Liberty Media to split off entertainment group

By Lisa Kerner

Charlotte, N.C., Sept. 3 - The board of directors of Liberty Media Corp. gave management the go-ahead to formulate a plan for the split-off of Liberty Entertainment, it was announced on Wednesday.

Under the plan, Liberty Entertainment tracking stock would be converted to an asset-backed security.

Holders of Liberty Entertainment tracking stock would receive shares of a subsidiary holding the businesses and assets attributed to the Liberty Entertainment group, according to a company news release.

Liberty Media said the subsidiary would become a separate public company known as Liberty Entertainment, Inc.

Englewood, Colo.-based Liberty Media owns interests in electronic retailing, media, communications and entertainment businesses, including IAC/Interactive Corp.

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