Cable network provider Liberty Media has announced plans to separate two of its business units in an attempt to create more transparency.
The spin-off concerns its investment unit Liberty Capital and US content arm Liberty Starz. “We are pleased to announce our plan to make Liberty Interactive an asset-backed stock by splitting-off Liberty Capital and Liberty Starz,” said Greg Maffei, president and CEO of Liberty. “An asset-backed Liberty Interactive will provide better transparency on Liberty’s operating businesses, enable more efficient capital raising, and permit us to better pursue our strategic objectives, including acquisitions using stock. We also believe the split-off will be positive for the long-term credit outlook at Liberty Interactive.”
The proposed move would see the redemption of all outstanding shares of Liberty Capital tracking stock and Liberty Starz tracking stock in exchange for shares in a newly formed company called Newco, which will hold substantially all the assets.
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