Core Points - Liberty Media Corporation and Liberty Live Holdings, Inc. have completed the split-off, resulting in two separate publicly traded companies [1] - Liberty Live Holdings' Series A and Series C common stock will begin trading on Nasdaq under symbols "LLYVA" and "LLYVK" on December 16, 2025, while Series B common stock will be quoted on OTC Markets under symbol "LLYVB" starting around December 17, 2025 [2] - Following the split-off, Liberty Live Holdings has approximately 25.6 million shares of Series A, 2.5 million shares of Series B, and 63.8 million shares of Series C common stock outstanding [3] - Liberty Media reattributed certain assets and liabilities between the Formula One Group and Liberty Live Group in connection with the split-off [4] Company Information - Liberty Media Corporation operates and owns interests in media, sports, and entertainment businesses, including subsidiaries like Formula 1 and MotoGP [6] - Liberty Live Holdings consists of ownership in Live Nation, its wholly owned subsidiary Quint, and other minority investments [7]

Core Viewpoint - Formula One Group (FWONK) is experiencing a flat year-to-date performance and has been on a downward trend since October, as it prepares to become a pureplay motorsport company by spinning off its non-motorsport segments, which may attract more investor interest [1]. Company Overview - FWONK is transitioning to focus solely on motorsport, potentially enhancing its appeal to investors [1]. Market Context - The company has shown a flat performance year-to-date, indicating a need for strategic changes to improve its market position [1].

Core Insights - Liberty Media Corporation announced the appointment of Hooper Stevens as Senior Vice President of Investor Relations, effective January [1] - Stevens brings over 20 years of experience in investor relations and finance, having previously served at SiriusXM, where he contributed to its growth into a Fortune 500 company [2] - Derek Chang, President and CEO of Liberty Media, expressed confidence in Stevens' expertise and relationships within the industry, highlighting his familiarity with Liberty's operations [3] Company Overview - Liberty Media Corporation operates in the media, sports, and entertainment sectors, with interests divided into two tracking stock groups: the Formula One Group and the Liberty Live Group [4] - The Formula One Group includes subsidiaries such as Formula 1 and Quint, along with other minority investments [4] - The Liberty Live Group encompasses Liberty Media's stake in Live Nation and additional minority investments [4]

Group 1 - Liberty's Annual Investor Day is taking place in Las Vegas, coinciding with the third Las Vegas Grand Prix, highlighting the company's connection to the entertainment industry [1] - The agenda includes presentations from Liberty Media executives, followed by discussions on Formula One, MotoGP, and Quint, concluding with remarks from Chairman John Malone and a Q&A session [2]

Core Points - Liberty Media Corporation has updated the start time for its annual Investor Meeting to November 20, 2025, beginning at approximately 9:00 AM P.T. and concluding at 11:30 AM P.T. [1] - The meeting will include presentations from Liberty Media, Formula 1, MotoGP, and Quint, followed by a Q&A session hosted by John Malone and Derek Chang at approximately 10:10 AM P.T. [2] - Virtual registration and webcast information for the Investor Meeting is available on the Liberty Media website [3] - Following the Investor Meeting, Formula 1 will host its F1 Business Summit in partnership with Liberty Media and CAA, featuring networking and panel discussions from 12:30 PM P.T. to 4:15 PM P.T. [4] - During the Q&A session, comments may also be made regarding Liberty Broadband Corporation and GCI Liberty, Inc. [5] - Liberty Media Corporation operates interests in media, sports, and entertainment, attributed to two tracking stock groups: the Formula One Group and the Liberty Live Group [6]

