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SMALL BUSINESS
Liberty Media says IRS deems spinoff tax-free
AP
ENGLEWOOD, Colo. -Liberty Media Corp. said Tuesday it received a private letter ruling from the Internal Revenue Service saying a planned spin-off of DirecTV will be a tax-free transaction.
Liberty is in the midst of splitting off its entertainment assets and merging them with DirecTV Group Inc., a digital television service provider, to form a new publicly traded company. The new company will trade under DirecTV's current ticker symbol, "DTV."
A private letter ruling is one of the conditions of the spinoff.
Shares of DirecTV fell 23 cents to $25.91 in morning trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-27 11:59:13
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