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Liberty Media raises over $500 million for media and entertainment acquisitions

By | Published on Thursday 28 January 2021

Liberty Media

A newly formed “special purpose acquisition company” created last year by media and entertainment conglomerate Liberty Media raised $575 million from an initial public offering on the Nasdaq stock exchange last week, it has been announced. That money will be used to buy up media, entertainment and communications companies.

Liberty Media already has a significant presence in music, of course. It is the biggest shareholder in Live Nation, and controls US satellite radio firm Sirius and streaming service Pandora. Other businesses in the group’s portfolio include Forumla 1, TV channel Starz and American internet service provider Charter Communications.

The snappily titled Liberty Media Acquisition Corporation has not yet indicated any specific companies that it has its eye on, only that it plans to focus on the “media, digital media, music, entertainment, communications, telecommunications and technology industries”.

The acquisitions outfit is led by Liberty Media CEO Greg Maffei, along with other existing members of the parent company’s management team.