Liberty Media (L) closed 3/19/04 at a share price of $11.05, but several excellent value investors have placed its true worth significantly higher. According to Barron's "Sweet Liberty," by Andrew Bary, in the 3/8/04 issue, page 21, this media holding company has an intrinsic value, net of all debt, of $14 to $17, depending on how the calculations are done and to which analyst or money manager one talks about the corporation. Thus, the experts suggest it is now selling at about a 28% (average) discount.
L has substantial investments in many key, lucrative media companies and programs, including News Corp, InterActive, UnitedGlobalCom, Time Warner, QVC, and Discovery Channel's Discovery Communications (of which it owns 50%).
As of their last quarterly reports, Liberty Media was a favorite asset in the portfolios of such mutual fund managers as Wally Weitz, of Weitz Partners Value Fund, and David Nelson of Legg Mason: American Leading Companies Trust.