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Liberty Media buying up own bird stake

LSAT shareholders to receive parent co. stock

HOLLYWOOD — John Malone’s Liberty Media said Wednesday that it’s agreed to buy the minority portion of its Liberty Satellite unit it doesn’t own.

Liberty Media has been trying to morph into more of an operating company and thus has been striving to gain greater control in the media outfits in which it hold stakes. In the latest announcement, the Denver-based company said it’s agreed to buy a 13% interest in Liberty Satellite & Technology that’s currently traded separately on the over-the-counter stock market.

Agreement was hammered out with a committee comprised of independent LSAT directors, with Morgan Stanley acting as an adviser to the committee. LSAT shareholders must approve the agreement.

Under terms of a definitive merger with LSAT, Liberty agreed to give shareholders of the subsidiary’s stock 0.275 of a share in Liberty Media for each share of LSAT stock held.

Agreement was announced after the close of market trading. Liberty shares rose 36¢ to $12.01 Wednesday; Liberty Satellite shares fell 5¢ to $2.05.