Some late-night announcements from John Malone’s Liberty Media, very much in need of unlocking its own share value, regarding its stakes in other companies.
– Time Warner: Liberty wants the FTC to amend an agreement from 1997 when it was part of TCI, then the largest U.S. cable operator, that keeps it from voting its TW stake prior to February 2007. Liberty owns 4 percent of TW, according to its posted portfolio. Liberty says the deal should be accelerated because the compnay no longer holds any stake in a U.S. cable operator. In the process, CEO-elect Greg Maffei tips his hat to the recent settlement with Carl Icahn and adds a little pressure: “Liberty aims to convert its Time Warner stake to voting shares early to enable us to participate actively in key shareholder votes and actions. We are pleased with the steps Time Warner has recently taken to enhance shareholder value, including the acceleration of its share repurchase program, and look forward to additional actions.”
– IAC/I: Liberty wants Hart-Scott-Rodino rulings on expanding its stake in Barry Diller-led companies IAC/I and Expedia, posing the request as approval of current strategy and as a desire for more share buybacks. Liberty already owns 22 percent of IAC/I, representing 47 percent of voting power; Diller has voting control. Liberty also holds 20 percent of Expedia’s common stock.
Nothing about the stake analysts may watch most closely — Liberty’s 16-percent holding in News Corp., a subject raised routinely when Malone and Rupert Murdoch do investor calls.
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