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☆ Souring on Apple? Mystery bank stock? Buffett followers seek clarity on portfolio at annual meeting
▼ + stars: | 2024-05-02 | by ( Yun Li | ) www.cnbc.com time to read: +5 min

Trimming Apple One surprising move from the conglomerate was selling about 10 million Apple shares (just 1% of its massive stake) in the fourth quarter. Second, it could have been Buffett's investment deputies Todd Combs and Ted Weschler who trimmed the Apple stake in order to fund other purchases. There's a chance that Buffett might reveal at the annual meeting the mystery bank stock that Berkshire has been buying for two quarters straight . Berkshire now owns more than 70 million of the tracking stock. "You need higher prices, or it doesn't work," Buffett said at Berkshire's 2023 annual meeting.

Persons: Warren Buffett's, Buffett, Todd Combs, Ted Weschler, Debbie Bosanek, Warren, Berkshire Hathaway, SIRI, Bob Bakish, Berkshire's, You've Organizations: Berkshire Hathaway, CNBC, Apple, Oracle, Securities and Exchange Commission, Verizon, Berkshire, Liberty, Liberty Media Corp, Liberty Media, Liberty Media Sirius, Paramount, Paramount Global, Skydance Locations: Berkshire, Woodstock, Omaha , Nebraska, Omaha, Chevron, New York, The Omaha

☆ How Overtime is turning high school sports leagues into a $100 million business
▼ + stars: | 2024-02-27 | by ( Lucia Moses | Ashley Rodriguez | ) www.businessinsider.com time to read: +6 min

This year, Overtime is on track to make $100 million based on deals that are locked in, a 30% year-over-year increase. Amazon pays Overtime to stream its Overtime Elite basketball league, which pays its teen players upwards of $100,000 annually plus bonuses. Advertisement"We have three-year sponsorship deals with major brands," Porter said, referring to Overtime's league deals. For example, GMC and C4 Energy drink pay Overtime to sponsor its Overtime Elite practice courts and Overtime Boxing ring, respectively. Its young audience also poses some limitations.

Persons: —, Dan Porter, CRO Rich Calacci, Porter, it's, that's, Megan Marks, Zack Weiner, It's, Breanna Stewart who's Organizations: Service, GMC, State, Adidas, Amazon Prime, Elite, Business, NBA, C4 Energy, Dentsu Media, millennials, NFL, Endeavor, Liberty Media Corp, Netflix Locations: America

Formula One's invitation to Andretti Cadillac for an in-person meeting about its application to join the motorsports series was sent via email and landed in a spam folder, which is why Michael Andretti and General Motors representatives never answered the request. The junk email revelation came Friday as Andretti Global sought to clarify two points in the sharply critical document F1 released earlier this week in rejecting the Andretti Cadillac application. An in-person meeting to discuss commercial matters would be and remains of paramount importance to Andretti Cadillac,” the team said. “Andretti Cadillac has been operating with 2026 as the year of entry for many months now," the team said. He then petitioned F1 to expand the grid for what Andretti claims will be a true American team in the series.

Persons: Andretti, Michael Andretti, Stefano Domenicali, “, “ Andretti, Andretti Cadillac, ”, Mario Andretti, Michael rank, Michael Andretti's, Gene Haas, Haas, Colton Herta, Logan Sargeant, Williams Organizations: Andretti Cadillac, General Motors, Andretti Global, Andretti, Formula One Management, FIA, American, Liberty Media Corp, GM, Cadillac, Sauber Locations: American, California

☆ Warren Buffett's Berkshire Hathaway keeps buying Liberty's SiriusXM tracking shares. Here's why
▼ + stars: | 2024-01-28 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Berkshire Hathaway continued to buy Liberty Media's tracking stock for New York-based satellite radio company SiriusXM in a likely merger arbitrage play. Billionaire John Malone's media conglomerate currently owns 84% of Sirius XM and has two tracking stocks that represent that stake in the streaming satellite music service — Liberty Media Corp. Series A shares, or LSXMA , and Liberty Media Corp. Series C shares, or LSXMK . Under the terms of the deal, expected to close early in the third quarter, each Liberty Media Sirius tracking share will be exchanged for 8.4 "new" SIRI shares, while "old" SIRI shareholders would receive new shares in a one-for-one exchange. Berkshire loading up In the past week, Warren Buffett's conglomerate added 438,945 shares of LSXMA and 1 million shares of LSXMK for nearly $45 million combined, according to regulatory filings . Berkshire first bought LSXMK in 2016 and now owns almost 22% of the tracking stock, according to FactSet.

