The NASDAQ Exchange notified Liberty Media Corp. Friday that "when-issued" trading for its Discovery Holding Co. spinoff had begun.
DHC is a separate publicly traded entity that includes Liberty’s 50% interest in Discovery Communications Inc. and its 100% stake in Ascent Media Group.
Liberty said shares of DHC's series-A common stock will trade on the OTC Bulletin Board under the symbol "DCHAV" Friday-July 20, and there are currently no plans for DHC's series-B common stock to trade on a when-issued basis.
Beginning July 21, DHC series-A and series-B shares will begin regular-way trading on the NASDAQ National Market under the symbols "DISCA" and "DISCB,” respectively, Liberty added.
Liberty common stock will not trade ex-dividend until the July 21 distribution date, meaning that any record holder that sells its shares after the July 15 record date and before the date of distribution will also be selling its right to receive shares of DHC common stock in the spinoff.
Following the spinoff, Liberty will cease to have any ownership interest in DHC, and DHC will become an independent, publicly traded company, Liberty said.