Starz shares jump 8 pct in first day of trading
Shares of Starz jump 8 percent in first day of trading after split from Liberty Media
NEW YORK (AP) -- Starz shares jumped 8 percent in their first day of trading after the cable channel operator completed its split from cable magnate John Malone's Liberty Media Corp.
The companies completed planned their separation into two publically traded companies after the markets closed on Friday.
Starz' assets include the Starz and Encore cable channels. As of Sept. 30, the channels had a combined 55 million subscribers, including 21 million at Starz and 34 million at Encore.
Liberty's main businesses and assets now include the Atlanta Braves baseball team and TruePosition Inc. It also owns stakes in Sirius XM Radio Inc. and Live Nation Entertainment Inc., along with other public companies.
When Liberty originally announced its plans for a spinoff in August, it said the move would give investors a better view of how Starz is doing, improve its capital structure and aid in acquisitions, while also freeing up cash at Liberty.
In midday trading, Starz Inc. shares rose $1.13, or 8 percent, to $15.33, while Liberty Media shares fell 25 cents to $109.58.
