Liberty Media (LBTYA.US) announced on Wednesday plans to spin off most of its assets, except for Formula 1 racing, to an independent public company, Liberty Live, while CEO Greg Maffei will resign at the end of the year.
Liberty Live will hold approximately 69.9 million shares of stocks in live nation entertainment, Quint, and some other private assets.
In addition, its cable company Charter Communications (CHTR.US) will acquire Liberty Broadband through an all-stock trade.
