Liberty Media Do not adjust your sets
Liberty Media recently paid $7.9 billion for 57.5% of home shopping channel QVC.Although Liberty pulled out of the bidding for French media company Vivendi Universalat the time of press, do the spreads on its bonds represent value or are they justified?
Scott Marchakitus
JPMorgan
Overweight
On August 12, we initiated coverage on Liberty with an overweight recommendation, reflecting the company’s strong asset coverage, healthy liquidity position, and attractive valuations. Despite the company’s recent purchase of QVC, we believe Liberty has enough financial firepower to bid for the Vivendi Universal Entertainment (VUE) assets.
The acquisition of QVC was the likely first step in Liberty’s transformation to an operating company. Over
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