[Form 4] Associated Capital Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

GAMCO Investors, Inc., Associated Capital Group, Inc., GGCP, Inc. and Mario J. Gabelli reported changes in beneficial ownership of Atlanta Braves Holdings, Inc. (BATRA). On 09/29/2025 a sale of 500 shares of Series A Common Stock was reported at a price of $45.35; disgorgement for that sale will be paid to the issuer by a Limited Partnership. The filing lists additional holdings and disposals across affiliated entities and shows multiple indirect ownership stakes held by Investment Partnership I–V and other affiliated entities. The reporting persons disclaim ownership beyond their pecuniary interests; signatures on the form are dated 09/30/2025.

Insights

Securities Analyst

TL;DR: Routine insider sale reported with clear entity-level disclosures and a disgorgement payment noted.

The Form 4 documents a small open-market sale of 500 Series A shares at $45.35 and enumerates post-transaction beneficial holdings across related entities. The filing emphasizes indirect ownership via multiple investment partnerships and includes a disgorgement payment to the issuer tied to the sale, which the filer explicitly notes. For investors, the filing primarily signals compliance and internal reallocation of holdings rather than a material shift in control; the reported sale size appears limited relative to the listed aggregated holdings.

Corporate Governance Expert

TL;DR: Disclosure is detailed about entity relationships and disclaimers, supporting transparency on indirect ownership.

The submission provides granular attribution of shares to Associated Capital Group, GGCP, GAMCO and Mario J. Gabelli and clarifies that each reporting person holds less than 100% of certain entities. That level of breakdown helps stakeholders understand where beneficial ownership resides and that reported amounts reflect entity-level totals rather than individual pecuniary interests. The explicit disclaimer and explanation of disgorgement indicate attention to Section 16 compliance and remedial measures.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GAMCO INVESTORS, INC. ET AL

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Atlanta Braves Holdings, Inc. [ BATRA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series A Common Stock	09/29/2025		S		500	D	$45.35(1)	0	I	By: Investment Partnership III(2)
Series A Common Stock								12,000	D(3)
Series A Common Stock								42,000	D(4)
Series A Common Stock								27,152	D(5)
Series A Common Stock								15,000	I	By: Investment Partnership I(2)
Series A Common Stock								12,500	I	By: Investment Partnership II(2)
Series A Common Stock								20,000	I	By: Investment Partnership IV(2)
Series A Common Stock								2,800	I	By: Investment Partnership V(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

GAMCO INVESTORS, INC. ET AL

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Associated Capital Group, Inc.

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GGCP, INC.

(Last) (First) (Middle)

189 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GABELLI MARIO J

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Disgorgement will be paid to the Issuer for this sale by a Limited Partnership pursuant to Section 16 which reflects the sale price and the Reporting Persons' pecuniary interest in the Limited Partnership.

2. GAMCO Investors, Inc. and Associated Capital Group, Inc. have less than a 100% interest in this entity; GGCP, Inc. has less than a 100% interest in GAMCO Investors, Inc. and Associated Capital Group, Inc.; and Mario J. Gabelli has less than a 100% interest in GGCP, Inc. The amount of securities reported as beneficially owned reflects the total amount of securities held by this entity which is greater that the Reporting Persons' indirect pecuniary interests. The Reporting Persons hereby disclaim ownership of these securities in excess of their pecuniary interests.

3. These shares are owned by Associated Capital Group, Inc.

4. These shares are owned by GGCP, Inc.

5. These shares are owned by Mario J. Gabelli.

	/s/ Douglas R. Jamieson, Attorney-In-Fact for MARIO J. GABELLI, GGCP INC., and ASSOCIATED CAPITAL GROUP, INC.	09/30/2025
	/s/ Peter D. Goldstein, General Counsel for GAMCO INVESTORS, INC.	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did GAMCO/Associated Capital report for BATRA on 09/29/2025?

The filing reports the sale of 500 shares of Series A Common Stock at a price of $45.35 on 09/29/2025.

Will proceeds from the sale be returned to Atlanta Braves Holdings (BATRA)?

Yes. The filing states that disgorgement will be paid to the Issuer for this sale by a Limited Partnership pursuant to Section 16.

Who are the reporting persons named on the Form 4 for BATRA?

The reporting persons are GAMCO Investors, Inc., Associated Capital Group, Inc., GGCP, Inc., and Mario J. Gabelli (addresses in Greenwich, CT).

Does the filing explain indirect ownership interests?

Yes. The filing explains that the entities have less than 100% interests in each other and that reported beneficial ownership reflects entity totals greater than each reporting person’s pecuniary interest.

When was the Form 4 signed?

The Form 4 was signed by authorized representatives on 09/30/2025.