• Like Madison Square Garden Sports (MSGS) for a baseball team.
• Imagine a publicly traded company that owns the New York Yankees, their stadium, and all the surrounding commercial properties.

• Professional Baseball Team Ownership: Operates the Atlanta Braves Major League Baseball Club.
• Stadium Operations and Management: Manages the assets and liabilities related to the Atlanta Braves' stadium.
• Mixed-Use Real Estate Development: Develops and manages a mixed-use project adjacent to the stadium.

Liberty Media (symbol: FWONA), through its subsidiary the Liberty Braves Group, primarily serves individual customers. Its business operations, centered around the Atlanta Braves Major League Baseball Club and the associated mixed-use development, cater to a broad base of individual consumers.

The major categories of individual customers include:

1. Sports Fans and Spectators: These are individuals who purchase tickets to Atlanta Braves games (including single-game, season, and group tickets), attend live events at Truist Park, and buy concessions, food, beverages, and parking during these events.
2. Consumers of Team Merchandise: This category includes individuals who purchase official Atlanta Braves branded apparel, souvenirs, collectibles, and other merchandise through team stores, online retail channels, or other licensed vendors.
3. Visitors and Residents of The Battery Atlanta: These are individuals who frequent the mixed-use development adjacent to Truist Park for dining, shopping, entertainment, residential living, or hospitality services, often independent of attending a baseball game. Their patronage of businesses within The Battery Atlanta contributes to the overall revenue generated by the Liberty Braves Group's assets.

• Aramark (ARMK)
• Nike (NKE)
• Live Nation Entertainment (LYV)

Terry McGuirk

Terry McGuirk serves as the Chairman, President & CEO of Atlanta Braves Holdings, Inc., overseeing all aspects of the Braves franchise, including team and player personnel operations, business operations, Truist Park, and representation at Major League Baseball ownership meetings. He is also the Chairman of Braves Development Company, which operates The Battery Atlanta mixed-use development adjacent to Truist Park. McGuirk's career spans nearly five decades, beginning at Turner Broadcasting System, Inc. (TBS) in 1972, where he rose through executive ranks to become President of Turner Sports, and later Chairman, President, and CEO of TBS from 1996 to 2001. He was instrumental in securing Olympics coverage for cable television for the first time. From 2001 to 2003, he was Vice Chairman of TBS and CEO of its Atlanta sports teams, including the Braves.

Derek Schiller

Derek Schiller is the President and Chief Executive Officer of the Atlanta Braves, managing all business and ballpark functions of the team, including revenue-driven areas like corporate partnerships, ticket sales, broadcasting, and retail, as well as service-driven departments. He joined the Braves organization in November 2003 as senior vice president of sales and marketing and was promoted to executive vice president before becoming President in 2016 and President and CEO in 2018. Schiller played a key role in the development of Truist Park and the adjacent mixed-use district, The Battery Atlanta, emphasizing innovation and technology.

Brian J. Wendling

Brian J. Wendling serves as the Chief Accounting Officer and Principal Financial Officer of Liberty Media Corporation. While the explicit CFO for Atlanta Braves Holdings, Inc. is not immediately available in the provided snippets, Liberty Media Corporation's filings indicate shared principal financial officers for its tracking stocks at times. Mr. Wendling has held various positions with Liberty Media and its predecessors since 1999, and prior to that, he worked in the assurance practice of KPMG. He also serves on the board of Comscore, Inc.

Renee L. Wilm

Renee L. Wilm holds the titles of Chief Legal Officer and Chief Administrative Officer for Liberty Media Corporation. While specifically for Liberty Media, these roles often encompass oversight for subsidiaries, including legal and administrative functions. More specific details for her background with respect to founding/managing other companies or private equity involvement are not explicitly stated in the provided snippets.

Scott K. McCune

Scott K. McCune is a Director of Atlanta Braves Holdings, Inc. He is the Founder of MS&E Ventures, a firm focused on creating new business value for brands through media, sports, and entertainment. Prior to his retirement in March 2014, Mr. McCune spent 20 years at The Coca-Cola Company in various roles, including Vice President, Global Partnerships & Experiential Marketing; Vice President Global Media and Integrated Marketing; and Vice President, Global Media, Sports & Entertainment Marketing and Licensing. He also spent 10 years at Anheuser-Busch Inc. in marketing and media positions.

