The Heard focuses on the fact that valuing the company using a fully diluted share count, including the 40% stake Liberty Media would get from converting its preferred shares into common, gives the stock an EV/EBITDA multiple of 18x 2010 estimates. That's not really a surprise to the Street; several analysts I quoted this morning took note of the relatively high EV/EBITDA multiple, and all of them use a fully diluted share count that includes Liberty's stake. The punch line is that Peers contends "the current valuation is hard to justify." He says a more reasonable EV/EBITDA multiple would be 8x, "which suggests the stock is worth only 25 cents" a share. Peers seems to be borrowing from J.P. Morgan analyst Lev Polinsky, who as I pointed out in my earlier post wrote in a research report today that other subscription businesses trade at 4x 8x EBITDA. 
Share:  The Heard focuses on the fact that valuing the company using a fully diluted share count, including the 40% stake <span class="company">Liberty</span> Media would get from converting its preferred shares into common, gives the stock an EV/EBITDA multiple of 18x 2010 estimates. That's not really a surprise to the Street; several analysts I quoted this morning took note of the relatively high EV/EBITDA multiple, and all of them use a fully diluted share count that includes <span class="company">Liberty</span>'s stake. The punch line is that Peers contends "the current valuation is hard to justify." He says a more reasonable EV/EBITDA multiple would be 8x, "which suggests the stock is worth only 25 cents" a share.<span class="sent"> Peers seems to be borrowing from J.P. Morgan analyst <span class="analyst">Lev Polinsky</span>, who as I pointed out in my earlier post wrote in a research report today that other subscription businesses trade at 4x 8x EBITDA.</span> Tweet this 

Two months after hiring former HBO CEO Chris Albrecht to oversee Starz as part of an original programming push, Liberty Media (NSDQ: LINTA) says it is evaluating strategic alternatives for Starz's Overture Films division, which was established three years ago to produce and distribute 8 12 full length films annually. In Liberty Media's earnings release, Albrecht says that Overture "continues to face significant challenges" and that "while no final decisions have been made, we do not expect it to incur annual operating losses in the future of the same magnitude that it has experienced in recent years." 
Share:  Two months after hiring former HBO CEO Chris Albrecht to oversee Starz as part of an original programming push, <span class="company">Liberty Media</span> (NSDQ: LINTA) says it is evaluating strategic alternatives for Starz's Overture Films division, which was established three years ago to produce and distribute 8 12 full length films annually. In <span class="company">Liberty Media</span>'s earnings release, Albrecht says that Overture "continues to face significant challenges" and that "while no final decisions have been made, we do not expect it to incur annual operating losses in the future of the same magnitude that it has experienced in recent years." Tweet this 

Liberty Media Corporation ("Liberty") (Nasdaq: LCAPA, LCAPB, LINTA, LINTB, LSTZA, LSTZB) today reported fourth quarter and full year results for Liberty Capital group, Liberty Interactive group and Liberty Starz group. Highlights include(1): Grew adjusted OIBDA(2) at QVC by 27% on revenue growth of 14%, respectively, for the quarter Increased adjusted OIBDA at Starz Entertainment by 28% in 2009 Increased adjusted OIBDA and revenue at our eCommerce companies by 17% and 63%, respectively, in the quarter Saw the value of Liberty's SIRIUS XM stake increase to $2.8 billion . Introduced the Liberty Starz group tracking stock in November and repurchased 1.2% of outstanding shares through January, 2010 Completed the sale of GSI Commerce and low vote IAC shares in Q1 2010 . 
Share:  <span class="company">Liberty Media Corporation</span> ("Liberty") (Nasdaq: LCAPA, LCAPB, LINTA, LINTB, LSTZA, LSTZB) today reported fourth quarter and full year results for Liberty Capital group, Liberty Interactive group and Liberty Starz group. Highlights include(1): Grew adjusted OIBDA(2) at QVC by 27% on revenue growth of 14%, respectively, for the quarter Increased adjusted OIBDA at Starz Entertainment by 28% in 2009 Increased adjusted OIBDA and revenue at our eCommerce companies by 17% and 63%, respectively, in the quarter Saw the value of Liberty's SIRIUS XM stake increase to $2.8 billion . Introduced the Liberty Starz group tracking stock in November and repurchased 1.2% of outstanding shares through January, 2010 Completed the sale of GSI Commerce and low vote IAC shares in Q1 2010 . Tweet this 

