Atlanta Braves Holdings, Inc.

Atlanta Braves Holdings, Inc. is primarily comprised of Braves Holdings, LLC, a wholly-owned subsidiary, and corporate cash. The Company was formed on July 18, 2023, when Liberty Media Corporation completed a redemption of its Liberty Braves common stock, exchanging each share for one share of Atlanta Braves Holdings common stock in a transaction called the "Split-Off." This Split-Off was intended to be tax-free to holders of Liberty Braves common stock, and in September 2024, the Internal Revenue Service agreed with the non-taxable characterization of the transaction. Following the Split-Off, neither Liberty nor Atlanta Braves Holdings has any continuing stock ownership in the other. In connection with the Split-Off, Atlanta Braves Holdings and Liberty entered into several agreements to govern their ongoing relationship and ensure an orderly transition. These agreements included a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement, and a registration rights agreement. The facilities sharing agreement and aircraft time sharing agreements have since been terminated. The reorganization agreement outlines the principal corporate transactions, including internal restructuring, required for the Split-Off and governs the relationship between Atlanta Braves Holdings and Liberty resulting from the Split-Off.