Liberty Media Corporation and Starz Announce Completion of Spin-Off
12 1월 2013 - 7:16AM
Business Wire
Liberty Media Corporation (“Liberty”) (Nasdaq: former LMCAV,
former LMCBV, LMCAD, LMCBD) and Starz (Nasdaq: STRZA, STRZB)
announced the completion of the spin-off (the “Spin-Off”) of
Liberty from Starz at 5:00 p.m., New York City time, today. As a
result, Liberty and Starz are now separate publicly traded
companies. As announced earlier, in connection with the Spin-Off,
Liberty changed its name from “Liberty Spinco, Inc.” to “Liberty
Media Corporation,” and Starz changed its name from “Liberty Media
Corporation” to “Starz.” Both companies will begin trading regular
way on The Nasdaq Stock Market, under the symbols listed above, on
Monday, January 14, 2013.
Following the Spin-Off, Liberty’s principal businesses and
assets include its consolidated subsidiaries Atlanta National
League Baseball Club, Inc. and TruePosition, Inc., equity
affiliates Sirius XM Radio Inc. and Live Nation Entertainment, Inc.
and minority investments in public companies such as Barnes &
Noble, Inc., Time Warner Inc., Time Warner Cable Inc. and Viacom
Inc.. Starz’ businesses and assets consist of those of Starz, LLC,
its wholly owned subsidiary.
As a result of the Spin-Off, Christopher Albrecht, Irving Azoff,
Derek Chang, Susan Lyne, Jeffrey Sagansky, Daniel Sanchez, Charles
Tanabe and Robert Wiesenthal joined the board of directors of
Starz, following the resignation of all of the former Liberty Media
Corporation directors (other than Gregory Maffei, who remains a
director of Starz). Liberty’s board of directors currently consists
of all of the directors who previously served on the board of
directors of the former Liberty Media Corporation prior to the
Spin-Off: John Malone, Gregory Maffei, Robert Bennett, Donne
Fisher, Ian Gilchrist, Evan Malone, David Rapley, Larry Romrell and
Andrea Wong.
Prior to the Spin-Off, Starz utilized cash on hand and
borrowings under its bank credit facility and distributed an
additional $1.2 billion to Liberty Media Corporation (previously,
Starz had distributed $600 million to Liberty Media Corporation).
Starz has approximately $450 million available to borrow under its
bank credit facility after this distribution.
Following the Spin-Off, Liberty will have approximately $450
million available under its stock repurchase program, and Starz
will have approximately $400 million available under its stock
repurchase program.
About Liberty Media Corporation
Liberty (Nasdaq: former LMCAV, former LMCBV, LMCAD, LMCBD) owns
interests in a broad range of media, communications and
entertainment businesses, including its subsidiaries Atlanta
National League Baseball Club, Inc. and TruePosition, Inc., its
interests in SiriusXM, Live Nation Entertainment and Barnes &
Noble, and minority equity investments in Time Warner Inc. and
Viacom.
About Starz
Starz (NASDAQ: STRZA, STRZB) is a leading integrated global
media and entertainment company with operating units that provide
premium subscription video programming on domestic U.S. pay
television channels (Starz Channels), global content distribution
(Starz Distribution) and animated television and movie production
(Starz Animation), www.starz.com.
Starz Channels is a leading provider of premium subscription
video programming through the flagship STARZ® and ENCORE® pay TV
networks which showcase premium original programming and movies to
U.S. multichannel video distributors, including cable operators,
satellite television providers, and telecommunications companies.
As of September 30, 2012, STARZ and ENCORE serve a combined 55
million subscribers, including 21 million at STARZ, and 34 million
at ENCORE, making them the largest pair of premium flagship
channels in the U.S. STARZ® and ENCORE®, along with Starz Channels’
third network MOVIEPLEX®, air over 1,000 movies monthly across 17
linear networks, complemented by On Demand and authenticated online
offerings through STARZ PLAY, ENCORE PLAY, and MOVIEPLEX PLAY.
Starz Distribution develops, produces and acquires entertainment
content, distributing it to consumers globally on DVD, digital
formats and traditional television. Starz Distribution’s home
video, digital media and worldwide distribution business units
distribute original programming content produced by Starz, as well
as entertainment content for itself and third parties. Starz
Animation produces animated TV and movie content for studios,
networks, distributors and audiences worldwide.
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