Persons: Berkshire Hathaway, John, SIRI, Warren, Buffett, Ted Weschler, Todd Combs, Seth Klarman's Baupost, SIRI overvalued, Wells, Steven Cahall, Cahall, Jason Bazinet, Charlie Munger, Charlie, hasn't Organizations: Berkshire, Liberty, Sirius XM, — Liberty Media Corp, Liberty Media Corp, Nasdaq, Liberty Media, Liberty Media Sirius, Sirius XM Holdings, Sirius, Citigroup, Activision Blizzard, British Columbia Power, Monsanto, Bayer AG, IBM Locations: New York, Berkshire, LSXMA, LSXMK, Omaha

☆ Motor racing's Las Vegas Grand Prix hit with lawsuit after practice cancelled
▼ + stars: | 2023-11-18 | by ( ) www.cnbc.com time to read: +2 min

Mercedes' British driver George Russell races during the first practice session for the Las Vegas Formula One Grand Prix on November 16, 2023, in Las Vegas, Nevada. The troubled Las Vegas Formula One Grand Prix has been hit with a class action lawsuit after the race's first practice session was canceled when Carlos Sainz's Ferrari was badly damaged by a loose drain cover. The highly-anticipated first action on the neon-lit circuit, which includes a section along the famed Las Vegas Strip, lasted a little over eight minutes on Thursday before coming to a halt. Las Vegas Grand Prix officials attempted damage control, offering $200 merchandise vouchers to single-day ticket holders. The lawsuit named Formula owners and race promoters Liberty Media Corporation, DBA Formula One Heineken Silver Las Vegas Grand Prix and TAB Contractors as defendants.

Persons: Mercedes, George Russell, Carlos Sainz's Ferrari, Steve Dimopoulos, Renee Wilm, Stefano Domenicali Organizations: Las Vegas, Vegas Grand Prix, Firm, JK, Consulting, Formula, Las, Liberty Media Corporation, Heineken, TAB Contractors, Reuters Locations: British, Las Vegas , Nevada, Dimopoulos, Nevada

☆ Las Vegas GP hit with lawsuit after practice cancelled
▼ + stars: | 2023-11-18 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

Formula One F1 - Las Vegas Grand Prix - Las Vegas Strip Circuit, Las Vegas, Nevada, U.S - November 18, 2023 General view of the Sphere during qualifying REUTERS/Mike Blake Acquire Licensing RightsLAS VEGAS, Nov 18 (Reuters) - The troubled Las Vegas Formula One Grand Prix has been hit with a class action lawsuit on behalf of the 35,000 people who bought tickets for Thursday’s practice session which was cancelled when Carlos Sainz's Ferrari was damaged by a loose drain cover. The highly-anticipated first action on the neon-lit circuit, which includes a section along the famed Las Vegas Strip, lasted a little over eight minutes before coming to a halt. Las Vegas Grand Prix officials attempted damage control, offering $200 merchandise vouchers to single-day ticket holders. The lawsuit named Formula One owners and race promoters Liberty Media Corporation, DBA Formula One Heineken Silver Las Vegas Grand Prix and TAB Contractors Inc as defendants. Reporting by Steve Keating in Las Vegas, Editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Carlos Sainz's Ferrari, Steve Dimopoulos, Renee Wilm, Stefano Domenicali, Steve Keating, Ed Osmond Organizations: Las Vegas, Las Vegas Strip, REUTERS, LAS VEGAS, Vegas Grand Prix, Firm, JK, Consulting, Formula, Las, Liberty Media Corporation, Heineken, Contractors Inc, Reuters, Thomson Locations: Las Vegas , Nevada, U.S, Dimopoulos, Nevada, Las Vegas

☆ Liberty SiriusXM shares get a shake-up. Here's a breakdown of the new structure
▼ + stars: | 2023-08-04 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Investing alongside Malone is complicated for individuals because Liberty Media has a string of tracking stocks for all its different businesses. The media conglomerate has two tracking stock groups: Liberty SiriusXM Group and Formula One Group. Liberty Media owns Formula One, which trades under tracking stock Liberty Media Formula One . Live Nation trades under its common stock ticker LYV, while's Liberty's share is available under the LLYVA and LLYVB tracking stocks. For the new Liberty SiriusXM tracking stocks LSXMK and LSXMA, the reclassification could help narrow the stock's wide discount to its net asset value, according to Citi.

