Live Nation exchangeables to be reclassified as Liberty Live securities

By Marisa Wong

Los Angeles, June 12 – Liberty Media Corp. announced that the 0.5% Live Nation Entertainment, Inc. exchangeable debentures due 2050, with $920 million outstanding as of March 31, will be reclassified as part of a new tracking stock.

Liberty Media announced a split-off of the Atlanta Braves and its associated real estate development project into a separate public company, Atlanta Braves Holdings, Inc., and creation of a new Liberty Live Group tracking stock.

The split-off is expected to close as soon as practicable following the stockholder vote at a meeting scheduled for July 17. The reclassification is expected to close within three weeks of the completion of the split-off.

Following the reclassification, the Liberty Live Group tracking stock (series A, series B and series C Liberty Live common stock) will be comprised of:

• The 0.5% Live Nation exchangeable debentures due 2050;

• About $100 million of corporate cash, funded from Formula One Group cash on hand, including cash from the partial liquidation of ETF assets and other public equity holdings;

• Liberty Media’s Live Nation stake consisting of 69.6 million shares of common stock;

• Other assets including remaining ETF assets, Associated Partners, Drone Racing League, Griffin Gaming Fund, INRIX, Kroenke Arena Co., Liberty Technology Venture Capital, Overtime Sports and Tastemade; and

• Undrawn margin loan secured by 9 million Live Nation shares, with $400 million available capacity as of March 31.

Additional information regarding the composition of each tracking stock group pro forma for the split-off and reclassification will be available on Liberty Media’s website at https://www.libertymedia.com/about/asset-list.

Englewood, Colo.-based Liberty Media operates and owns interests in a broad range of media, communications and entertainment businesses.

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