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Updated from 9:36 a.m. EDT
DirecTV (DTV Quote) will join Liberty Entertainment(LMDIA Quote) in a spinoff from Liberty Media(LINTA Quote).
The move will combine the satellite TV service with Liberty's programming units, which include Liberty Sports, the Game Show Network and Fun Technologies. The new unit will take on $2 billion of Liberty's debt and $30 million in cash. DirecTV will also make $650 million in Liberty loan payments.
The plan calls for no changes to top management, and when the deal is complete Liberty Media Chairman John Malone will control 24% of DirecTV. ...
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