By Jon Hemingway -- Broadcasting & Cable, 1/12/2008 6:09:00 AM EST
Liberty Media upped its stake in InterActiveCorp Friday through the purchase of common stock valued at $340 million.
Liberty scooped up 14 million shares from a single holder at $24.25 each, bring its total stake in IAC to 30%. Liberty said it also entered into a standstill agreement by which it will not buy any more shares in IAC until April 15, 2009, or the closing of IAC's announced restructuring.
In a release, Liberty said it "took advantage of recent weakness in IAC's shares to increase its holding at an attractive price." IAC closed Friday's session at $23.59 per share, well off its 52-week high of $40.99.
Under the agreement, IAC also bought 6 million shares from the same holder.
MSNBC launches in high definition June 29 following major overhauls to its New York City control room and Washington D.C. studio. View images of the new control room and screenshots of the new HD picture for dayside programming. (Photos courtesy of NBC Universal)
In this week's edition of B&C TechTalk, senior editor Glen Dickson discusses wireless router and cable modem manufacturer Netgear's new low-cost media extender device, the Digital Entertainer Live. The device is designed to meet consumers' growing appetite to watch Internet TV on their big screen TVs.
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