Liberty Media launches offering of Liberty Formula One common stock

Liberty Media Corporation announced a public offering of 10.65M shares of Series C Liberty Formula One Common Stock (FWONK). Liberty Media intends to exercise its option to deliver additional cash in lieu of shares of FWONK as part of its previously disclosed proposed acquisition of Dorna Sports, such that all the consideration paid will be comprised of cash and no shares of FWONK will be issued to the sellers. Liberty Media expects to use the net proceeds from the sale of shares in this offering (i) to fund the increase in total cash consideration for the Acquisition, which is expected to close by year-end 2024 and (ii) for general corporate purposes, including the repayment of debt. Completion of the offering is not conditioned upon consummation of the Acquisition. If the Acquisition is not consummated for any reason, the net proceeds from this offering would be available for general corporate purposes and attributed to the Formula One Group tracking stock. Goldman Sachs & Co. LLC is acting as the sole underwriter for the offering.