Liberty Media spun off as AT&T begins four-way split

AT&T has announced it is to spin off Liberty Media Group as an independent traded company in the second quarter of 2001.

The telecommunications giant said the move is in line with its recent decision to split the company into four. The spin off will see AT&T comply with one of the three conditions set by the Federal Communications Commission (FCC) in approving AT&T's merger with MediaOne. AT&T is also seeking confirmation from the Internal Revenue Service that the spin off will be tax free for itself, Liberty Media and the shareholders.