Liberty Media bids for larger stake in Live Nation after merger with Ticketmaster

Liberty Media bids for larger stake in Live Nation

ENGLEWOOD, Colo. — Liberty Media is looking to more than double its stake in Live Nation Entertainment, the new company formed by the merger of concert promoter Live Nation and Ticketmaster.

Shares in Live Nation Entertainment Inc. jumped $1.70, or 16 percent, to $12.21.

Liberty, the media conglomerate controlled John Malone, said it is launching a tender offer for up to 34.5 million shares of the company just a day after the U.S. Justice Department approved the deal. Liberty said it will pay $12 per share, representing a 14 percent premium over the closing sale price of $10.51.

Liberty said the purchase would bring its stake to 34.9 percent of the outstanding stock, up from 14.6 percent. The company said it has an agreement with Live Nation that allows it to own up to 35 percent.

Liberty Media Corp. owns the Starz cable channels, the QVC Shopping Network and stable of Web properties.