AT&T to Spin Off Liberty Media
AT&T's
board voted to spin off
Liberty Media Group
(LMG.A)
, which it acquired through the acquisition of
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TeleCommunications Inc.
, providing the company receives a favorable tax ruling from the
Internal Revenue Service
.
AT&T expects to convert the Liberty Media tracking stock into an asset-based security and launch the company as an independent, publicly traded entity in the second quarter of 2001.
AT&T said the spinoff is consistent with its recent decision to restructure into four companies.
