Liberty Media Says IRS Deems Spinoff Tax-free
Stock quotes in this article:
DTV
ENGLEWOOD, Colo. (AP) — Liberty Media Corp. said Tuesday it received a private letter ruling from the Internal Revenue Service saying a planned spin-off of DirecTV will be a tax-free transaction.
Liberty is in the midst of splitting off its entertainment assets and merging them with DirecTV Group Inc., a digital television service provider, to form a new publicly traded company. The new company will trade under DirecTV's current ticker symbol, "DTV." A private letter ruling is one of the conditions of the spinoff. Shares of DirecTV fell 23 cents to $25.91 in morning trading.- Loading Comments...
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