Key Developments: Liberty Media Corp (LMCA.OQ)
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Latest Key Developments (Source: Significant Developments)
Liberty Media Corp To Replace Virgin Media Inc In NASDAQ-100 Index Beginning June 5, 2013
Liberty Media Corp announced that it will become a component of the NASDAQ-100 Index, the NASDAQ-100 Equal Weighted Index, and the NASDAQ-100 Ex-Technology Sector Index prior to market open on June 5, 2013. Liberty Media Corporation will replace Virgin Media Inc. Full Article
Charter Communications Inc And Liberty Media Corp Announces Agreement For Investment
Charter Communications Inc and Liberty Media Corporation announced that Liberty Media has entered into a definitive agreement with investment funds managed by, or affiliated with, Apollo Management, Oaktree Capital Management and Crestview Partners to acquire approximately 26.9 million shares and approximately 1.1 million warrants in Charter Communications, Inc. for approximately $2.617 billion, which represents an approximate 27.3% beneficial ownership in Charter and a price per share of $95.50. Liberty expects to fund the purchase with a combination of cash on hand and new loan arrangements. The transaction is expected to close in the first half of the second quarter of 2013. Upon closing, funds managed by Crestview and Oaktree will hold approximately 7.4% and 2.2%, respectively, of Charter's common shares. Liberty Media was advised by LionTree Advisors and Baker Botts L.L.P. Charter was advised by Kirkland & Ellis LLP. Apollo was advised by Citi and Wachtell, Lipton, Rosen & Katz. Oaktree was advised by Citi, Goldman Sachs and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Crestview was advised by Davis Polk & Wardwell LLP. Full Article
Liberty Media Corp Close To Buying Stake In Charter Communications Inc-Reuters
Reuters reported that Liberty Media Corp is close to buying a 25% stake in Charter Communications Inc for about $2.5 billion, the Wall Street Journal reported. A Liberty spokeswoman declined to comment on the report while a spokeswoman for Charter was not immediately available for comment. Full Article
Liberty Media Corp Takes Majority Control Of Sirius XM Radio Inc-DJ
Dow Jones reported that Liberty Media Corp has taken majority ownership of Sirius XM Radio Inc., after months of trying to wrest control of the satellite radio broadcaster. John Malone's Liberty Media bought another 50 million shares of Sirius stock at an average price of $3.15 per share. After that purchase, Liberty owns about 1.9 billion shares of Sirius XM's common stock. It also separately owns about 1.29 billion preferred shares. Including the convertible preferred shares, Liberty Media holds about 50.7% of Sirius XM's outstanding common stock. Full Article
Liberty Media Corp And Starz Announces Completion Of Spin-Off
Liberty Media Corporation and Starz announced the completion of the spin-off of Liberty from Starz at 5:00 p.m., New York City time, today. As a result, Liberty and Starz are now separate publicly traded companies. As announced earlier, in connection with the Spin-Off, Liberty changed its name from 'Liberty Spinco, Inc.' to 'Liberty Media Corporation', and Starz changed its name from 'Liberty Media Corporation' to 'Starz'. Both companies will begin trading regular way on The Nasdaq Stock Market on January 14, 2013. Following the Spin-Off, Liberty's principal businesses and assets include its consolidated subsidiaries Atlanta National League Baseball Club, Inc. and TruePosition, Inc., equity affiliates Sirius XM Radio Inc. and Live Nation Entertainment, Inc. and minority investments in public companies such as Barnes & Noble, Inc., Time Warner Inc., Time Warner Cable Inc. and Viacom Inc.. Starz' businesses and assets consist of those of Starz, LLC, its wholly owned subsidiary. Prior to the Spin-Off, Starz utilized cash on hand and borrowings under its bank credit facility and distributed an additional $1.2 billion to Liberty Media Corporation (previously, Starz had distributed $600 million to Liberty Media Corporation). Following the Spin-Off, Liberty will have approximately $450 million available under its stock repurchase program, and Starz will have approximately $400 million available under its stock repurchase program. Full Article
Time Warner Cable posts weak Internet numbers, sparks deal talk
- Time Warner Cable Inc reported quarterly revenue below analysts' estimates as it added less than half the number of subscribers for high-speed data services that analysts had expected.

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