The Atlanta Braves are being split off into a new publicly traded company by Liberty Media, the club's principal owner since 2007, to 'better highlight its strong value,' according to a press release.
The move is part of an overall reconfiguring within Liberty, which is also creating a tracking stock, Liberty Live, for its stake in Live Nation, an international ticketing operation.
Tracking stocks are common within Liberty, offering specialized equities to highlight one of the company's divisions while limiting the control of outside investors.
The Braves are currently held in a tracking stock, shares of which will be redeemed in exchange for common stock in a new company, Atlanta Braves Holdings.