New Liberty Media SPAC Speeds Toward Deal

    • Liberty Media's new SPAC raised $500M on Thursday, started trading Friday.
    • The company portfolio already includes Formula One, the Atlanta Braves and SiriusXM.

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A media giant is racing toward its next acquisition. 

Liberty Media’s special purpose acquisition company raised $500 million in its IPO Thursday. 

In its first day of trading, Liberty Media Acquisition Corp. (NASDAQ: LMACU) gained 27.5%.

The blank check company was announced in November. Liberty Media 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.

Liberty Media 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.