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Liberty Media Corporation Prices $600M Convertible Notes Offering
Liberty Media Corporation has priced and agreed to sell to initial purchasers, in a private offering, $600M aggregate principal amount of 2.375% convertible senior notes due 2032. Liberty Media has also granted to the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $90 million principal amount of Notes. The Notes will be convertible into shares of Liberty Media's Series C common stock, par value $0.01 per share which may be settled at Liberty Media's election in FWONK, cash or a combination thereof. Prior to May 15, 2032, the Notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and on or after May 15, 2032, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will have an initial conversion rate of 7.2106 shares of FWONK per $1,000 principal amount of Notes, representing an initial conversion price of approximately $138.68 for each share of FWONK, which represents a conversion premium of approximately 35% to the last reported sale price of $102.73 per share of FWONK on the Nasdaq Global Select Market on August 10, 2026. The Notes will mature on August 15, 2032, unless earlier redeemed, repurchased or converted. Interest will be payable semi-annually in arrears on February 15 and August 15 of each year, commencing February 15, 2027. Liberty Media may redeem for cash all or any portion of the Notes, at its option, on or after August 20, 2029, if the last reported sale price of FWONK has been at least 130% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which Liberty Media provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The offering is expected to close on August 13, subject to the satisfaction of customary closing conditions, and is expected to result in approximately $591M in net proceeds to Liberty Media after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by Liberty Media.
Liberty Media Plans $600 Million Private Offering of Convertible Senior Notes
Liberty Media announced that it intends to offer $600 million aggregate principal amount of convertible senior notes in a private offering. Liberty Media also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $90 million principal amount of Notes. The Notes will be convertible into cash, shares of Liberty Media's Series C common stock or a combination thereof, at Liberty Media's election. The Notes will be senior, unsecured obligations of Liberty Media, and interest will be payable semi-annually in arrears. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the offering.
Flexjet Becomes Official Private Aviation Supplier for Formula 1
Flexjet and Formula 1(R) announce a multi-year partnership, bringing together two leading global brands at the pinnacle of luxury private aviation and motor racing, and naming Flexjet as the Official Private Aviation Supplier of Formula 1. Through the global partnership, Flexjet will leverage Formula 1's prodigious worldwide reach and elite audience appeal. Flexjet's fractional aircraft Owners will also enjoy exceptional hospitality and behind-the-scenes experiences at selected global Grand Prix race events - as part of the Flexjet Red Label programme providing curated experiences inside and outside of the cabin.
Salesforce Q1 Earnings Preview: Adjusted EPS Guidance of $3.11-$3.13
Salesforceis scheduled to report results of its first fiscal quarter after the market close on Wednesday, May 27, with a conference call scheduled for 5:00 pm ET. What to watch for:GUIDANCE:Along with its fourth quarter earnings report, Salesforce guided to FY27 adjusted earnings per share of $13.11-$13.19 on a revenue of $45.8B-$46.2B, which compared to analyst estimates of $13.12 and $46.01B, respectively, at the time of the report. Consensus for EPS has since risen to $13.23, while estimates for revenue have jumped to $46.11B. The company also provided Q1 EPS guidance of $3.11-$3.13 on revenue of $11.03B-$11.08B. Consensus for earnings, which was at $3.01 at the time, has increased to $3.13, and consensus for revenue, which was at $10.98B, has risen to $11.06B.PARTNERSHIPS, FEATURES:In February, GoDaddyannounced an integration with Salesforce's MuleSoft Agent Fabric. In March, the company and Formula 1announced the launch of a new fan companion agent to scale and personalize engagement for F1's 827M global fans. Salesforce also announced in March the U.S. Department of Labor has modernized its National Contact Center with Salesforce and was rolling out Agentforce to provide more personalized support. The company also reported the deployment of a new agentic operating system to simplify incident response and improve Veteran care across its more than 150 Department of Veterans Affairs medical and outpatient centers. Additionally in March, Bandwidthannounced it had partnered with the newly launched Agentforce Contact Center. Docusignalso announced a new integration with Slack, which brings its Intelligent Agreement Management platform directly into Slackbot. In April, Salesforce announced an expanded collaboration with Engine. Additionally in April, Google Cloudand the company announced an expanded partnership enabling AI agents to execute end-to-end workflows across both platforms by solving the long-standing challenge of fragmented data and disconnected systems. Unisyshas announced an expansion of its collaboration with Salesforce to strengthen the delivery of its on-site technology support.ACQUISITIONS:In February, Salesforce announced it had signed a definitive agreement to acquire Cimulate. The company said, "The acquisition will strengthen Salesforce's investment in Agentforce Commerce by accelerating improvements to search and discovery, helping retailers deliver more personalized, contextual, and conversational shopping experiences." Salesforce completed its acquisition of Cimulate on March 3.The company also announced in February a definitive agreement to acquire Momentum, a conversational insights and revenue orchestration platform. The company said, "The acquisition will extend the ability of Agentforce 360 and Slackbot to ingest and analyze unstructured data from third-party video channels and apply those insights directly to agentic workflows." Salesforce completed its acquisition of Momentum on March 2.ANALYST VIEWS:Deutsche Bank expects Salesforce to report a "seasonally slow but steady" start to fiscal 2027. It believes the company will likely meet "muted" fiscal Q1 expectations amid a "tenuous backdrop" for software-as-a-service. Deutsche's field conversations leave it expecting less upside to Salesforce's key metrics relative to recent quarters. The earnings report is unlikely to bring meaningful estimate revisions which "is required to sway sentiment and catalyze the stock," the analyst said. The firm has a Buy rating on the shares with a $255 price target.Meanwhile, BofA reinstated coverage of Salesforce with an Underperform rating and $160 price target. Salesforce remains "a deeply entrenched platform," but the firm expects a structural reset driven by AI transition, the analyst said. This raises three core concerns, namely muted net new customer additions, limited upsell potential, and an "underwhelming" AI monetization pathway, the analyst added.Citi lowered the firm's price target on Salesforce to $188 from $200 and kept a Neutral rating on the shares ahead of the Q1 report. Citi reduced its fiscal 2027 estimates towards the low end of Salesforce's outlook after its fieldwork indicated lengthening deal cycles and greater portfolio optimization at renewals.
Liberty Media Starts Strong in 2026 with F1 and MotoGP Growth
"Liberty Media is off to a strong start in 2026, with sustained momentum across Formula 1 and the implementation of our long-term strategy for MotoGP. Formula 1 continues to demonstrate the strength of its global platform, with growing audiences and deepening fan engagement driving robust demand across all commercial elements. We are excited by the meaningful opportunities to expand MotoGP's commercial reach over time. We remain focused on disciplined execution, investing behind our world-class brands and evaluating avenues for capital deployment to deliver long-term value for our shareholders," said Derek Chang, Liberty Media President and CEO.
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