Liberty Media Corporation Launching Corporate-Sponsored SPAC: Liberty Media Acquisition Corporation

About this update from Liberty Media Corporation - Series A Liberty Formula One

[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nOn November 19, 2020, Liberty Media Acquisition Corporation (“LMAC”), a newly formed special purpose acquisition company and an indirect wholly-owned subsidiary of Liberty Media Corporation (“Liberty”), filed a Registration Statement on Form S-1 (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”) in connection with a proposed initial public offering of its units. LMAC intends to search for a target in the media, digital media, music, entertainment, communications, telecommunications and technology industries.\n\nThe proposed public offering is expected to have a base offering size of $500 million, or up to $575 million if the underwriters’ over-allotment option is exercised in full. Under the terms of the proposed public offering, Liberty, through a wholly owned subsidiary (the “Sponsor”), would own 20% of LMAC’s issued and outstanding common stock upon the consummation of the offering and the Sponsor expects to commit to acquire $250 million of forward purchase units (each consisting of one share of LMAC’s Series B common stock and one-fourth of one warrant to purchase one share of LMAC’s Series A common stock) pursuant to a forward purchase agreement that will close substantially concurrently with the consummation of LMAC’s initial business combination. Liberty’s ownership interest in LMAC will consist primarily of Series B common stock following the consummation of LMAC’s initial business combination, and is initially being attributed to Liberty’s Formula One Group tracking stock.\n\nLMAC will be managed by Liberty’s current management team. Liberty operates and owns interests in a broad range of media, communications and entertainment businesses.\n\nLMAC expects to apply to list the units to be issued in the public offering with The Nasdaq Stock Market to trade under the ticker symbol “LMACU.” Each such unit will consist of one share of LMAC’s Series A common stock and one-fourth of one warrant to purchase one share of LMAC’s Series A common stock, which, once separated, are expected to trade under the ticker symbols “LMACA” and “LMACW,” respectively.\n\nCitigroup, Morgan Stanley, Credit Suisse and Goldman Sachs & Co. LLC are acting as joint book-running managers for the proposed offering. When available, copies of the prospectus related to the proposed ini...

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