8-KSecurities & ListingOther EventsExhibits & Filings

Liberty Media Corp 8-K Report, Listing Notice (Jun 30, 2023)

Filed June 30, 2023For Securities:FWONKFWONAFWONB

Summary

Liberty Media Corporation (FWONK) has filed an 8-K report on June 30, 2023, detailing significant corporate actions related to the voluntary delisting and deregistration of various classes of its common stock. The company plans to delist its Series A and Series C Liberty Braves common stock from the Nasdaq Global Select Market around July 18, 2023. Concurrently, the shares of the newly formed Atlanta Braves Holdings, Inc. are expected to begin trading on Nasdaq under ticker symbols 'BATRA' and 'BATRK' starting July 19, 2023, following a planned Split-Off. Furthermore, Liberty Media intends to delist its Series A, B, and C Liberty SiriusXM common stock and its Series A and C Liberty Formula One common stock from Nasdaq around August 3, 2023. These delistings are in preparation for a Reclassification of Liberty Media's existing common stock. Following the delisting, new series of Liberty SiriusXM and Liberty Formula One common stock are expected to commence trading on Nasdaq on August 4, 2023, under their existing ticker symbols. The report also announces a special dividend of approximately 6.8 million shares of Series C Atlanta Braves Holdings common stock to Liberty Formula One stockholders, payable on July 19, 2023.

Key Highlights

  • 1Liberty Media is voluntarily delisting its Liberty Braves Series A and C common stock from Nasdaq around July 18, 2023.
  • 2Atlanta Braves Holdings, Inc. (owner of the Atlanta Braves) shares are expected to begin trading on Nasdaq as 'BATRA' and 'BATRK' on July 19, 2023, post Split-Off.
  • 3Liberty Media is also delisting its Liberty SiriusXM (Series A, B, C) and Liberty Formula One (Series A, C) common stock from Nasdaq around August 3, 2023.
  • 4Following the delisting, new series of Liberty SiriusXM and Liberty Formula One common stock will trade on Nasdaq from August 4, 2023, under their current ticker symbols, subsequent to a Reclassification.
  • 5A special dividend of approximately 6.8 million Series C Atlanta Braves Holdings shares will be distributed to Liberty Formula One common stockholders on July 19, 2023.
  • 6The company reserves the right to withdraw its delisting intentions prior to the effective dates.

Frequently Asked Questions

The delistings are part of Liberty Media's plan to execute a Split-Off of Atlanta Braves Holdings and a Reclassification of Liberty Media's existing common stock. These corporate actions are designed to separate the Atlanta Braves business and restructure the remaining Liberty Media entities for independent trading and strategic focus.

No, the shares will not become worthless. The delisting is from Nasdaq, and the company expects the shares to trade on the OTC Markets or continue trading on Nasdaq under new structures or new entities. The Atlanta Braves Holdings shares will trade under new tickers, and the reclassified Liberty SiriusXM and Liberty Formula One shares will commence trading on Nasdaq under their existing ticker symbols.

The shares of Atlanta Braves Holdings, Inc. are expected to begin trading on Nasdaq on or about July 19, 2023, under the ticker symbols 'BATRA' (Series A) and 'BATRK' (Series C), subject to Nasdaq's requirements.

Holders of Liberty Formula One common stock of record on July 13, 2023, will receive the special dividend of approximately 6.8 million Series C Atlanta Braves Holdings shares on July 19, 2023, on a pro rata basis. No specific action is generally required by shareholders, as this will be a distribution to eligible record holders.