Despite the volatile stock market, Liberty Media Corp. said its board agreed to continue plans to spin off Liberty Entertainment group, which includes El Segundo satellite operator DirecTV Group Inc., into a separate publicly traded company.

Englewood, Colo.-based Liberty Media first announced in September that its board tentatively agreed to convert the tracking stock for Liberty Entertainment into shares in a subsidiary that would hold some of the unit’s assets.

“We continue to work on a plan to split-off Entertainment,” said Liberty Chief Executive Greg Maffei in a statement over the weekend. “We believe a new asset-backed security will reduce the discount from fair value in our stock, thereby making it a more attractive currency, and will permit us to better pursue our strategic objectives.”

If the transaction is completed as currently configured, Liberty Entertainment will be comprised of 52 percent of DirectTV, 50 percent of GSN LLC, and 100 percent of FUN Technologies and Liberty Sports Holdings LLC, which holds three regional sports networks.

Liberty Media acquired DirecTV in an April stock swap in which it gave up its share of News Corp., ending a feud between Liberty Median titan John Malone and News Corp. chief Rupert Murdoch. Liberty then acquired additional shares to raise its ownership stake.