Liberty Media CEO Greg Maffei told CNBC on Thursday that the economic recovery from the coronavirus crisis will be uneven across sectors, potentially creating investment opportunities for the sprawling media, sports and entertainment company.
But for Liberty Media, which owns the Atlanta Braves and a big stake in Sirius XM, Maffei said the likelihood of a variable recovery is one reason Liberty launched a special purpose acquisition company.
Filed with the Securities and Exchange Commission on Thursday, Liberty Media Acquisition intends to raise $500 million that is then used to acquire a private company, thereby taking them public in a process sometimes called a reverse merger.
Liberty Media is evaluating the coronavirus pandemic in a similar way to how it has approached investing in the digital and mobile revolution over the last 10 to 15 years, Maffei said.
Liberty Media stock was slightly higher at midday Thursday, trading at $42.87 per share.