Liberty Media Corp., controlled by cable czar John Malone, said today it will spin off its Starz cable group into its own company, the Los Angeles Times reports. The move is part of a series of recent financial moves by Liberty.
The story reports: “The move will give investors a better view of how Starz is doing, improve its capital structure and create two ‘currencies’ in the form of shares that can be used for acquisitions, said Liberty Media CEO Greg Maffei.
“The move will also free up cash at Liberty Media, Maffei said. It has been buying shares of satellite radio broadcaster Sirius XM Radio Inc. and concert arranger Live Nation Entertainment Inc.”
The Starz spinoff is expected to be completed in late 2012, according to the company.