ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation ("Liberty Media†) (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) today announced that Hooper Stevens will join the company as Senior Vice President, Investor Relations, in January. He will report to Derek Chang, President and Chief Executive Officer of Liberty Media. Mr. Stevens will also serve as Senior Vice President, Investor Relations of Liberty Broadband Corporation, Liberty Live Holdings, Inc. and GCI Liberty, Inc. Mr. Stevens is a seasoned investor ...

Core Viewpoint - Elliott Investment Management has shifted its market strategy by increasing bearish positions against gold miners while establishing bullish positions on the Nasdaq 100, indicating a complex market outlook [1][2][3]. Summary by Category Market Position Changes - Elliott increased its put position on the VanEck Gold Miners ETF (GDX) by adding 7.5 million shares, bringing total holdings to 11.5 million shares valued at $878.6 million, reflecting a strong bearish sentiment towards the mining sector [2][3]. - The firm initiated a bullish position by purchasing call options on the Invesco QQQ Trust (QQQ), valued at $750.4 million, indicating a positive outlook on the Nasdaq 100 [3]. Strategic Exits and New Positions - Elliott closed its largest single position from the previous quarter, a $1.33 billion put option on the SPDR S&P 500 ETF (SPY), suggesting a shift away from a general bearish stance [3][4]. - The firm established a $1.175 billion put position on the Consumer Staples Select Sector SPDR Fund (XLP) and a $714.7 million put option on the Energy Select Sector SPDR Fund (XLE), indicating targeted bearish strategies in specific sectors [5]. Portfolio Value Changes - Elliott's total 13F portfolio value increased from $17.6 billion to $22.7 billion during the quarter, reflecting active management and strategic repositioning [6]. - Significant changes in the portfolio include new put options on Consumer Staples and Energy sectors, increased put options on gold miners, and new call options on the Nasdaq 100 [8].

Core Points - Liberty Media Corporation has updated the start time for its annual Investor Meeting to November 20, 2025, beginning at approximately 9:00 AM P.T. and concluding at 11:30 AM P.T. [1] - The meeting will include presentations from Liberty Media, Formula 1, MotoGP, and Quint, followed by a Q&A session hosted by John Malone and Derek Chang at approximately 10:10 AM P.T. [2] - Virtual registration and webcast information for the Investor Meeting is available on the Liberty Media website [3] - Following the Investor Meeting, Formula 1 will host its F1 Business Summit in partnership with Liberty Media and CAA, featuring networking and panel discussions from 12:30 PM P.T. to 4:15 PM P.T. [4] - During the Q&A session, comments may also be made regarding Liberty Broadband Corporation and GCI Liberty, Inc. [5] - Liberty Media Corporation operates interests in media, sports, and entertainment, attributed to two tracking stock groups: the Formula One Group and the Liberty Live Group [6]

Core Insights - Small-cap stocks present lucrative investment opportunities due to frequent mispricings from lack of analyst coverage, but their growth is often hindered by subscale operations [1] Group 1: Liberty Broadband (LBRDK) - Liberty Broadband operates in the U.S. providing high-speed internet, cable television, and telecommunications services with a market cap of $7.2 billion [3] - The stock is currently trading at $50.38 per share, reflecting a high valuation of 40.9x forward EV-to-EBITDA, raising caution for potential investors [5] Group 2: European Wax Center (EWCZ) - European Wax Center is a beauty and waxing salon chain with a market cap of $160 million, specializing in professional wax services and skincare products [6] - The stock price of $3.69 indicates a valuation ratio of 6.9x forward P/E, suggesting investors should reconsider its inclusion in their portfolios [8] Group 3: Apogee (APOG) - Apogee, with a market cap of $743.6 million, is involved in architectural products and services, including high-performance glass for commercial buildings [9] - The company has experienced a 1.3% annual revenue decline over the last two years, indicating postponed customer purchases [10] - Revenue growth of 3.1% over the same period was slower than peers, and negative free cash flow raises concerns about investment returns [11] - Disappointing same-store sales and flat estimated sales for the next 12 months suggest weak demand [12] - Earnings per share have contracted by 8.7% annually over the last two years, which may negatively impact stock prices [13]

Core Points - The call includes forward-looking statements as per the Private Securities Litigation Reform Act of 1995, with actual results potentially differing due to various risks and uncertainties [1] - GCI Liberty will discuss non-GAAP financial measures such as adjusted OIBDA, adjusted OIBDA margin, and free cash flow, with definitions and reconciliations available in the earnings press release [2] - Key executives participating in the call include Ron Duncan, CEO of GCI Liberty, and Brian Wendling, Chief Accounting and Principal Financial Officer [3]

Core Viewpoint - John Malone, the longtime chairman of Liberty Media and Liberty Global, is expected to step down from both positions, marking a significant transition in the media industry [1][2]. Company Developments - Malone has been consolidating control and divesting for some time, indicating a strategic shift in his involvement with the companies he has led [2]. - Liberty Media, which includes Formula 1, and Liberty Global, a European telecom and cable company, are both impacted by Malone's decision to step down [2]. Industry Impact - Malone remains influential in the media industry despite stepping down, as he continues to engage in discussions and decisions related to various media topics [3]. - His departure from the board of Warner Brothers Discovery highlights a broader trend of leadership changes within major media companies [3].

