The sudden exit of Irving Azoff, chairman and famous music
Live Nation Entertainment, Inc.
), has helped
Liberty Media Corp.
) to increase its stake in the company by 90 basis points to
Irving Azoff, the former chairman of Live Nation Entertainment
sold 1.7 million shares out of 3 million, which he had till
December 21, 2012.
Before Azoff became the chairman of Live Nation, he was the
chief executive officer (CEO) of Ticketmaster. Later in 2010 when
Ticketmaster merged with Live Nation, Azoff became the executive
chairman and the very next year he was promoted to chairman of
Few days back, Liberty Media bought additional 1.88 million
SIRIUS XM Radio Inc.
), hence extending its stake to 49.77% from 48.1%. Moreover, the
company also invested $204 million to purchase preferred stock of
one of the leading bookseller of the world
Barnes & Noble, Inc.
), which can be converted into approximately 12 million shares of
In the recently concluded quarter, the company reported 2,943
million of cash and cash equivalents and $541 million of debt.
Such solid cash position and reduced debt has encouraged Liberty
Media to continuously raise its stake in other firms.
We maintain our long-term Neutral recommendation on Liberty
Media. Currently, it holds a short-term Zacks #3 Rank (Hold) on
Englewood, Colorado-based Liberty Media Corporation owns
interests in a broad range of businesses, including media,
communications and entertainment.
BARNES & NOBLE (BKS): Free Stock Analysis
LIBERTY MDA-LC (LMCA): Free Stock Analysis
LIVE NATION ENT (LYV): Free Stock Analysis
SIRIUS XM RADIO (SIRI): Free Stock Analysis
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