John Malone’s Liberty Media is preparing another spinoff and fresh tracking stocks. Such financial razzmatazz hasn’t always benefited investors, but in this case, isolating the Atlanta Braves and Formula One should generate value, says jgfarb.
Regardless of the historical record, the latest slicing and dicing holds some promise. Over the years, Malone has straddled developments in programming and the way it’s piped into homes. This time he’s betting mainly on the value of content.
Tracking stocks tend to trade at a discount because of their complicated structure and related corporate governance concerns. In this case, Liberty Media probably isn’t getting full credit from investors for the Braves’ sprawling real estate portfolio in Atlanta or the trophy value of a high-profile sports franchise. The planned spinoff should at least partly remedy this. Since Liberty unveiled the plan, the imputed value of the Braves has increased by 12% to about $1.9 billion.
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