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Liberty Details Spinoff Plans

WASHINGTON -As the date for a planned spinoff from AT&T Corp. approaches, Liberty Media Group Inc. filed documents Wednesday with the Securities and Exchange Commission that offered some further details.

According to the SEC documents, Liberty is valued at about $38.4 billion, based on 2.4 billion class-A shares at $15.65 each and 212.05 million class-B super-voting shares at $16.95 each. The share prices were for valuation purposes only.

No new shares will be issued once the company is split off from AT&T, which is expected some time in the second quarter.

The Liberty spinoff will in part satisfy federal regulatory restrictions placed on AT&T that stem from its acquisition of MediaOne Group Inc.

AT&T acquired Liberty in a tax-free transaction as part of its March 1999 acquisition of Tele-Communications Inc. The tax status of that transaction could be lost if AT&T spins off Liberty before the spring, the second anniversary of the deal.

AT&T is seeking a favorable tax ruling from the Internal Revenue Service.

The document said holders of Liberty Media tracking stock will get one share of the new Liberty for each tracker share they own. The document did not state when the shares would be offered.