AT&T to Spin Off Liberty Media

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AT&T's

(T) - Get Report

board voted to spin off

Liberty Media Group

(LMG.A)

, which it acquired through the acquisition of

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.