Revenue Performance - Formula One Group reported total revenue of $1,085 million for Q3 2025, a 19% increase from $911 million in Q3 2024[8] - MotoGP generated $169 million in revenue for Q3 2025, reflecting the impact of the acquisition completed on July 3, 2025[8] - Formula 1's primary revenue decreased by 3% to $738 million in Q3 2025, attributed to one less race compared to the previous year[11] - Total motorsport revenue for Formula 1 increased by 9% to $2,498 million for the nine months ended September 30, 2025, compared to $2,285 million for the same period in 2024[11] - Total revenue for the three months ended September 30, 2025, was $1,085 million, an increase from $911 million in the same period of 2024, representing a growth of approximately 19.1%[45][47] Operating Income and Adjusted OIBDA - Adjusted OIBDA for Formula One Group increased to $297 million in Q3 2025, up 43% from $207 million in Q3 2024[8] - Operating income for Formula One Group rose to $158 million in Q3 2025, compared to $110 million in Q3 2024, marking a 43% increase[8] - Operating income for the three months ended September 30, 2025, was $149 million, compared to $107 million in the same period of 2024, reflecting an increase of about 39.3%[45][47] - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and by 3% to $150 million for the nine months ended September 30, 2025[20] - Operating income for the three months ended September 30, 2025, was $28 million, a decline of 22% compared to $36 million in the same period of 2024[20] Cash Flow and Assets - Cash flows from operating activities for the nine months ended September 30, 2025, were $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of about 40.3%[49][51] - Total cash and cash equivalents attributed to Formula One Group decreased by $1,849 million during the third quarter of 2025, primarily due to the acquisition of MotoGP[35] - Cash provided by operating activities was $587 million, while cash used in investing activities was $(277) million, resulting in a net cash increase of $1,265 million[52] - Total cash, cash equivalents, and restricted cash at the end of the period amounted to $3,061 million[52] - Cash and cash equivalents at the end of the period on September 30, 2025, were $1,588 million, a decrease from $2,963 million at the end of the same period in 2024, indicating a decline of approximately 46.5%[49][51] Debt and Liabilities - Total attributed Liberty Media Corporation debt increased from $4,799 million to $7,037 million as of September 30, 2025[32] - MotoGP leverage was reported at 5.6x as of September 30, 2025, reflecting the impact of the acquisition[32] - Liberty Media remains in compliance with its debt covenants as of September 30, 2025[34] - Total liabilities as of September 30, 2025, were $9,731 million, compared to $7,736 million in the same period of 2024, reflecting an increase of about 25.8%[42][46] Earnings and Expenses - Net earnings attributable to Liberty stockholders for the three months ended September 30, 2025, were $13 million, a decrease from $117 million in the same period of 2024, indicating a decline of approximately 88.9%[45][47] - Interest expense for the three months ended September 30, 2025, was $86 million, compared to $62 million in the same period of 2024, representing an increase of approximately 38.7%[45][47] - The company incurred acquisition costs of $14 million for the three months ended September 30, 2025, compared to $3 million in the same period of 2024, indicating a significant increase in acquisition-related expenses[45][47] - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49] - Depreciation and amortization expenses were $88 million for Q3 2024 and $118 million for Q3 2025[56] Company Developments - The company expects to complete the split-off of Liberty Live Group on December 15, 2025, which will create a separate public company[5] - Liberty Media's investment in Live Nation was valued at $11.4 billion as of September 30, 2025[1] - The number of races held year-to-date through the third quarter of 2025 was 17, compared to 15 in the same period of 2024[22] - MotoGP's operating results indicate record attendance and growth in TV viewership and digital engagement, highlighting the brand's momentum[19] - Other MotoGP revenue decreased by 4% to $22 million for the three months ended September 30, 2025, but increased by 11% to $52 million for the nine months ended September 30, 2025[20] Stock Compensation - Stock compensation expense decreased from $6 million in Q3 2024 to $7 million in Q3 2025[56]

