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Liberty To Up LYV Stock Ante
Liberty Media Corp. announced May 18 it intends to purchase up to 3.7 million shares of Live Nation Entertainment in the wake of LYV’s announced offering of $250 million in convertible notes. Liberty currently owns about 26 percent of Live Nation with about 52 million shares
The media conglomerate announced it would buy the shares from investors participating in the offering through market purchases “following the completion of Live Nation’s market efforts,” according to the Denver Business Journal.
Greg Maffei, Liberty Media’s president and CEO, also serves as Live Nation Entertainment’s board chairman.
Live Nation announced earlier in the day it will offer the convertible senior notes due in 2019 and another $250 million in senior notes due in 2022. It intends to use the proceeds to redeem existing notes as well as to reinvest “in core business and for general corporate purposes, including potential acquisitions,” according to a statement.