The spin off Dtv will not impact Linta. you need to look at Liberty's web site for a list of companies LINTA ownes 1) QVC, 2) Pro flowers and 3) large stock blooks of Expedia (worth $1.5/linta share), IAC (worth about $1/linta share, Ticket master, and so on). QVC which is 100% owned by Linta has a$8 billion in annual sales and genernates net cash of about $1 billion/year (at a 10 muliple that's worth about $12/LINTA SHARE). Thus if Linta reports things "are stable", its stock should run up quickly back to over $10. Right now, its still on sale.
The consensus I 'heard' was that AT&T (T) 'covets' DirecTV (DTV). So, if LINTA spins it off and get DTV stock in its stead, then the acquisition by T of DTV will inure to the new holders, i.e. the current holders of LINTA at some conversion rate, like 1.11 shares of DTV for each LINTA held. Take the reversion of the cash flows and cap them at say 8% and there ya have it.....the stock should rise.
Again, this is why my earlier post referenced the tax code - I don't think the 'market' has yet to fully understand what the Liberty Boyz and DirecTV are up to yet. They have to unwind the mess then make it 'transparent' (<--enter current CNBC / POTUS buzz word) to the market. So far, I don't think that they have made this abundantly clear in terms of the end game and end results.