Potter Anderson Advises Liberty Media in its Atlanta Braves Split-Off
Liberty Media Corporation, owner of the Atlanta Braves Major League Baseball team, announced plans to split-off the baseball franchise and associated real estate development project into a publicly traded company, and the creation of a new Liberty Live Group tracking stock.
The new company, to be called Atlanta Braves Holdings, Inc., would own the Atlanta Braves team itself as well as certain assets and liabilities associated with the stadium and the nearby mixed-use development project, The Battery Atlanta. The split-off would give potential investors more direct exposure to the operations of the Braves without ownership of Liberty Media’s other holdings, which include Formula One Group and a majority stake in Sirius XM Holdings Inc.
Potter Anderson’s team served as Delaware counsel to Liberty Media and includes partners Michael Tumas, Roxanne Houtman and Michael Reilly, and associate Evan Hockenberger.
News of the deal was reported by the Wall Street Journal and other major business and news publications.