About Liberty Media Corporation: The sponsor of the SPAC offering is Liberty Media Corp. Once public, the … "The pandemic, in our view, will linger. What will Greg Maffei and his team buy? Liberty Media CEO Greg Maffei on entering the SPAC market. I personally would prefer paying a bit of a premium to join two heavyweight rockstars running the Management in John Malone and Greg Maffei than be stuck - close to NAV - in one of the 200+ SPAC's out there. Liberty plans to launch its own special purchase acquisition company, hoping to raise $500 million, with the intention of looking for a target in the tech, telecom, media and entertainment industries. "There are going to be different segments which come out at slower rates.". An affiliate of John Malone’s Liberty Media Corp oration has filed to raise a $500 million special purpose acquisition company, or SPAC. All rights reserved. "On the other hand, I do believe leisure travel, in fact may accelerate," Maffei said. I subscribed for a million and a half units. Liberty Media is evaluating the coronavirus pandemic in a similar way to how it has approached investing in the digital and mobile revolution over the last 10 to 15 years, Maffei said. Among the criteria for a target company are strong growth trajectory, need to scale, stable free cash flow generated and a potential industry consolidator. This banner text can have markup.. web; books; video; audio; software; images; Toggle navigation Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. Liberty Media CEO Greg Maffei on entering the SPAC market Liberty Media CEO Greg Maffei told CNBC on Thursday that the economic recovery from … But for Liberty Media, which owns the Atlanta Braves and a big stake in Sirius XM, Maffei said the likelihood of a variable recovery is one reason Liberty launched a special purpose acquisition company. © 2021 CNBC LLC. The top performing former SPAC of all time.How it has done so far.Top prospects at each SPAC phase. Find the latest Liberty Media Corporation - Ser (BATRA) stock quote, history, news and other vital information to help you with your stock trading and investing. These include a $500 million SPAC sponsored by Greg Maffei of Liberty Media and a $360 million SPAC sponsored by Primavera Capital, headed by former Goldman Sachs banker Fred Hu. Liberty Media Acquisition Corp. is headed by Liberty Media’s president and CEO Greg Maffei, a well-connected executive who is chairman of the board for three Liberty Media holdings: concert promoter Live Nation, satellite radio company SiriusXM and online travel company TripAdvisor. ... No one – no one – knows these sectors better. Greg Maffei, second greatest of all time (left) and John Malone, greatest of all time (right): This is my favorite pre-IPO SPAC. The stock is down more than 10% this year. "I think there are going to be opportunities," he said. We're trying to weigh all those pieces.". ... LMAC’s management team will be led by Liberty Media Corp Chief Executive Officer Greg Maffei. It is focusing on "how that is going to either accelerate certain things or hurt other things, or whether the market has overestimated the impact.". The SPAC units will trade as LMACU and then split to common shares (LMACA) and warrants (LMACW) around 52 days after the offering. Related Link: MLB Playoffs, New York Mets Sale Could Boost Atlanta Braves Stock. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Malone and Liberty CEO Greg Maffei are masters at financial engineering, buying and selling assets … The SPAC told investors it would search for a target in the media, digital media, music, entertainment, communications, telecommunications, and technology industries. The company is led by CEO and Director Gregory Maffei, who currently serves as the CEO of Liberty Media Corp (LMC), Liberty Broadband, and Liberty TripAdvisor, and … 10 Things You Didn't Know about Liberty Media CEO Greg Maffei SPACs have seen a sharp rise in popularity during the pandemic. SPAC – shell companies that raise money in an IPO to buy another company – was looking for a target in the media, music, entertainment, communications and technology industries. Contributor. Liberty Media Corporation, one of the largest media companies in the U.S., is entering the SPAC market with a newly announced IPO. Maffei is also the chairman of Qurate Retail, Live Nation Entertainment (NYSE: LYV), SiriusXM Holdings (NASDAQ: SIRI) and TripAdvisor Inc (NASDAQ: TRIP). Other stocks mentioned: LBTYA, LBTYB. About Liberty Media Corporation: The sponsor of the SPAC offering is Liberty Media Corp. A Division of NBCUniversal. Maffei relates it … Business travel, in particular, will not return to pre-pandemic levels for "a very, very long time," he said, which echoes comments made earlier this week by billionaire Bill Gates. Liberty Media CEO Greg Maffei told CNBC on Thursday that the economic recovery from the coronavirus crisis will be uneven across sectors, potentially creating investment opportunities for the sprawling media, sports and entertainment company. Filed with the Securities and Exchange Commission on Thursday, Liberty Media Acquisition intends to raise $500 million that is then used to acquire a private company, thereby taking them public in a process sometimes called a reverse merger. The special acquisition purpose company (SPAC), which is due to begin trading on the Nasdaq on Friday under the symbol […] Liberty Media Corp. owns 14,375,000 founder shares prior to the IPO. "This isn't going to be a switch turned off or on, in terms of the economy," he said. Liberty Media CEO Greg Maffei said today that the economic recovery from the coronavirus crisis "will be uneven across sectors, potentially creating investment opportunities for the sprawling media, sports and entertainment company." All Rights Reserved. Everything you need to know about the market - quick & easy. Gregory Maffei, chief executive with the Liberty group of companies in Douglas County, suffered a three … MLB Playoffs, New York Mets Sale Could Boost Atlanta Braves