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Liberty Media agrees to pay IRS $136 million

December 20, 2011
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ENGLEWOOD, Colo.—Liberty Media Corp., the media conglomerate controlled by financier John Malone, said Tuesday that it and its former parent, Liberty Interactive Corp., reached a deal with the Internal Revenue Service to pay about $136 million to settle a dispute over their 2010 taxes.

As a result, Liberty Media said it expects to record a federal income tax expense of about $136 million and a deferred federal income tax benefit of about $240 million during the fourth quarter of 2011.

In afternoon trading, Liberty Media shares rose $1.36 to $76.44.

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