Liberty Media Corporation Announces Proposed Dates for Split-Off of Atlanta Braves Holdings and Reclassification of Tracking Stocks

Liberty Media Corporation (“Liberty Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) announced that it expects to complete the previously announced redemptive split-off of Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”), which will be the owner of the Atlanta Braves Major League Baseball Club and its associated real estate development project (the “Split-Off”), on July 18, 2023 after market close. Liberty Media also announced that it expects to complete the previously announced reclassification of Liberty Media’s existing common stock and the creation of the new Liberty Live common stock (the “Reclassification”) on August 3, 2023 after market close. Both the Split-Off and Reclassification are subject to, among other things, the approval of Liberty Media’s stockholders at the previously announced special meeting of stockholders to be held on July 17, 2023 and the receipt of certain other approvals and tax opinions.

At the effective time of the Split-Off, Liberty Media will redeem each share of its Liberty Braves common stock in exchange for one share of the corresponding series of Atlanta Braves Holdings common stock. There is no record date for the Split-Off, and holders of Liberty Braves common stock at the effective time of the Split-Off on July 18, 2023 will receive shares of Atlanta Braves Holdings common stock in the Split-Off.

Trading Information

Liberty Media expects that the last day of trading in Liberty Media’s Series A, B and C Liberty Braves common stock will be July 18, 2023. Liberty Media also expects that Atlanta Braves Holdings Series A and C common stock will begin trading on the Nasdaq Stock Market and Atlanta Braves Holdings Series B common stock will begin quotation on the OTC Markets on July 19, 2023. Atlanta Braves Holdings common stock is expected to trade under the ticker symbols “BATRA,” “BATRB” and “BATRK” (subject to any temporary trading symbols that may be required by Nasdaq).

Liberty Media has notified Nasdaq of its intention to voluntarily delist from the Nasdaq Global Select Market and deregister the shares of Series A and Series C Liberty Braves common stock and its intention to request that Nasdaq file appropriate forms with the Securities and Exchange Commission (“SEC”) on or about July 18, 2023. Liberty Media has also notified the OTC Markets of its intention to remove from quotation the shares of Series B Liberty Braves common stock. As a result, Liberty Media expects Liberty Braves common stock will cease to trade or be quoted on Nasdaq or the OTC Markets, as applicable, following market close on July 18, 2023.