Liberty Media Seeks Up to 35 Percent of Live Nation

John Malone's Liberty Media plans to acquire as much as 35 percent of Live Nation Entertainment, the concert and ticketing company formed by yesterday's merger with Ticketmaster.

Liberty Media plans a tender offer for as many as 34.5 million Live Nation shares at $12 each, the Englewood, Colorado-based company said today in a statement. Malone's company, owner of the Starz cable network, was the largest shareholder in Ticketmaster, with a 29 percent stake before yesterday's deal and now holds 14.6 percent of the combined enterprise. Liberty said it is a party to a stockholder agreement with Live Nation that allows it to buy as much as 35 percent of the stock.