Liberty Media Corporation - Series A Liberty Formula One · NASDAQ:FWONA
Liberty Media Corporation - Series A Liberty Formula One — Liberty Media Corp (FWONA, FWONB, FWONK, LLYVA, LLYVB, LLYVK, LSXMA, LSXMB, LSXMK) — Merger or Acquisition (November 2015)
13 slides from Liberty Media Corporation - Series A Liberty Formula One's merger presentation, Nov 13, 2015
Slide 1: Forward-Looking Statements
Forward-Looking Statements This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the creation of the new tracking stocks, the distribution of subscription rights and the subsequent rights o
Slide 2: Forward-Looking Statements: Additional Information
Forward-Looking Statements Additional Information Nothing in this presentation shall constitute a solicitation to buy or an offer to sell shares of our existing common stock or our proposed Liberty Braves tracking stock, Liberty Sirius tracking stock or Liberty Media tracking stock. The offer and sa
Slide 3: Keeping "Track" of Today's Announcements
Keeping “Track” of Today’s Announcements Creation of three separate tracking stocks encompassing all assets held by LMC Liberty Sirius Group: Tracks Liberty Media’s 60.7% ownership in SiriusXM(1) Liberty Braves Group: Tracks Atlanta Braves Including associated real estate development projects Expect
Slide 4: Liberty Media Pro Forma Structure
Liberty Media Pro Forma Structure Liberty Sirius Group Liberty Braves Group(7) Liberty Media Group 3.2b SIRI shares x $4.12 = $13,028 Cash = $50 Margin loan debt (9/30) = $(250)(1) __________ NAV: $12,828 69.6m LYV shares(2) x $26.18 = $1,823 Other public holdings(3) = $525 Liberty Braves interest(4
Slide 5: Indicative NAV for Liberty Braves Group
Indicative NAV for Liberty Braves Group For illustrative purposes, Forbes enterprise valuation as of 3/25/15. Includes value of new stadium, but excludes equity in non-baseball assets (i.e. Mixed-Use development). Estimated Liberty Braves funding for Mixed-Use development project (through to complet
Slide 6: Targeting Discount to NAV with Today's Announced Recapitalization
Targeting Discount to NAV with Today’s Announced Recapitalization SIRI merger proposal Liberty withdraws SIRI bid Notes: Private asset values based on analyst estimates and excludes tax liabilities. Market values as of 11/5/15. Liberty spins Broadband Aim to reduce trading discount to NAV Focused in
Slide 7: Liberty Media Group: "Back to the Future"
Liberty Media Group Liberty Media “Back to the Future” Liberty Media Group anchored by 34.4% stake in Live Nation Entertainment(1) Interesting possibilities with SiriusXM remain Capitalize both strategically and financially on venture capital investments Will seek to rationalize non-core attributed
Slide 8: Atlanta Braves Stadium and Mixed-Use Development
Atlanta Braves Stadium and Mixed-Use Development A ballpark built by the Braves, for the Braves $672m stadium to be built in Cobb County, GA Strategic location, 12 miles from downtown, closer to majority of metro Atlanta fan base Smaller stadium of 41k seats (vs. 52k previously) for more intimate ex
Slide 9: Stadium Project to Enhance Braves Value
Stadium Project to Enhance Braves Value Past Experience shows that new ballparks typically see significant increase in revenue driven by increased premium offerings which increase per capita revenue Long-term sponsorship agreement with SunTrust Bank for exclusive naming rights to the stadium Various
Slide 10: NAV Discount
NAV Discount Market data as of 11/5/15 Shares outstanding as of 10/31/15. Ownership pro forma for 15.9m shares to be acquired through the forward contract (expected to settle in December 2015). Includes holdings in Time Warner Inc., Time Inc., Ideiasnet, Crown Media and Viacom as of 11/5/2015 and ot
Slide 11: NAV Discount
NAV Discount (in billions, expt per share amonnts) Market Capitalization EEE IMCA/B 1120 $40.69 IMCK, $39, ‘Total Missing Value (Market Cap-NAV) $2.10] Discount Per Share of LMC > $6 Discount % 14.3% Net Asset Value SiriusXM Live Nation ® Other Public Assets” Private Assets Total Assets Ne Debt © Ne
Slide 12: Stadium and Mixed-Use Facility Financing
Stadium and Mixed-Use Facility Financing SunTrust Park $392m in funding from Cobb County and various other local entities $368m through municipal bond issuance Braves to fund remaining $280m, plus $50m of stadium related equipment and any cost over-runs Closed Stadium construction loan in September
Slide 13: Stadium and Mixed-Use Facility Financing
Stadium and Mixed-Use Facility Fin: ancing —— es Funding for Braves development Estimated Stadium Sources and Uses SunTrust Park * $392m in funding from Cobb County and various other local entities * $368m through municipal bond issuance * Braves to fund remaining $280m, plus $50m of stadium related