Liberty Media repurchases 5.2% of own stock from Comcast

By IVCPOST Staff Reporter

Oct 10, 2013 10:52 AM EDT

Liberty Media Corp bought back 5.2% of its own shares from Comcast Corp in a cash deal worth USD 417 million. As part of the transaction, Comcast also got a newly-established Liberty Media as its subsidiary, as well as the rights to a revenue-sharing agreement on the carriage of cable and satellite business news channel CNBC. The deal was announced by Colorado-based Liberty Media today, the holding firm of billionaire John Malone.

Liberty Media also revealed its intention to sell USD 500 million worth of Sirius XM Radio Inc shares back to the company. Sirius had increased its stock repurchase plan by USD 2 billion. After the deal, Liberty Media said it would still hold over 52% of the New York-based satellite radio company.

Meanwhile, another holding firm owned by John Malone announced plans to separate into two tracking stocks. One unit of Liberty Interactive Corp would be called the QVC Group, while the other would known as Liberty Digital Commerce.

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