Liberty Media is trading in its stock in another big media company, CBS.
On the heels of an agreement to trade its shares of News Corp. to back to that company for its stake in satellite operator DirecTV, Liberty said Tuesday it would trade its approximately 7.5 million shares of CBS common stock for CBS' Green Bay WFRV TV station ($64 million valuation), subject to FCC approval, and $170 million in cash.
Liberty has had its fingers in a lot of pies, but is paring down those passive assets.
The deal is expected to close by second quarter 2007. It will be the fifth TV station CBS has proposed to sell in the past week.