Liberty Posted November 24, 2014 Share Posted November 24, 2014 I was looking up Liberty Media's address because I want to send a xmas card to Dr. Malone, and found that Liberty's HQ is surprisingly nice. No Tom Murphy warehouse for them! http://i.imgur.com/FYho8nr.jpg http://i.imgur.com/VmB1Vu0.jpg Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted November 24, 2014 Author Share Posted November 24, 2014 Well they fly around on corporate jets. This includes Charter and Liberty Global. That may be their biggest excess. Malone gives a lot of stock options to his top lieutenants. Link to comment Share on other sites More sharing options...
thefatbaboon Posted December 1, 2014 Share Posted December 1, 2014 Anyone know whether Sirius would be allowed to buy Liberty Media stock? I know there are cross-shareholder laws in some countries. Now that Sirius is most of the value of LMCA is Sirius seems a bit silly to buy back at 3.6 when one can effectively buy back at around 3.15. Link to comment Share on other sites More sharing options...
100 Shares Posted December 2, 2014 Share Posted December 2, 2014 I don't believe their are cross shareholder laws. For example before the swap between BRK and the Washington Post, they each held shares of eachother. Link to comment Share on other sites More sharing options...
thefatbaboon Posted December 2, 2014 Share Posted December 2, 2014 I don't believe their are cross shareholder laws. For example before the swap between BRK and the Washington Post, they each held shares of eachother. I think would only be an issue - if at all - where both companies were part of one "group" with one a subsidiary and the other a parent. Certainly, like you say, not a problem with two companies that have minority shareholdings in one another like BRK and Post. Link to comment Share on other sites More sharing options...
Liberty Posted December 3, 2014 Share Posted December 3, 2014 http://www.nytimes.com/2014/12/03/business/media/live-nation-board-adds-jimmy-iovine.html Jimmy Iovine, the record executive who joined Apple this year as part of its $3 billion purchase of Beats, has joined the board of Live Nation Entertainment, the company announced on Tuesday. Link to comment Share on other sites More sharing options...
benchmark Posted December 27, 2014 Share Posted December 27, 2014 I got mine their oversubscription rights, any one else? Link to comment Share on other sites More sharing options...
Liberty Posted December 29, 2014 Share Posted December 29, 2014 Expected, but still good news: Greg Maffei to continue as President and CEO of Liberty Interactive and Liberty Media Corporations ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Interactive Corporation (Nasdaq: QVCA, QVCB, LVNTA, LVNTB) and Liberty Media Corporation (Nasdaq: LMCA, LMCB, LMCK) announced today that their respective Boards of Directors have approved new employment arrangements with President and CEO Gregory B. Maffei that are intended to secure his services through 2019. "We are extremely pleased that Greg will continue in his leadership role for another five years," said John Malone, Chairman of Liberty Interactive and Liberty Media. "His creativity and strategic vision have been transformational and have created tremendous shareholder value since he joined us in 2005." "I am thrilled to continue in my role at Liberty," said Greg Maffei, Liberty Interactive and Liberty Media President and CEO. "I want to thank John and the Board members for the support I have received as we have made significant investments and transformative changes. Today, Liberty has a portfolio of businesses that are very well-positioned for the digital mobile era, led by great management teams, with the resources to be opportunistic in the future." Link to comment Share on other sites More sharing options...
ZenaidaMacroura Posted December 30, 2014 Share Posted December 30, 2014 I got mine their oversubscription rights, any one else? You have the rights - but I thought the oversubscription wouldn't be realized until Jan 9th when you know how many rights other people forgo? Link to comment Share on other sites More sharing options...
compoundinglife Posted December 30, 2014 Share Posted December 30, 2014 I got mine their oversubscription rights, any one else? You have the rights - but I thought the oversubscription wouldn't be realized until Jan 9th when you know how many rights other people forgo? Cash for the oversubscription is usually debited up front when you exercise. So what benchmark saw is probably the cash withholding. Oversubscription will be sorted out after the deadline at which point any unused cash will be returned. Link to comment Share on other sites More sharing options...
Liberty Posted January 2, 2015 Share Posted January 2, 2015 http://www.valuepodcast.com/417 Kevin Byun on John Malone’s Financial Brilliance Link to comment Share on other sites More sharing options...
