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Fly News Breaks for October 19, 2017
Oct 19, 2017 | 12:50 EDT
Liberty Media (LMCA) currently owns 69.6M shares of Live Nation Entertainment (LYV), or 34.4% of the outstanding shares, FBN Securities analyst Robert Routh tells investors in a research note. The stake cannot go above 35% without approval from the Live Nation board or if Liberty tenders for all the equity it does already own, the analyst points out. Liberty Media tracks its stake via Liberty Formula One Group (FWONA). Routh notes. Liberty Media's restriction on Live Nation is the same one that was in place with HSN, Inc. (HSNI), which QVC Group (QVCA) recently agreed to purchase in its entirety. The analyst wonders if it makes sense for Liberty, given where Formula One is trading, to attempt to tender for the rest of Live Nation now, using equity as the deal currency. Such a move would not only put 100% of Live Nation under the Liberty Media umbrella, it would also make it easy for Liberty to highlight the value of Formula 1, Live Nation or both without any "onerous" tax consequences, Routh contends. Shares of Live Nation are up 17c to $42.76 in midday trading.
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