Liberty Media Corp. has received antitrust approval for its planned buyback of 120.3 million of its class-A shares from Comcast Corp.
The Federal Trade Commission said Monday that it has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the deal. Liberty announced last week that it would acquire the shares in exchange for its 100% interest in Encore ICCP Inc. (which includes Liberty’s 10% interest in E! Entertainment Television and Style, 100% of International Channel Networks and all of Liberty’s rights, benefits and obligations under a TCI Music agreement) and $545 million in cash.
Comcast originally acquired the Liberty shares when its sold its 57% stake in cable shopping channel QVC Inc. to Liberty last year for $7.9 billion.