NEW YORK (AP) — Fitch Ratings on Friday upgraded its issuer default rating on Liberty Media LLC and its subsidiary, QVC Inc., saying the impending spinoff of other Liberty divisions will add more stability to the remaining company.
Shareholders of Liberty Media Corp., the conglomerate controlled by John Malone, have approved the spinoff of assets that are part of two Liberty Media tracking stocks — Liberty Capital and Liberty Starz. Those assets, which include the Starz cable channel and the Atlanta Braves baseball team, will be part of a new company, Liberty CapStarz Inc.
With the spinoff, Liberty Media will have its own stock and a group of assets, including QVC, the …
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