Atlanta Braves Holdings, Inc. Series C Common Stock (BATRK)

History and Background

Atlanta Braves Holdings, Inc. Series C Common Stock (BATRC) represents a tracking stock related to the Atlanta Braves baseball team and its associated real estate development. The stock was created as part of a broader restructuring of Liberty Media Corporation, allowing for focused investment in the Braves franchise and its surrounding properties. It was founded and spun off in 2023.

Core Business Areas

• Atlanta Braves: Professional baseball team participating in Major League Baseball (MLB). Generates revenue from ticket sales, media rights, sponsorships, and merchandise.
• The Battery Atlanta: Mixed-use real estate development adjacent to Truist Park, including retail, dining, entertainment, and residential properties. Generates revenue from rent, concessions, and other related services.

Leadership and Structure

The executive leadership team is composed of officials overseeing both the Atlanta Braves baseball franchise and the Battery Atlanta real estate development. The structure reflects Liberty Media's operational control while allowing investors to focus on the performance of the Braves-related assets.

Key Offerings

• Atlanta Braves Tickets & Experiences: Revenue from ticket sales, premium seating, and in-game experiences. The Atlanta Braves are a major team in Major League Baseball, competing with other teams in the National League East. Competitors include the New York Mets, Philadelphia Phillies, Miami Marlins, and Washington Nationals. Attendance figures and ticket prices contribute significantly to revenue. Market share is determined by MLB rankings and attendance figures compared to other teams. In 2023 the Braves had one of the highest attendance records in MLB.
• The Battery Atlanta Real Estate: Leasing of retail, restaurant, and office spaces within The Battery Atlanta. Competitors include other mixed-use developments in the Atlanta metropolitan area. Revenue is dependent on occupancy rates and lease agreements. The Battery is a successful mixed-use project anchored by Truist Park.
• Media Rights & Sponsorships: Revenue from broadcast deals, licensing agreements and corporate sponsorships. Competitors include other MLB teams vying for national and local media exposure.

Industry Overview

The sports and entertainment industry is driven by consumer spending on live events, media consumption, and merchandise. Real estate development around sports venues has become a significant trend, creating integrated entertainment districts.

Positioning

Atlanta Braves Holdings benefits from owning a popular MLB franchise and a successful real estate development. This integrated model allows for synergistic revenue streams and a strong brand presence. The Braves are consistently among the top teams in MLB in terms of attendance and revenue.

Total Addressable Market (TAM)

The TAM for professional sports and related entertainment is substantial, potentially hundreds of billions of dollars, encompassing ticket sales, media rights, merchandise, and related spending. The Battery's TAM encompasses retail, dining, entertainment and living spaces which are also in the billions. BATRC aims to capture a significant share of this through its strong regional presence and brand recognition.

Key Competitors

• MSG (MSGE)
• MNSTK
• FWONA

Competitive Landscape

BATRC's competitive advantage lies in its integrated model, owning both the baseball team and the adjacent real estate development. This creates synergistic revenue streams and a strong brand presence. Its disadvantages is the relative size and scope of its operations compared to media giants that owns or operate multiple sport teams.

Historical Growth: Historical growth is limited due to the recent creation of the tracking stock. Past growth is primarily relevant to tracking the Braves baseball team, which has had strong attendance, television viewership and franchise valuation growth.

Future Projections: Future growth will be driven by the continued success of the Atlanta Braves, expansion of The Battery Atlanta, and increased media rights revenue. Analyst projections would focus on these key drivers, including the market for sports-anchored real estate developments.

Recent Initiatives: Recent initiatives might include stadium upgrades, new retail tenants at The Battery Atlanta, and strategic partnerships to enhance fan engagement.

Atlanta Braves Holdings, Inc. Series C Common Stock offers investors a unique opportunity to participate in the financial performance of a major league baseball team and its associated real estate development. The integration of the baseball team and The Battery Atlanta creates a synergistic business model. Risks include the seasonality of baseball, economic downturns, and competition from other entertainment venues. Continued success will depend on the team's performance, successful management of The Battery Atlanta, and effective monetization of media rights.

Data Sources:

• Company SEC Filings
• MLB Reports
• Industry Reports
• Financial News Outlets

Disclaimers:

This analysis is for informational purposes only and should not be considered investment advice. Data is based on publicly available information and estimates. The performance of BATRC is subject to market risks and company-specific factors.