Liberty Media increased its stake in Live Nation to just over 18%, according to details in a Wednesday SEC filing. The company’s chairman of the board and director, John Malone, took over as interim chairman of the board of Live Nation in mid-October after former chairman Barry Diller stepped down.
The 4.5 million shares most recently acquired cost Liberty $10.18 per share. Liberty also acquired 2.5 million shares earlier in the month at $9.95 per share. Its total stake in Live Nation now stands at 27.4 million shares. On Wednesday Live Nation’s shares closed down half a percent to $9.96.
In January, Malone attempted to acquire as much as 34.5 million shares at $12 per share. That would have increased Liberty’s stake in Live Nation to 35%. That bid failed, however, after Liberty was able to acquire just 1% of its target number of shares.