Backcountry.com parent splits off its interactive units
Liberty Media Corp. (Nasdaq: LCAPA and LINTA), the parent of Backcountry.com, said it is splitting off its interactive and entertainment assets.
Liberty Media trades under the tracking stocks Liberty Capital Group, Liberty Starz Group and Liberty Interactive Group. The transaction would separate its Liberty Capital and Liberty Starz tracking stock groups from its Liberty Interactive tracking stock group.
Liberty Interactive Group comprises a stake in Backcountry.com, QVC, Expedia, Bodybuilding.com and others. Liberty Starz Group holds interests in movie channel Starz Entertainment, and Liberty Capital Group has the Atlanta National League Baseball Club, interests in Sirius XM Radio and minority equity stakes in Time Warner, Time Warner Cable and Live Nation Entertainment.
Separating Liberty Interactive will enable investors to examine the company’s operations more transparently, according to a statement from Liberty Media CEO Greg Maffei. It also will enable Liberty Interactive to better acquire businesses using stock.
Shareholders of Liberty Capital and Liberty Starz will exchange their shares for tracking stock in the new company, it said. The deal is expected to close in late 2010 or early 2011.
LaCrosse downgraded by research firm
LaCrosse Footwear (Nasdaq: BOOT) was downgraded by the research firm McAdams Wright Ragen from “buy” to “hold” on June 21. The company closed the day’s trading at $19.83 — down $0.12, or .60 percent.
–Compiled by Wendy Geister
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