Liberty Posted January 7, 2015 Share Posted January 7, 2015 http://investor.siriusxm.com/releasedetail.cfm?ReleaseID=890000 SiriusXM today announced that it ended 2014 with 27.3 million subscribers, reporting 1.75 million net subscriber additions in the year, exceeding the company's increased guidance of 1.5 million net additions. Self-pay net additions in 2014 were 1.44 million, exceeding the company's 2014 guidance of 1.25 million and resulting in ending self-pay subscriptions of over 22.5 million. "SiriusXM performed very well in 2014, exceeding our 2014 subscriber and financial guidance, even after pushing most of these targets higher during the year. With more people than ever subscribing to satellite radio, we expect the company's strong performance to continue in 2015," said Jim Meyer, SiriusXM's Chief Executive Officer. The company also issued 2015 guidance for net subscriber additions, revenue, adjusted EBITDA, and free cash flow: Net subscriber additions of approximately 1.2 million, Revenue of approximately $4.4 billion, Adjusted EBITDA of approximately $1.6 billion, and Free cash flow of approximately $1.25 billion. At today's market cap, SIRI is selling for 14.7x 2015's FCF. For a company growing this fast... And they usually raise and beat guidance. Gotta love those big buybacks. Link to comment Share on other sites More sharing options...
loganc Posted January 7, 2015 Share Posted January 7, 2015 Agreed. The guidance looks sandbagged based on my estimates. I would also bet that we get another raise and beat for 2015. Link to comment Share on other sites More sharing options...
Liberty Posted January 7, 2015 Share Posted January 7, 2015 And I expect that by the time the NOLs run out and they have to start paying taxes, SIRI will have been folded into LMCA (the buybacks bring that day closer all the time) and Malone and Maffei will find a way to minimize taxes further. Link to comment Share on other sites More sharing options...
dwy000 Posted January 7, 2015 Share Posted January 7, 2015 http://investor.siriusxm.com/releasedetail.cfm?ReleaseID=890000 SiriusXM today announced that it ended 2014 with 27.3 million subscribers, reporting 1.75 million net subscriber additions in the year, exceeding the company's increased guidance of 1.5 million net additions. Self-pay net additions in 2014 were 1.44 million, exceeding the company's 2014 guidance of 1.25 million and resulting in ending self-pay subscriptions of over 22.5 million. "SiriusXM performed very well in 2014, exceeding our 2014 subscriber and financial guidance, even after pushing most of these targets higher during the year. With more people than ever subscribing to satellite radio, we expect the company's strong performance to continue in 2015," said Jim Meyer, SiriusXM's Chief Executive Officer. The company also issued 2015 guidance for net subscriber additions, revenue, adjusted EBITDA, and free cash flow: Net subscriber additions of approximately 1.2 million, Revenue of approximately $4.4 billion, Adjusted EBITDA of approximately $1.6 billion, and Free cash flow of approximately $1.25 billion. At today's market cap, SIRI is selling for 14.7x 2015's FCF. For a company growing this fast... And they usually raise and beat guidance. Gotta love those big buybacks. Even lower multiple if you assume - and why wouldn't you? - that they continued to buy back stock since the last 10Q (which the market cap would be based upon). Link to comment Share on other sites More sharing options...
loganc Posted January 7, 2015 Share Posted January 7, 2015 Even lower multiple if you assume - and why wouldn't you? - that they continued to buy back stock since the last 10Q (which the market cap would be based upon). It is likely that the share repurchases in Q4 only served to offset the dilution from the convertible debt. I would assume that the share count in Q3 10Q is likely a good estimate for the end of the year count. Link to comment Share on other sites More sharing options...
dwy000 Posted January 7, 2015 Share Posted January 7, 2015 Great candid discussion with Greg Maffei at Citi conference. Interesting comments on how he swapped TRIPA and TRIPB shares with Malone such that Maffei now has voting control. http://www.veracast.com/citigroup/imt2015/main/player.cfm?eventid=80004 Link to comment Share on other sites More sharing options...
Liberty Posted January 8, 2015 Share Posted January 8, 2015 Great candid discussion with Greg Maffei at Citi conference. Interesting comments on how he swapped TRIPA and TRIPB shares with Malone such that Maffei now has voting control. http://www.veracast.com/citigroup/imt2015/main/player.cfm?eventid=80004 Here's the audio if anyone wants to download it: https://www.dropbox.com/s/g38p1le3242wz7d/2015-jan-LMCA-citi-conf.m4a?dl=0 Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted January 8, 2015 Author Share Posted January 8, 2015 Great candid discussion with Greg Maffei at Citi conference. Interesting comments on how he swapped TRIPA and TRIPB shares with Malone such that Maffei now has voting control. http://www.veracast.com/citigroup/imt2015/main/player.cfm?eventid=80004 It sounds like Malone will slowly/eventually sell off his TRIP stake. If he gives up control, he will have less insider trading restrictions when he sells. Link to comment Share on other sites More sharing options...
