NEW YORK (CelebrityAccess MediaWire) — IAC/Interactive partner Liberty Media has launched a bid to more than double their holdings in the newly merged Live Nation Entertainment.
Liberty is looking to pick up as much as $34.5 million shares in the company, at 12 dollars a share, an increase of more than 20% of its current holdings, the Los Angeles Business Journal said. Liberty currently has an agreement with Live Nation that limits them to a total holding of 35% of the company.
Headed up by mogul John Malone, Liberty's primary focus is it's cable offerings such as The Discovery Channel, Starz and the QVC channel, web destinations such as OpenTV and Backcountry.com as well as holdings in satellite radio provider SiriusXM, which it saved from bankruptcy with a cash infusion in 2009. Liberty also has a major stake in News Corp, the parent of Fox Cable News. – CelebrityAccess Staff Writers