Liberty Media will spin off its Starz unit, the Wall Street Journal reports. Starz, which owns the networks Starz and Encore, could eventually merge with another company, while Liberty may strike a deal with Sirius XM Radio, which it has a 46% stake in.

Right now, Liberty Media has a market value of $12 billion, and on its own Starz will probably be worth around $2 billion. Starz will assume $1.5 billion in debt and receive an undetermined amount of cash in the separation.

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