NEW YORK -- Liberty Media is spinning off its entertainment unit and combining it with satellite TV provider DirecTV, which Liberty controls.

The new Liberty Entertainment Inc. will hold 54 percent of DirecTV Group Inc. shares and a 65 percent interest in the Game Show Network. Among Liberty Entertainment's other holdings will be three regional sports networks.

The company will have about $30 million in cash and $2 billion in debt.

Media mogul John Malone, his wife and associated trusts will hold shares giving them about 24 percent of DirecTV's total voting power.

The spinoff plans had been disclosed, but the details were announced today.

First Published: May 4, 2009, 3:30 p.m.