ENGLEWOOD, CO (CelebrityAccess) — John Malone’s Liberty Media announced the launch of Liberty Media Acquisition Corporation (LAMC), a new special purpose acquisition company that will look for an acquisition target in the media, digital media, music, entertainment, communications, telecommunications and technology industries.
To support the acquisition bid, LAMC raised 575 million through an initial public offering that began trading on the Nasdaq on January 22nd.
LMAC’s management team will be led by Greg Maffei, who currently serves as chairman of Live Nation. Liberty is Live Nation’s largest investor, holding about a 33% stake in the promoter giant.
Liberty’s entertainment holdings also include satellite broadcaster SiriusXM and Formula 1 Group, as well as minority positions in iHeartMedia and Kroenke Arena Company, which owns Pepsi Center, an sports and entertainment arena in Denver.
Liberty’s ownership interest in LMAC will be attributed to the Formula One Group tracking stock.