Group 1 - The article discusses Liberty Broadband's pending merger with Charter Communications, highlighting the importance of distinguishing it from Charter's other merger activities [1] - The author, Max Greve, has a diverse academic background and writes on various topics including stock market trends and macroeconomic issues [1] Group 2 - There is a disclosure regarding the author's long position in Verizon (VZ) and T-Mobile (TMUS), indicating a personal investment interest [2] - The article emphasizes that past performance does not guarantee future results and that no specific investment advice is being provided [3]

Core Viewpoint - Comscore Inc. has announced a recapitalization agreement aimed at simplifying its balance sheet, reducing dividend obligations, and strengthening its market position, which has led to a significant increase in its stock price [1][7]. Recapitalization Agreement - The recapitalization involves swapping Series B preferred stock for common shares and new Series C preferred shares that carry no dividend, effectively removing over $18 million in annual obligations [3]. - The agreement includes the exchange of approximately $80 million in Series B preferred shares for common stock at a price of $8.11 per share, and $183.7 million will convert into Series C preferred stock priced at $14.50 per share [4]. Financial Impact - The new Series C shares can convert into common stock at a one-to-one ratio and eliminate the right to a $47 million special dividend, enhancing Comscore's financial flexibility [4][5]. - If approved, the recapitalization would result in the issuance of over 22 million shares on an as-converted basis, giving preferred shareholders nearly 82% of equity [7]. Governance Changes - The agreement will reduce the board size from 10 members to 7 and limit preferred shareholders' director rights while maintaining independent oversight [6]. - Voting caps and conversion limits are designed to balance governance within the new structure [6]. Market Reaction - Following the announcement, Comscore's shares rose by 29.25%, trading at $7.910 in premarket [7].

Core Viewpoint - Comscore, Inc. has announced a recapitalization transaction aimed at reducing senior capital, eliminating preferred dividend obligations, and enhancing alignment among stockholders to boost public market capitalization and future growth potential [1][4][5] Recapitalization Details - The recapitalization involves preferred stockholders exchanging existing Series B preferred shares for common stock and new Series C preferred stock, with an estimated closing date of December 15, 2025 [3][5] - Approximately $80.0 million of existing liquidation preference will be exchanged for common stock at an effective price of $8.11 per share, representing a 48% premium to the 90-day VWAP of $5.465 per share as of September 26, 2025 [3][5] - The remaining $183.7 million of liquidation preference will be exchanged for new Series C preferred stock at a price of $14.50 per share, which will be convertible into common stock at a 1:1 ratio and will not pay annual dividends, eliminating over $18.0 million in current dividend obligations [3][5] Governance and Board Changes - The transaction will lead to a reduction in the total Board size from 10 to 7 members and a decrease in preferred stockholders' director designation rights from 6 to 4 [9] - Preferred stockholders will have the right to designate one director and collectively nominate a fourth director/Board chair, subject to independence and qualification requirements [9] - The annualized cash compensation for the Board will be reduced by more than 20%, alongside a reduction in equity compensation for non-management directors [9] Market Position and Future Outlook - Comscore's CEO emphasized that the transaction strengthens the company's foundation for long-term growth and positions it to lead in the evolving media landscape driven by AI [4] - The Board believes that the improved capital structure will enhance market interest in Comscore's common stock and create value for stockholders, addressing concerns about the company's current market capitalization [4][8] Required Approvals - The recapitalization requires approval from the company's stockholders on an as-converted basis, along with a separate class vote by preferred stockholders [11][12] - A special meeting of stockholders is expected to be held in December 2025 to discuss the recapitalization [11][12]

Core Viewpoint - Charter Communications is acquiring Cox Communications for $21.9 billion, aiming to strengthen its position against streaming services and mobile carriers in the US cable and broadband market [1][2]. Group 1: Merger Details - The merger is valued at $21.9 billion, with Charter assuming approximately $12.6 billion of Cox's net debt, resulting in an enterprise value of about $34.5 billion [5]. - The combined company will rebrand as Cox Communications within a year, with Charter's Spectrum brand being used in Cox markets [6]. - Cox Enterprises will hold a 23% stake in the merged entity, with its CEO Alex Taylor serving as chairman [5][8]. Group 2: Strategic Implications - The merger will enable Charter to better bundle broadband and mobile services, enhancing its competitiveness against wireless providers like T-Mobile [2]. - Charter's strategy of integrating internet, TV, and mobile services into customizable packages has proven effective, as evidenced by beating quarterly revenue estimates [4]. - The combination is expected to enhance innovation and provide competitively priced products, according to Charter's CEO Chris Winfrey [5][10]. Group 3: Historical Context - Charter and Cox had previously discussed a merger in 2013, but the plan was shelved until recent speculation was reignited by comments from cable billionaire John Malone [7]. - The acquisition of Cox follows Charter's earlier agreement to buy Liberty Broadband, indicating a trend of consolidation in the cable industry [9].