-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HY1NVeYRe+h69w+7z47JctMI9WbflFYqAtcNj2PFGcVjME4Ja7VflpRiYydMY9I+ p5pqgYFJRMfnGdVr/VbhTg== 0001104659-07-041684.txt : 20070521 0001104659-07-041684.hdr.sgml : 20070521 20070521122053 ACCESSION NUMBER: 0001104659-07-041684 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070517 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20070521 DATE AS OF CHANGE: 20070521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTY MEDIA CORP CENTRAL INDEX KEY: 0001355096 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 841288730 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51990 FILM NUMBER: 07866944 BUSINESS ADDRESS: STREET 1: 12300 LIBERTY BOULEVARD CITY: ENGLEWOOD STATE: CO ZIP: 80112 BUSINESS PHONE: 7208755400 MAIL ADDRESS: STREET 1: 12300 LIBERTY BOULEVARD CITY: ENGLEWOOD STATE: CO ZIP: 80112 FORMER COMPANY: FORMER CONFORMED NAME: Liberty Media Holding CORP DATE OF NAME CHANGE: 20060303 8-K 1 a07-14836_18k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 17, 2007

LIBERTY MEDIA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

 

000-51990

 

84-1288730

(State or other jurisdiction of

 

(Commission

 

(I.R.S. Employer

incorporation or organization)

 

File Number)

 

Identification No.)

 

12300 Liberty Blvd.
Englewood, Colorado 80112

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (720) 875-5400

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 7.01.  Regulation FD Disclosure

On May 17, 2007, Liberty Media Corporation (“Liberty”) issued a press release announcing that it completed a transaction with Time Warner Inc. (“Time Warner”) in which Liberty exchanged approximately 68.5 million shares of Time Warner common stock, subject to a working capital adjustment, for a newly created subsidiary of Time Warner which holds the Atlanta Braves, Leisure Arts, Inc. and $960 million in cash.

This Form 8-K and the press release attached hereto as Exhibit 99.1 are being furnished to the SEC under Item 7.01 of Form 8-K in satisfaction of the public disclosure requirements of Regulation FD.

2



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 21, 2007

LIBERTY MEDIA CORPORATION

 

 

 

 

 

By:

/s/ Mark E. Burton

 

 

 

Name:

Mark E. Burton

 

 

Title:

Vice President

 

3


 EX-99.1 2 a07-14836_1ex99d1.htm EX-99.1

Exhibit 99.1

For Immediate Release:

LIBERTY MEDIA ACQUIRES ATLANTA BRAVES BASEBALL CLUB

TIME WARNER RECEIVES 68.5 MILLION SHARES OF ITS STOCK

FROM LIBERTY, ESSENTIALLY COMPLETES

$20 BILLION STOCK REPURCHASE PROGRAM

ENGLEWOOD, CO and NEW YORK, NY, May 17, 2007 – Liberty Media Corporation (Nasdaq: LINTA, LCAPA) (“Liberty”) and Time Warner Inc. (NYSE: TWX) announced today that they completed a transaction on May 16, 2007, in which Liberty exchanged approximately 68.5 million shares of Time Warner common stock, subject to a working capital adjustment, for a newly created subsidiary of Time Warner which holds the Atlanta Braves, Time Inc.’s Leisure Arts, Inc. and $960 million of cash.

Major League Baseball has approved the transaction.  The assets held by the acquired subsidiary will be attributed to the Liberty Capital Group.  Time Warner’s acquisition of its stock from Liberty essentially completes Time Warner’s previously announced $20 billion stock repurchase program.  Liberty has retained approximately 103 million shares, or about 2.8% of Time Warner common stock.

 “We are pleased with the successful conversion of these Time Warner shares as this transaction enhances our financial and strategic flexibility,” Liberty Chairman John Malone said.  “We are pleased with the value created for our shareholders from our ownership of Turner Broadcasting and Time Warner.”

“Liberty Media is delighted to join with the Atlanta Braves Baseball Club and their fan base and looks forward to the team excelling as they have for the past fifteen years,”  said Liberty President and CEO Greg Maffei.  “This transaction represents another significant step in our transition to a focused operating company.”

Time Warner Chairman and CEO Dick Parsons said: “This transaction marks an important advance in our commitment to deliver greater value to our shareholders.  It not only helps to



streamline our portfolio of assets as we focus on our core businesses, but also enables us to effectively complete our $20 billion share repurchase program.  With our thanks, we wish the people of the Atlanta Braves and Leisure Arts the best in the future.”

Phil Kent, Chairman and CEO, Turner Broadcasting System, Inc., said: “Our Atlanta Braves colleagues have our sincere appreciation for their tremendous contributions to our company, to Major League Baseball and to the entire Atlanta community.  We especially salute Terry McGuirk, the Atlanta Braves Chairman and President who once headed Turner Broadcasting, for his many years of service to our company.  We will remain the Braves’ biggest fans and great believers in the organization’s continued success.”

Atlanta Braves Chairman and CEO Terry McGuirk said, “We’re excited to move forward with Liberty’s ownership and continue to bring our fans more championship-caliber baseball and experiences at Turner Field in the years ahead.”

About Liberty Media Corporation

Liberty Media Corporation owns a broad range of electronic retailing, media, communications and entertainment businesses and investments. Those interests are attributed to two tracking stock groups: the Liberty Interactive group, which includes Liberty’s interests in QVC, Provide Commerce, IAC/InterActiveCorp, and Expedia, and the Liberty Capital group includes Liberty’s interests in Starz Entertainment, News Corporation, and Time Warner.  For more information, please see www.libertymedia.com.

About Time Warner Inc.

Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.

About Turner Broadcasting System, Inc.

Turner Broadcasting System, Inc., a Time Warner company, is a major producer of news and entertainment product around the world and a leading provider of programming to the basic cable industry.

About The Atlanta Braves

The Atlanta Braves is Major League Baseball’s winningest franchise since 1991.  During that time, Braves teams have earned a record 14 consecutive division championships, five National League pennants and a World Series title.  Based in Atlanta since 1966, the Braves franchise is the longest continuously operating franchise in Major League Baseball.  Atlanta Braves games are telecast on TBS, FSN South and SportSouth, with radio broadcasts heard in Atlanta on 640 WGST and 94.9 The Bull and regionally on the Atlanta Braves Radio Network.

2



About Leisure Arts

Founded in 1971, Little Rock, Ark.-based Leisure Arts, Inc. is one of the largest publishers and marketers of needlework, craft, decorating, entertaining and other lifestyle interest “how-to” books.

Caution Concerning Forward-Looking Statements

This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are based on management’s current expectations or beliefs, and are subject to uncertainty and changes in circumstances.  Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other factors affecting the operation of the businesses of Time Warner Inc. and Liberty Media Corporation.  More detailed information about these factors may be found in filings by Time Warner and Liberty Media with the Securities and Exchange Commission, including their most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.  Time Warner and Liberty Media are under no obligation to, and expressly disclaim any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

CONTACTS:

Liberty Media Corporation:

John Orr, 720-875-5622

Time Warner Inc., Corporate Communications:

Edward Adler, 212-484-6630

Keith Cocozza, 212-484-7482

Time Warner Inc., Investor Relations:

Jim Burtson, 212-484-8719

Chris Clipper, 212-484-6297

Turner Broadcasting System, Inc.:

Shirley Powell, 404-885-4132

The Atlanta Braves:

Beth Marshall, 404-614-1336

# # #

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