Liberty Media Moves to Bolster Formula One With Reallocation [Yahoo! Finance News]
Liberty Media Corporation - Series A Liberty SiriusXM (LSXMA)
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Source: Yahoo! Finance News
Bloomberg) -- John Malone’s Liberty Media Corp. moved to shore up its Formula One Group auto-racing unit, shifting some assets among Liberty’s wide variety of properties and injecting more cash into the division.The holding company reattributed $1.5 billion in net asset value to Formula One from Liberty SiriusXM Group, the satellite-radio operator, and reattributed another $1.5 billion in net asset value to Liberty SiriusXM from Formula One, according to a statement Thursday.Though the equal allocations make it look like an even deal for the two units, the mix favors Formula One. Liberty shifted Formula One’s entire stake in troubled Live Nation Inc. to Liberty SiriusXM, and moved a net of $1.4 billion in cash to Formula One from Liberty SiriusXM.The Liberty shares representing its Formula One stake rose as much as 12% to $28.79 in New York trading Thursday, while Liberty SiriusXM shares fell as much as 8.4% to $27.49 before turning positive later. The separately traded shares of Sir
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