Malone’s Other Ownership Play

Live Nation Entertainment isn’t the only recent target of the John Malone-controlled Liberty Media, which now holds a 25.6 percent stake in the company. Liberty is also making a run at majority ownership of Sirius XM Radio, the satellite entertainment giant.

And that puts Malone up against Sirius XM CEO Mel Karmazin, who is putting up resistance to the acquisition – and is used to having things his way.

Karmazin, during the Sirius XM annual meeting May 22, told shareholders that he doesn’t want to report to somebody else as a minority shareholder.

“I want to be held accountable,” Karmazin told shareholders, according to the Wall Street Journal. “I don’t want to be responsible for somebody else making a decision.”

And it’s nothing personal, he says. “Even Warren Buffett” wouldn’t be a suitable boss, WSJ quoted Karmazin.

“If John Malone or anyone else wants to buy that stock, there is nothing we can do,” he said. “But I don’t want them to get control of the company that way without paying a premium.”

Liberty has held preferred shares convertible to a 40 percent stake in Sirius since 2009 and earlier this month increased its position to 46.2 percent, according to WSJ. At the same time, the FCC rejected Liberty’s application for recognition that it had de facto control of Sirius, according to the paper. Liberty reportedly intends to reapply for recognition.

Malone, in addition to topping Liberty, is a member of Live Nation’s Board of Directors.