Liberty Media Braves Spinoff Notes

February 6, 2023 Update

– Good overview of the situation.
– Interest article on tax laws with big impact on the spin-off

November 26, 2022 Update

Liberty Media (LMCA) announced on November 17, 2022, that it will split off the the Atlanta Braves and associated real estate development project, into a new publicly traded company. The transaction is a little confusing because the Atlanta Braves and associated real estate currently trade as a tracking stock under the ticker BATRA. However, through this transaction, the tracker stock will be redeemed and the new shares that issued entail actual ownership of the underlying assets.

John Malone is obviously a lot smarter than I, but I don’t see this is that meaningful.

In other words, I don’t see how this will shrink the SOTP discount.  Also, this VIC write up (need to register free account to access) pegs private market value at $36 per share (stock trades at $33). So arguably there is a minimal SOTP discount.