Liberty Media has set the date for its planned spinoff of Liberty Broadband, the tracking stock that will house its interests in Charter Communications and satellite company True Position.
According to Liberty Media, shareholders of record as of Oct. 29 will receive one-fourth of one share of Liberty Broadband for every share of Liberty Media they hold. The company has set Nov. 4 as the date for the completion of the spin, and the tracker should begin trading on the NASDAQ exchange under the symbols “LBRDA” and “LBRDK”, and that the Liberty Broadband Series B common stock will be quoted on the OTC Bulletin Board under the symbol “LBRDB,” beginning on Nov. 5.
Liberty Broadband will include Liberty Media’s 26% interest in Charter Communications, its 100% stake in global positioning satellite company TruePosition, a minority equity investment in Time Warner Cable (“TWC”), certain deferred tax liabilities, liabilities related to a TWC call option and $320 million in debt.
To read the full story, visit Multichannel.com.
