ENGLEWOOD, Colo.–(BUSINESS WIRE)–Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) announced today that it has entered into a definitive agreement to acquire greater than 90% of QuintEvents, LLC in a transaction valuing the company at $313 million. Quint will be attributed to Liberty Media’s Formula One Group tracking stock, and the transaction, which is expected to be accretive, will be funded with cash on hand.
Quint is a global provider of official ticket, hospitality and travel experiences to many of the world’s most prominent sports and entertainment events. Quint packages and sells ticket and hospitality inventory with unique experiences through marquee relationships with sporting event rightsholders including Formula 1 (“F1”), the NBA, the Kentucky Derby and MotoGP.
“We are excited for Quint to join the Liberty family and strengthen our position in sports and live entertainment,” said Greg Maffei, Liberty Media President and CEO. “Brian Ruede, Brian Learst and their team have built an innovative business that delivers unique consumer experiences at the world’s most sought-after events. Quint is a high-growth company with attractive free cash conversion. As a commercial partner to F1, Quint has proven their expertise in product development and sales through their creation of the F1 Experiences program. We have high conviction in the demand for premium, live events and will work with Quint’s management to enhance F1 offerings and bring Quint’s services to more sports.”
“We could not be more thrilled for the Quint team to join forces with Liberty Media,” said Brian Ruede, Quint CEO. “This has been an incredible journey and is a transformative moment for Quint and our position in the experiential and travel economy. Liberty Media is the right partner for our next evolution of growth. Together, we can deepen our commitment to our existing partnerships through the continued development of our tech stack and service offering, while providing a pathway to expand into complementary vertical markets that will enhance our customer and partner experience. This is just the beginning.”
F1 and Quint will continue to be operated as separate companies. The enhanced partnership creates numerous growth opportunities within F1 and for Quint’s other partnerships like the NBA, Kentucky Derby and MotoGP. The transaction will accelerate Quint’s specialized sales engine and leverage onsite event expertise to deliver best-in-class experiences to fans.
Closing is anticipated by year-end and is subject to customary closing conditions, including applicable antitrust filings.
J.P. Morgan is acting as exclusive financial advisor and Bryan Cave Leighton Paisner is serving as legal advisor to Quint. O’Melveny & Myers is serving as legal advisor to Liberty Media.
About Liberty Media Corporation
Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Formula One Group and the Liberty Live Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media’s interest in SiriusXM. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include Liberty Media’s subsidiary Formula 1 and other minority investments. The businesses and assets attributed to the Liberty Live Group (NASDAQ: LLYVA, LLYVK) include Liberty Media’s interest in Live Nation and other minority investments.
About QuintEvents
QuintEvents is the industry-leading provider of official ticket and hospitality packages to many of the world’s most prominent sports and entertainment events. Based in Charlotte, North Carolina, with offices in six countries, Quint’s global footprint and proprietary technology platform continue to be the foundation of their exponential growth. Quint’s innovative programs enable partnership properties to expand fan experiences and corporate client entertainment opportunities in a way that reflects the quality and prestige of those brands. Quint has a portfolio of 15+ official property partnerships servicing over 90 events including Formula 1, NBA, Kentucky Derby, MotoGP, Chicago Bears, Green Bay Packers, NASCAR Chicago Experiences, Breeders Cup, Belmont Stakes and the NHL.
