Oct. 10 (Bloomberg) -- Liberty Media Corp., John Malone’s holding company, purchased a 5.2 percent stake of its own stock from Comcast Corp. as part of a reshuffling of the billionaire’s assets.
Comcast received $417 million in cash, a newly created subsidiary of Liberty Media that holds Leisure Arts Inc., and Liberty Media’s rights to a revenue-sharing agreement relating to the carriage of CNBC, according to a statement today from Englewood, Colorado-based Liberty Media.
The company also said it plans to sell $500 million of Sirius XM Radio Inc. shares to the satellite-radio company, which boosted its stock-buyback plan by $2 billion. Liberty Media said it will own more than 52 percent of New York-based Sirius after the transaction.
Separately, Liberty Interactive Corp., another Malone holding, will split into two tracking stocks. One will be called QVC Group and the other Liberty Digital Commerce, the company said in a statement.
Liberty Media shares rose 3.3 percent to $148.08 at 10:05 a.m. in New York. The stock had climbed 32 percent this year through yesterday.
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