* Starz shares convert to 0.88129 Liberty Capital share
* Share buyback plan increased
NEW YORK, Nov 17 (Reuters) - John Malone's Liberty Media Corp plans to eliminate its tracking stock structure and combine Liberty Starz LSTZA.O and Liberty Capital LCAPA.O stock into one asset-backed stock.
The board voted to convert each share of Starz common stock into 0.88129 of a Liberty Capital share effective at the end of business on Nov 28.
Liberty Media had until this fall operated with three tracking stocks following different units of the business. But the structure had made some investors discount the company which had owned TV shopping channel QVC, Starz pay-TV as well as numerous key stakes in companies like Live Nation (LYV.N), Barnes & Noble (BKS.N) and Sirius XM (SIRI.O).
The board also voted to increase its stock buyback plan for Liberty Capital to $1.25 billion following the conversion.
The news was announced just hours ahead of a Liberty Media's investor day.
Earlier this month Liberty Media, which is chaired by Malone, a former cable TV mogul, split off Liberty Interactive as a separate company with QVC as its main asset. (Reporting by Yinka Adegoke; Editing by Derek Caney)