Through TheFLY's Eyes: Liberty Media Corporation
from Theflyonthewall.com








The Break Up Continues

Liberty Media (L) will host an analyst day tomorrow to review the company's continued break up. The company began last year by spinning off its international cable asset in the form of Liberty Global (LBTYA), which consists of assets in Europe and Asia. Discovery (DISCA ) was spun-off soon after.

The next break up will consist of tracking stocks for Liberty Interactive Group (LINTA) and Liberty Capital Group (LCAPA).

Liberty Interactive will consist of:
* Expedia stock
* IAC/InteractiveCorp. stock
* QVC
* Provide Commerce

Liberty Capital Group:
* SEG
* News Corp. Stock
* Sprint
* Other

None of the stocks have done particularly well post separation. We will find out tomorrow if the new structure will provide compelling enough fundamentals to drive any of their shares higher.

Viacom broke up at the beginning of 2006 into CBS (lower-growth ) and Viacom (higher growth). It appears the industry is breaking itself up to reunite again in order to consolidate market share. For example, IACI's HSN merging with QVC might be a possibility. With so many break ups occurring, a new period of consolidation should emerge in late 2006 or in 2007.