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Liberty Media Corporation Announces Ex-Dividend Date, When-Issued Trading and Trading Symbol Information for Rights Offering, Provides Information Regarding Inter-Group Interest Adjustment

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) (鈥淟iberty鈥�) announced today that Nasdaq has established May 19, 2016 as the ex-dividend date for the distribution of subscription rights (the 鈥淩ights Distribution鈥�) to purchase shares of Liberty鈥檚 Series C Liberty Braves common stock (the 鈥淪eries C Liberty Braves Rights鈥�) in connection with its previously announced rights offering (the 鈥淩ights Offering鈥�). Therefore, as a result of 鈥渄ue bill鈥� trading procedures, those persons acquiring shares of Liberty鈥檚 Series A, Series B and Series C Liberty Braves common stock in the market, and continuing to hold such shares, through May 18, 2016 will be entitled to receive Series C Liberty Braves Rights. Liberty expects that the Series C Liberty Braves Rights will trade on a when-issued basis on the Nasdaq Global Select Market under the symbol 鈥淏ATRV鈥� on May 18, 2016 and will begin trading in the regular way on the Nasdaq Global Select Market under the symbol 鈥淏ATRR鈥� on May 19, 2016.

For additional information on the Rights Offering, please see the prospectus included in Liberty鈥檚 Registration Statement on Form S-3 filed with the Securities and Exchange Commission on May 18, 2016. The completion of the Rights Distribution remains subject to the satisfaction of certain conditions, and Liberty reserves the right to terminate the Rights Offering at any time prior to the expiration date of the Rights Offering, including prior to the Rights Distribution or the commencement of the Rights Offering.

As a result of the Rights Offering, the current 20% inter-group interest in the Braves Group attributed to the Media Group (the 鈥淚GI鈥�) will be adjusted. The equity percentage represented by the IGI will decrease as and when Rights are exercised in connection with the Rights Offering. However, under the terms of Liberty鈥檚 restated certificate of incorporation, the number of notional Liberty Braves common stock shares representing the IGI will increase, with the result that the intrinsic value of the current IGI will remain the same as prior to the Rights Offering, assuming full exercise of the Rights. Below is an illustrative example of the adjustment that will occur. Liberty expects to announce the adjusted number of notional shares representing the IGI and the percentage represented by those notional shares once available.