Liberty Media says it will spin off its Starz cable programming business.

The Englewood, Colo., media conglomerate also says its second quarter earnings climbed 75 percent to $156 million.

The Starz business had provided recently released movies and TV shows to Netflix for distribution over high-speed Internet connections.

Liberty Media says the spinoff of Starz will be tax-free for shareholders and will create significant liquidity.

Liberty says it has a 46 percent ownership stake in Sirius XM Radio and it has said it plans to keep buying common shares.