Liberty Media Corp. (1.5%) (LMCA)(LMCA - $130.73 - NASDAQ) is a diversified investment vehicle guided by cable television pioneer John Malone (Chairman) and former Microsoft Corp. (0.2%) CFO Greg Maffei (CEO). The company owns 52% of satellite radio provider Sirius XM, 27% of cable operator Charter Communications, the Atlanta Braves baseball club, and stakes in several other public and private entities. Malone and Maffei have created significant value for shareholders over the past several years as they tax-efficiently distributed, traded, or sold interests in Discovery Communications (1.2%), News Corp (0.4%), Time Warner Inc. (1.1%), DIRECTV, Starz (0.3%), and QVC, among others. Over the last year, Liberty has been focused on new investments and was a key player in Charter's bid for Time Warner Cable (0.3%). To sharpen the focus on these efforts, Liberty announced it would create a tracking stock for its cable investments to be called Liberty Broadband to be issued later in 2014.
From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund first quarter 2014 shareholder commentary.
