Deal description: Liberty Media Corporation (“Liberty Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) today announced that its board of directors has authorized management to pursue a split-off (the “Split-Off”) of the Atlanta Braves and its associated real estate development project and the creation of a new Liberty Live Group tracking stock.
The Split-Off would be accomplished through the redemption of Liberty Media’s existing Liberty Braves common stock in exchange for common stock of a newly formed company to be called Atlanta Braves Holdings, Inc. Atlanta Braves Holdings would hold all of the businesses, assets and liabilities currently attributed to the Braves Group, including Braves Holdings, LLC, which is the direct or indirect owner and operator of 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, and corporate cash.
Following the completion of the Split-Off, Liberty Media would create a new third tracking stock group, the Liberty Live Group, through the reclassification of all of Liberty Media’s remaining common stock, which includes the Liberty SiriusXM Group and the Formula One Group. The Split-Off and the Reclassification will be subject to various conditions.
Baker Botts represented Liberty Media.
The company’s press release can be found here.
Baker Botts Lawyers/Offices:
Corporate: Samantha Crispin (Partner, Dallas), Sarah Dodson (Special Counsel, Dallas), Derek Gabriel (Associate, Dallas), Trevor Borg (Associate, Dallas), Charlie Gili (Associate, New York), Morgan Copher (Associate, Dallas), Nikolai Gryzunov (Law Clerk, New York)
Finance: Robert Wann (Partner, New York), Spencer Crawford (Associate, Dallas)
Tax: Tamar Stanley (Partner, Washington, D.C.), Peter Farrell (Special Counsel, Washington, D.C.)
Employment Benefits: Robin Melman (Partner, New York), Katie Birnhak (Associate, New York)
Antitrust: Paul Cuomo (Partner, Washington, D.C.), Matt Adler (Partner, Washington, D.C.)
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