Liberty Media Announces Details in Unit Merge With DirecTV5 May, 2009 By: Kyra Kudick
Liberty Media May 4 announced plans to spin-off its entertainment unit and combine it with satellite provider DirecTV, according to The Associated Press.
Liberty Entertainment Inc. holds 54% of DirecTV Group Inc. shares and 65% interest in Game Show Network, in addition to holdings in three regional sports networks, the AP reported. The company has nearly $30 million in cash and $2 billion in debt.
Liberty had previously announced to spin off the company, but had not released the details as announced Monday.