AT&T Completes Split Off of Liberty Media.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 10, 2001 AT&T announced today that it has completed the split off of Liberty Media Corporation, which owns all of the assets attributed to the Liberty Media Group (NYSE NYSE See: New York Stock Exchange : LMG LMG Light Machine Gun LMG Laurence M. Gould (Antarctic Research Support Vessel, USAP) LMG Local Marketing Group LMG Loaf's Merry Guild LMG Laboratory Molecular Genetics LMG Liquid Methane Gas .A, LMG.B). The split off was effective at 9:00 a.m. (ET). Liberty Media Corporation, which is now separate from AT&T, is an independent, publicly-traded company. Liberty Media Corporation's Series A common stock and Series B common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbols "LMC LMC Large Magellanic Cloud (also see SMC) LMC Library Media Center LMC Lees-McRae College (Banner Elk, NC) LMC Lutheran Medical Center LMC League of Minnesota Cities LMC Local Medical Committee .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 (Trustworthy Computing Initiative) An umbrella term from Microsoft for its efforts to improve security in Windows. TCI was announced in 2002 after viruses such as Code Red and Nimda had succeeded in attacking numerous Windows computers. ) 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. Investor Information About the Split Off AT&T's Board of Directors voted to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. each outstanding share of its Class A and Class B Liberty Media tracking stock for one share of Liberty Media Corporation's Series A and Series B common stock, respectively. As part of the redemption, shares of Liberty Media Corporation's common stock will be issued only to former holders of Liberty Media Group tracking stock in exchange for their shares of Liberty Media Group tracking stock. Additional information about the split off, share redemption and distribution is available on the Internet at www.att.com/ir. The foregoing are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside AT&T's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of AT&T. This communication shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . |
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