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John Malone’s Liberty Media said Thursday it will pursue a reclassification of its common stock into three new tracking stock groups.
One will be designated as the Liberty Braves Group, which will include Liberty’s Braves Holdings that indirectly owns the Atlanta Braves baseball team and certain related assets and liabilities; one will be called the Liberty Media Group; and one will be the Liberty Sirius Group, focused on the stake in satellite radio giant SiriusXM.
The remaining Liberty Media tracker will include all the other assets, including stakes in Live Nation Entertainment, small equity stakes in Time Warner and Viacom,” and any recovery received in connection with the Vivendi lawsuit.
Liberty, which is holding an investor day in New York on Thursday, has over the years often created tracking stocks to allow investors to bet on specific units or parts of the company’s various holdings. Tracking stocks have a history of mixed success on Wall Street.
“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 president and CEO Greg Maffei.
Liberty Media expects to complete the creation of the new tracking stocks in the first half of 2016.
The Liberty Braves tracking stock is expected to trade under ticker symbols BATRA/BATRB/BATRK, Liberty Media under the symbols LMCA/LMCB/LMCK and Liberty Sirius under LSXMA/LSXMB/LSXMK on the Nasdaq.
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