txlaw Posted January 8, 2015 Share Posted January 8, 2015 Note that it’s not entirely clear that the above-described hybrid approach is even permissible under the law, and that there wouldn’t be a number of legal challenges to that approach brought on by the telcos/cablecos (because of the very circumscribed paid prioritization). So maybe Wheeler and Co will go with the cleaner solution and re-classify everything as Title II services, letting the fight go both to the courts and to Congress. This would be Obama’s preferred approach, as the GOP will essentially be forced into proposing legislation rolling back “net neutrality” and “government interference." That roll back would probably look something like the hybrid approach that allows for much broader paid prioritization. It'll cost them politically, though. New developments on this front. Tom Wheeler pretty much says he will go with Title II approach: http://www.theverge.com/2015/1/7/7510321/tom-wheeler-says-fcc-will-vote-on-net-neutrality-on-february-26th I'm guessing the hybrid approach wasn't going to work because of threatened suits by all the broadband providers. Verizon, in particular, claims that the FCC doesn't even have the authority to regulate what they call "peering issues." That tells you what approach these guys are gonna take -- might as well go whole hog and try to get some real change for once. Republicans will try to legislate and want FCC to delay decision: http://www.politico.com/story/2015/01/tom-wheeler-net-neutrality-114069.html Obviously they want a delay because legislation overturning an FCC decision will look bad for the GOP in the next Presidential election. They'll be slammed for backing the oligopolist broadband providers. Interesting stuff. Link to comment Share on other sites More sharing options...
HWWProject Posted January 8, 2015 Share Posted January 8, 2015 http://www.valuepodcast.com/417 Kevin Byun on John Malone’s Financial Brilliance Listened to this yesterday on ride home. I've been listening to to different podcasts from the iphone much more lately during commute. Just wonder how much podcasts might be a threat to SIRI? This free podcasting business seems to be picking up steam. Like Sirius, there are thousands of different podcast 'channels'. Most currently 'interview-based' though and not music. Just a thought ran through my mind. Malone and company certainly know the business. Link to comment Share on other sites More sharing options...
Liberty Posted January 8, 2015 Share Posted January 8, 2015 http://www.valuepodcast.com/417 Kevin Byun on John Malone’s Financial Brilliance Listened to this yesterday on ride home. I've been listening to to different podcasts from the iphone much more lately during commute. Just wonder how much podcasts might be a threat to SIRI? This free podcasting business seems to be picking up steam. Like Sirius, there are thousands of different podcast 'channels'. Most currently 'interview-based' though and not music. Just a thought ran through my mind. Malone and company certainly know the business. I think it's a threat and an opportunity. But even if they're growing fast, podcasts are still tiny tiny compared to, say, terrestrial radio. But nothing keeps SIRI from assimilating some of the good things about podcasts. They could have channels that are curated, 'best of' podcasts on certain topics (getting on SIRI could be what podcasters aspire to, getting you in front of a big audience that probably wouldn't find you otherwise). What SIRI sells is a curated, easy-to-use product that has prime real estate in the car. What they call a "lean back experience". Podcasting is a nice platform/technology, but it's not a product by itself, and how its packaged will matter a lot in how it appeals to different types of people IMO. Link to comment Share on other sites More sharing options...
txlaw Posted January 14, 2015 Share Posted January 14, 2015 Obama calls for end to state laws prohibiting muni broadband. http://arstechnica.com/business/2015/01/obama-calls-for-end-to-19-state-laws-that-harm-community-broadband/ Link to comment Share on other sites More sharing options...
Guest JoelS Posted January 14, 2015 Share Posted January 14, 2015 Txlaw, you appear to be fairly experienced in legal issues. How much damage do you think Obama and the FCC can do to the cable companies.. If you had to lay it out in a probability tree, do you see impairment in value over a 3-5 year period? Link to comment Share on other sites More sharing options...
txlaw Posted January 15, 2015 Share Posted January 15, 2015 Txlaw, you appear to be fairly experienced in legal issues. How much damage do you think Obama and the FCC can do to the cable companies.. If you had to lay it out in a probability tree, do you see impairment in value over a 3-5 year period? I can't go too much into the legal issues, unfortunately, as I actually used to practice telecom law and it would be imprudent for me to give anything resembling legal advice on the Internet. And putting a probability tree out there would be very much the type of analysis that you might get from regulatory counsel, so that's a no go. Also, a lot of the outcomes are dependent on politics, as opposed to legal issues. Not exactly sure what you mean by impairment over a 3-5 year period. Are you asking whether or not I think the effects of regulation will show up in cable co earnings/biz prospects over the next 5 years? Link to comment Share on other sites More sharing options...
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