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Liberty Media split set
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June 18, 2001: 5:30 p.m. ET
AT&T sets Liberty split date for Aug. 10, Malone to retire from AT&T board
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NEW YORK (CNNfn) - AT&T Corp. on Monday formally set the split-off date for Liberty Media Corp. for Aug. 10, when it will begin trading as a separate company.
AT&T's board voted Monday to redeem each outstanding share of its Class A and Class B Liberty tracking stock for one share of Liberty's Series A and Series B common stock, respectively. The telecom will redeem Liberty tracking stock Class A and Class B shares for each share of Liberty Series A and Series B shares.
Liberty Media Corp. will begin trading at 9 a.m. EST on the New York Stock Exchange under the ticker symbols "LMC.A" and "LMC.B." Liberty Chairman John Malone will also retire from AT&T's board following the split but will remain as Liberty's chairman, a spokeswoman said.
Englewood, Colo.-based Liberty currently trades as a tracking stock for AT&T (T: down $0.28 to $20.72, Research, Estimates). New York-based AT&T is spinning off Liberty, its television programming unit, as part of its acquisition of Tele-Communications Inc. in March 1999. Englewood, Colo.-based Liberty (LMG.A: down $0.28 to $15.92, Research, Estimates) has stakes in various cable channels, including the Discovery Channel, E! and USA Networks.
AT&T won a favorable tax ruling in April that allowed it to spin off Liberty into a separate company. The split will allow Liberty to raise capital on its own, using its stock to buy, merge or partner with other companies, AT&T said.
AT&T, the No. 1 U.S. telecommunications and cable concern, acquired Liberty, its television programming unit, through its buy of Tele-Communications Inc. in March 1999. 
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