Liberty Media Corporation’s Series A common stock and Series B common stock is listed on the New York Stock Exchange under the symbols LMC.A and LMC.B, respectively.
As previously announced, the Internal Revenue Service has ruled that the redemption of the tracking stock and the split off qualify for tax-free treatment for federal income tax purposes.
AT&T acquired Liberty Media through its acquisition of Tele-Communications, Inc. (TCI) in March 1999. AT&T said that the split off is intended to better enable Liberty Media to raise capital on its own and use its stock as currency in acquiring, merging or partnering with other companies and to help the public markets to better value the company. The action will also eliminate regulatory and competitive conflicts of interest between Liberty Media and AT&T.
