Steven Cohen Buys Spin-Off Starz Inc.
The move comes several weeks after Starz began trading on the Nasdaq stock exchange following its spin off from Liberty Media Company (LMCAV) on Jan. 11. As part of the spin off, Liberty Media Corporation changed its name to Starz, and Liberty Spinco Inc. changed its name to Liberty Media Corporation (LMCAD).
Starz consists of its subsidiary, Starz LLC, the owner of pay TV networks STARZ and ENCORE, which have a combined 55 million subscribers. Liberty Media Corp. is the owner of several subsidiaries and investments in companies such as Sirius XM (XSR), Barnes & Noble (BKS) and Time Warner Inc. (TWC), among others.
Starz’s shares rose 9.8% on their first trading day, to $15.59 a share. On Wednesday, the price is down 1.23% to $16.03 a share in afternoon trading.
Cohen’s SAC Capital also owns shares of Liberty Ventures (LVNTA) and Liberty Global Inc. (LBTYK). He sold out of Liberty Global (LBTYA) in the third quarter of 2012 at a sizable profit – after opening the position in the third quarter of 2010 at an average price of $29 a share, his average sell price was $55 a share.
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