[Form 4] Atlanta Braves Holdings, Inc. Series C Insider Trading Activity

Rhea-AI Filing Summary

Gregory John Heller, EVP, CLO & Secretary of Atlanta Braves Holdings, Inc. (BATRK), exercised options and sold shares on 08/21/2025. He exercised a stock option with a $27.18 exercise price to acquire 60,000 shares of Series C common stock and immediately sold 60,000 shares at a weighted average sale price of $43.45, with the sale price range reported as $43.09 to $43.70. After these transactions he beneficially owned 14,876 shares of Series C common stock directly and 80,263 shares through previously held derivative securities or other holdings.

The Form 4 was signed by an attorney-in-fact on 08/22/2025 and discloses the option grant’s original grant date (12/10/2023) and option expiration date (12/10/2027). The filing notes the reported sale price is a weighted average and that detailed per-price sale breakdowns are available upon regulatory request.

Positive

• Transaction fully disclosed: Form 4 includes exercise price ($27.18), sale weighted average price ($43.45), and price range ($43.09–$43.70).
• Post-transaction ownership reported: Beneficial ownership shown as 14,876 direct shares and 80,263 shares related to derivative holdings.

Negative

• Insider sale of 60,000 shares: The reporting person sold all 60,000 shares acquired by exercise, reducing direct holdings to 14,876 shares.
• Filing reflects insider liquidity, not company performance: The document does not provide operational or financial metrics to explain the sale.

Insights

Securities Analyst

TL;DR: Insider exercised options at $27.18 and sold 60,000 shares at a weighted average $43.45, realizing an immediate gain.

The transaction shows a typical option exercise followed by a sale covering the exercised shares. The filing explicitly reports the exercise price of $27.18 and the weighted average sale price of $43.45 (range $43.09–$43.70), indicating the insider captured a spread between exercise and sale prices. Post-transaction beneficial ownership is broken out as 14,876 shares direct and 80,263 shares associated with derivative holdings. For investors, this is a disclosure of insider liquidity rather than an operational signal; the filing contains no other company performance metrics.

Corporate Governance Expert

TL;DR: Disclosure is complete for the reported exercise and sale; it documents both option terms and remaining beneficial ownership.

The Form 4 provides required detail: transaction date 08/21/2025, option exercise and sale codes, original option grant date (12/10/2023), and expiration (12/10/2027). It also includes a note that the sale price is a weighted average and that granular price-level data can be provided on request. The filing was executed by an attorney-in-fact, with signature dated 08/22/2025, consistent with procedural norms. There are no indications of hedging arrangements or additional agreements in this document.

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
Estimated average burden
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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Heller Gregory John

(Last) (First) (Middle)

C/O ATLANTA BRAVES HOLDINGS, INC.

755 BATTERY AVENUE SE

(Street)

ATLANTA GA 30339

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CLO & Secretary

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

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

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

X	Form filed by One Reporting Person
	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 C Common Stock	08/21/2025		M		60,000	A	$27.18	74,876	D
Series C Common Stock	08/21/2025		S		60,000	D	$43.45(1)	14,876	D

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
Stock option (Right to Buy) - BATRK	$27.18	08/21/2025		M			60,000	12/10/2023	12/10/2027	Series C Common Stock	60,000	$0	80,263	D

Explanation of Responses:

1. Reflects the weighted average sale price. The range of prices for such transaction is $43.09 to $43.70. Upon request by the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

	/s/ Kerry T. Wenzel, Attorney-in-Fact	08/22/2025
	** 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 did Gregory John Heller report in the Form 4 for BATRK?

He reported exercising a stock option (exercise price $27.18) to acquire 60,000 Series C shares and selling 60,000 shares on 08/21/2025 at a weighted average price of $43.45 (range $43.09–$43.70), leaving 14,876 direct shares beneficially owned.

How many shares does Heller beneficially own after the reported transactions?

The Form 4 reports he beneficially owns 14,876 Series C shares directly and 80,263 shares in total including derivative holdings.

What were the option terms disclosed on the Form 4?

The option has an exercise price of $27.18, was originally granted on 12/10/2023, and expires on 12/10/2027.

When were the transactions executed and when was the Form 4 signed?

Transactions occurred on 08/21/2025 and the Form 4 was signed by an attorney-in-fact on 08/22/2025.

Does the filing provide a per-price breakdown of the shares sold?

No; the filing states the $43.45 figure is a weighted average and that the range was $43.09–$43.70, and it notes detailed per-price sale quantities are available upon request.