Liberty Media Corporation (“Liberty”) (Nasdaq: former LMCAV, former LMCBV, LMCAD, LMCBD) and Starz (Nasdaq: STRZA, STRZB) announced the completion of the spin-off (the “Spin-Off”) of Liberty from Starz at 5:00 p.m., New York City time, today. As a result, Liberty and Starz are now separate publicly traded companies. As announced earlier, in connection with the Spin-Off, Liberty changed its name from “Liberty Spinco, Inc.” to “Liberty Media Corporation,” and Starz changed its name from “Liberty Media Corporation” to “Starz.” Both companies will begin trading regular way on The Nasdaq Stock Market, under the symbols listed above, on Monday, January 14, 2013.
Following the Spin-Off, Liberty’s principal businesses and assets include its consolidated subsidiaries Atlanta National League Baseball Club, Inc. and TruePosition, Inc., equity affiliates Sirius XM Radio Inc. and Live Nation Entertainment, Inc. and minority investments in public companies such as Barnes & Noble, Inc., Time Warner Inc., Time Warner Cable Inc. and Viacom Inc.. Starz’ businesses and assets consist of those of Starz, LLC, its wholly owned subsidiary.
As a result of the Spin-Off, Christopher Albrecht, Irving Azoff, Derek Chang, Susan Lyne, Jeffrey Sagansky, Daniel Sanchez, Charles Tanabe and Robert Wiesenthal joined the board of directors of Starz, following the resignation of all of the former Liberty Media Corporation directors (other than Gregory Maffei, who remains a director of Starz). Liberty’s board of directors currently consists of all of the directors who previously served on the board of directors of the former Liberty Media Corporation prior to the Spin-Off: John Malone, Gregory Maffei, Robert Bennett, Donne Fisher, Ian Gilchrist, Evan Malone, David Rapley, Larry Romrell and Andrea Wong.
Prior to the Spin-Off, Starz utilized cash on hand and borrowings under its bank credit facility and distributed an additional $1.2 billion to Liberty Media Corporation (previously, Starz had distributed $600 million to Liberty Media Corporation). Starz has approximately $450 million available to borrow under its bank credit facility after this distribution.
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