Mar. 14, 2014, 8:21 AM
- Shares of Liberty Media (LMCA) are flying higher in early trading after the company creates a pair of tracking stocks.
- Analysts say the new setup, which includes pulling an offer to buy out Sirius XM (SIRI), removes a lot of risk from the equation while providing clearer channels for investors to bet on the media conglomerate's underlying assets.
- SIRI -0.6% as its left dangling in the wind a bit, while LMCA is +9.0% premarket.
Mar. 13, 2014, 6:22 PM
- Liberty Media (LMCA) is creating two new tracking stocks: One will be known as Liberty Media, and the other Liberty Broadband. Investors will receive one share of the former tracking stock, and four shares of the latter, for each Liberty share they currently own.
- Shareholders will also get "a subscription right to acquire one additional series A or series B share of Liberty Broadband tracking stock for every five shares of series A or five shares of series B Liberty Broadband tracking stock they receive in the Distribution."
- The subscription rights will be priced at "a 20% discount to the 20-trading day volume weighted average trading price of Liberty Broadband tracking stock following the closing of the Distribution."
- The tracking stocks are expected to trade under the symbols LBRDA and LBRDB. The broadband tracking stock will cover Liberty's stakes in Charter and Time Warner Cable, and its TruePosition subsidiary.
- As a result of the change, Liberty says its previous offer for Sirius XM (SIRI) is "no longer applicable." The company adds it remains an "enthusiastic" owner of 53% of Sirius.
- SIRI -2.1% AH. LMCA +0.7%.
Feb. 14, 2014, 1:06 PM
- Jana Partners added 400K shares of General Motors (GM +1.8%) to its holdings to take its position up to 7.971M shares as of December 31, 2013.
- In other bets on the automobile industry, the hedge fund disclosed it was long 50M shares of Sirius XM Holdings (SIRI +1%) and 2.78M shares of Visteon (VC +0.7%) on the same date.
- SEC Form 13G
Feb. 5, 2014, 9:12 AM
Feb. 4, 2014, 7:27 AM
- SiriusXM Radio (SIRI) says subscriber acquisitions costs fell to just 12% of total revenue in Q4 to mark the lowest percentage in the company's history for the ratio.
- The company added 411,484 self-pay subscribers to take its self-pay base up to 21.1M.
- Subscriber revenue was up 10.1% to $852.5M.
- 2014 guidance is reaffirmed.
Feb. 4, 2014, 7:01 AM
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Feb. 3, 2014, 5:30 PM
Jan. 29, 2014, 3:45 PM
Jan. 28, 2014, 11:31 AM| Jan. 28, 2014, 11:31 AM | Comment!
Jan. 7, 2014, 6:46 PM
- Sirius XM Radio (SIRI +0.8%) has named former DirecTV CEO Eddy Hartenstein, former DaimlerChrysler CEO James Holden, and long-time American Express executive Joan Amble to a 3-person special committee to evaluate Liberty Media's (LMCA +0.4%) $3.68/share bid.
- SIRI shares closed the day at $3.86, a 4.9% premium to Liberty's bid, as investors continue holding bets that the offer will be boosted.
Jan. 7, 2014, 7:53 AM
- Ralph Nader speaks out about Liberty Media's (LMCA) pursuit of Sirius XM Radio (SIRI) which has stirred some debate.
- The legendary consumer advocate isn't concerned about the direction of the companies involved, he just thinks the offer is too low for SIRI shareholders.
- SIRI +0.8% premarket to $3.86 vs. LMCA's bid of $3.68.
Jan. 6, 2014, 9:11 AM
- Gainers: SEED +29%. PPHM +28%. EONC +18%. OXBT +18%. CPRX +13%. CBMX +13%. SCTY +11%. SOL +10%. XPO +10%. ETRM +9%. RMBS +9%. GRO +8%. PACR +8%. SIRI +8%. PXLW +7%. LIVE +7%. ATHX +7%. RSOL +7%. P +6%. CPST +6%. FRO +5%. TSL +5%.
- Losers: SCSS -13%. GYRO -8%. SRPT -7%. CAMT -6%. TWTR -6%. ARIA -6%. CHTP -5%.
Jan. 6, 2014, 8:39 AM
- Shares of Sirius XM Radio (SIRI) race 7.8% higher to $3.85 in premarket trading following an offer late Friday from Liberty Media (LMCA) to take over the company in a deal which values the company at $3.68 per share.
- In a conference call with analysts, execs said if the deal is completed it would allow Liberty to start buying back shares at an increased pace.
Jan. 3, 2014, 6:24 PM
- After coming off a halt, Sirius XM (SIRI) is trading at $3.75 after hours in the wake of Liberty Media's (LMCA) offer to assume full ownership of the satellite radio owner.
- That represents a 5% gain from Sirius' closing price of $3.57, and is 1.9% above the $3.68/share buyout price implied by Liberty's all-stock offer. Some Sirius shareholders might be betting on a better offer arriving.
- Liberty shares are up 0.5% AH.
Jan. 3, 2014, 4:51 PM
- Liberty Media (LMCA), which already owns a majority stake in Sirius XM (SIRI), is proposing to make Sirius a 100%-owned subsidiary through an all-stock deal. (PR)
- Liberty proposes to have each Sirius converted into a 0.076 new Liberty Series C shares, and then distribute, on a 2:1 basis, Series C shares to all holders of Liberty's Series A and B shares.
- The exchange ratio values Sirius at $3.68/share based on Liberty's Friday close; that's an $0.11, or 3%, premium to Sirius' closing price of $3.57.
- Sirius' public shareholders would own 39% of the new company, which (based on current prices) stands to have a market cap of $27B.
- Sirius shares are halted. CC at 5PM ET.
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