Liberty Media Corp offered to buy up to 34.5 million shares in the newly merged Live Nation Entertainment at a 14% premium, sending the concert promoter's shares up 13%.

Liberty already owns a 14.6% stake in Live Nation, which completed an $870-million acquisition of Ticketmaster Entertainment on Monday.

If Liberty's tender offer is fully subscribed and completed, the company, headed by media mogul John Malone, will have a 34.9% stake in the business. Liberty said it already has an agreement in place that permits it to buy up to 35% of the outstanding shares of Live Nation.

"There were a lot Ticketmaster shareholders that didn't like the deal because of the Live Nation business model so this tender offer will likely be fully subscribed," said David Joyce, analyst at Miller Tabak.

Liberty said it will attribute any shares it purchases in the offer to its Liberty Capital tracking stock. Currently the Live Nation shares currently owned by Liberty are attributed to its Liberty Interactive tracker.

Though Liberty described the tender offer as an investment, a 34.9% stake could give it some influence over the future of a business that will be a major powerhouse in the music industry.

Last year, Liberty took a 40% stake in Sirius XM Radio Inc after it rescued the company from bankruptcy through a loan.

Joyce said Liberty will also view Live Nation as a good investment opportunity but not necessarily seek control.

"Liberty Media wants to try to have significant stakes in businesses that have good free cash flow characteristics and to look less like a mutual fund," he added.

Live Nation shares were up $1.39 to $11.90 in early trading on the New York Stock Exchange. (Reporting by Yinka Adegoke; Editing by Derek Caney)