Liberty Media Corporation (LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today the launch of an underwritten public offering of up to a maximum aggregate amount of $1,175,000,000 of shares of Liberty's Series C Liberty Formula One Group common stock, par value $0.01 per share, consisting of up to a maximum aggregate amount of $400,000,000 of shares of FWONK offered by Liberty and up to a maximum aggregate amount of $775,000,000 of shares of FWONK offered on behalf of certain selling stockholders The Selling Stockholders acquired the shares of FWONK offered in this offering in January 2017 in connection with the consummation of Liberty's acquisition of Delta Topco Limited, the parent company of Formula 1. Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley are acting as book-running managers and representatives of the underwriters for the offering, together with BofA Merrill Lynch, Barclays and Credit Suisse as additional book-running managers.
Liberty Formula One initiated with an Equal Weight at Morgan Stanley. Morgan Stanley analyst Benjamin Swinburne initiated Liberty Formula One with an Equal Weight and a $29 price target. The analyst said Formula One has appreciated 20% above Liberty's acquisition price and expects growth likely slow in 2017 and for EBITDA growth to be flattish.