Liberty Media

(L) - Get Report

is offering to acquire up to 25 million of its Series A common shares and 1 million of its Series B common shares for $13 each.

The company, which has interests in a variety of publicly and privately held media and entertainment companies, expects the offer to run from April 10 to May 8.

Liberty said Monday it will use available cash to fund the stock buybacks. Shares of Liberty were up 3.3% to $12.75 in Instinet trading before the opening bell.