Liberty Media Corporation Launches Offering of Series C Liberty Formula One Common Stock
20 August 2024 - 10:20PM
Business Wire
Expect Proceeds Will Partially Fund MotoGP™ Acquisition and
General Corporate Purposes
Liberty Media Corporation (“Liberty Media”) (Nasdaq: LSXMA,
LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLVYK) announced today a public
offering of 10,650,000 shares of Series C Liberty Formula One
Common Stock (“FWONK”). Liberty Media also expects to grant the
underwriters of the offering an option to purchase up to an
additional 1,597,500 shares of FWONK.
Liberty Media intends to exercise its option to deliver
additional cash in lieu of shares of FWONK as part of its
previously disclosed proposed acquisition (the “Acquisition”) of
Dorna Sports, S.L., such that all the consideration paid will be
comprised of cash and no shares of FWONK will be issued to the
sellers. Liberty Media expects to use the net proceeds from the
sale of shares in this offering (i) to fund the increase in total
cash consideration for the Acquisition, which is expected to close
by year-end 2024 and (ii) for general corporate purposes, including
the repayment of debt. Completion of the offering is not
conditioned upon consummation of the Acquisition. If the
Acquisition is not consummated for any reason, the net proceeds
from this offering would be available for general corporate
purposes and attributed to the Formula One Group tracking
stock.
Goldman Sachs & Co. LLC is acting as the sole underwriter
for the offering.
The offering is being made pursuant to an effective registration
statement on Form S-3 filed with the Securities and Exchange
Commission (the “SEC”). The offering will be made only by means of
the prospectus that forms a part of the registration statement,
copies of which may be obtained by contacting: Goldman Sachs &
Co. LLC, Attention: Prospectus Department, 200 West Street, New
York, New York 10282, by phone at (866) 471-2526 or by email at
prospectus-ny@ny.email.gs.com; or by visiting the EDGAR database on
the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities, nor shall
there be any sale of these securities, in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
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 offering of shares,
the size of the offering, the use of proceeds therefrom and the
consummation of the Acquisition. 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 Media 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 Media’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
Media, including its Registration Statement filed on Form S-3 on
August 20, 2024 and its most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q, for additional information about
Liberty Media and about the risks and uncertainties related to
Liberty Media’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, sports 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 Media’s interest in SiriusXM. The businesses and assets
attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include
Liberty Media’s subsidiaries Formula 1 and Quint, and other
minority investments. The businesses and assets attributed to the
Liberty Live Group (NASDAQ: LLYVA, LLYVK) include Liberty Media’s
interest in Live Nation and other minority investments.
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version on businesswire.com: https://www.businesswire.com/news/home/20240820721225/en/
Shane Kleinstein, 720-875-5432
Liberty Media (NASDAQ:FWONK)
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