AT&T finishes spinoff from Liberty Media
August 12, 2001
CASTLE ROCK, Colo. (AP) AT&T Corp. completed its spinoff Friday of Liberty Media Corp., allowing the television programming unit to operate as an independent company.
Liberty’s holdings include interests in hundreds of TV channels, cable and satellite systems, and media companies worldwide. Some of its investments include Starz Encore Group, The Discovery Channel, AOL Time Warner and the Home Shopping Network.
The company was acquired in March 1999 as part of AT&T’s purchase of Tele-Communications Inc., the cable TV empire built by Liberty chief executive John Malone.
The two-year marriage between Liberty and AT&T was difficult because Malone and AT&T executives couldn’t agree on strategy.