New Liberty Media SPAC Speeds Toward Deal

Liberty Media executed a special purpose acquisition company and raised $500 million in its IPO Thursday. 

In its first day of trading, the corporation (NASDAQ: LMACU) gained 27.5%.

The blank check company was announced in November. CEO Greg Maffei will manage the SPAC as it seeks an acquisition target in technology, media, music or telecommunications.

It could raise an additional $250 million at the closing of an acquisition deal.

The SPAC already has an extensive portfolio that includes: 

• Atlanta Braves (NASDAQ: BATRK)
• Formula One (NASDAQ: FWONA)
• SiriusXM (NASDAQ: LSXMK)

Almost 60 blank check companies have already raised $17 billion in January, building on the nearly $78 billion raised by SPACs last year.