Liberty Media Looking To Bulk Up

• Liberty Media Corporation has launched an “indirect subsidiary” dubbed Liberty Media Acquisition Corporation (LMAC), a newly formed “blank check” entity, a.k.a “a special purpose acquisition company” with the stated goal “to search for a target in the media, digital media, music, entertainment, communications, telecommunications and technology industries.” LMAC’s management team is led by Greg Maffei, Pres. & CEO of Liberty Media Corporation and includes other members of Liberty’s current management team.

LMAC announced the pricing of its IPO of 50,000,000 units at $10 per unit, listed on the Nasdaq and trading under the ticker symbol “LMACU.” Each unit consists of one share of Series A common stock and one-fifth of one redeemable warrant. Each whole warrant may be exercised for one share of Series A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Series A common stock and warrants are expected to be listed on the Nasdaq under the symbols “LMACA” and “LMACW,” respectively.

Liberty Media operates and owns interests in a broad range of media, communications and entertainment businesses — the Liberty SiriusXM Group currently owns 74% of SiriusXM, 33% of Live Nation Entertainment, 5% of iHeartMedia (with DOJ approval to increase that to 50%), 2% of the Formula One Group, and 4% of the Atlanta Braves. Liberty’s ownership interest in LMAC will be attributed to the Formula One Group tracking stock.