Liberty Media announces new cable spin-off

Liberty Media Corp is spinning off its cable assets, including a stake in Charter Communications, into a new publicly traded company called Liberty Broadband.

"We believe a separate Liberty Broadband will offer investors greater choice and transparency, and is well-timed with Charter's agreements with Comcast, which will result in Charter owning or serving over eight million video customers," Liberty Media Chief Executive Officer Greg Maffei said.

The plan announced will be a hard spin-off of Liberty Broadband, similar to how Liberty spun off television and movie channel Starz in 2013.

Liberty Broadband will house Liberty's stake in Charter Communications, which was worth $3.31 billion as of March 31, as well as investments in Time Warner Cable and the small location technology company True Position Technologies.