Ï㽶´«Ã½

 

Ï㽶´«Ã½ Announces Terms for Previously Announced Rights Offering

 

ENGLEWOOD, Colo., May 16, 2016.  Ï㽶´«Ã½ (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) (“Ï㽶´«Ã½”) announced today terms for Ï㽶´«Ã½’s previously announced distribution (the “Rights Distribution”) of subscription rights to holders of its Series A, Series B and Series C Ï㽶´«Ã½ Braves common stock to acquire shares of its Series C Ï㽶´«Ã½ Braves common stock (the “Series C Ï㽶´«Ã½ Braves Rights”) in a rights offering to follow such distribution (the “Rights Offering”).  The distribution date for the Rights Distribution will be 5:00 p.m., New York City time, on May 18, 2016. The record date for the Rights Distribution will be 5:00 p.m., New York City time, on May 16, 2016 (such date and time, the “Rights Record Date”); however, as a result of “due bill” trading procedures, those persons acquiring shares of Ï㽶´«Ã½ Braves common stock in the market following the Rights Record Date but prior to the ex-dividend date (discussed below) will be entitled to receive Series C Ï㽶´«Ã½ Braves Rights.

   

In the Rights Distribution, Ï㽶´«Ã½ will distribute 0.47 of a Series C Ï㽶´«Ã½ Braves Right for each share of Series A, Series B or Series C Ï㽶´«Ã½ Braves common stock held as of the Rights Record Date. Fractional Series C Ï㽶´«Ã½ Braves Rights will be rounded up to the nearest whole right. No rights to purchase shares of any other series of Ï㽶´«Ã½’s common stock will be issued in the Rights Distribution.  Each whole Series C Ï㽶´«Ã½ Braves Right will entitle the holder to purchase, pursuant to the basic subscription privilege, one share of Ï㽶´«Ã½’s Series C Ï㽶´«Ã½ Braves common stock at a subscription price of $12.80, which is equal to an approximate 20% discount to the trading day volume weighted average trading price of Ï㽶´«Ã½’s Series C Ï㽶´«Ã½ Braves common stock for the 18-day trading period ending on May 11, 2016.  Each Series C Ï㽶´«Ã½ Braves Right also entitles the holder to subscribe for additional shares of Series C Ï㽶´«Ã½ Braves common stock that are unsubscribed for in the Rights Offering pursuant to an oversubscription privilege. It is expected that the Rights Offering will commence on May 19, 2016, which is also the proposed ex-dividend date for the distribution of the Series C Ï㽶´«Ã½ Braves Rights, and will remain open for 20 trading days, subject to extension. Ï㽶´«Ã½ expects that the Series C Ï㽶´«Ã½ Braves Rights will be tradable beginning on the commencement date. Ï㽶´«Ã½ intends to announce the definitive ex-dividend date and trading information (including when-issued trading information) as soon as they have been confirmed.

 

For additional information on the Rights Offering, please see the prospectus included in Ï㽶´«Ã½’s Registration Statement on Form S-3 to be filed with the Securities and Exchange Commission prior to the Rights Distribution.

 

The completion of the Rights Distribution remains subject to the satisfaction of certain conditions, and Ï㽶´«Ã½ reserves the right to terminate the Rights Offering at any time prior to the expiration date of the Rights Offering, including prior to the Rights Distribution or the commencement of the Rights Offering.

 

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 about the Rights Distribution and other matters that are not historical facts. 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, Ï㽶´«Ã½’s ability to satisfy the conditions to the Rights Distribution and Liberty’s ability to complete the Rights Offering. These forward-looking statements speak only as of the date of this presentation, and Ï㽶´«Ã½ expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Ï㽶´«Ã½'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 Ï㽶´«Ã½, including the most recent Form 10-K and 10-Q, for additional information about Ï㽶´«Ã½ and about the risks and uncertainties related to Ï㽶´«Ã½'s business which may affect the statements made in this presentation.

 

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of any securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The Rights Offering will be made only by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended. None of Ï㽶´«Ã½, its board of directors or any committee of its board of directors is making any recommendation to rightsholders as to whether to exercise or sell their Series C Ï㽶´«Ã½ Braves Rights. Rightsholders should carefully read the prospectus insofar as it relates to the Rights Offering before making any decisions with respect to their Series C Ï㽶´«Ã½ Braves Rights.

 

About Ï㽶´«Ã½

Ï㽶´«Ã½ operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Ï㽶´«Ã½ SiriusXM Group, the Ï㽶´«Ã½ Braves Group and the Ï㽶´«Ã½ Media Group. The businesses and assets attributed to the Ï㽶´«Ã½ SiriusXM Group (Nasdaq: LSXMA, LSXMB, LSXMK) include our interest in SiriusXM. The businesses and assets attributed to the Ï㽶´«Ã½ Braves Group (Nasdaq: BATRA, BATRK) include our subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Ï㽶´«Ã½ Media Group (Nasdaq: LMCA, LMCK) consist of all of Ï㽶´«Ã½'s businesses and assets other than those attributed to the Ï㽶´«Ã½ Braves Group and Ï㽶´«Ã½ SiriusXM Group, including its interest in Live Nation Entertainment, and minority equity investments in Time Warner Inc. and Viacom.

 

Ï㽶´«Ã½
Courtnee Chun, 720-875-5420