Persons: John, Malone, SIRI, while's, BATRA Organizations: Liberty Media, Sirius XM Holdings, Entertainment, Liberty SiriusXM Group, Formula One, Nation Entertainment, Live, Major League Baseball's, Atlanta Braves, Liberty Media Corp, Nasdaq, Liberty, Citi Locations: New York

☆ The Atlanta Braves team is a stock you can buy and sell. Top execs describe what moves the shares
▼ + stars: | 2023-07-26 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

"I think it gives shareholders an opportunity to feel like they're direct owners of the Braves," Liberty Media CEO Greg Maffei said Wednesday on CNBC's " Squawk on the Street ." Atlanta Brave Holdings encompasses the baseball team and its real estate development known as The Battery, which includes its ballpark, Truist Park. The newly public stock has dipped less than 1% to trade around $44 apiece since its first day of trading. The Formula One tracking stock hit an all-time high last month. The executive said profits of the franchise will continue to be driven by operations on the field and of the real estate.

Persons: Major League Baseball's, BATRA, Greg Maffei, We've, we've, Derek Schiller, Maffei, They're, Fanduel Sportsbook, Ronald Acuña Jr, He's Organizations: Atlanta Braves, Major League, Nasdaq, Liberty Media Corp, Braves, Liberty Media, Holdings, Turner Broadcasting, Major League Baseball

☆ F1 sends incendiary letter to FIA after Mohammed Ben Sulayem's 'inflated price tags of $20bn' claim
▼ + stars: | 2023-01-25 | by ( Mark Kleinman | ) www.cnbc.com time to read: +3 min

Formula One bosses have accused FIA president Mohammed Ben Sulayem of "unacceptable" interference in the alleged sale of the sport. He added that a potential buyer of F1 should "come with a clear, sustainable plan — not just a lot of money." The letter, warned the FIA that "Formula 1 has the exclusive right to exploit the commercial rights in the FIA Formula One World Championship" under a 100-year deal. The response to Ben Sulayem's comments comes at a time of heightened tensions between F1 and its governing body. F1 teams question FIA president's position after latest disagreementsAnalysis by Sky Sports News' Craig Slater...

☆ Liberty Media to Split Off MLB’s Atlanta Braves
▼ + stars: | 2022-11-17 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Austin Riley of the Atlanta Braves made a catch against the Philadelphia Phillies last month in Atlanta. Media and entertainment company Liberty Media Corp. said it would split off the Atlanta Braves Major League Baseball team and its associated real-estate development project into a separate, publicly traded company. Liberty Media, which operates and owns interests in businesses including Sirius XM Holdings Inc. and Formula One Group, said it would redeem its existing Liberty Braves common stock in exchange for shares of a newly formed company to be called Atlanta Braves Holdings Inc.

☆ You Can Soon Buy Stock Directly in the Atlanta Braves
▼ + stars: | 2022-11-17 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Austin Riley of the Atlanta Braves made a catch against the Philadelphia Phillies last month in Atlanta. Fans could soon own a piece of just the Atlanta Braves. Liberty Media Corp., the owner of the Major League Baseball team, said it plans to split the Braves off into a publicly traded company, separating shares of the team from the rest of billionaire John Malone ‘s sprawling holdings.

☆ Companies Seek Guidance on New U.S. Minimum Tax as Launch Date Nears
▼ + stars: | 2022-10-26 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

Analyzing past securities filings, researchers from the University of North Carolina’s Tax Center found that fewer than 80 publicly traded U.S. companies would have paid any corporate minimum tax in 2021 had the tax been in effect. Businesses, including media company Liberty Media Corp., in recent weeks have pressed for additional information from the Treasury Department and the Internal Revenue Service on the implications of the tax. “It’s casting a very wide net,” David Rievman, a partner at law firm Skadden, Arps, Slate, Meagher & Flom LLP, said of the minimum tax. Among the concerns from businesses is that reorganizations could cause a company to become subject to minimum tax, or increase their tax liability. Without the deduction, the company would pay another level of corporate tax on that dividend.

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