Liberty Media to split off Atlanta Braves into own public company
Atlanta Braves' A.J. Minter pitching vs. Philadelphia Phillies on Oct. 15. Photo: Erick W. Rasco/Sports Illustrated via Getty Images
The Atlanta Braves will become its own publicly traded company, Liberty Media Corp. announced Thursday as part of its investor day presentation.
Why it matters: Money has been flowing into sports. Professional sports teams have seen their valuations increase.
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.