Liberty Buys Back 5.2% Stake From Comcast

Liberty Media announced a couple of deals prior to its annual Investor Day meeting:

1) Comcast will give up 6.3 million Liberty shares -- which represent about 5.2% of Liberty's outstanding stock -- in exchange for $417 million in cash, an interest in a Liberty subsidiary that includes lifestyle book publisher Leisure Arts, and Liberty's rights regarding a revenue sharing agreement with CNBC.

2) Sirius XM Radio will purchase $500 million of its shares from Liberty, and has also proposed to initiate a private offering for another $500 million in senior notes. Liberty said it would continue to control a majority (52%) of Sirius XM's stock after the deal is completed.