Reading The Tea Leaves For Liberty Media

Liberty Media, led by Chairman John Malone and new CEO Greg Maffei, is back in full-power chess mode aided by the recent split into two tracking stocks: Liberty Capital for cable programming and media holdingsand Liberty Interactive for everything else, including QVC and holdings in Barry Diller’s IAC/I and Expedia. As Rob Routh, an analyst with Jefferies & Co. tells, “The tracking stocks did simplify the Liberty story. Malone is preparing the companies for a flurry of maneuvers that would have gotten lost if the company was still one entity.” Routh expects Liberty to shop its 50 percent of Discovery Holding before the end of the year. (Of course, this being Malone we’re probably not talking about a simple sale.) One scenario offered by Ryan Jacob, manager of Jacob Internet Fund: Get Diller to merge HSN with QVC. (via DealBook)

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