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Liberty Media to recapitalize into three separate tracking stocks

Liberty Media on Thursday announced plans to reclassify its common stock into three new tracking stock groups.

One of the tracking stocks is named Liberty Braves Group, the second Liberty Media Group, and the third Liberty Sirius Group.

Liberty Media said it expects to complete the creation of the new tracking stocks in the first half of 2016.

A tracking stock is a type of common stock that "tracks" or depends on the financial performance of a specific business unit or operating division of a company and trade as separate securities.

Media mogul and Liberty Media Chairman John Malone previously used tracking stocks in 2012 to separate the home shopping services assets of Liberty Interactive from its digital media assets.

Liberty Media shares closed at $41.03 on Wednesday. (Get the latest quote here.)

Reuters contributed to this report.