Englewood, Colo. - Liberty Media (NASD: LINTA) announced on Wednesday that it plans to split off its Liberty Entertainment group, which includes the company's stakes in DirecTV, Starz, FUN Technologies, GSN, WildBlue Communications and Liberty Sports, into a separate public company.

Shares in the new public company will be distributed to current holders of Liberty Entertainment's tracking stock.

Liberty Entertainment will hold about $2 billion in debut, incurred to acquire 78 million DirecTV shares in April.

Liberty earlier this year gave up its stake in News Corp. to acquire that company's interest in DirecTV, and after the subsequent stock purchase now holds a 48% stake in the satellite TV company.

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