Liberty Media Corp., the conglomerate headed by cable pioneer John Malone, said July 21 it had completed the spin-off of Discovery Holdings, which includes Liberty's 50% stake in Discovery Communicati


NEW YORK (Reuters) -- Liberty Media Corp., the conglomerate headed by cable pioneer John Malone, said July 21 it had completed the spin-off of Discovery Holdings, which includes Liberty's 50% stake in Discovery Communications.

In addition to the stake in Discovery, which owns a number of cable channels including the widely distributed Discovery Channel, the company will also hold media software company Ascent Media.

Each Liberty Media shareholder received 0.10 share of Discovery for each Liberty Media share.

The remaining 50% of Discovery is held by Atlanta-based cable operator Cox Communications and magazine publisher Advance/Newhouse.

Liberty has, in the past, left open the possibility of similar transactions for its remaining properties, which include the QVC home shopping channel and the Starz Encore cable networks.

The company has been criticized for its complex structure.

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