Liberty Media Boosts UnitedGlobal Stake
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Liberty Media Group, AT&T; Corp.’s cable-television unit, has agreed to buy a 72% voting stake in UnitedGlobalCom Inc. for $3.48 billion, creating the largest cable-TV company outside the U.S., people familiar with the transaction said Sunday.
The agreement boosts Liberty’s stake in UnitedGlobalCom to 82%, while giving it a 45% equity stake. The company, run by cable pioneer John Malone, will buy 75.3 million UnitedGlobalCom Class B shares, valued at $3.28 billion, and pay an additional $200 million in cash, the people said. Liberty is expanding outside the U.S.
The companies will make a formal announcement this morning.
On Friday, UnitedGlobalCom Class A shares fell 6 cents to close at $43.56 on Nasdaq,, and AT&T; fell $1.69 to close at $34.38 on the New York Stock Exchange.
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