Atlanta Braves Holdings Inc（BATRK）のニュースとイベントBATRKAtlanta Braves Holdings Inc

Breach Inlet Capital Recommends Sale of Atlanta Braves

Breach Inlet Capital Management issued a public letter to its Board of Directors outlining why the Atlanta Braves should pursue a sale process, which read in part, "Breach Inlet Capital Management is a top 20 institutional shareholder of Atlanta Braves Holdings We have been patient, long-term investors in the Company for nearly a decade. However, we believe the timing is optimal to pursue a sale of BATRK for the reasons outlined below. While we appreciate that John Malone has effective voting control of the Company, the Board's fiduciary duties obligate it to act in the best interest of all shareholders. We hope and trust that Mr. Malone and most shareholders would be aligned with our recommendation. We urge the Board to diligently consider all options, including our recommendation for a sale process...Since 2016, BATRK's insiders have driven a 12% Revenue CAGR and increased EBITDA from -$16mm to $65mm. Today, BATRK's insiders have an equity stake worth ~$120mm. If BATRK sold for $72 per share, we estimate insiders would receive ~$200mm of proceeds. If BATRK sold for $109 per share, we estimate insiders would receive ~$345mm of proceeds. We believe insiders - as significant shareholders - should rightfully reap the benefit of the value they created along with all other shareholders. We appreciate that most of MLB's national TV rights agreements expire in December 2028 and their values could increase meaningfully at renewal. But, the Angels and Padres record sale prices indicate that acquirers are already paying a premium for that future potential upside. We strongly recommend the Board run a sale process to determine if BATRK suitors are also willing to pay similar premiums. We also call on the Board to engage with Mr. Malone and gauge his appetite for a sale of the Company. If he is unwilling to sell and believes that BATRK is worth significantly more than its current trading price, we encourage him to submit a proposal to take the Company private. We look forward to hearing from you and welcome the opportunity to discuss further."

Company Reports Q4 Adjusted OIBDA of $3.5M

Reports Q4 adjusted OIBDA $3.5M vs. OIBDA loss $3.76M last year. The company said, "Operating loss increased in the fourth quarter compared to the prior year due to the contract asset impairment associated with the termination of a long-term local broadcasting agreement. Adjusted OIBDA increased in the fourth quarter compared to the prior year as revenue growth and a reduction in Baseball operating costs more than offset increases in Mixed-Use Development costs and selling, general, and administrative expenses."