It’s been a busy 2014 thus far for media conglomerate Liberty Media Corp. and its electronic commerce-focused spinoff Liberty Interactive Corp. Liberty Media in January announced plans to acquire the 47 percent stake of satellite radio giant Sirius XM that is didn’t already own, only to drop the bid in March. Then on April 3, the company announced it would divest its 17 percent stake in bookseller Barnes & Noble Inc. Meanwhile, Liberty Interactive is spinning off controlling interest in travel website TripAdvisor Inc.
All this activity keeps general counsel Rich Baer and the four attorneys and two paralegals on his legal team on their toes, as they handle a variety of matters for both companies. Such a small legal department for a company with a market capitalization of $35 billion means that Baer leans heavily on three outside law firms that take on the lion’s share of its work: Baker Botts; Sherman & Howard; and Potter Anderson & Corroon. The teams from Baker Botts and Sherman & Howard have represented Liberty Media since its creation in 1991, while Delaware-based Potter Anderson is a more recent addition to the core team of outside counsel.
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