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Liberty Media to spin off cable businesses

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Liberty Media Corp. said Thursday it plans to spin off its cable-business holdings into a new publicly traded company, called Liberty Broadband.

The new entity will be spun off to Liberty Media shareholders by the end of the year and be comprised of Liberty Media's roughly 26 percent stake in Charter Communications Inc., a minority investment in Time Warner Cable Inc. and a mobile subsidiary called TruePosition.

Greg Maffei, Liberty Media's chief executive, said the company believes making the split will create greater choice and transparency for investors and is timed in part to Charter's recent agreement with Comcast Corp., which will result in Charter gaining millions of new video subscribers.

Douglas County-based Liberty Media, which is controlled by cable pioneer John Malone, also reported its first-quarter results Thursday, posting higher operating profit for the period.

Liberty Media posted an operating profit of $155 million, versus $151 million in the year-earlier period. Revenue improved 28 percent to $1.01 billion, compared with analysts' expectations of $1.05 billion.

Liberty Interactive Corp., another company controlled by Malone, said its quarterly revenue edged up, driven by its QVC home-shopping network.

Liberty Interactive has sharpened its focus on QVC, as well as its e-commerce businesses. The company said in October that it would reorganize its tracking stocks to create new holdings called QVC Group and Liberty TripAdvisor Holdings.

Liberty Interactive posted an operating profit for the quarter of $244 million, down from $260 million in the prior-year period.

Revenue rose 0.5 percent to $2.45 billion. Analysts polled by Thomson Reuters projected $2.52 billion.

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Liberty Media to spin off cable businesses

Liberty Twp. voters approve police levy renewal

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LIBERTY TWP.

Voters here approved a 3-mill renewal levy Tuesday that pays for the townships law enforcement services, according to final, unofficial results from the Butler County Board of Elections.

The Butler County Sheriffs Office provides service to Liberty Twp.s 38,800 residents. Taxpayers started paying for those services via a levy in 1995, then approved a 3-mill renewal levy in 2005 and a 3-mill replacement levy in 2009, officials said.

Collections for that levy, which generate on average around $2.4 million, were set to expire at the end of this year.

The township asked residents to approve the renewal levy to continue receiving those funds, which pay for a nearly $2.5 million police budget that covers police protection and equipment the township receives via the Butler County Sheriffs Office.

Trustee Vice President Tom Farrell said one of the most important things any township is responsible for is ensuring the safety of its citizens.

We cant do it without the help of the police and the fire department and we cant do that without the help of the taxpayers to make sure that they keep the dollars in there to make sure we can afford the police force they deserve, Farrell said. By voting this in, obviously, it gives us the confidence that theyre willing and they appreciate the support that theyre given.

Approval of the levy does not come with a tax increase. Taxes will remain at approximately $94 a year for a home valued at $100,000, according to township officials.

Ian Mead, 51, of Liberty Twp., said he supported the Liberty Twp. police levy, but only because it was not seeking an increase in the tax collection.

Im very anti-tax, Mead said.

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Liberty Twp. voters approve police levy renewal


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