Exhibit 99.1
LIBERTY MEDIA CORPORATION ANNOUNCES CREATION OF TRACKING STOCK STRUCTURE
Englewood, CO, March 13, 2014 - 猫咪社区 (“猫咪社区”) (Nasdaq: LMCA, LMCB) today announced that its board has authorized management to pursue a plan to reclassify its common stock to create two new tracking stock groups, one to be designated the 猫咪社区 Media Group and the other to be designated the 猫咪社区 Broadband Group, and to distribute subscription rights related to the 猫咪社区 Broadband Group (collectively, the “Distribution”). In connection with the creation of the new tracking stock groups, record holders of 猫咪社区’s Series A and Series B common stock would receive one share of the corresponding series of 猫咪社区 Media tracking stock and four shares of the corresponding series of 猫咪社区 Broadband tracking stock for each share of 猫咪社区’s common stock held by them as of the effective date. In addition, stockholders will also receive a subscription right to acquire one additional series A or series B share of 猫咪社区 Broadband tracking stock for every five shares of series A or five shares of series B 猫咪社区 Broadband tracking stock they receive in the Distribution.
猫咪社区 intends to attribute to the 猫咪社区 Broadband Group its interest in Charter Communications, Inc., its interest in Time Warner Cable Inc. and its subsidiary TruePosition, Inc. along with a note obligation from the 猫咪社区 Broadband Group to the 猫咪社区 Media Group, a call option liability associated with 猫咪社区’s Time Warner Cable Inc. shares and liabilities at TruePosition, Inc. In addition, cash raised from the exercise of 猫咪社区 Broadband subscription rights will be attributed to the 猫咪社区 Broadband Group. The 猫咪社区 Media Group would have attributed to it all of the businesses, assets and liabilities of 猫咪社区 other than those specifically attributed to the 猫咪社区 Broadband Group, including 猫咪社区’s subsidiary Sirius XM Holdings Inc.
“We are creating two new tracking stocks, 猫咪社区 Media and 猫咪社区 Broadband,” said Greg Maffei, 猫咪社区 President & CEO. “This is another step in 猫咪社区’s process of offering investors greater choice, transparency and focus. We expect to complete the creation of the new tracking stocks by the third quarter. In light of the tracking stock distribution, our offer for SiriusXM is no longer applicable. Depending on market conditions, we look forward to further discussions with the SiriusXM Special Committee. We remain enthusiastic owners of 53% of SiriusXM.”
“We remain very excited about our investments in the cable sector and Charter Communications.” said John Malone, 猫咪社区 Chairman. “We think Tom Rutledge and his team are successfully executing their strategy to upgrade the network to all digital and accelerate Charter’s growth. We believe the creation of the 猫咪社区 Broadband tracking stock and the concurrent rights offering will provide us greater flexibility to, among other things, support Charter in its expansion efforts.”
The subscription rights are being issued to raise capital for general corporate purposes of the 猫咪社区 Broadband Group, including investment in new business opportunities to be attributed to that group. The subscription rights will:
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• | Enable the holders to acquire shares of the applicable series of 猫咪社区 Broadband tracking stock at a 20% discount to the 20-trading day volume weighted average trading price of 猫咪社区 Broadband tracking stock following the closing of the Distribution. |
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• | Become publicly traded, once the exercise price has been established. |
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• | Expire forty trading days following the closing of the Distribution. |