• Uncertainty in Broadcasting Revenue: The company faces significant challenges due to its heavy reliance on a limited number of broadcasting partners and the evolving media landscape, including shifts in consumer preferences towards streaming and the financial stability of regional sports networks. The termination of previous agreements and the introduction of new platforms like BravesVision may not generate equivalent revenue.
• Dependence on On-Field Performance and Player-Related Risks: The financial performance of the Atlanta Braves is closely tied to the team's success on the field, impacting ticket sales, broadcasting revenue, and merchandise. Additionally, long-term player contracts can pose financial risks if players do not perform as expected, and injuries to key players can affect both on-field performance and financial results. Labor disputes within Major League Baseball can also lead to disruptions.
• Real Estate Market Risks for Mixed-Use Development: The Battery Atlanta, the company's mixed-use development project, is subject to various real estate market risks. These include fluctuations in property values due to higher interest rates, contraction in business demand, pressure on commercial rental rates, and potential tenant defaults. The success of this development is crucial for generating additional revenue streams.

The severe financial distress and potential collapse of regional sports networks (RSNs), driven by accelerating cord-cutting, which directly threatens a major revenue stream for the Atlanta Braves through local media rights. Many RSNs are struggling or have filed for bankruptcy, jeopardizing the long-term stability of these contracts and future valuations.

Major League Baseball (MLB) Market

Sports Stadium Revenue

Mixed-Use Development and Related Markets (Atlanta Region)

1. Expansion and Performance of Mixed-Use Development (The Battery Atlanta): The Liberty Braves Group, a subsidiary of Liberty Media, is expected to continue driving significant revenue growth through its mixed-use development, The Battery Atlanta. This growth is primarily fueled by increasing rental income, new lease commencements, and strategic acquisitions of adjacent real estate assets. For example, mixed-use development revenue for the Braves Holdings surged by 45% in 2025, driven by rental income from new and in-place leases.
2. Increased Fan Engagement and Optimized Media Rights for the Atlanta Braves: The Atlanta Braves anticipate continued revenue growth from record-breaking regular season ticket sales and sponsorship revenue, reflecting strong demand for their offerings. A key new initiative is the launch of "BravesVision," an in-house network designed to produce and distribute local game broadcasts. This strategic move to directly manage local media rights is expected to create new revenue streams and optimize financial outcomes by cutting out third-party regional sports networks.
3. Growth in Formula 1 Media Rights and Sponsorships: For the Liberty Formula One Group (FWONA), a major driver of future revenue growth is the continued expansion of media rights fees and sponsorship revenue. This is underpinned by a growing global fanbase and increasing viewership, with Formula 1 experiencing significant growth across all primary revenue streams. Analysts project a positive outlook for the company's revenue growth in the coming years.
4. Expansion of Formula 1 Race Promotion and Event-Related Revenue: Formula 1's revenue is also significantly boosted by race promotion, including ticketing, hospitality, and other event-related income. The league's ability to host successful events and introduce new races, such as the inaugural Las Vegas Grand Prix, contributes substantially to revenue growth. Demand for races continues to be high, with sellout crowds expected at numerous events.
5. Strategic Acquisitions and Portfolio Enhancement: Liberty Media Corporation, as the parent entity, is actively pursuing strategic investments that are expected to enhance its portfolio and drive future revenue. A notable example is the planned acquisition of Dorna Sports, the commercial rights holder for MotoGP. This acquisition is anticipated to broaden Liberty Media's entertainment assets and contribute to overall revenue growth.

Share Issuance

• In July 2023, Liberty Media completed the split-off of Atlanta Braves Holdings, Inc., resulting in the redemption of existing Liberty Braves common stock in exchange for common stock of Atlanta Braves Holdings, Inc..
• Approximately 10.3 million shares of Series A, 981 thousand shares of Series B, and 50.4 million shares of Series C common stock of Atlanta Braves Holdings were expected to be outstanding following the split-off, including shares issued to settle intergroup interests.
• Approximately 6.8 million shares of Series C common stock of Atlanta Braves Holdings, Inc. were distributed to holders of Liberty Formula One common stock in July 2023 to settle the Braves Group intergroup interest attributed to the Formula One Group.

Outbound Investments

• Atlanta Braves Holdings Inc. strategically acquired the PennantPark office complex to enhance revenue streams and reduce the seasonal nature of baseball income.

Capital Expenditures

• The company has continuously invested in its mixed-use development project, The Battery Atlanta, and the Atlanta Braves team.
• In the fourth quarter of 2021, cash generated from postseason operations helped offset capital expenditures related to the mixed-use development.
• Mixed-use development revenue for Atlanta Braves Holdings increased to $18.6 million in the first quarter of 2025, up from $15.1 million in the prior year, indicating ongoing investment in the project.