Liberty Media Acquisition, launched by John Malone’s Liberty Media in hopes of finding at least one takeover target, has taken a key step towards closing down the financial vehicle, according to The Hollywood Reporter.
On Monday, a virtual meeting of stockholders voted in favor of the move by approving updates to its certificate of incorporation, which allow it “to unwind and redeem all of its outstanding public shares prior to Dec. 30,” which is “in advance of the contractual termination date of Jan. 26, 2023.”
Liberty Media president and CEO Greg Maffei told the online meeting that his company — which owns the Atlanta Braves and the Formula One race car circuit among other media and entertainment assets — looked at around 140 companies in all as potential acquisitions, without identifying who they were. He added a picky Liberty Media saw no targets worth pursuing for a merger.
The SPAC raised $575 million in a January 2021 IPO. Read more.
