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Liberty Media 'a'




Liberty Media Corporation is a holding company owning interests in a broad range of media, electronic retailing, communications and entertainment businesses.


Liberty Media 'a' is a publicly traded company having a good stock performance result.  Liberty Media 'a' is a fortune 500 stock listed company trading under L.




They have two series of common stock, Series A and Series B, which trade on the New York Stock Exchange under the symbols L and LMC.B, respectively.


Liberty Media takes its freedom to acquire other businesses seriously. Liberty has stakes in a wide variety of cable channels such as Starz, Court TV, 98percent of home shopping network, and flower and food e-tailer Provide Commerce. In addition, Liberty Media is one of the largest shareholders of News Corp. the Company was a subsidiary of AT&T, which had acquired former parent Tele-Communications, Inc. in 1999. Liberty Media completed a spin off of its own in 2004 by separating its international assets into a new company.


The face value of their debt was 10.9 billion dollars at year end, approximately one billion lower than it was at the end of 2003 as a result of debt repayments under their debt reduction program. They plan to repay another 1 billion dollars of debt in 2005 and they recently commenced a tender offer for some of the debt that matures in 2006. If they are successful with this offer, they will have repurchased enough of their public debt to complete the debt reduction program. Their substantial asset value and their significant recurring cash flow give them a very high level of confidence in their ability to meet their interest and principal payments as they come due.




Despite their comfort with their debt position, two of the national credit rating agencies recently lowered their ratings on their debt to below investment grade. They disagree with these agencies’ assessment of the extent to which their strategy of integration has changed their overall creditworthiness. Moreover, as shareholders and as stewards of the investments of their fellow shareholders, they are satisfied that they have struck an appropriate balance between the higher equity returns and the higher risk that accompany the effective increase in their debt leverage.




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