Why Liberty Media's Tracking Stocks Jumped on Thursday
Shares of Liberty SiriusXM Group (NASDAQ: LSXMA), Sirius XM (NASDAQ: SIRI), Live Nation Entertainment (NYSE: LYV), and Liberty Media Formula One Group (NASDAQ: FWONA) all jumped sharply on Thursday, with Liberty Media Formula One jumping the most, rising nearly 17% as of 12:45 p.m. EDT. Live Nation, Liberty SiriusXM Group, and Sirius XM were up 10.1%, 2.3%, and 7.1%, respectively, as of this writing.
All of these stocks except Sirius XM are Liberty Media's tracking stocks, which allow investors to buy stakes in Liberty Media's various divisions. The Liberty SiriusXM Group tracking stock notably has a major stake in satellite radio specialist Sirius XM.
These stocks' gains come as parent company Liberty Media reattributed Live Nation's interest, assets, and liabilities among Liberty Media's other divisions, including Liberty SiriusXM Group and Formula One Group.
Source Fool.com
