Some are saying this is unexpected. But I suspect it’s more fallout from that 2008 legal feud between John Malone and Barry Diller. That’s because Malone’s Liberty Media today announced plans to begin a partial tender offer to buy up to 34.5 million shares of Diller’s Live Nation Entertainment common stock at a cash price of $12 a share. Liberty through its subsidiaries already owns 14.6% of Live Nation because of a previous stake in Ticketmaster, and yesterday Live Nation and Ticketmaster officially closed their merger. Barry Diller will serve as chairman of the board of Live Nation Entertainment. But remember that a Delaware court ruled against Malone in his effort to block Diller from splitting InterActiveCorp into multiple companies. During that trial, Malone whined a lot about Diller’s arrogantly self-serving management style. Now I bet Malone wants a do-over to play shareholder activist and scrutinize Diller’s every move.
Liberty Media's Live Nation Tender Offer
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