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Liberty Buys Back 5.2% Stake From Comcast

Liberty Media announced a flurry of deals Thursday prior to its annual Investor Day meeting in New York, including a transaction with Comcast that will bring the media giant 6.3 million shares of its own stock in return for cash, an interest in an entity including a lifestyle book publisher, and its rights regarding a revenue sharing agreement with cable channel CNBC.

According to the deal, Comcast will give up the Liberty shares — which represent about 5.2% of Liberty's outstanding stock — in exchange for $417 million in cash, an interest in a Liberty subsidiary that includes lifestyle book publisher Leisure Arts and Liberty's rights regarding a revenue sharing agreement with CNBC.

In separate transactions, Liberty has also agreed to allow Sirius XM Radio to purchase $500 million of its shares from Liberty, and has also proposed to initiate a private offering for another $500 million in senior notes. Liberty said it would continue to control a majority (52%) of Sirius XM's stock after the deal is completed.

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