The company plans to split off Liberty Live into a separate, publicly traded entity.
The transaction, expected to close in the third quarter of 2023, will create a single class of stock for the satellite radio giant.
The John Malone-led company also said it would pursue a split-off of the Atlanta Braves and its associated real estate development project.
Liberty Media CEO Greg Maffei said his company looked at around 140 companies in all as potential media or entertainment acquisitions, but saw no target worth pursuing.
