Liberty Media Receives Stockholder Approval for Split-Off of Liberty Capital and Liberty Starz; Changes Name of Splitco
May 24 2011 - 1:45PM
Business Wire
Liberty Media Corporation (“Liberty”) (Nasdaq: LCAPA, LCAPB,
LINTA, LINTB, LSTZA, LSTZB) announced that it has received approval
from its stockholders to split-off (the “Split-Off”) the
businesses, assets and liabilities currently attributed to its
Liberty Capital and Liberty Starz tracking stock groups.
As previously announced, the Delaware Court of Chancery ruled in
Liberty’s favor in its case against the Bank of New York that the
Split-Off will not constitute a disposition of all or substantially
all the assets of Liberty Media, LLC under the indenture governing
its public indebtedness. A final decree implementing the ruling was
entered on May 9th. The judgment is subject to appeal, which must
be lodged within 30 days from the entry of the final decree. If an
appeal is filed, Liberty will request expedition of the appeal.
The consummation of the Split-Off is conditioned on a final
non-appealable judgment in the Delaware matter, in addition to the
other conditions disclosed in Liberty’s proxy statement.
In anticipation of the consummation of the Split-Off, Liberty
recently changed the name of the entity to be split-off from
Liberty Splitco, Inc. to Liberty CapStarz, Inc.
About Liberty Media Corporation
Liberty Media 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, LINTB), which
includes Liberty Media's interests in QVC, Provide Commerce,
Backcountry.com, Celebrate Interactive, Bodybuilding.com and
Expedia, (2) the Liberty Starz group (Nasdaq: LSTZA, LSTZB), which
includes Liberty Media's interest in Starz, LLC, and (3) the
Liberty Capital group (Nasdaq: LCAPA, LCAPB), which includes all
businesses, assets and liabilities not attributed to the
Interactive group or the Starz group including its subsidiaries the
Atlanta National League Baseball Club, Inc., and TruePosition,
Inc., Liberty Media’s interest in SIRIUS XM Radio, Inc., and
minority equity investments in Live Nation, Time Warner Inc. and
Viacom.
Additional Information
Nothing in this press release shall constitute a solicitation to
buy or an offer to sell shares of the split-off entity or any of
Liberty's tracking stocks. The offer and sale of shares in the
proposed split-off will only be made pursuant to Liberty CapStarz,
Inc.’s effective registration statement (f/k/a Liberty Splitco,
Inc.). Liberty stockholders and other investors are urged to read
the Form S-4 registration statement on file with the SEC, including
Liberty’s proxy statement/prospectus contained therein, because
they contain important information about the split-off. Copies of
Liberty's and Liberty CapStarz, Inc.’s SEC filings are available
free of charge at the SEC’s website (http://www.sec.gov). Copies of
the filings together with the materials incorporated by reference
therein are also available, without charge, by directing a request
to Liberty Media Corporation, 12300 Liberty Boulevard, Englewood,
Colorado 80112, Attention: Investor Relations, Telephone: (720)
875-5408.
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