WHEN: Today, Thursday, November 12th
WHERE: CNBC’s “Power Lunch”
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Liberty Media CEO Greg Maffei and David Faber on CNBC’s “Power Lunch” (M-F, 1PM-3PM ET) today. Following is a link to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000447999.
All references must be sourced to CNBC.
MAFFEI ON STOCK PRICE
We trade at a discount to the net asset value. A lot of what Liberty has and controls or is invested in is public companies and you can pretty clearly value the stakes. And on any reasonable calculation from analysts we trade, our stock price doesn’t reflect that underlying value. Our hope is by parsing these out, by dividing them more targetedly, we’ll able to see where the discounts reside. Make it clear to people that Sirius is Sirius, Braves is the Braves, and if there’s a discount on the rebalance we can take advantage of that by repurchasing stock or doing something.
MAFFEI ON SIRIUS
Ultimately I think it’s very logical these companies belong together. There are some tax advantages to us for putting them together. But it’s not something we’re going to chase and it doesn’t have to happen anytime soon. We’re in control of the company – every day that they buy, and we don’t sell, we get a bigger percentage. So I think it’s sort of just a question of when how these things come together.
MAFFEI ON THE BRAVES
We have an amended TV deal which has added a lot of value. We’ve – under construction on a new stadium, SunTrust Field, at the battery that’s going to add a lot of value. We’ve mixed use development around that of real estate that are going to add a lot of value. And teams in general have gone up quite a bit. So there’s a lot of drivers of value at the Braves…We’ve owned the Braves since ’07. Highlighting that value – potentially setting up ways in which it could become independent – create optionality or a positive, but it doesn’t suggest anything is going to happen anytime soon.
MAFFEI ON LIBERTY BEING COMPLEX
Liberty has always been a complex animal. And some people argue that tracking stocks add to complexity. But we tend to believe and I think our history reflects it – that actually isolating the pieces, setting up optionality for the pieces – has been a way to highlight value, provide clarity. If you want to be an investor in the Braves, you get that choice. You want to be an investor in Sirius, you get that choice. You like sort of betting on the mish mash of other things we have in there led by the stake in Live Nation, you get that choice. Highlighting those options has been good for our shareholders and I would say reduce complexity.
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