John Malone’s Liberty Media got the green light from shareholders to split Liberty Capital into two tracking stocks.
Liberty is making the move to reclassify the Liberty Capital tracking stock into two new stocks, which will include Capital and Liberty Entertainment. The move is an effort to consolidate operating assets under one roof, Entertainment. Those assets include the stake in DirecTV Liberty is acquiring from News Corp., as well as Starz Entertainment, GSN and Fun Technologies.
Liberty Capital will hold miscellaneous other assets including the Atlanta Braves Major League Baseball organization, a CBS-affiliated television station in Green Bay, Wis., and certain stock and debt investments.
The completion of the reclassification is still subject to the completion of the deal with News Corp. in which Liberty will receive a stake in DirecTV, three regional sports networks and cash.
Liberty Media is a holding company for tracking stocks Liberty Capital and Liberty Interactive, which holds QVC and other online and digital assets and investments.
The television industry's top news stories, analysis and blogs of the day.