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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d)
of the Securities
Exchange Act of 1934
Date of Report (date of earliest event reported): September 7, 2023
LIBERTY
MEDIA CORPORATION
(Exact name of registrant
as specified in its charter)
Delaware | |
001-35707 | |
37-1699499 |
(State or other jurisdiction of incorporation or organization) | |
(Commission File Number) | |
(I.R.S. Employer
Identification No.) |
12300
Liberty Blvd.
Englewood,
Colorado 80112
(Address of principal executive offices and zip
code)
Registrant's telephone number, including area
code: (720) 875-5400
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
Symbol |
Name
of each exchange on which registered |
Series
A Liberty SiriusXM Common Stock |
LSXMA |
The
Nasdaq Stock Market LLC |
Series
B Liberty SiriusXM Common Stock |
LSXMB |
The
Nasdaq Stock Market LLC |
Series
C Liberty SiriusXM Common Stock |
LSXMK |
The
Nasdaq Stock Market LLC |
Series
A Liberty Formula One Common Stock |
FWONA |
The
Nasdaq Stock Market LLC |
Series
C Liberty Formula One Common Stock |
FWONK |
The
Nasdaq Stock Market LLC |
Series
A Liberty Live Common Stock |
LLYVA |
The
Nasdaq Stock Market LLC |
Series
C Liberty Live Common Stock |
LLYVK |
The
Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 Regulation FD Disclosure.
Press Release
On September 7, 2023, Liberty Media
Corporation issued a press release announcing the pricing of the private offering of $1.0 billion aggregate original principal amount
of its 2.375% Exchangeable Senior Debentures due 2053. A copy of the press release is attached as Exhibit 99.1 to this report
and is incorporated by reference herein.
This Item 7.01 and the press release attached
hereto as Exhibit 99.1 is being furnished to the Securities and Exchange Commission under Item 7.01 of Form 8-K in satisfaction
of the public disclosure requirements of Regulation FD and shall not be deemed "filed" for any purpose.
Item 9.01. Financial Statements and Exhibits.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: September 7, 2023
|
LIBERTY MEDIA CORPORATION |
|
|
|
By: |
/s/
Wade D. Haufschild |
|
Name: |
Wade D. Haufschild |
|
Title: |
Senior Vice President |
Exhibit 99.1
September 7, 2023
Liberty Media Corporation Prices Private Offering of $1.0 Billion
of 2.375% Exchangeable Senior Debentures Due 2053
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Media
Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) announced today that it has priced and agreed
to sell to initial purchasers in a private offering $1.0 billion aggregate original principal amount of its 2.375% exchangeable senior
debentures due 2053 (the “Debentures”). Liberty has also granted to the initial purchasers an option to purchase up to an
additional $150 million aggregate original principal amount of Debentures.
Upon an exchange of Debentures, Liberty may,
at its option, deliver shares of Live Nation Entertainment, Inc. (“Live Nation”) common stock, the value thereof in
cash, or a combination of shares of Live Nation common stock and cash. Initially, 9.5320 shares of Live Nation common stock are
attributable to each $1,000 original principal amount of Debentures, representing an initial exchange price of approximately
$104.91 for each share of Live Nation common stock. A total of approximately 9.5 million shares of Live Nation common stock are
initially attributable to the Debentures (assuming the initial purchasers do not exercise their option to purchase additional
Debentures). Interest will be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of
each year, commencing December 31, 2023. The Debentures may be redeemed by Liberty, in whole or in part, on or after
September 30, 2028. Holders of the Debentures also have the right to require Liberty to purchase their Debentures on
September 30, 2028. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the
Debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution.
The offering is expected to close on September 14,
2023, subject to the satisfaction of customary closing conditions and is expected to result in approximately $985 million in net
proceeds to Liberty after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by
Liberty (assuming no exercise of the initial purchasers’ option to purchase additional Debentures). The net proceeds, as well as
the Debentures, will be attributed to the Liberty Live Group tracking stock.
Liberty expects to use the net proceeds of
the offering to repurchase a total of
approximately $713 million in aggregate adjusted principal amount of its 0.5% Exchangeable Senior Debentures due 2050 pursuant to
individually privately negotiated transactions. Liberty expects to use the remaining net proceeds of the offering to settle
exchanges of, or to redeem or repurchase, its remaining 0.5% Exchangeable Senior Debentures due 2050 in accordance with the terms of
the indenture governing such debentures, and for general corporate purposes. As of June 30, 2023, there was $920 million
aggregate adjusted principal amount of 0.5% Exchangeable Debentures due 2050 outstanding. The 0.5% Exchangeable Senior Debentures
due 2050 may be redeemed by Liberty, in whole or in part, on or after September 1, 2024 and holders of such debentures also
have the right to require Liberty to purchase such debentures on September 1, 2024.
The offering of the Debentures has not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered,
may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities laws. The Debentures are being offered by means of an offering memorandum
solely to “Qualified Institutional Buyers” pursuant to, and as that term is defined in, Rule 144A of the Securities Act.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Debentures nor shall there be any sale
of Debentures in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of such state.
Forward-Looking Statements
This
press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,
including statements relating to the completion of the offering of Debentures and the use of proceeds therefrom. All statements
other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws.
These forward-looking statements generally can be identified by phrases such as “possible,” “potential,” “intends”
or “expects” or other words or phrases of similar import or future or conditional verbs such as “will,” “may,”
“might,” “should,” “would,” “could,” or similar variations. These forward-looking statements
involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements,
including, without limitation, general market conditions. These forward-looking statements speak only as of the date of this press release,
and Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement
contained herein to reflect any change in Liberty’s expectations with regard thereto or any change in events, conditions or circumstances
on which any such statement is based. Please refer to the publicly filed documents of Liberty, including its Registration Statement on
Form S-4 (File No. 333-268921), as amended, and its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
for additional information about Liberty and about the risks and uncertainties related to Liberty’s business which may affect the
statements made in this press release.
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 Formula One Group and the Liberty Live 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 Formula
One Group (NASDAQ: FWONA, FWONK) include Liberty’s subsidiary Formula 1 and other minority investments. The businesses and assets
attributed to the Liberty Live Group (NASDAQ: LLYVA, LLYVK) include Liberty’s interest in Live Nation and other minority investments.
Liberty Media Corporation
Shane Kleinstein, 720-875-5432
Source: Liberty Media Corporation
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