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Liberty Media spinoff cleared

AT&T received permission from the Internal Revenue Service to spin off Liberty Media tax-free, the company said Wednesday. Liberty Media will become its own company this summer, trading under the tickers "LMC.A" and "LMC.B" on the New York Stock Exchange. AT&T originally sought to spin off Liberty Media to meet one of the conditions imposed by the Federal Communications Commission when the company purchased MediaOne. However, a recent court case overturned cable ownership limits on which those conditions were partially based, and the FCC recently rescinded the merger conditions. AT&T faced the possibility of onerous taxes on the spinoff because it was letting the company go less than two years after purchasing its parent company, Tele-Communications Inc.

    AT&T received permission from the Internal Revenue Service to spin off Liberty Media tax-free, the company said Wednesday. Liberty Media will become its own company this summer, trading under the tickers "LMC.A" and "LMC.B" on the New York Stock Exchange. AT&T originally sought to spin off Liberty Media to meet one of the conditions imposed by the Federal Communications Commission when the company purchased MediaOne. However, a recent court case overturned cable ownership limits on which those conditions were partially based, and the FCC recently rescinded the merger conditions. AT&T faced the possibility of onerous taxes on the spinoff because it was letting the company go less than two years after purchasing its parent company, Tele-Communications Inc.