The Atlanta Braves are becoming their own company.
Formula 1 parent company Liberty Media is splitting off the MLB team “through the redemption of Liberty Media’s existing Liberty Braves common stock in exchange for common stock of a newly formed company” called Atlanta Braves Holdings, Inc.
The entity will hold everything currently under the Braves Group, including the Atlanta Braves and The Battery, its associated development project adjacent to Truist Park.
- The split, which still needs several approvals including from MLB, will make Liberty Media and Atlanta Braves Holdings separate publicly traded companies.
- Liberty Media, which acquired the team in 2007, would redeem each outstanding share of its Liberty Braves common stock for one share of the new company.
Braves Group reported $252 million in third-quarter revenue earlier this month.
Tracking Change
Liberty Media, which has an 81.2% stake in SiriusXM, also announced the creation of a third tracking stock group — Liberty Live Group — through the reclassification of Liberty Media’s remaining common stock after the completion of the split-off.
Adding to tracking groups Liberty SiriusXM Group and Formula One Group, Liberty Live Group would include the company’s interest in Live Nation — Liberty owns 31% of the company — and certain F1 public and private assets, among other things.
Liberty Media president and CEO Greg Maffei said the moves “will provide greater investor choice and enable targeted investment and capital-raising.”
The split-off and reclassification is expected to be completed in the first half of 2023.
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