Ever dream of owning your own baseball team? This dream can soon become a (partial) reality, after Liberty Media announced Thursday that it will reclassify its common shares into three tracking stock groups, including one that will encompass assets related to the Atlanta Braves.
Another of the three new groups will include the company’s 60% stake in satellite-radio operator Sirius XM Holdings (SIRI - Free Report) , while the third will include the company’s stakes in Live Nation Entertainment (LYV - Free Report) , Time Warner , and Viacom (VIAB - Free Report) .
Liberty, which also trades its Series B and C common stock under the tickers and , said its shareholders would receive equivalent shares of each group for each share of Liberty they currently own. Company CEO Greg Maffei said the move would give investors more choice and “enable targeted capital raising.”
The Braves will join the Green Bay Packers, New York Knicks, and New York Rangers as the only major US sports franchises that are publicly traded. The Packers have conducted five stock offerings in their history, but do not offer stock outside of offering windows. On the other hand, the Knicks and Rangers trade as a part of the larger Madison Square Garden (MSG - Free Report) conglomerate. English soccer team Manchester United (MANU - Free Report) also trades on the New York Stock Exchange.
The Braves sits at #12 on Forbes’ MLB valuations list, with an estimated worth of $1.15 billion. The franchise has won three World Series titles, but the team is coming off of a 2015 season in which they went 67-95 and posted their worst winning percentage since 1990.
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