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 2022)
7 slides from Liberty Media Corporation - Series A Liberty Formula One's merger presentation, Nov 17, 2022
Slide 1: Disclaimers
Disclaimers This presentation includes certain forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Liberty Media Corporation (“Liberty Media”), including statements about the proposed reclassification of Liberty Me dia ’s existing common
Slide 2: Disclaimers (cont.)
Disclaimers (cont.) Nothing in this presentation shall constitute a solicitation to buy or an offer to sell shares of common stock of Liberty Med ia or Atlanta Braves Holdings. The proposed offer and issuance of shares of common stock of Atlanta Braves Holdings in the Split - Off and of common st oc
Slide 3: Today's Announcements
Today’s Announcements • Braves Group to become separate legal entity named Atlanta Braves Holdings, Inc. through redemptive split • Subject to approval of Braves Group stockholders and MLB • Expect status quo for management, independent Board and voting structure • Liberty Media to be recapitalized
Slide 4: Rationale for Transactions: Long History of Spins and Splits
(33%) (23%) 1% 12% 20% 24% 66% Long History of Spins and Splits • Further simplifies tracking stock structure • Aim to reduce discount to NAV • Better enable potential future business combinations • Greater investor choice • Focused investment opportunities at trackers • Create specific transaction
Slide 5: Simplified Liberty SiriusXM
Simplified Liberty SiriusXM Market data as of 11/7/22. Balance sheet data as of 9/30/22. Liabilities shown at greater of par or exchange value, pro forma for recapitalization. • Focused on rationalizing structure near - term • Liberty history of realizing value of appreciated assets • Continued liab
Slide 6: Here's What's Happening…
Here’s What’s Happening… Illustrative and subject to change. ( 1) Expected assets include investments in: Associated Partners, Clear Secure, Drone Racing League, INRIX, Kroenke Arena Company, Liberty Technology Venture Capital, Padtec , Tastemade .. • Braves to become standalone public company • Sub
Slide 7: Here's How Our Cap Structures Look (Post Braves Split)
Cash $159 Cash and Liquid Investments (3) $2,209 Cash and Liquid Investments TBD Cash $225 Operating Credit Facilities (Available Capacity: $220m) $55 Ballpark Funding $216 Mixed - use Credit Facilities and Loans $300 Facility Fund $30 1.375% Cash Convertible due 2023 $993 2.125% SiriusXM Exchangeab