Liberty Media, a worldwide group of media interests built up by cable magnate John Malone, is to be spun off from telecoms giant AT&T and will be set up as an independent group this summer.

The decision to go ahead with the spin-off of Liberty – currently a tracking stock of AT&T – was confirmed yesterday after the Internal Revenue Service announced that the move would count as a tax-free transaction.

AT&T will be glad to see the back of Malone, one of its most vocal critics, who will step down as a board member at the telecoms firm when the spin-off is complete.

News source: Financial Times