Liberty Media splits Atlanta Braves, creates shares that follow Liberty live with Live Nation Stake – The Hollywood Reporter

John Malone’s Liberty Media Corp. said Thursday that its board of directors has authorized management to pursue the separation of the Atlanta Braves and its related real estate development, and create a new Liberty Live Group tracking stock. , which will contain the company’s stock. 31 percent stake in Live Nation Entertainment, among other things.

“We plan to separate the Atlanta Braves into an asset-backed class of stock to further highlight its strong value. In addition, following the split, we intend to refinance all remaining Liberty Media common shares into three tracking shares,” said Greg Maffei, president and chief executive officer of Liberty Media. know. “These actions will provide more choices for investors and enable targeted investment and fundraising through more centralized currencies, while maintaining an optimal capital structure for Liberty Media. and remain optional on our SiriusXM subsidiary and Live Nation shares.”

The company said the split would be accomplished “through the acquisition of existing Liberty Braves common stock by Liberty Media in exchange for common stock in a new startup called Atlanta Braves Holdings Inc. ” “Atlanta Braves Holdings will hold all business, assets and liabilities currently belonging to the Braves Group, including Braves Holdings LLC, the direct or indirect owner and operator of the Club. Major League Baseball Atlanta Braves, certain assets and liabilities related to the stadium development and mixed use of the Atlanta Braves, The Battery Atlanta, and corporate cash.” In connection with the Split, Liberty Media will redeem each outstanding share of its Series A, Series B and Series C common stock Liberty Braves for one share in the respective Atlanta series of common shares. Braves Holdings. As a result of the Split, Liberty Media and Atlanta Braves Holdings will become separate publicly traded companies. It is expected that intergroup interests in the Braves Group held by the existing Liberty Media SiriusXM Group and the Formula 1 Team will be resolved and extinguished in connection with the Split in the manner determined.

Following the completion of the split, Liberty Media wants to create a new group of tracking shares, the Liberty Live Group. It will then have three stocks to track: Liberty SiriusXM Group, Formula One Group and Liberty Live Group. The company said the third would include “their interest in Live Nation Entertainment Inc., the company’s cash, a number of public and private assets currently attributed to the Formula 1 Group, 0.50% of the bond. Liberty Media’s Live Nation convertible premium shares mature in 2050, margin lending obligations incurred by its wholly owned special purpose subsidiary, secured by stock popular vote of Live Nation Entertainment Inc., together with such other assets as may be determined by Liberty Media from time to time.”

Liberty Media said it expects to complete the split and reclassification of the tracking stock in the first half of 2023.

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