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Liberty Media Corporation Announces Plan To Recapitalize INTO THREE TRACKING STOCK GROUPS

The following excerpt is from the company's SEC filing.

Liberty Braves, Liberty Media and Liberty Sirius Tracking Stock Groups to be Created

ENGLEWOOD, CO, November 12, 2015 Liberty Media Corporation (Nasdaq: LMCA, LMCB, LMCK) (Liberty

) today announced that its board of directors has authorized management to pursue a reclassification of its common stock into three new tracking stock groups, one to be designated as the Liberty Braves Group, one to be designated as the Liberty Media Group and one to be designated as the Liberty Sirius Group, and to cause to be distributed subscription rights related to the Liberty Braves Group tracking stock following the creation of the new tracking stocks.

In connection with the creation of the new tracking stocks, record holders of Libertys Series A, Series B and Series C common stock would receive shares of the corresponding series of Liberty Braves tracking stock, Liberty Media tracking stock and Liberty Sirius tracking stock for each share of Libertys common stock held by them. In addition, following the creation of the new tracking stocks, Liberty would distribute to holders of its Liberty Braves tracking stock subscription rights to acquire shares of Series C Liberty Braves tracking stock. The record dates, distribution dates, and distribution ratios for the creation of the new tracking stocks and the distribution of subscription rights will be announced at a later date.

We expect this recapitalization to highlight each tracking stock groups operations and the financial performance of its attributed assets, provide greater investor choice, and enable targeted capital raising while maintaining an optimal capital structure for Liberty,

said Greg Maffei, Liberty President & CEO.

Liberty intends to attribute to the Liberty Braves Group its subsidiary the Braves Holdings, LLC (which indirectly owns the Atlanta Braves and certain assets and liabilities associated with the Atlanta Braves stadium and mixed use development project (the Development Project)), cash and a note obligation in the amount of approximately $165 million from the Liberty Braves Group to the Liberty Media Group (the Intergroup Note) relating to funds borrowed and used for investment in the Development Project. The Intergroup Note is expected to be repaid using proceeds from the proposed subscription rights offering (as described in more detail below). Any remaining proceeds from the rights offering will be attributed to the Liberty Braves Group.

Liberty intends to attribute to the Liberty Sirius Group its subsidiary Sirius XM Holdings, Inc., cash and its $250 million margin loan obligation.

Liberty intends to attribute to the Liberty Media Group all of the businesses, assets and liabilities of Liberty other than those specifically attributed to the Liberty...


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