Gregory B. Maffei, President and CEO of Liberty Media Corp (NASDAQ:FWONK), recently sold shares valued at approximately $2.54 million. The transactions, dated December 16, involved the sale of Series C Liberty Live Common Stock at prices ranging from $71.519 to $72.047 per share. The stock has since climbed to $92.58, marking a strong 50.32% gain year-to-date and currently trading near its 52-week high of $96.26.
In addition to these sales, Maffei acquired shares through multiple exercises of stock options. These acquisitions included Series C Liberty Formula One Common Stock and Series C Liberty Live Common Stock, with total values reaching $11.87 million, at prices ranging from $14.89 to $45.73 per share. According to InvestingPro, analysts maintain a Strong Buy consensus on FWONK, with the company receiving an overall GREAT financial health score.
Maffei also disposed of shares to cover tax obligations, with transactions amounting to $17.71 million, at prices between $71.33 and $95.08 per share. Following these transactions, Maffei holds a significant number of shares in both Series C Liberty Formula One and Liberty Live Common Stock, which now commands a market capitalization of $23.18 billion.
In other recent news, Liberty Media Corporation reported a robust financial performance in its Q3 2024 earnings call. The company announced the completion of the LSXM-Siri merger and the transition of Atlanta Braves Holdings. A significant revenue increase of 15% and a 21% rise in adjusted OIBDA were noted in the Formula One segment, driven by new partnerships and race additions. The corporation also highlighted the upcoming MotoGP acquisition and its financial arrangements.
Furthermore, Liberty Media raised $850 million in Term Loan B and $150 million in Term Loan A for the MotoGP deal, and issued 949 million FWONK shares at a 4% discount for funding. The corporation's corporate and other revenue was $70 million, with an adjusted OIBDA loss of $14 million. Liberty Live Group holds $388 million in cash and $400 million in undrawn loan capacity.
These are the recent developments in Liberty Media's strategic growth and financial health, with a focus on the performance and expansion of Formula One. Despite some challenges, the company's outlook remains focused on growth and maximizing shareholder value through strategic partnerships and initiatives.
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