Liberty Shareholders Approve Split


Liberty Media shareholders approved the split of Liberty Capital stock into two trackers at a special meeting Wednesday.

John Malone's Liberty first announced its intention to split Liberty Capital into two separate units – Liberty Entertainment and Liberty Capital in August

Liberty Entertainment will house its 100% interest in premium movie channel Starz Entertainment and Starz Media;  its 50% stake in cable channel GSN; its 53% interest in interactive-gaming company FUN Technologies; its 32% stake in wireless Internet-service provider WildBlue Communications and $550 million in debt; and its 39% stake in DirecTV and three regional sports networks once that deal is approved in December. 

Liberty Capital holds minority interests in several media companies; an 89% stake in wireless location technology provider True Position; the Atlanta Braves Major League Baseball franchise; and a CBS-affiliate TV station in Green Bay, Wis. 

In a statement, Liberty Media said that the split will be contingent on the transfer of DirecTV from News Corp. As part of that deal, valued at about $11 billion, Liberty agreed to exchange its 19% voting interest in News Corp. shares for the DirecTV interest, three regional sports networks and about $585 million in cash. The deal is still winding its way through the Federal Communications Commission approval process, but is expected to be closed by year-end.