Liberty’s Atlanta Braves split-off (template deal)
2022-11 to 2023-07What Happened
Liberty carved out the Braves into a stand-alone, asset-backed public company. It was the same basic move: stop asking investors to value an internal bucket, and give them a clean ticker.
Outcome
The Braves traded independently, and Liberty’s structure got simpler overnight.
It set expectations that Liberty would keep unwinding tracking stocks when discounts persisted.
Why It's Relevant Today
It’s the clearest precedent for how Liberty executes—and what “success” looks like post-split.
