OREANDA-NEWS. June 27, 2016.
Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK,
LMCA, LMCK) ("Liberty") announced today the completion of its rights
offering, which expired in accordance with its terms at
5:00 p.m.,
New
York City time, on
June 16, 2016. A portion of the net proceeds from the
rights offering were used to repay in full the note from
Braves
Holdings, LLC to Liberty.
Liberty has been informed by the subscription agent that the rights
offering was fully subscribed, with 15,833,634 shares of Series C
Liberty Braves common stock to be issued to those rightsholders
exercising basic and, if applicable, oversubscription privileges.
Approximately 96% of the shares to be issued as a result of the rights
offering were subscribed for pursuant to validly exercised basic
subscription privileges. As a result, the remaining shares available for
issuance to those rightsholders validly exercising oversubscription
privileges will be allocated pro rata based on the number of rights
underlying such rightsholders' basic subscription privilege. There is no
single proration factor for this allocation due to the process by which
the subscription agent allocates the remaining shares, which involves
multiple rounds of proration among the validly oversubscribing
rightsholders.
Liberty expects the subscription agent to distribute the shares of
Series C Liberty Braves common stock purchased in the rights offering
and the refund checks for unfulfilled oversubscriptions on or about
Monday, June 27, 2016. Checks for the proceeds from the sale of rights
by the subscription agent were distributed beginning on Tuesday, June
21, 2016.
As a result of the rights offering, the inter-group interest in the
Braves Group attributed to the Media Group (the "IGI") was adjusted, as
previously announced. Following the rights offering, the adjusted number
of notional shares representing the IGI is now 9,084,940, representing a
15.6% inter-group interest in the Braves Group.
About Liberty Media Corporation
Liberty Media Corporation operates and owns interests in a broad range
of media, communications and entertainment businesses. Those businesses
are attributed to three tracking stock groups: the Liberty SiriusXM
Group, the Liberty Braves Group and the Liberty Media Group. The
businesses and assets attributed to the Liberty SiriusXM Group (Nasdaq:
LSXMA, LSXMB, LSXMK) include our interest in SiriusXM. The businesses
and assets attributed to the Liberty Braves Group (Nasdaq: BATRA, BATRK)
include our subsidiary Braves Holdings, LLC. The businesses and assets
attributed to the Liberty Media Group (Nasdaq: LMCA, LMCK) consist of
all of Liberty Media Corporation's businesses and assets other than
those attributed to the Liberty Braves Group and Liberty SiriusXM Group,
including its interest in Live Nation Entertainment, and minority equity
investments in Time Warner Inc. and Viacom.
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