Getting your player ready...
Liberty Media Corp. will pay $220.7 million to settle or exchange two swap contracts, saying recent drops in the company’s bond prices let the investors who bought the swaps demand repayment.
Liberty will reduce debt by $124.8 million as part of the refinancing, the Englewood- based company said Monday in a statement. It will pay for the moves with existing cash and money borrowed against holdings in media companies.
Liberty owns the QVC home shopping channel and Starz cable network. It also has investments in other companies, the largest of which is a 49 percent voting stake in satellite-TV company Direc TV Group Inc.
