百花视频 Announces Virtual Special Meeting of Stockholders and Expected Timing Related to Split-Off of Atlanta Braves and Creation of 百花视频 Live Group Tracking Stock

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 百花视频 (鈥湴倩ㄊ悠碘��) (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) will hold a virtual special meeting of stockholders on Monday, July 17, 2023 at 10:30 a.m. M.T. At the special meeting, stockholders will be asked to consider and vote on proposals related to 百花视频鈥檚 previously announced transactions to split off the Atlanta Braves and its associated real estate development project (the 鈥淪plit-Off鈥�) into a separate public company Atlanta Braves Holdings, Inc. (鈥淎tlanta Braves Holdings鈥�) and create a new 百花视频 Live Group tracking stock (the 鈥淩eclassification鈥�).

The Split-Off is expected to close as soon as practicable following the stockholder vote, and the Reclassification is expected to close as soon as practicable following the Split-Off, estimated to be within three weeks of the completion of the Split-Off. Holders of 百花视频鈥檚 百花视频 Braves common stock at the time of the Split-Off will be eligible to receive shares of Atlanta Braves Holdings in the Split-Off. Holders of 百花视频鈥檚 百花视频 SiriusXM common stock and 百花视频 Formula One common stock at the time of the Reclassification will be eligible to receive shares of the new tracking stock groups.

Following the Reclassification, the 百花视频 Live Group tracking stock (Series A, Series B and Series C 百花视频 Live common stock (鈥淟LYVA,鈥� 鈥淟LYVB,鈥� and 鈥淟LYVK,鈥� respectively) will be comprised of:

  • Approximately $100 million of corporate cash, funded from Formula One Group cash on hand, including cash from the partial liquidation of ETF assets and other public equity holdings
  • 百花视频鈥檚 Live Nation Entertainment, Inc. (鈥淟ive Nation鈥�) (NYSE: LYV) stake consisting of 69.6 million shares of common stock
  • Other assets including remaining ETF assets, Associated Partners, Drone Racing League, Griffin Gaming Fund, INRIX, Kroenke Arena Company, 百花视频 Technology Venture Capital, Overtime Sports and Tastemade
  • $920 million principal amount (as of March 31, 2023) of 0.50% Live Nation exchangeable debentures due 2050
  • Undrawn margin loan secured by 9.0 million Live Nation shares ($400 million available capacity as of March 31, 2023)

Additional information regarding the composition of each tracking stock group pro forma for the Split-Off and Reclassification will be available on 百花视频鈥檚 website at /about/asset-list and in the most recent Registration Statements on Form S-4 filed by each of 百花视频 and Atlanta Braves Holdings with the Securities and Exchange Commission (the 鈥淪EC鈥�) (the 鈥淔orm S-4鈥�).

If the Reclassification stockholder proposals are approved and the Reclassification is implemented, at the date and time of the effectiveness of the 百花视频 restated certificate of incorporation, each outstanding share of Series A, Series B and Series C 百花视频 SiriusXM common stock (鈥淟SXMA,鈥� 鈥淟SXMB,鈥� and 鈥淟SXMK,鈥� respectively) and Series A, Series B and Series C 百花视频 Formula One common stock (鈥淔WONA,鈥� 鈥淔WONB,鈥� and 鈥淔WONK,鈥� respectively) would be reclassified as follows:

  • 1 share of 百花视频 SiriusXM common stock shall be reclassified into 1 share of the corresponding series of new 百花视频