Liberty Media said in a press release Friday that it contemplates raising $310 million from the offering, the size of which hasn't yet been determined. The company will use proceeds for general corporate purposes, including acquisitions and other opportunities, and to the extent debt securities are used to pay the subscription price, to reduce debt.

The subscription price may be paid in cash or by exchange of senior notes or senior debentures, excluding the senior exchangeable debentures, of Liberty Media.

In addition, in connection with Liberty Media's split-off from AT&T Corp. , the Internal Revenue Service issued a private letter ruling confirming that the split-off would qualify as a tax-free transaction.

The request for rulings and the private letter ruling stated that Liberty Media intended to issue at least $500 million of its equity within a specified time after the split-off.