Liberty Media Corporation Announces Expiration of Investment Opportunity for Formula 1 Teams; Shares Retired to Treasury
July 24 2017 - 8:15AM
Business Wire
Liberty Media Corporation (“Liberty”) (Nasdaq: LSXMA, LSXMB,
LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that the
investment opportunity offered to Formula 1 teams to purchase up to
approximately 19 million shares of Series C Formula One common
stock (“FWONK”) has expired. The Formula 1 teams were offered the
opportunity to invest at a per share purchase price of $21.26 at
the time of Liberty’s acquisition (the “Formula 1 Acquisition”) of
Delta Topco Limited, the parent company of Formula 1, on January
23, 2017, and subject to a six month investment review process.
Chase Carey, Chairman and CEO of Formula 1, said, “We have been
actively engaged with all teams to shape a shared vision for the
sport that will create real value for all stakeholders. While the
window for this particular investment opportunity has passed, we
are pleased with the collaborative discussions we are having with
the teams. These discussions will take time, but we appreciate
their receptivity towards further aligning our incentives for the
long-term benefit of the sport.”
The approximately 19 million shares previously reserved for
issuance to teams have been retired. As of May 31, 2017, there are
approximately 230.6 million shares of Liberty Formula One common
stock outstanding, which includes approximately 15.7 million shares
of FWONK issuable upon exchange of the Exchangeable Notes issued to
the Formula 1 selling shareholders in connection with the Formula 1
Acquisition, based on the maximum number of shares issuable.
Liberty retains the right to offer future investment opportunities
to Formula 1 teams.
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 Braves Group and the Formula One Group.
The businesses and assets attributed to the Liberty SiriusXM Group
(Nasdaq: LSXMA, LSXMB, LSXMK) include Liberty’s interest in
SiriusXM. The businesses and assets attributed to the Braves Group
(Nasdaq: BATRA, BATRK) include Liberty’s subsidiary Braves
Holdings, LLC. The businesses and assets attributed to the Formula
One Group (Nasdaq: FWONA, FWONK) consist of all of Liberty’s
businesses and assets other than those attributed to the Liberty
SiriusXM Group and the Braves Group, including its subsidiary
Formula 1, its interest in Live Nation Entertainment and minority
equity investments in Time Warner Inc. and Viacom.
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