Liberty Media Corporation Announces Change in Attribution of Live Nation Stake and Exchangeable Debentures
2010年2月25日 - 10:30PM
PRニュース・ワイアー (英語)
ENGLEWOOD, Colo., Feb. 25 /PRNewswire-FirstCall/ -- Liberty Media
Corporation ("Liberty")
(NASDAQ:LCAPANASDAQ:LCAPBNASDAQ:LINTANASDAQ:LINTBNASDAQ:LSTZANASDAQ:LSTZB)
today announced that its board of directors has approved the
following, effective immediately: -- the change in attribution from
the Liberty Interactive tracking stock group ("Liberty
Interactive") to the Liberty Capital tracking stock group ("Liberty
Capital") of the approximately 14.6% stake in Live Nation
Entertainment, Inc. ("Live Nation") (NYSE:LYV) Liberty currently
owns; -- the change in attribution from Liberty Capital to Liberty
Interactive of the following debt securities issued by Liberty
Media, LLC, a subsidiary of Liberty: -- $469 million in principal
amount of 4% Exchangeable Senior Debentures due 2029 (the "2029
Exchangeables"); -- $460 million in principal amount of 3.75%
Exchangeable Senior Debentures due 2030 (the "2030 Exchangeables");
and -- $491.7 million in principal amount of 3.5% Exchangeable
Senior Debentures due 2031 (the "2031 Exchangeables"); -- the
change in attribution from Liberty Capital to Liberty Interactive
of an aggregate of $830.2 million in net taxable income to be
recognized ratably in tax years 2014 through 2018 as a result of
the cancellation in April 2009 of $400 million in face amount of
2029 Exchangeables and $350 million in face amount of 2030
Exchangeables; and -- the change in attribution from Liberty
Capital to Liberty Interactive of $807 million in cash. Gregory B.
Maffei, Liberty President and CEO, said, "Today we have announced a
change in the attribution of three issuances of our exchangeable
debt as well as our existing stake in Live Nation. The amount of
cash reattributed to the Liberty Interactive group is sufficient to
pay the 2013 debt maturities attributed to Liberty Interactive in
full. In addition, we believe that the reattribution of this
exchangeable debt puts these issuances of long-term debt with
unique tax characteristics in the hands of the tracking stock group
that is best positioned to take advantage of those tax
characteristics, and will have positive effects on the liquidity
and free cash flow of the Liberty Interactive group. Also, since
Liberty has recently made a cash tender offer for an additional
stake in Live Nation on behalf of the Liberty Capital group, the
reattribution of our existing interest will allow our entire Live
Nation stake to reside in the single tracking stock group best
positioned for that investment. Finally, we believe that this
reattribution improves the capital structure attributed to Liberty
Interactive and provides increased flexibility for our tracking
stock groups." Additional information regarding this change in
attribution is contained in a Current Report on Form 8-K being
filed by Liberty with the Securities and Exchange Commission
("SEC") today. Copies of this filing may be obtained for free from
the SEC's website, http://www.sec.gov/. 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:LINTANASDAQ:LINTB), which includes Liberty Media's
interests in QVC, Provide Commerce, Backcountry.com, BUYSEASONS,
Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2) the Liberty
Starz group (NASDAQ:LSTZANASDAQ: LSTZB), which includes Liberty
Media's interests in Starz Entertainment and ViaSat, Inc., and (3)
the Liberty Capital group (NASDAQ:LCAPANASDAQ:LCAPB), which
includes all businesses, assets and liabilities not attributed to
the Interactive group or the Entertainment group including its
subsidiaries Starz Media, LLC, Atlanta National League Baseball
Club, Inc., and TruePosition, Inc., Liberty Media's interest in
SIRIUS XM Radio, Inc., and minority equity investments in Time
Warner Inc. and Sprint Nextel Corporation. Contact: Courtnee Ulrich
(720) 875-5420 DATASOURCE: Liberty Media Corporation CONTACT:
Courtnee Ulrich, +1-720-875-5420, for Liberty Media Corporation Web
Site: http://www.libertymedia.com/
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