Liberty Media’s new tracking stock for billionaire John Malone’s entertainment interests fell in its first day of trading.
Liberty Entertainment dropped to $25 in Nasdaq trading from an opening price of $26.
The shares track the valuation of Douglas County-based Liberty’s Starz cable-movie network and online-gaming company Fun Technologies Inc., as well as its 41 percent stake in DirecTV Group Inc., which Liberty bought from News Corp. last week.
The stock also tracks Liberty’s investment in cable’s Game Show Network. Almost all of its $12.3 billion market value reflects the DirecTV holding.
“You basically get Starz and Fun and the Game Show Network for free,” said Chris Marangi, associate manager of the $750 million Gabelli Value Fund in Rye, N.Y., which owns Liberty and DirecTV shares.
