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Potter Anderson Serves as Delaware Counsel to Liberty Media in $500 Million SPAC IPO

November 20, 2020

Liberty Media Corporation has announced the formation of Liberty Media Acquisition Corporation (LMAC), a special-purpose acquisition company (SPAC), which intends to focus on areas such as the digital media, music, entertainment, communications and technology industries. LMAC plans to raise $500 million in a U.S. initial public offering by selling 50 million units at $10 each, with each unit including one share of Series A common stock and one-fourth of one warrant. A SPAC is a shell vehicle that raises money in an IPO with the intent to use such funds to acquire another company, typically within two years.

Potter Anderson’s team served as Delaware counsel to Liberty Media and included partners Michael Tumas, Michael Reilly and David DiDonato.