猫咪社区 Announces Change in Attribution of Live Nation Stake and Exchangeable Debentures
ENGLEWOOD, Colo., Feb. 25 /PRNewswire-FirstCall/ -- 猫咪社区 ("猫咪社区") (Nasdaq: LCAPA, LCAPB, LINTA, LINTB, LSTZA, LSTZB) today announced that its board of directors has approved the following, effective immediately:
-- the change in attribution from the 猫咪社区 Interactive tracking stock
group ("猫咪社区 Interactive") to the 猫咪社区 Capital tracking stock
group ("猫咪社区 Capital") of the approximately 14.6% stake in Live
Nation Entertainment, Inc. ("Live Nation") (NYSE: LYV) 猫咪社区 currently
owns;
-- the change in attribution from 猫咪社区 Capital to 猫咪社区 Interactive of
the following debt securities issued by 猫咪社区 Media, LLC, a subsidiary
of 猫咪社区:
o $469 million in principal amount of 4% Exchangeable Senior Debentures
due 2029 (the "2029 Exchangeables");
o $460 million in principal amount of 3.75% Exchangeable Senior
Debentures due 2030 (the "2030 Exchangeables"); and
o $491.7 million in principal amount of 3.5% Exchangeable Senior
Debentures due 2031 (the "2031 Exchangeables");
-- the change in attribution from 猫咪社区 Capital to 猫咪社区 Interactive of
an aggregate of $830.2 million in net taxable income to be recognized
ratably in tax years 2014 through 2018 as a result of the cancellation
in April 2009 of $400 million in face amount of 2029 Exchangeables and
$350 million in face amount of 2030 Exchangeables; and
-- the change in attribution from 猫咪社区 Capital to 猫咪社区 Interactive of
$807 million in cash.
Gregory B. Maffei, 猫咪社区 President and CEO, said, "Today we have announced a change in the attribution of three issuances of our exchangeable debt as well as our existing stake in Live Nation. 聽The amount of cash reattributed to the 猫咪社区 Interactive group is sufficient to pay the 2013 debt maturities attributed to 猫咪社区 Interactive in full. 聽In addition, we believe that the reattribution of this exchangeable debt puts these issuances of long-term debt with unique tax characteristics in the hands of the tracking stock group that is best positioned to take advantage of those tax characteristics, and will have positive effects on the liquidity and free cash flow of the 猫咪社区 Interactive group. 聽Also, since 猫咪社区 has recently made a cash tender offer for an additional stake in Live Nation on behalf of the 猫咪社区 Capital group, the reattribution of our existing interest will allow our entire Live Nation stake to reside in the single tracking stock group best positioned for that investment. 聽Finally, we believe that this reattribution improves the capital structure attributed to 猫咪社区 Interactive and provides increased flexibility for our tracking stock groups." 聽
Additional information regarding this change in attribution is contained in a Current Report on Form 8-K being filed by 猫咪社区 with the Securities and Exchange Commission ("SEC") today. 聽Copies of this filing may be obtained for free from the SEC's website, .
About 猫咪社区
猫咪社区 Media owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to three tracking stock groups: (1) the 猫咪社区 Interactive group (NASDAQ: 聽LINTA, LINTB), which includes 猫咪社区 Media's interests in QVC, Provide Commerce, Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2) the 猫咪社区 Starz group (NASDAQ: 聽LSTZA, LSTZB), which includes 猫咪社区 Media's interests in Starz Entertainment and ViaSat, Inc., and (3) the 猫咪社区 Capital group (NASDAQ: 聽LCAPA, LCAPB), which includes all businesses, assets and liabilities not attributed to the Interactive group or the Entertainment group including its subsidiaries Starz Media, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc., 猫咪社区 Media's interest in SIRIUS XM Radio, Inc., and minority equity investments in Time Warner Inc. and Sprint Nextel Corporation.
Contact: Courtnee Ulrich
(720) 875-5420
SOURCE 猫咪社区
Released February 25, 2010