Court Rules in Favor of Liberty Media in Split-Off Dispute
The Delaware Court of Chancery sided with the company after the Bank of New York raised issues about a planned split-off of Liberty Starz and Liberty Capital.
NEW YORK – John Malone’s Liberty Media took a key hurdle on its way to a planned split-off of its Liberty Starz and Liberty Capital tracking stock groups from Liberty Interactive.
The company said Friday that the Delaware Court of Chancery has ruled in Liberty's favor in a case against the Bank of New York, which had argued that the planned split-off would constitute a disposition of all or substantially all the assets of Liberty Media.
The company expects a final decree implementing the ruling “in the near future.” The judgment is subject to appeal, which would have to be made within 30 days. Liberty Media said that if an appeal is filed, it would request expedition of the appeal.
Liberty management has signaled it expects the split-off to occur around mid-year.