SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP


Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
MAFFEI GREGORY B

(Last) (First) (Middle)
12300 LIBERTY BOULEVARD

(Street)
ENGLEWOOD CO 80112

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Atlanta Braves Holdings, Inc. [ BATRK ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
President, CEO
3. Date of Earliest Transaction (Month/Day/Year)
07/18/2023
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Series A Common Stock 07/18/2023 J(1) 150,687 A $0(1) 150,687 D
Series B Common Stock(2) 07/18/2023 J(1) 3,669 A $0(1) 3,669 D
Series C Common Stock 07/18/2023 J(1) 1,050,907 A $0(1) 1,050,907 D
Series C Common Stock 07/19/2023 J(3) V 38,588(1) A $0(3) 1,089,495 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) - BATRK(4) $27.73 07/18/2023 J(4) V 6,908 03/06/2019 03/06/2026 Series C Common Stock 6,908 (4) 6,908 D
Stock Option (Right to Buy) - BATRK(4) $23.51 07/18/2023 J(4) V 15,283 03/30/2017 03/30/2024 Series C Common Stock 15,283 (4) 15,283 D
Stock Option (Right to Buy) - BATRK(4) $25.49 07/18/2023 J(4) V 94,859 12/30/2022 03/09/2029 Series C Common Stock 94,859 (4) 94,859 D
Stock Option (Right to Buy) - BATRK(4) $23.51 07/18/2023 J(4) V 133,594 12/31/2017 03/30/2024 Series C Common Stock 133,594 (4) 133,594 D
Stock Option (Right to Buy) - BATRK(4) $23.34 07/18/2023 J(4) V 46,052 12/31/2018 03/05/2025 Series C Common Stock 46,052 (4) 46,052 D
Stock Option (Right to Buy) - BATRK(4) $20.07 07/18/2023 J(4) V 136,528 12/31/2020 03/11/2027 Series C Common Stock 136,528 (4) 136,528 D
Stock Option (Right to Buy) - BATRK(4) $29.1 07/18/2023 J(4) V 313,342 12/31/2023 12/15/2026 Series C Common Stock 313,342 (4) 313,342 D
Stock Option (Right to Buy) - BATRK(4) $26.36 07/18/2023 J(4) V 352,224 12/31/2024 12/10/2027 Series C Common Stock 352,224 (4) 352,224 D
Explanation of Responses:
1. On July 18, 2023, Liberty Media Corporation ("Liberty Media") redeemed (the "Redemption") each share of its Liberty Braves common stock for shares of common stock of Atlanta Braves Holdings, Inc. (the "Issuer"). In the Redemption, Liberty Media redeemed (i) each outstanding share of its Series A Liberty Braves common stock for one share of the Issuer's Series A common stock, (ii) each outstanding share of its Series B Liberty Braves common stock for one share of the Issuer's Series B common stock and (iii) each outstanding share of its Series C Liberty Braves common stock for one share of the Issuer's Series C common stock.
2. Each share of Series B common stock is convertible, at the holder's election, into one share of Series A common stock, at any time for no consideration other than the surrender of the share of Series B common stock for each share of Series A common stock.
3. On July 19, 2023, following the Redemption, Liberty Media distributed on a pro rata basis 6,792,903 shares of the Issuer's Series C common stock to holders of Liberty Media's Series A Liberty Formula One common stock, Series B Liberty Formula One common stock and Series C Liberty Formula One common stock following the settlement and extinguishment of an intergroup interest in Liberty Media's Braves Group attributed to Liberty Media's Formula One Group, as described in the Registration Statement on Form S-4 filed by Liberty Media with the Securities and Exchange Commission (File No. 333-268921).
4. In connection with the Redemption, all option awards held by the reporting person with respect to Liberty Media's Liberty Braves common stock (each, a "Braves Award") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the option awards were granted, such that each Braves Award was exchanged for an option to purchase an equivalent number of shares of the corresponding series of the Issuer's common stock. These adjustments were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.
/s/ Brittany A. Uthoff as Attorney-in-Fact for Gregory B. Maffei 07/20/2023
** Signature of Reporting Person Date
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