M&A - Liberty Media Corp

Form Type: 8-K

Filing Date: 2025-07-03

Corporate Action: Acquisition

Type: New

Accession Number: 000110465925065588

Filing Summary: On July 3, 2025, Liberty Media Corporation completed an acquisition of approximately 84% of the equity interests in Dorna Sports, S.L., a private limited company in Spain. The acquisition was facilitated through Libertad Especia, S.L.U., a wholly owned subsidiary of Liberty Media, and was executed pursuant to a Share Purchase Agreement dated March 29, 2024. Following the acquisition, approximately 16% of Dorna's equity remains with certain management equity holders, referred to as the Rollover Management Sellers. The acquisition was funded with approximately $2.3 billion in cash and $1.0 billion in borrowings under Liberty Media's F1 Facilities Agreement. The financing included incremental commitments to Formula 1’s first lien Term Loan A and B facilities, amounting to a total of $1 billion in new commitments. A press release announcing the completion of the acquisition was issued on the same day, July 3, 2025, and is attached as an exhibit to the report. The document outlines details of the funding and the financial obligations related to both Liberty Media and Dorna post-acquisition, including maturity dates and interest rates associated with various credit facilities.