March 13 (Reuters) - Liberty Media Corp, controlled by chairman John Malone, is splitting its media-holding company into two tracking stocks that will divvy up its cable and media assets, the company said on Thursday.
Malone, famous for his complicated stock structures, planned to create Liberty Broadband Group, a tracking stock for Liberty's investments in Charter Communications, Time Warner Cable and location technology company True Position Technologies Inc.
Liberty Media Group, the other tracking stock, will house Liberty's 53 percent investment in Sirius XM Holdings Inc and other media assets such as investments in Live Nation Entertainment Inc and the Atlanta Braves baseball team.
Liberty Media Corp Chief Executive Officer Greg Maffei said in a statement the company planned to create the tracking stocks by the third quarter.
Liberty, which offered to buy out minority shareholders in satellite radio provider Sirius XM for a low premium in January, also said the "offer for Sirius XM is no longer applicable."
Maffei added that Liberty will discuss the matter with Sirius XM's special committee of board members who had been studying the offer.
Sirius shares fell 2.7 percent in after-hours trading on Thursday, while Liberty Media shares rose 0.7 percent in after-hours trading.