Liberty Media’s (NSDQ: LINTA) board has approved a plan to fully split Liberty Entertainment, currently a tracking stock, off into a separate public company. After the split, Liberty Entertainment would still retain the name. If the plan goes through, the new Liberty Entertainment would be made up of roughly 50 percent of The DirecTV Group (NYSE: DTV), and all holdings belonging Starz Entertainment, FUN Technologies, and Liberty Sports Holdings. It would also include 50 percent of GSN and 37 percent of WildBlue Communications. Liberty Entertainment would also assume the $2 billion in debt that was incurred to acquire 78.3 million DirecTV shares in April 2008. The parent company said it expected the executive officers of Liberty Media to also hold those positions at Liberty Entertainment, which also means media mogul John Malone. More details in the release