午夜寻花 Announces Terms for Previously Announced Rights Offering

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 午夜寻花 (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) (鈥溛缫寡盎ㄢ��) announced today terms for 午夜寻花鈥檚 previously announced distribution (the 鈥淩ights Distribution鈥�) of subscription rights to holders of its Series A, Series B and Series C 午夜寻花 Braves common stock to acquire shares of its Series C 午夜寻花 Braves common stock (the 鈥淪eries C 午夜寻花 Braves Rights鈥�) in a rights offering to follow such distribution (the 鈥淩ights Offering鈥�). The distribution date for the Rights Distribution will be 5:00 p.m., New York City time, on May 18, 2016. The record date for the Rights Distribution will be 5:00 p.m., New York City time, on May 16, 2016 (such date and time, the 鈥淩ights Record Date鈥�); however, as a result of 鈥渄ue bill鈥� trading procedures, those persons acquiring shares of 午夜寻花 Braves common stock in the market following the Rights Record Date but prior to the ex-dividend date (discussed below) will be entitled to receive Series C 午夜寻花 Braves Rights.

In the Rights Distribution, 午夜寻花 will distribute 0.47 of a Series C 午夜寻花 Braves Right for each share of Series A, Series B or Series C 午夜寻花 Braves common stock held as of the Rights Record Date. Fractional Series C 午夜寻花 Braves Rights will be rounded up to the nearest whole right. No rights to purchase shares of any other series of 午夜寻花鈥檚 common stock will be issued in the Rights Distribution. Each whole Series C 午夜寻花 Braves Right will entitle the holder to purchase, pursuant to the basic subscription privilege, one share of 午夜寻花鈥檚 Series C 午夜寻花 Braves common stock at a subscription price of $12.80, which is equal to an approximate 20% discount to the trading day volume weighted average trading price of 午夜寻花鈥檚 Series C 午夜寻花 Braves common stock for the 18-day trading period ending on May 11, 2016. Each Series C 午夜寻花 Braves Right also entitles the holder to subscribe for additional shares of Series C 午夜寻花 Braves common stock that are unsubscribed for in the Rights Offering pursuant to an oversubscription privilege. It is expected that the Rights Offering will commence on May 19, 2016, which is also the proposed ex-dividend date for the distribution of the Series C 午夜寻花 Braves Rights, and will remain open for 20 trading days, subject to extension. 午夜寻花 expects that the Series C 午夜寻花 Braves Rights will be tradable beginning on the commencement date. 午夜寻花 intends to announce the definitive ex-dividend date and trading information (including when-issued trading information) as soon as they have been confirmed.

For additional information on the Rights Offering, please see the prospectus included in 午夜寻花鈥檚 Registration Statement on Form S-3 to be filed with the Securities and Exchange Commission prior to the Rights Distribution.

The completion of the Rights Distribution remains subject to the satisfaction of certain conditions, and 午夜寻花 reserves the right to terminate the Rights Offering at any time prior to the expiration date of the Rights Offering, including prior to the Rights Distribution or the commencement of the Rights Offering.

Forward-Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the Rights Distribution and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, 午夜寻花鈥檚 ability to satisfy the conditions to the Rights Distribution and 午夜寻花鈥檚 ability to complete the Rights Offering. These forward-looking statements speak only as of the date of this presentation, and 午夜寻花 expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in 午夜寻花's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of 午夜寻花, including the most recent Form 10-K and 10-Q, for additional information about 午夜寻花 and about the risks and uncertainties related to 午夜寻花's business which may affect the statements made in this presentation.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of any securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The Rights Offering will be made only by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended. None of 午夜寻花, its board of directors or any committee of its board of directors is making any recommendation to rightsholders as to whether to exercise or sell their Series C 午夜寻花 Braves Rights. Rightsholders should carefully read the prospectus insofar as it relates to the Rights Offering before making any decisions with respect to their Series C 午夜寻花 Braves Rights.

About 午夜寻花

午夜寻花 operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the 午夜寻花 SiriusXM Group, the 午夜寻花 Braves Group and the 午夜寻花 Media Group. The businesses and assets attributed to the 午夜寻花 SiriusXM Group (Nasdaq: LSXMA, LSXMB, LSXMK) include our interest in SiriusXM. The businesses and assets attributed to the 午夜寻花 Braves Group (Nasdaq: BATRA, BATRK) include our subsidiary Braves Holdings, LLC. The businesses and assets attributed to the 午夜寻花 Media Group (Nasdaq: LMCA, LMCK) consist of all of 午夜寻花's businesses and assets other than those attributed to the 午夜寻花 Braves Group and 午夜寻花 SiriusXM Group, including its interest in Live Nation Entertainment, and minority equity investments in Time Warner Inc. and Viacom.

午夜寻花
Courtnee Chun, 720-875-5420

Source: 午夜寻花

Released May 16, 2016