Liberty Braves: Boyar's 2023 Forgotten Forty + Updated Thoughts
Liberty Braves (BATRK)
Liberty Braves (BATRK)
In July 2023, Liberty Media split off Atlanta Braves Holdings (now its own publicly traded security instead of being a tracking stock) to help reduce the discount to Liberty Braves private market value. In our view, the separation also paves the way for a sale of the Braves, which can now be sold tax-efficiently, as has been Liberty/Malone’s historical approach.
In 2023 the Forbes value for the Braves increased by double digits (+24%) for the second year in a row. In last year’s Forgotten Forty, we raised the possibility of another meaningful increase in their Forbes valuation, for reasons ranging from a significant step-up in local media rights payments to meaningfully higher sponsorship revenues now that new regulations permit jersey patch sponsorship. The Braves continued their strong on-field performance in 2023 (earning their sixth straight NL East Division title), helping drive solid financial results.
Encouragingly, the market for professional sports franchises continued to be robust in 2023, with record prices paid for professional sports teams in the NFL (Commanders), NBA (Suns), and NHL (Senators). Within baseball, rule changes have stimulated interest by reducing MLB game times by about 25 minutes.
For more information on the Forgotten Forty, email via Substack or at info@boyarvaluegroup.com.
Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal.
Important Information: Performance Information. Past performance does not guarantee future results. The reports in this sample are for informational purposes only and the performance of the stocks selected is not indicative of the performance of the entire Forgotten Forty. The performance of the stocks selected and the performance of the Forgotten Forty may in fact diverge materially. Additional information regarding the performance of other companies in the Forgotten Forty is available from Boyar Research upon request. This information is not a recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security, including an interest in any investment vehicle managed or advised by affiliates of Boyar Research. Any information that may be considered advice concerning a federal tax issue is not intended to be used, and cannot be used, for the purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter discussed herein. Clients of an affiliate of Boyar Research and employees of Boyar Research own shares in LBTRK.