Liberty Tracker Has Rocky Debut


Almost a year in the making, Liberty Media’s new tracking stock – Liberty Entertainment – had a roller coaster debut on the NASDAQ Tuesday.

The stock, which trades under the symbol “LMDIA” opened at $26 per share, rising to a peak of $26.54 each and a trough of $24.49 per share, before settling down to $25 per share in 4 p.m. trading March 4.

Liberty Entertainment includes Liberty Media’s 100% interest in premium network Starz Entertainment and its 41% interest in DirecTV Group, the GSN cable network and three regional sports networks, FSN Northwest, FSN Pittsburgh and FSN Rocky Mountain.

On March 3, Liberty completed the tracker – which sprung from some assets formerly held within its Liberty Capital tracking stock – by reclassifying each Series A share of Liberty Capital as one share of reclassified Series A Liberty Capital and four shares of new Series A Liberty Entertainment common stock. Each share of Series B Liberty Capital was reclassified as one share of new Series B Liberty Capital and four shares of new Series B Liberty Entertainment.

Liberty Capital now includes Starz Media, the production and distribution arm of Starz Entertainment, the Atlanta Braves major league baseball team and Liberty’s minority holdings in Time Warner Inc. and Sprint Nextel.

Liberty Media had announced its intention to create the Liberty Entertainment tracker – its third, including Liberty Capital and Liberty Interactive in August. The company was waiting for the closing of its acquisition of the DirecTV interest from News Corp.  – finalized Feb. 28 – before issuing the tracking stock.