Englewood,
Colo. – Liberty Media (NASD: LINTA), the media
conglomerate controlled by John Malone, whose holdings include Starz, Overture
Films and QVC, on Tuesday announced its intention to increase its stake in the
newly merged Live Nation Entertainment (NYSE: LYV) by purchasing up to 34.5 million shares.
Liberty
currently owns about 14.6% of Live Nation.
The company’s offer price of $12 per
share represents a premium of 14.3% over the closing price of Live Nation
shares on Monday.
If the deal is completed, Liberty would own about 34.9% of the
outstanding shares of Live Nation.
Live Nation won U.S. antitrust approval of its $870
million merger with Ticketmaster Entertainment on Monday.
Liberty characterized its purchase of Live
Nation shares as "for investment purposes," and will attribute any
shares it purchases to its Liberty Capital group.
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