LMCA rough valuation spreadsheet

	A	B	C	D	E	F
1	Ticker	LMCA	LMCB	LMCK
2	Stock Price	$30.10	$30.10	#N/A
3	Premium over K shares	#N/A	#N/A
4	Adjusted for LMCB illiquidity		$30.10		*Because LMCB is illiquid, I have forced the B share price to be greater than or equal to the A share price.
5	Shares Outstanding	104,459,129	9,874,072	228,666,184	342,999,385
6
7	Market Cap	#N/A
8	Total Value	$2,365,741,740
9	Discount to NAV	#N/A
10
11	Major Public Stakes				Assets	$24,257,534,591
12
13	Ticker	SIRI			Sirius XM	84.27%
14	Stock Price	$6.28			Charter	0.00%
15	Shares Oustanding	5,671,876,695			Live Nation	5.03%
16	Ownership	57.39%			Misc. private companies	6.18%
17	Shares Owned	3,255,062,556			Other publicly-traded stakes	4.51%
18	Value of Stake	$20,441,792,852				100.00%
19
20	Ticker	CHTR
21	Stock Price	$341.93
22	Shares Oustanding	108,644,877
23	Ownership	0.00%
24	Shares Owned	0
25	Value of Stake	$0
26
27	Ticker	LYV
28	Stock Price	$44.80
29	Shares Oustanding	200,511,675
30	Ownership	26.80%
31	Shares Owned	69,000,000
32	Value of Stake	$1,220,549,699
33
34	Minor Public Stakes
35
36	Barnes & Noble, Inc.
37	Ticker	BKS
38	Ownership	2.00%
39	Value of Stake	$28,536,760
40
41	Crown Media Holdings, Inc.
42	Ticker	CRWN
43	Ownership	3.00%
44	Value of Stake	$35,823,720
45
46	Ideiasnet
47	Ticker	IDNT3
48	Ownership	5.00%
49	Value of Stake	$10,087,250
50
51	Mobile Streams plc*
52	Ticker	MOS
53	Ownership	16.00%
54	Value of Stake	$1,717,590
55
56	Time Inc.
57	Ticker	TIME
58	Shares	886,859
59	Value of Stake	$16,406,892
60
61	Time Warner Cable Inc.			*Ignoring TWC derivative liability - $54.6M fair value Dec 2013
62	Ticker	TWC		Liberty sold two sets of call options:
63	Shares				Shares	Strike price
64	Value of Stake	$0			625,000	90.842
65					625,000	92.0232
66	Time Warner Inc.
67	Ticker	TWX
68	Shares	7,094,868
69	Value of Stake	$659,538,929
70
71	Viacom
72	Ticker	VIA
73	Ownership	1.00%
74	Value of Stake	$343,080,900
75
76	Private Stakes + Other
77	Cash and cash equivalents	$0
78	Cash from LBRDA	$300,000,000
79	Associated Partners, L.P.
80	Atlanta National League Baseball Club, Inc.	$730,000,000	$508M to $730M
81	Kroenke Arena Company, LLC	$50,000,000	??? construction cost $265M in 2014 dollars according to Wikipedia
82	Liberty Associated Partners, L.P.
83	Tastemade, Inc.
84	True Position, Inc.	$0	spun-off into LBRDA
85	TV station
86	Viacom / Vivendi settlement	$420,000,000	http://ir.libertymedia.com/releasedetail.cfm?ReleaseID=957430 NPV is higher than $420M probably
87	Subtotal	$1,500,000,000
88
89	Liabilities
90
91	Liberty 1.375% Cash Convertible Notes due 2023	$1,000,000,000	*Ignoring mark-to-market gains and losses on the call option (Liberty bought a collar to change the strike price)
92	Margin Loans	$250,000,000
93	Deferred Taxes, other	$200,000,000	???
94
95
96
97
98
99
100