By Eric Savitz Liberty Starz (LSTZA) shares are trading modestly higher after Collins Stewart analyst Thomas Eagan upped his rating on the stock to Buy from Hold, setting a $57 price target. LSTZA closed yesterday at $4705 
Share:  <span class="sent">By Eric Savitz <span class="company">Liberty</span> Starz (LSTZA) shares are trading modestly higher after Collins Stewart analyst <span class="analyst">Thomas Eagan</span> upped his rating on the stock to Buy from Hold, setting a $57 price target. </span> LSTZA closed yesterday at $4705...<span class="sent">By Eric Savitz <span class="company">Liberty</span> Starz (LSTZA) shares are trading modestly higher after Collins Stewart analyst <span class="analyst">Thomas Eagan</span> upped his rating on the stock to Buy from Hold, setting a $57 price target. </span> LSTZA closed yesterday at $4705 Tweet this 

are joining forces with QVC to unveil home collections throughout the month of February Extreme Home Makeover: Home Edition's Hutson is scheduled to kick off the series at 1 PM (ET) followed by Gorder, HGTV Design Star and Dear Genevieve designer/host, on at 10 PM (ET) Rounding out QVC's month of debuts is real estate expert and Flipping Out star Lewis, who is scheduled to introduce his home collection line on at 1 AM (ET) 
Share:  <span class="sent">are joining forces with <span class="company">QVC</span> to unveil home collections throughout the month of February Extreme Home Makeover: Home Edition's Hutson is scheduled to kick off the series at 1 PM (ET) followed by Gorder, HGTV Design Star and Dear Genevieve designer/host, on at 10 PM (ET)</span> Rounding out <span class="company">QVC</span>'s month of debuts is real estate expert and Flipping Out star Lewis, who is scheduled to introduce his home collection line on at 1 AM (ET) Tweet this 

KDDI Corp., one of the largest Japanese wireless operators, said Friday that it had changed the terms of its agreement to buy Liberty Global 's stake in Jupiter Telecommunications, after the Japanese financial regulator objected to the deal announced last month. Under the new agreement, KDDI will buy 311 percent of Jupiter from Liberty, rather than the entire 378 percent stake that Liberty holds, with the remaining 67 percent to be placed in a trust bank, the company said in an e mailed statement Reports emerged this month that the Japanese regulator was looking into the KDDI deal, though no formal investigation into a breach of securities law was opened 
Share:  <span class="sent">KDDI Corp., one of the largest Japanese wireless operators, said Friday that it had changed the terms of its agreement to buy <span class="company">Liberty</span> Global 's stake in Jupiter Telecommunications, after the Japanese financial regulator objected to the deal announced last month. </span> Under the new agreement, KDDI will buy 311 percent of Jupiter from <span class="company">Liberty</span>, rather than the entire 378 percent stake that <span class="company">Liberty</span> holds, with the remaining 67 percent to be placed in a trust bank, the company said in an e mailed statement Reports emerged this month that the Japanese regulator was looking into the KDDI deal, though no formal investigation into a breach of securities law was opened Tweet this 

These restrictions expire in August Morgan Stanley analyst David Gober wrote that Liberty Capital 
Share:  These restrictions expire in August<span class="sent"> Morgan Stanley analyst <span class="analyst">David Gober</span> wrote that <span class="company">Liberty</span> Capital</span> Tweet this