Liberty Interactive To Split Into Two Tracking Stocks

Liberty Digital Commerce, QVC Group To Debut in First Half 2014

Liberty Interactive said Thursday it would recapitalize the company splitting into two separate tracking stocks – Liberty Digital Commerce and QVC Group – early next year.

Liberty Digital Commerce would include former Liberty Interactive online and e-commerce companies like Provide Commerce, CommerceHub, Right Start and Evite along with cash and certain liabilities. QVC Group would include its shopping channel QVC and its 38% interest in rival home shopping network, HSN Inc. Liberty expects the new trackers to debut by the frirst half of next year. Liberty Digital is excepted to trade under the symbols “LDCA” and “LDCB,” while QVC Group will trade under the symbols “QVCA” and “QVCB.”

According to the deal, Liberty Interactive would be renamed QVC Group and shareholders would receive one share of Liberty Digital Commerce stock for every 10 shares of QVC Group they own.

The remaining assets in Liberty Interactive – its interests in online travel sites and Expedia, BuySeasons and minority interests in Time Warner Inc, and Time Warner Cable – would be spin off in a third tracking stock, to be called Liberty TripAdvisor Holdings.

Liberty Ventures holders would receive one share of Liberty TripAdvisor for each share of Liberty Ventures they own.