Media cash and liquid investments came to $104M.
- A stockholder meeting is set for April 11 on recapitalizing into three tracking stock groups (Liberty Braves, Liberty Media, Liberty Sirius XM) after the SEC declared its S-4 effective.
- Conference call link
- Previously: Vivendi to pay Liberty Media $775M to settle dispute (Feb. 26 2016)
Fri, Feb. 26, 7:35 AM
- Liberty Media (NASDAQ:LMCA) to receive $775M in a settlement payment from Vivendi.
- Settles all claims related to a dispute that arose from a 2001 transaction. Liberty Media had prevailed in the U.S. District Court for the Southern District of New York with a jury verdict of approximately 765M euro.
- Both sides had appealed the earlier judgment.
- As a result of the settlement all appeals have been dismissed and the parties have provided each other with mutual releases. Following the payment of a contingency fee to its legal counsel, as well as amounts payable to Liberty Global plc, a former subsidiary which was a plaintiff in the action, Liberty Media expects to net after-tax proceeds of approximately $420M in cash.
Fri, Feb. 26, 7:35 AM
- Liberty Media (NASDAQ:LMCA): Q4 Net income of $134.63M.
- Revenue of $1.21B (+10.0% Y/Y) beats by $20M.
- Shares +2.01% PM.
Nov. 12, 2015, 7:35 AM
- One will be designated as the Liberty Braves Group, one as the Liberty Media Group, and one as the Liberty Sirius Group.
- Owners of Liberty's Series A, Series B, and Series C common stock would receive shares of the corresponding series of the new stock groups.
- CEO Greg Maffei will discuss this and more at the company's investor meeting today beginning at 12:30 ET.
Nov. 9, 2015, 8:05 PM
- With the review of Charter Communications' (NASDAQ:CHTR) buyout of Time Warner Cable (NYSE:TWC) proceeding apace at the FCC, the agency is sending requests tied to cable mogul John Malone's holdings not only in Charter but in content companies like Discovery (NASDAQ:DISCA) and Starz (NASDAQ:STRZA), which supply Charter rivals.
- The agency has sent letters to the companies that list Malone as their chairman -- Liberty Media (NASDAQ:LMCA), Liberty Interactive (NASDAQ:QVCA) and Liberty Broadband (NASDAQ:LBRDA), which holds 26% of Charter -- and asked about Malone's influence over those entities as well as the content creators and DirecTV.
- It's a "pretty meaningful request," says BTIG's Rich Greenfield, while Craig Moffett points at the Comcast deal for NBCUniversal in saying that Malone's tangled ownership is "probably not a big issue."
- Malone has a 46.6% voting interest in Liberty Broadband, which would be entitled to vote no more than 25.01% of shares in the new combination, Charter has said. His interests in Discovery and Starz are "minority interests" where he wouldn't control day-to-day decisions.
- The American Cable Association (representing smaller providers) argues that Malone's interests aren't insubstantial and that consumers can expect higher rates unless the FCC imposes conditions on the deal.
- Previously: BTIG: Are TWC, Charter too strong separately to sell merger case? (Nov. 02 2015)
- Previously: Charter call: Talking wireless ambitions, slamming password sharing (Oct. 29 2015)
Nov. 4, 2015, 4:29 PM
- Liberty Media (NASDAQ:LMCA): Q3 Net income of $167M
- Revenue of $1.28B (+8.5% Y/Y) in-line.
Nov. 4, 2015, 4:28 PM
- Liberty Media (NASDAQ:LMCA) is down 0.5% after hours as its Q3 earnings saw revenue of $1.28B that beat expectations, and adjusted OIBDA that rose $81M, to $473M.
- Once again, the results were dominated by those of Sirius XM -- Liberty holds an increased stake of 60.7% of Sirius XM, with a stake that is 90% of Liberty Media's market cap -- though total revenue featured $315M in other revenues aside from subscriber revenues of $969M.
- The hedging period on its forward purchase of Live Nation shares is complete; when settled, its stake in Live Nation (NYSE:LYV) increases to 34.4%.
- From the beginning of August to the end of October, the company bought back 1M shares of its LMCK class at an average price of $36.87, for a total cost of $38.3M.
- Total debt was up $0.3B due to Sirius XM revolving borrowings. The company has $1.3B left on its repurchase authorization.
- Conference call to come at 4:30 p.m. ET.
Aug. 5, 2015, 8:22 AM
- Liberty Media (NASDAQ:LMCA): Q2 Net Income of $103M.
- Revenue of $1.22B (+5.2% Y/Y) misses by $20M.
Jul. 9, 2015, 5:29 PM
- There's been little news coming out of secretive Sun Valley -- where media moguls gather at the Allen & Co. conference for "summer camp" and sometimes rearrange billions of dollars with game-changing M&A -- but John Malone today dropped more hints about content consolidation.
