Liberty Media Plans Split-Off of Liberty Entertainment
03 9월 2008 - 9:30PM
PR Newswire (US)
ENGLEWOOD, Colo., Sept. 3 /PRNewswire-FirstCall/ -- Liberty Media
Corporation (NASDAQ:LCAPANASDAQ:LINTANASDAQ:LMDIA) ("Liberty")
today announced that its board of directors has authorized its
management to proceed with development of a plan to distribute to
the holders of Liberty Entertainment tracking stock shares of a
subsidiary that will hold the businesses and assets currently
attributed to the Liberty Entertainment group (NASDAQ:LMDIA). The
transaction would be effected as the redemption of all outstanding
shares of Liberty Entertainment tracking stock in exchange for
shares of the subsidiary and is intended to be tax-free to
stockholders. The subsidiary, which would become a separate public
company, would be called Liberty Entertainment, Inc.
("Entertainment"). "We believe converting the Liberty Entertainment
tracking stock to an asset-backed security will create a stronger
currency and allow greater flexibility to pursue our strategic
objectives," said Greg Maffei, president and CEO of Liberty. If the
transaction is completed as currently contemplated, Entertainment
will be comprised of approximately 50% of The DIRECTV Group, Inc.,
100% of Starz Entertainment, FUN Technologies, and Liberty Sports
Holdings, LLC, 50% of GSN, LLC and 37% of WildBlue Communications,
Inc. Entertainment will be the obligor on approximately $2 billion
in debt incurred to acquire 78.3 million DIRECTV shares in April
2008. The 3.25% exchangeable debentures due 2031 that are currently
attributed to the Liberty Entertainment group will be attributed to
the Liberty Capital group together with an amount of cash
sufficient to compensate that group for the change in attribution
of the debentures. No other change in the attribution of Liberty's
assets or liabilities to the Liberty Capital group or the Liberty
Interactive group is anticipated. It is expected that the executive
officers of Liberty also will serve as the executive officers of
Entertainment. Certain statements in this press release may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements of Liberty Media
Corporation and subsidiaries or industry results, to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
risks, uncertainties and other factors include, among others: the
risks and factors described in the publicly filed documents of
Liberty Media Corporation, including the most recently filed Form
10-K of Liberty Media Corporation; general economic and business
conditions and industry trends including in the advertising and
retail markets; the continued strength of the industries in which
we operate; uncertainties inherent in proposed business strategies
and development plans; rapid technological changes; future
financial performance, including availability, terms and deployment
of capital; availability of qualified personnel; changes in, or the
failure or the inability to comply with, government regulation,
including, without limitation, regulations of the Federal
Communications Commission, and adverse outcomes from regulatory
proceedings; changes in the nature of key strategic relationships
with partners and joint venturers; competitor responses to Liberty
Media Corporation's products and services, and the overall market
acceptance of such products and services, including acceptance of
the pricing of such products and services. These forward-looking
statements speak only as of the date of this Release. Liberty Media
Corporation expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in Liberty Media
Corporation's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. Nothing in this release shall constitute a solicitation to
buy or an offer to sell shares of the new Entertainment or any of
the Liberty Media tracking stocks described in this release. The
offer and sale of such shares in the proposed spin-off will only be
made pursuant to an effective registration statement. Liberty
stockholders and other investors are urged to read the registration
statement to be filed with the SEC, including the proxy
statement/prospectus to be contained therein, because it will
contain important information about the transaction. A copy of the
registration statement and the proxy statement/prospectus, once
filed, will be available free of charge at the SEC's website
(http://www.sec.gov/). Copies of the proxy statement/prospectus and
the filings with the SEC that will be incorporated by reference in
the proxy statement/prospectus can also be obtained, without
charge, by directing a request to Liberty Media Corporation, 12300
Liberty Boulevard, Englewood, Colorado 80112, Attention: Investor
Relations, Telephone: (720) 875-5408. The directors and executive
officers of Liberty and other persons may be deemed to be
participants in the solicitation of proxies in respect of proposals
to approve the transaction. Information regarding Liberty's (and,
if formed, Entertainment's) directors and executive officers and
other participants in the proxy solicitation and a description of
their direct and indirect interests, by security holdings or
otherwise, will be available in the proxy materials to be filed
with the SEC. About Liberty Media Corporation Liberty Media
Corporation owns interests in a broad range of electronic
retailing, media, communications and entertainment businesses.
Those interests are attributed to three tracking stock groups: (1)
the Liberty Interactive group (NASDAQ:LINTA), which includes
Liberty's interests in QVC, Provide Commerce, Backcountry.com,
BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2)
the Liberty Entertainment group (NASDAQ:LMDIA), which includes
Liberty's interests in The DIRECTV Group, Inc., Starz
Entertainment, FUN Technologies, Inc., GSN, LLC, WildBlue
Communications, Inc., and Liberty Sports Holdings LLC, and (3) the
Liberty Capital group (NASDAQ:LCAPA), which includes all
businesses, assets and liabilities not attributed to the
Interactive group or the Entertainment group including its
subsidiaries Starz Media, LLC, Atlanta National League Baseball
Club, Inc., and TruePosition, Inc., and minority equity investments
in Time Warner Inc. and Sprint Nextel Corporation. DATASOURCE:
Liberty Media Corporation CONTACT: Courtnee Ulrich of Liberty Media
LLC, +1-720-875-5420 Web site: http://www.libertymedia.com/
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