Liberty Media to split off Atlanta Braves into own public company
The Atlanta Braves will become its own publicly traded company, Liberty Media Corp. announced Thursday as part of its investor day presentation.
Details: Liberty Media said its board authorized a split off of the Atlanta Braves and its real estate development project, which will be called Atlanta Braves Holdings.
- It also plans to create three tracking stock groups: the Liberty SiriusXM Group, Formula One Group and the Liberty Live Group.
What he's saying: "Among baseball teams, Baltimore and Washington are rumored to be contemplating a sale. We'd argue, I think with some reasons, that the Braves are a far more attractive asset," Liberty Media president and CEO Greg Maffei said today, according to The Hollywood Reporter.
- “We'll see," he continued. "But each new deal seems to set a new benchmark for sports assets, and the valuations as a multiple of revenue seem to continue to go up."
- "We see great growth at the Braves," Maffei told CNBC, noting the company's real estate and high fan attendance (fourth-highest in the league).
Of note: The Braves won the World Series last year. But this year, the team lost in the playoffs to the Philadelphia Phillies.
Editor's note: The headline of the story was updated to refer to the move by Liberty Media as a split off.