Liberty Media has moved its stake in Live Nation under the same umbrella as SiriusXM with an eye toward "synergistic" opportunities between the two companies.
John Malone's Liberty Media moved its $2.6b stake in Live Nation to its SiriusXM tracking stock this morning from its Formula One Group. Liberty Media owns 33% of Live Nation.
Liberty Media President and CEO Greg Maffei told analysts “this combines a complementary set of businesses that are established leaders in the live and audio entertainment space. Both the new Formula One Group and Liberty SiriusXM Group now have currencies with which to complete acquisitions, raise capital and engage in share repurchases, among other things."
Maffei used the term “synergistic” in reference to Live Nation and SiriusXM looking for ways to work together.
