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Liberty Media to buy 3.7M shares of Live Nation

Media company Liberty Media to buy 3.7 million shares of Live Nation

Associated Press

ENGLEWOOD, Colo. (AP) -- Media company Liberty Media Corp. said Monday that it plans to buy up to 3.7 million more shares of Live Nation Entertainment Inc. after the ticket seller and concert promoter said it was offering $500 million in convertible notes.

Live Nation said it planned to offer $250 million in convertible senior notes due in 2019 and another $250 million in senior notes due in 2022. Los Angeles-based Live Nation is using the money to reinvest in the company.

Liberty Media, which is based Englewood, Colorado, already owns about 52 million shares of Live Nation, a 26 percent stake, according to FactSet. It also holds stakes in book seller Barnes & Noble Inc. and satellite radio company Sirius XM Holdings Inc.