Skadden, Baker, Ropes Steer Media Co.'s $500M SPAC IPO

Law360 (November 19, 2020, 9:44 PM EST) -- Liberty Media, owner of Sirius XM radio and the Atlanta Braves, said Thursday its newly formed blank-check company focusing on areas such as digital media and entertainment plans to raise at least $500 million in an initial public offering guided by Skadden, Baker Botts LLP and Ropes & Gray LLP.

Liberty Media Corp. said in a statement its special-purpose acquisition company Liberty Media Acquisition Corp. plans to look for a business in sectors such as digital media, communications, entertainment, telecommunications and technology. LMAC will be managed by the same executive leadership as Liberty, it said.

Blank-check companies, also called special-purpose acquisition...

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