Media and entertainment company Liberty Media Corp. FWONA -0.25% said it would split off the Atlanta Braves Major League Baseball team and its associated real-estate development project into a separate, publicly traded company.
The new company would hold assets that include the Atlanta Braves Major League Baseball Club, certain assets and liabilities associated with the Atlanta Braves’ stadium and mixed-use development project, the Battery Atlanta, as well as corporate cash.
After the split-off, Liberty Media plans to recapitalize its remaining common stock into three tracking stock groups, Chief Executive Greg Maffei said. The company said it intends for the three groups to be listed on the Nasdaq Global Select Market or on the OTC Markets, if necessary.