Liberty Media Corp. (LMCA
), the holding company of media investments, rose 11.5% in the quarter and 48.6% for the year. Liberty has taken de jure control of Sirius/XM Radio and plans to aggressively repurchase its shares, which will be good for both Sirius and Liberty. It also announced that it is going to spin out Starz as a separate company in early 2013. The future of Starz is confusing, since it will no longer own Disney content in four years and shifting its focus to original programming, which has more risk.
From Baron Funds' fourth quarter letter.