Davis Polk advised the dealer manager in connection with an SEC-registered rights offering by Liberty Media Corporation. A total of 29,594,089 new shares were subscribed for in the rights offering, including through oversubscription, representing a fully subscribed offering.

Liberty Media Corporation owns interests in subsidiaries and other companies which are engaged in the global media and entertainment industries. Through their ownership of interests in subsidiaries and other companies, Liberty Media Corporation principally operates in North America and the United Kingdom. Their principal businesses and assets include their consolidated subsidiaries Sirius XM Holdings Inc., Formula 1, Braves Holdings, LLC and their equity affiliate Live Nation Entertainment, Inc.

The Davis Polk capital markets team included partners Michael Kaplan and Yasin Keshvargar and associates Pedro J. Bermeo and Claudia Carvajal Lopez. Partner Po Sit and associates Daniel L. Jose and Bree Gong provided tax advice. All members of the Davis Polk team are based in the New York office.