- While media distribution companies have more obvious benefits from consolidation, Malone -- who has hands in Liberty Global (NASDAQ:LBTYA), Liberty Media (NASDAQ:LMCA), Liberty Interactive (NASDAQ:QVCA), Charter (NASDAQ:CHTR) and Starz (NASDAQ:STRZA) -- said economies can apply to content too.
- "It's all about global scale," he told CNBC. "If you want to be a meaningful player in most of any of these media communication businesses, you have to think about it."
- And while speculation boils about a tie-up between Malone's Starz (STRZA) and Lions Gate (NYSE:LGF) after the two swapped stock, Malone focused on the educational side: "I'm an engineer; what the hell do I know about content? Trying to understand where these ideas come from, how they get created and produced. The development of stories is really going to be important in this random-access world that Reed Hastings (NASDAQ:NFLX) is driving us into."
- Malone said Netflix changed the game, and that his companies "missed the boat a little bit" on over-the-top offerings.
- Today: NFLX +2.4%; LGF +0.9%; QVCA +0.3%; CHTR +0.2%.
Jun. 2, 2015, 6:46 PM
- Mogul John Malone floated an interesting idea today: Forget Sprint and T-Mobile -- the wireless industry could get its third major alternative to Verizon and AT&T (NYSE:T) with the merger of Charter Communications (CHTR -1.6%) and Time Warner Cable (TWC -0.9%).
- Malone was speaking at his various Liberty companies' annual meetings and noted that in 2012, the cable consortium SpectrumCo got an option to participate in a wireless MVNO service with Verizon (NYSE:VZ) after the wireless firm bought $3.9B in frequencies.
- Charter wasn't in SpectrumCo then, but merger partners TWC and Bright House are. “The concept that Comcast, a greatly enlarged Charter and Cox could together offer a WiFi-optimized connectivity service with a default to a Verizon MVNO is an interesting concept," Malone said.
- He thinks "there's very little dirty underwear" left to be found in a regulatory review of Charter-TWC after the past year's scrutiny.
- Also of interest regarding Charter capex and the dividend: “Everybody's going to say, ‘Oh he’s spending too much capital,’ but I think the end result with be worth it ... To a large degree we’re betting on Tom Rutledge and his team to wake up a sleepy cable company that was treading water in all honesty for a while and trying to satisfy shareholder pressures with buybacks and dividends as opposed to putting the money into having a competitive service offering.”
- Malone company shares today: LMCA -0.1%; LMCB flat; LMCK flat; LTRPA -0.9%; LTRPB +2.2%; QVCA +0.8%; LBRDA +0.1%; OTCQB:LBRDB flat; LBRDK -0.1%.
May 18, 2015, 4:31 AM
- Discovery Communications (NASDAQ:DISCA) CEO David Zaslav received total compensation of $156M in 2014, making him the highest-paid boss of a U.S.-listed company, excluding the top private-equity firms, an NYT-commissioned survey finds.
- Next on the list is Liberty Global's (NASDAQ:LBTYA) Michael Fries with $112M, while Gregory Maffei earned $74M for heading Liberty Media (NASDAQ:LMCA) and Liberty Interactive (NASDAQ:LVNTA). With Charter Communications' (NASDAQ:CHTR) Thomas Rutledge raking in $16M, four CEOs of companies controlled by or heavily associated with media mogul John Malone took home over $350M.
- Still, the Malone boys have nothing on Kenneth Griffin, the founder and CEO of P-E firm Citadel, who earned a mere $1.3B.
May 8, 2015, 4:34 PM
- On a Q1 earnings call today, Liberty Media's (NASDAQ:LMCA) CEO Greg Maffei said any deal that Charter Communications (CHTR; partly owned by Liberty) would make for Time Warner Cable (NYSE:TWC) would be "friendly," in contrast to Charter's early-2014 hostile attempt -- and that many partners are ready to step in if Charter needs more capital.
- "There's a wide range of things we could do there, starting with obviously the $700M of cash on the balance sheet," he said, before mentioning raising equity capital through rights offerings or the partners who would like to invest in such a deal.
- Asked about the dispute over management in the previous bid, Maffei said: "I believe any transaction that goes forward ... would be a friendly transaction, looking for the best of breed in both management teams, and trying to drive an improved experience both for consumers and shareholders."
- Whatever happens, Maffei says Liberty wants to keep its 25% ownership of Charter.
- More at the WSJ
Liberty Media Corp. engages in the media, communications and entertainment industries. The company operates through its subsidiaries provides equipment and technology that deliver location-based services to wireless users. Liberty Media was founded on January 11, 2013 and is headquartered in... More
Industry: Broadcasting - TV
Country: United States