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Liberty Sets Date of Discovery Holding Spinoff

Jul 6, 2005  •  Post A Comment

Liberty Media announced this week that its planned spinoff of the recently formed Discovery Holding will take place July 21.

The new company will consist of Liberty’s 50 percent stake in cable network giant Discovery Communications as well as Ascent Media, a wholly owned unit of Liberty that provides media services to various cable networks including Discovery. The new company’s shares will trade on the NASDAQ National Market under the symbols DISCA and DISCB.

As part of the transaction, Liberty shareholders will receive one-tenth of a share in Discovery Holding for every Liberty share they hold.

After completion of the spinoff, Liberty will no longer own a stake in Discovery. Cox Communications and Advance/Newhouse Communications each will continue to hold their respective 24.5 percent stakes.