NEW YORK (CelebrityAccess) — John Malone's Liberty Media has increased its stake in Live Nation.
In a recent regulatory filing, Live Nation revealed that Liberty Media is in the process buying 15.9 million shares. Those shares will raise Liberty's interest in Live Nation to 69,645,033 shares, or 34.4%, just shy of their previously approved limit of 35%.
For some time, Liberty been seen as a potential suitor to acquire Live Nation and a number of senior Liberty executives serve on Live Nation's board of directors, including Liberty President/CEO Gregory Maffei, who serves as Chairman of the Board at Live Nation.
In addition to its holdings in Live Nation, Liberty holds an interest in a number of other entertainment companies, including a controlling stake in satellite broadcaster SiriusXM and Kroenke Arena Company, which operates the Pepsi Center.
The settlement date for the purchase is scheduled to complete on December 2, 2015. – Staff Writers