Liberty Media Corp.’s proposed spinoff of its stake in DirecTV Group Inc. and other entertainment assets may take four to six months to complete, Chief Executive Officer Greg Maffei said.

Billionaire John Malone’s media company needs an advisory letter from the U.S. Internal Revenue Service before closing the deal, which must also be approved by owners of the Liberty Entertainment tracking stock, Maffei said today on a call.

The spinoff, announced Dec. 12, could help Englewood, Colorado-based Liberty reduce a gap between the value of Liberty Entertainment’s tracking stock, which includes Liberty’s 52 percent stake in DirecTV, and the price El Segundo, California-based DirecTV commands on the Nasdaq Stock Market.

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