Entering text into the input field will update the search result below

Investing In The Liberty Media Empire

Yale Bock profile picture
Yale Bock


  • Charter looks interesting through Liberty Broadband.
  • LSXMA trades at a discount to SIRI and has optionality.
  • Qurate and Formula One are works in progress.

I have invested in Liberty Media (FWONA) (OTCQB:FWONB) for over 20 years and owned each of the different entities in the complex and now is an interesting time to look at the various entities. Before investigating some of the possibilities, it is important to note that the chairman of Liberty John Malone has a Ph.D. in operations management from John Hopkins. Most investors are familiar with Mr. Malone's and Greg Maffei's (CEO of many entities in the complex) deal-making prowess. What is overlooked are the operational improvements over time that take place among the various entities which comprise the empire. Two prime examples would be Sirius Satellite (SIRI) and Live Nation (LYV). When Liberty became involved with each, many years ago, they were not close to what they have now become. The transformation occurred after Liberty installed CEOs - Jim Meyer and Michael Rapino - and got major board representation and control. Each year, revenues, subscribers, and margins improved and churn has been reduced at SIRI. At Live Nation, the technology was revamped and now a large business has been created out of sponsorship and advertising. Much improvement has been made in terms of selling out the different arenas' sections, as well as the consumer experience regarding concessions, so what Live gets at the margin from each event has gone up each year. Malone and Liberty entities are all about improving every area of a business, so efficiency is the priority, and it usually translates into improving margins over time. Also, when an entity has a bad quarter or two like QVC did about a year ago, the problems get fixed. With respect to the current holdings, there are several interesting situations.

First, let’s look at Liberty Broadband (NASDAQ:LBRDA), which is

This article was written by

Yale Bock profile picture
I am the President of Y H & C Investments, a Registered Investment Adviser based in Las Vegas, NV. My educational background is a B.A. in Economics from UC-Irvine, a MBA from UC-Irvine, and have earned the right to use the Chartered Financial Analyst designation.

Analyst’s Disclosure: I am/we are long P, LSXMA, LSXMK, QRTEA, LBRDA, LBRDK, LYV, LILA, LILAK, LBTYA, LBTYK. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.