8-KRegulation FDExhibits & Filings

Liberty Media Corp 8-K Report, Regulation FD Disclosure (Jul 21, 2023)

Filed July 21, 2023For Securities:FWONKFWONAFWONB

Summary

Liberty Media Corporation (FWONK) filed an 8-K on July 21, 2023, to disclose an adjustment to its 1.375% Cash Convertible Senior Notes due 2023. This adjustment pertains to the 'Media Component' of the Securities Basket underlying these notes, which is now set at 0.2547 of a share of Series A Liberty Formula One Common Stock. The adjustment was necessitated by a dividend distribution of Series C common stock of Atlanta Braves Holdings, Inc. to holders of Series A Liberty Formula One Common Stock.

Key Highlights

  • 1Adjustment to the Media Component of the 1.375% Cash Convertible Senior Notes due 2023.
  • 2The Media Component is now 0.2547 of a share of Series A Liberty Formula One Common Stock.
  • 3The adjustment is a result of a dividend distribution of Atlanta Braves Holdings, Inc. Series C common stock.
  • 4The dividend was distributed on July 19, 2023.
  • 5Record date for the dividend was July 13, 2023.
  • 6This filing is made under Regulation FD and is not considered 'filed' for purposes of Section 18 of the Exchange Act.

Frequently Asked Questions

The primary reason for this filing is to disclose an adjustment to the 'Media Component' of the Securities Basket for Liberty Media's 1.375% Cash Convertible Senior Notes due 2023. This adjustment was triggered by a dividend distribution related to Atlanta Braves Holdings, Inc.

The dividend distribution of Atlanta Braves Holdings, Inc. Series C common stock to holders of Series A Liberty Formula One Common Stock required Liberty Media to adjust the 'Media Component' of the Securities Basket underlying the convertible notes to reflect this change.

The Media Component is now set at 0.2547 of a share of Series A Liberty Formula One Common Stock.

This filing specifically addresses an adjustment to the terms of the convertible notes due to a corporate action (the dividend). While the underlying assets (Formula 1, Braves Holdings) are relevant, the filing itself is a technical disclosure regarding the note structure and does not directly report on the financial performance or valuation changes of Liberty Media or its subsidiaries.