The Board of Liberty Media Corporation announced the split-off of Atlanta Braves Holdings, Inc. on November 17, 2022. As per the transaction, Liberty Media would redeem each outstanding share of its Series A, Series B and Series C Liberty Braves common stock for one share of the corresponding series of common stock of Atlanta Braves Holdings. As a result of the Split-Off, Liberty Media and Atlanta Braves Holdings would be separate publicly traded companies. The Braves are currently traded as a "tracking stock" ? a subset of Liberty Media that's still tied to the firm's overall performance, but represents one of its subsidiaries. Pending approval by shareholders and Major League Baseball, the Braves will become a fully separate entity. The transaction is subject to approval by shareholders of Liberty Media Corporation, listing of securities, registration statement being effective and approval of regulatory authorities and has been approved by Board of Liberty Media. The Split-Off and related transactions are described in the registration statement on Form S-4 filed by SplitCo with the SEC on December 21, 2022, as amended on February 13, 2023, and the registration statement on Form S-4 filed by Liberty Media with the SEC on December 21, 2022, as amended on February 13, 2023. Liberty Media submitted to the Internal Revenue Service ("IRS") which will qualify as a tax-free transaction under Section 355. By letter dated March 15, 2023, the IRS informed Liberty Media that, in the general interest of sound tax administration, the IRS was declining to provide the requested ruling until certain issues were resolved under its open regulation project addressing certain requirements under Section 355 of the Code, including the ATB Requirement. The receipt of the Tax Opinion is a non-waivable condition to the Split-Off. Liberty Media has determined that it will no longer condition the Split-Off on the receipt of the Ruling and intends to proceed with its plan to complete the Split-Off Transactions, subject to the satisfaction of the remaining conditions described in the Registration Statements (including the receipt of the Tax Opinion). The transaction is expected to close in first half of 2023. As of March 1, 2023, transaction is expected to close in second quarter, 2023. As of June 12, 2023, Liberty Media will hold a virtual special meeting of stockholders on July 17, 2023, and the stockholders will be asked to consider and vote on proposals related to split off the Atlanta Braves. As of July 18, 2023, Shareholders has approved the transaction. The transaction is expected to close on July 18, 2023. Liberty Media and Atlanta Braves Holdings have been advised by Nasdaq that the shares of Atlanta Braves Holdings Series A and Series C common stock have been approved for listing on the Nasdaq Stock Market under the ticker symbols ?BATRA? and ?BATRK? and advised by the OTC Markets that the shares of Atlanta Braves Holdings Series B common stock have been approved for quotation on the OTC Markets under the ticker symbol ?BATRB".

Samantha Crispin, Sarah Dodson, Robert Wann, Tamar Stanley, Peter Farrell, Robin Melman, Paul Cuomo and Matt Adler of Baker Botts L.L.P. acted as legal advisor to Liberty Media Corporation. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor, Broadridge Corporate Issuer Solutions, Inc. acted as transfer agent and D.F. King & Co., Inc. acted as information agent for Liberty Media. D.F. King & Co., Inc. will be paid a fee of $S0.015 million. O'Melveny & Myers LLP acted as legal advisor to Atlanta Braves. J.P. Morgan acted as exclusive financial advisor to Liberty Media Corporation

The Board of Liberty Media Corporation announced completion of the split-off of Atlanta Braves Holdings, Inc. on July 18, 2023. The shares of Atlanta Braves will start trading on July 19, 2023. Effective as of the Split-Off, Atlanta Braves Holdings has outstanding an aggregate of 10,318,202 shares of Atlanta Braves Holdings Series A common stock, 977,795 shares of Atlanta Braves Holdings Series B common stock and 50,423,293 shares of Atlanta Braves Holdings Series C common stock (including 8,603,969 shares of Atlanta Braves Holdings Series C common.