Liberty Media has set the date for a shareholder vote on its planned
spin-off of Liberty Capital and Liberty Starz, a move that will
essentially separate the two tracking stocks from Liberty Media, leaving
the remaining tracker - Liberty Interactive - an asset backed security.
Liberty
said it would hold a special shareholder meeting at the Denver Marriott
South Hotel in Littleton, Colo., on March 31 to vote on the split.
Liberty announced last year
its intention to spin off the two tracking stocks. Liberty Capital
houses Liberty's controlling interest in the Atlanta Braves Major League
Baseball Team and passive investments in several media and technology
companies. Liberty Starz includes the Starz Entertainment premium cable
channel, Starz Media and Liberty Sports Interactive.
According to a
proxy statement filed Jan. 28, Liberty Media will redeem all of the
shares in both Liberty Capital and Liberty Starz and exchange them on a
one-for-one basis for shares of a new entity called Splitco. Both
Liberty Capital and Liberty Starz will continue to trade as tracking
stocks and will contain the same assets as before the split. While the
deal will not materially change Liberty Starz or Liberty Capital, the
end result of the transaction will be the conversion of Liberty
Interactive from a tracking stock into an asset-based security.
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