Liberty Media Announces Plan To Recapitalize Into Three Tracking Stock Groups
November 12, 2015 at 6:06 AM (PT)
LIBERTY MEDIA CORP.'s board of directors has authorized management to pursue a reclassification of its common stock into three new tracking stock groups, one to be designated as the LIBERTY BRAVES GROUP, one to be designated as the LIBERTY MEDIA GROUP and one to be designated as the LIBERTY SIRIUS GROUP, and to cause to be distributed subscription rights related to the Liberty Braves Group tracking stock following the creation of the new tracking stocks.
LIBERTY intends to attribute to the LIBERTY SIRIUS GROUP its subsidiary SIRIUS XM HOLDINGS, INC., cash and its $250 million margin loan obligation.
“We expect this recapitalization to highlight each tracking stock group’s operations, and the financial performance of its attributed assets, provide greater investor choice, and enable targeted capital raising while maintaining an optimal capital structure for Liberty,” said LIBERTY Pres./CEO GREG MAFFEI.