Stock, Amazon, Formula One In 'Active' Discussions For Grand Pix Race Streaming: FT, Privacy Policy / Do Not Sell My Personal Data. Liberty Media CEO Greg Maffei joins CNBC's "Squawk on the Street" to discuss entering the SPAC market, the pandemic and more. Liberty Media-backed SPAC prices IPO at $10 apiece to raise $500 mln. Get this delivered to your inbox, and more info about our products and services. * liberty media corp says ceo gregory maffei's fy 2019 total compensation was $44.0 million, including $27.8 million of option awards - sec filing Formula One releases record 22-race draft calendar Greg Ireton, Iftekhar Ahmed and Esther Charlesworth Cordaid’s Post-Disaster Shelter Strategy in Haiti: Linking Relief and Development. Travel is one area where there may be fundamental change" as a result of the global Covid-19 outbreak, he said. The company is the owner of The Liberty Braves Group (NASDAQ: BATRA), Formula One Group (NASDAQ: FWONA) and The Liberty SiriusXM Global (NASDAQ: LSXMA). SPAC CEO: The SPAC will be led by Gregory Maffei. CEO Greg Maffei (left above) is … Some hold out hope that the widespread availability of a Covid-19 vaccine will cause a snapback in the economy to pre-pandemic ways. Benzinga does not provide investment advice. The Microsoft co-founder said he believes 50% of business travel will "go away" as a result of the pandemic. The move shouldn’t be a surprise. © 2021 Benzinga.com. CEO Greg Maffei told CNBC that investment opportunities will come out of this health crisis, which is why Liberty Media ultimately created the SPAC. Posted-In: Gregory Maffei John Malone Liberty Media Corporation SPAC SPACsNews Small Cap IPOs Best of Benzinga, Thank you for subscribing! By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. The executive team of the Liberty Media SPAC will include Maffei as CEO as well as three Liberty Media veterans: Brian Wendling as accounting officer, Albert Rosenthaler as development officer and Renee Wilm as legal officer. The sponsor has committed to purchase up to 10 million warrants at $1.50 each in a private placement. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. Liberty Media Acquisition Corp. (LMACA) Prices 50M Unit IPO at $10/Unit ... LMAC's management team is led by Greg Maffei and includes other members of … SPAC CEO: The SPAC will be led by Gregory Maffei. Got a confidential news tip? Harmen Janse and Kees van der Flier Private Sector Investments and Associated Risk Implications for Post-Disaster Housing Development in Dhaka. Greg Maffei, chief executive officer of Liberty Media Corporation, arrives for the third day of the annual Allen & Company Sun Valley Conference, July 13, 2017 in Sun Valley, Idaho. John Malone’s Liberty Media is jumping into SPAC world. Maffei, appearing on CNBC, said: “The pandemic, in our view, will linger. Everything you need to know about the latest SPAC news. So far, they are keeping a lot of their options open. A daily collection of all things fintech, interesting developments and market updates. Data is a real-time snapshot *Data is delayed at least 15 minutes. This isn't going to be a switch turned off or on, in terms of the economy," Maffei said on "Squawk on the Street." Create one. Sign up for free newsletters and get more CNBC delivered to your inbox. CNBC Television - 2 months ago. IPOs, Equity Offerings, SPAC. Liberty Media CEO Greg Maffei on entering the SPAC market. The special purpose acquisition company (SPAC) is headed by LIBERTY MEDIA CORP. CEO GREG MAFFEI, who is also serving as CEO and Director of the SPAC, trading on … "People's desire to get out and try something different, particularly if you have the means to do so, will come back. The uneven recovery may create investment opportunities for Liberty Media's new special purpose acquisition company, Maffei said. We want to hear from you. Liberty Media Acquisition Corp. is headed by Liberty Media’s president and CEO Greg Maffei, a well-connected executive who is chairman of the … The sponsor will also buy 250 million in units at $10. The company is the owner of The Liberty Braves Group (NASDAQ: BATRA), Formula One Group (NASDAQ: FWONA) and The Liberty SiriusXM Global (NASDAQ: LSXMA). Don't have a Benzinga account? "The pandemic, in our view, will linger," Liberty Media CEO Greg Maffei told CNBC. SPAC Target: Liberty Media Acquisition Corp. is seeking a company in the media, digital media, music, entertainment, communication, telecommunications or technology field. The new entity is a "SPAC" – a special purpose acquisition or shell company, formed to generate funds via a public offering with which to buy another company. CEO of Liberty Media, Greg Maffei. Greg Maffei, chief executive officer of Liberty Media Corporation, arrives for the third day of the annual Allen & Company Sun Valley Conference, July 13, 2017 in Sun Valley, Idaho. He's the CEO of Liberty Media Corp., Liberty Broadband Corp., GCI Liberty and Liberty TripAdvisor. Liberty Media CEO Greg Maffei on Thursday warned that Hollywood's escalating and costly streaming wars will eventually undermine the pay … The Offering: Liberty Media Acquisition Corporation (NASDa Q: LMACA) will sell 50 million units that are good for one common share and one-fourth of a warrant with an $11.50 price. SPAC CEO: The SPAC will be led by Gregory Maffei. Liberty Media stock was slightly higher at midday Thursday, trading at $42.87 per share. He's the CEO of Liberty Media Corp., Liberty Broadband Corp., GCI Liberty and Liberty … "One of the reasons we have the SPAC, one of the reasons we're thinking through that, is to think about those investment opportunities that may result because of those consequences of the consequences of the consequences," Maffei said, a reference to a line from a 2003 lecture given by Berkshire Hathaway Vice Chairman Charlie Munger. Article content Liberty Media Acquisition Corporation (LMAC), a blank-check company backed by Formula One-owner Liberty Media Corp, said on Thursday it priced its initial public offering (IPO) at $10 a share to raise $500 million.