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.
"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.
Liberty Interactive (QVCA +2.3%, LVNTA +2.5%) has announced a new proposed distribution date for its spin-off of CommerceHub.
That's due to a registration statement still under review at the SEC. So the company is delaying the planned distribution from next Wednesday to July 22 at 5 p.m. ET.
The record date remains 5 p.m. ET today.
As planned, holders of Liberty's series A and series B Liberty Ventures common stock (LVNTA, LVNTB) will receive 0.1 shares of the corresponding series of CH Parent common stock, as well as 0.2 shares of CH Parent Series C stock.
The company expects CH Parent Series A stock to trade on Nasdaq as CHUBA; Series C shares to trade on Nasdaq as CHUBK; and Series B shares to trade on the OTC markets under CHUBB; now starting July 25.
Liberty Interactive (QVCA +2%, LVNTA +2.5%) has set dates around its spin-off of CommerceHub.
The record date for distributing shares is July 8 at 5 p.m. ET. It plans a distribution (via dividend) for 5 p.m. on July 13 of shares of CH parent common stock to execute the spin-off.
Holders of Liberty's series A and series B Liberty Ventures common stock (LVNTA, LVNTB) will receive 0.1 shares of the corresponding series of CH Parent common stock, as well as 0.2 shares of CH Parent Series C stock.
The company expects CH Parent Series A stock to trade on Nasdaq as CHUBA; Series C shares to trade on Nasdaq as CHUBK; and Series B shares to trade on the OTC markets under CHUBB; all starting July 14.
On a heavy reorg day for Liberty stocks, with Liberty Media recapitalizing its stock groups, Liberty Interactive/Liberty Ventures (QVCA -0.8%, LVNTA +1.5%) is set to pursue two spin-offs: CommerceHub, and Liberty Expedia Holdings.
CommerceHub would consist of that integration services company -- easy -- while Expedia Holdings would encapsulate Liberty Interactive's ownership in Expedia as well as Bodybuilding.com.
The company expects the CommerceHub A and B shares to trade as CHUBA and CHUBK, while the Expedia Holdings shares would trade as LEXEA and LEXEB on Nasdaq.
The tax-free moves would leave Liberty Ventures Group with businesses not in the QVC Group, including Evite, LMC Right Start, the interests in FTD, Lending Tree, Interval Leisure, Time Warner and Time Warner Cable along with other securities.
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.