Liberty Media Acquisition, a blank check company formed by Liberty Media targeting the TMT and entertainment industries, raised $500 million by offering 50 million units at $10.
Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. It originally filed in November with quarter warrants, before amending the offering to include only fifth warrants. The company may raise an additional $250 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor.
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 previously led GCI Liberty.
Sponsor LMC's publicly traded equity consists of three groups of tracking stocks: Formula One Group (Nasdaq: FWONA), Liberty SiriusXM Group (Nasdaq: LSXMK), and Braves Group (Nasdaq: BATRK). The SPAC plans to target the media, digital media, music, entertainment, communications, telecommunications, and technology industries.
The Englewood, CO-based company plans to list on the Nasdaq under the symbol LMACU. Citi, Morgan Stanley, Credit Suisse and Goldman Sachs acted as lead managers on the deal.
