ValueAct Capital reports 5.5% stake in Liberty Media

ValueAct disclosed that it acquired the securities of Liberty Media based on its belief that the securities were undervalued and represented an attractive investment opportunity. ValueAct has and anticipates having further discussions with officers and directors of Liberty Media in connection with ValueAct’s investment in Liberty Media. The topics of these conversations have covered or will cover a range of issues, including those relating to the business of Liberty Media, management, board composition (which include whether it makes sense for a ValueAct Capital employee to be on Liberty Media’s board of directors), investor communications, operations, capital allocation, dividend policy, financial condition, mergers and acquisitions strategy, overall business strategy, executive compensation, and corporate governance. ValueAct may also have similar conversations with other stockholders or other interested parties, such as industry analysts, existing or potential strategic partners or competitors, investment professionals, and other investors.