Barron's recently ran an article titled, New Liberty Live Stock is Cheap Play on Live Nation (8/4/23). The article asserted that the new tracker stock, Liberty Live Group (LLYVK), was trading at a ~35% discount to the asset value of Live Nation Entertainment (LYV). Liberty Live Group owns a 30% stake in LYV.

LYV has a market cap of $20.2 Billion. If you subtract out debt of $900M, you have a value of $19.3B.

LLYVK's 30% stake in LYV should equal $5.79B (= 30% x $19.3B).

LLYVK has a current stock price of $34 and ~70M shares outstanding; so a market cap of $2.38B.

Question: Why does Barron's state that LLYVK is trading at a ~35% discount to LYV when it looks like it is trading at a ~59% discount? What am I missing? Am I miscalculating this?

Even the filing on Liberty Media's website suggests the carrying value at 6/30/23 for Liberty Live Group was $6.4B (https://www.libertymedia.com/investors/news-events/press-releases/detail/508/liberty-media-corporation-reports-second-quarter-2023)