Austin Riley of the Atlanta Braves made a catch against the Philadelphia Phillies last month in Atlanta.
Photo:
Kevin C. Cox/Getty Images
Media and entertainment company Liberty Media Corp.
SOUND -0.25%
said it would split off the Atlanta Braves Major League Baseball team and its associated real-estate development project into a separate, publicly traded company.
Liberty Media, which operates and owns interests in businesses including Sirius XM Holdings Inc.
SIR 0.15%
and Formula One Group, said it would redeem its existing Liberty Braves BATRA 0.32%
common stock in exchange for shares of a newly formed company to be called Atlanta Braves Holdings Inc.
The new company would hold assets that include the Atlanta Braves Major League Baseball Club, certain assets and liabilities associated with the Atlanta Braves’ stadium and mixed-use development project, the Battery Atlanta, as well as corporate cash.
After the split-off, Liberty Media plans to recapitalize its remaining common stock into three tracking stock groups, Chief Executive Greg Maffei said. The company said it intends for the three groups to be listed on the Nasdaq Global Select Market or on the OTC Markets, if necessary. Among the three groups would be the new Liberty SiriusXM Group, the new Formula One Group and the Liberty Live Group.
Liberty Media said it expects to complete the split-off and reclassification in the first half of 2023.
“These actions will provide greater investor choice and enable targeted investment and capital-raising through more focused currencies, while maintaining an optimal capital structure for Liberty Media and preserving optionality with respect to our subsidiary SiriusXM and our Live Nation stake,” Mr. Maffei said.
Write to Will Feuer at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
.