Shares of Liberty Media (LINTA) were briefly halted and are now up $1.78, or almost 12%, at $17.29 after the Supreme Court of Delaware upheld an appeal by the company to split its Liberty Capital and Starz Group operations, which had been contested by Bank of New York/Mellon (BK), as reported by Bloomberg’s Jef Feeley and Sophia Pearson.
Update: In a press release this afternoon, Liberty says that it will complete the spin-off at 5 pm, Eastern time, this friday, September 23rd. The company will change its name to “Liberty Interactive,” and the spin-off will be “Liberty Media.” Moreover, the tracking stocks for Starz and for Capital will trade temporarily under different tickers before reverting back on October 3rd. The temporary changes are as follows:
- LCAPA will trade as LCPAD
- LCAPB will trade as LCPBD
- LSTZA will trade as LSTAD
- LSTZB will trade as LSTBD
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