Liberty Media breakupdismays bondholders

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Liberty Media Corporation made it clear that shareholders come before bondholders in March, as the company announced plans to streamline operations through a breakup of its business lines. The firm is spinning off its 50% stake in Discovery Communications and its 100% holding in Ascent Media Group to shareholders. The news sent Liberty’s share price 3% higher on the day. For the credit markets, however, the deal was not as attractive.

Standard & Poor’s and Fitch reacted to the announcement w

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