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Liberty Media, TCI Form Internet Group

As a result of parent company AT&T's recent acquisition of TCI, Liberty Media Group plans to transfer its Internet assets into TCI Music Inc. to form a new Internet-based firm

According to published reports, the combined firm will retain the name of Liberty's interactive unit, Liberty Digital, and will trade under TCI Music's existing stock symbol, TUNE, on the Nasdaq. The move is designed to create a currency that can be used for future Internet deals.

Lee Masters was named the company's CEO. He most recently served as head of the previous Liberty Digital. He told the Wall Street Journal that the assests of the combined firm value around $1 billion, with $650 million of that coming from the former Liberty Digital.

He also said that armed with its new trading currency, the firm plans to actively search for new opportunities in the Internet and interactive sectors.