Liberty Entertainment splitoff from Liberty Media approved by IRS

By Lisa Kerner

Charlotte, N.C., Oct. 27 - The Internal Revenue Service ruled that the proposed splitoff of Liberty Entertainment, Inc. from Liberty Media Corp. qualifies as a tax-free transaction.

The ruling satisfies a condition to the completion of the splitoff and proposed business combination of Liberty Entertainment with DirecTV Group, Inc., according to a Liberty Media news release.

As previously reported, Liberty Media shareholders will vote on the splitoff and business combination at a special meeting on Nov. 19.

DirecTV, which announced plans to combine with Liberty Entertainment in May, will also hold its special meeting on Nov. 19 for the purpose of approving the deal.

Liberty Media is an Englewood, Colo., entertainment company.

DirecTV is an El Segundo, Calif., provider of digital multichannel television entertainment.

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