Liberty Media has entered into the online gaming sector, with John Malone acquiring the majority of FUN Technologies for $193.5 million.
Malone now owns 51% of FUN Technologies, which supplies systems to AOL, MSN and Virgin, with Lorne Abony, co-founder and chief executive of FUN saying: “Liberty is the right strategic partner to enable FUN’s business to realise their full potential.”
According to reports, Malone will pay FUN $50 million, or 267p a share, for 10.5 million new shares to be issued, and offering FUN shareholders 360p a share for another tranche of 23 million shares.
Earlier this month, Liberty Media announced that Greg Maffei will be its next chief executive officer, with the ex Microsoft chief executive officer taking up the position in the second quarter of 2006 (see Liberty Media Announces New CEO And Plans To Spilt).
Malone also revealed a proposal to spilt the Group in two in an attempt to boost the share price.
The break up of the group will see Liberty first creating a tracking stock for its shopping channel QVC as well as its other “interactive” assets, with the company called Liberty International.
The second change would see the remainder of the business spun off as “Liberty Interactive” in a couple of year’s time.
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