Tele-Communications Inc. shareholders have approved TCI’s stock spinoff of Liberty Media, paving the way for Liberty shares to be issued at the end of this week.
TCI said more than 97% of the A class shares and nearly 100% of the B class shares voted in favor of the spinoff. TCI CEO John Malone said he was “delighted” by the Aug. 3 vote.
Liberty and TCI are not being split into two companies. The stock issue means investors can decide whether to buy into a cable systems firm – TCI – or cable programmer Liberty.
After the TCI stockholder meeting, held in Colorado, Malone caused a stir when he apparently confirmed a report that he had met with Seagram CEO Edgar Bronfman Jr. to discuss Seagram’s interest in swapping its 15% stake in Time Warner for TW’s 19.4% stake in Turner Broadcasting. TCI is a major shareholder in Turner.
But sources close to Seagram said the two had a brief meeting at Herbert Allen’s investment conference in Sun Valley, Idaho, a few weeks ago but nothing of any substance was discussed.