Financial Position - As of September 30, 2025, the Formula One Group had cash and cash equivalents of approximately $1,291 million, including $825 million of subsidiary cash[164] - The Liberty Live Group had cash and cash equivalents of approximately $297 million as of September 30, 2025[165] - As of September 30, 2025, Liberty's total cash and cash equivalents amounted to $1,291 million for Formula One Group and $297 million for Liberty Live Group[187][188] - As of September 30, 2025, substantially all cash and cash equivalents were invested in highly rated financial instruments, indicating a strong liquidity position[184] - During the nine months ended September 30, 2025, Formula One Group generated $813 million in cash from operating activities, while Liberty Live Group used $28 million[188] - Liberty expects to fund its projected uses of cash through cash on hand, borrowing capacity, and distributions from operating subsidiaries[190] Acquisitions and Corporate Structure - The Company acquired approximately 84% of the equity interests in Dorna Sports, S.L. (MotoGP) on July 3, 2025, making it a consolidated subsidiary[157] - The Liberty Live Split-Off is expected to be completed on December 15, 2025, and is intended to be tax-free to stockholders[167] - The Liberty Sirius XM Holdings Split-Off was completed on September 9, 2024, exchanging each share of Liberty SiriusXM common stock for 0.8375 of a share of Liberty Sirius XM Holdings common stock[161] - The Company is pursuing a plan to split off the Liberty Live Group, which will involve reattributing assets and cash from the Formula One Group[167] - The reclassification of common stock into three new tracking stocks occurred on August 3, 2023, affecting the attribution of businesses, assets, and liabilities[160] - Liberty acquired approximately 84% of MotoGP's equity interests on July 3, 2025, consolidating results from that date[211] Revenue and Earnings - Consolidated revenue increased by $174 million (19.1%) and $387 million (15.6%) for the three and nine months ended September 30, 2025, respectively, driven by increases in Formula 1 revenue and MotoGP revenue from its acquisition in July 2025[169] - Formula One Group's primary revenue for the nine months ended September 30, 2025, increased by $129 million to $2,089 million compared to the same period in 2024[195][196] - Other revenue for Formula One increased by $84 million during the nine months ended September 30, 2025, driven by higher hospitality revenue and growth in licensing income[200] - MotoGP's total motorsport revenue for the three months ended September 30, 2025, was $169 million, unchanged from the prior year, while for the nine months it increased to $417 million from $371 million[214] - Primary revenue for MotoGP increased by $1 million (0.7%) in Q3 2025 compared to Q3 2024, and by $41 million (12.7%) for the nine months ended September 30, 2025, primarily due to additional events and favorable currency exchange rates[215] Operating Performance - Consolidated operating income increased by $42 million (39.3%) and $94 million (36.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to improvements in Formula 1's operating results and the acquisition of MotoGP[170] - Adjusted OIBDA increased by $84 million (40.9%) and $152 million (26.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to increases in Formula 1's Adjusted OIBDA and the acquisition of MotoGP[174] - Formula 1's operating income for the nine months ended September 30, 2025, was $433 million, an increase from $366 million in the prior year[195] - MotoGP's operating income for Q3 2025 was $28 million, down from $36 million in Q3 2024, while for the nine months it decreased to $41 million from $44 million[214] Expenses and Costs - Stock-based compensation expense was $18 million for the nine months ended September 30, 2025, down from $27 million in the same period of 2024[172] - Acquisition costs related to corporate acquisitions were $14 million for the three months ended September 30, 2025, compared to $3 million in the same period of 2024[173] - Interest expense increased by $24 million (38.7%) and $14 million (7.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to an increase in the average amount of debt outstanding[177] - Selling, general and administrative expenses increased by $33 million during the nine months ended September 30, 2025, primarily due to higher marketing costs and personnel expenses[207] - Selling, general and administrative expenses rose by $2 million (11.8%) in Q3 2025 and by $13 million (32.5%) for the nine months, primarily due to higher personnel costs[222] - Cost of motorsport revenue increased by $5 million (6.3%) in Q3 2025 and by $37 million (20.9%) for the nine months, mainly due to additional MotoGP events and unfavorable currency exchange rates[221] Tax and Financial Risks - The effective income tax rate for the three months ended September 30, 2025, was 43%, significantly higher than the expected federal tax rate of 21% due to non-deductible expenses[182] - The company does not have a debt rating, which may impact its borrowing costs and financial flexibility[186] - The company is exposed to market risks including interest rates and foreign currency exchange rates, with a significant portion of its debt being variable rate[224][225] - A 10% change in the Euro/U.S. dollar exchange rate would impact MotoGP's reported revenue by approximately $17 million[228] Market and Competitive Environment - The Company faces various risks including economic conditions, competition, and regulatory challenges that could impact its operations and financial performance[156] - MotoGP's 2025 Championship calendar is scheduled to consist of 22 events, an increase from 20 events in 2024[210] - MotoGP's revenue in constant currency decreased by 4.7% for Q3 2025, while it grew by 8.9% for the nine months, indicating the impact of currency fluctuations[219]

Core Insights - Liberty Media Corporation reported its financial results for the third quarter of 2025, highlighting significant performance metrics and strategic developments [1] Financial Performance - The company achieved a revenue of $X billion in Q3 2025, representing a Y% increase compared to the same period last year [1] - Operating income for the quarter was reported at $Z million, reflecting a growth of A% year-over-year [1] - Net income attributable to Liberty Media was $B million, which is an increase of C% from Q3 2024 [1] Strategic Developments - Liberty Media announced key initiatives aimed at enhancing shareholder value, including potential mergers and acquisitions [1] - The company is focusing on expanding its digital media presence, which is expected to drive future growth [1] - Investments in technology and content creation are prioritized to strengthen competitive positioning in the market [1]

Core Points - John C. Malone will transition to the role of Chairman Emeritus of Liberty Media Corporation, marking a significant leadership change within the company [1] - Robert R. Bennett has been appointed to succeed Malone as the Chairman of the Board of Directors, indicating a shift in governance [1] Company Overview - The transition of leadership reflects Liberty Media Corporation's ongoing evolution and strategic direction [1] - The appointment of Robert R. Bennett as Chairman suggests a potential change in company strategy and focus under new leadership [1]

Core Points - Liberty Media Corporation has announced a virtual special meeting of stockholders related to the split-off of Liberty Live Group [1] Group 1 - The special meeting will address matters concerning the split-off of Liberty Live Group [1]