Investors interested in Consumer Discretionary stocks should always be looking to find the best-performing companies in the group. Has Liberty Media Corporation - Liberty Formula One Series C (FWONK) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Consumer Discretionary sector should help us answer this question. Liberty Media Corporation - Liberty Formula One Series C is a member of the Consumer Discretionary sector. This group i ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS Englewood, Colorado, May 8, 2024- Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported first quarter 2024 results. Headlines include (1): 1 ● Attributed to Liberty SiriusXM Group o SiriusXM reported first quarter 2024 operating and financial results ◾ First quarter 2024 revenue of $2.16 billion; up 1% year-over-year ◾ Ad revenue up 7% year-over-year ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q Englewood, Colorado 80112 (Address of principal executive offices) (Zip Code) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact nam ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2023 FINANCIAL RESULTS Englewood, Colorado, February 28, 2024 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported fourth quarter and year end 2023 results. Headlines include (1): ● Attributed to Liberty SiriusXM Group o SiriusXM reported fourth quarter and full year 2023 operating and financial results ◾ 2023 full year revenue of $8.95 billion ◾ Full year ...

Debt and Financial Liabilities - As of December 31, 2023, the company had outstanding corporate-level indebtedness of $3.6 billion[185]. - The corporate-level debt includes $475 million under 2.25% Convertible Senior Notes due 2027 and $1.15 billion under 2.375% Exchangeable Senior Debentures due 2053[186]. - Sirius XM Holdings has approximately $9.3 billion in outstanding indebtedness as of December 31, 2023[291]. - The company is required to pay a royalty of 15.5% of its gross revenue associated with its satellite radio service through December 31, 2027[278]. - The economic terms of direct licenses for Pandora services are onerous, potentially impacting profitability due to competition from larger entities like Apple, Google, and Amazon[280]. - The company may incur additional costs due to audits of its royalty payments, which could lead to disputes and financial penalties[283]. - Non-compliance with repayment obligations on credit facilities could lead to default, adversely affecting Formula 1's business and financial condition[339]. Tax Liabilities and Agreements - The company had a deferred tax asset of $452 million attributable to federal and state net operating losses and tax credit carryforwards[194]. - The company may face significant tax liabilities if the Split-Off Transactions do not qualify for tax-free treatment under the Internal Revenue Code[195]. - The Split-Off Transactions may trigger significant U.S. federal income tax liability if a 50% or greater interest in the company's stock is acquired as part of a related plan[196]. - The company entered into a tax sharing agreement with ABH, where the company is generally responsible for taxes and losses from the Split-Off Transactions, but ABH will indemnify for certain failures[197]. - The company may forgo advantageous transactions post-Split-Off to preserve tax-free treatment, potentially delaying strategic actions[199]. Economic and Market Risks - A weak economy could adversely affect discretionary spending, impacting revenue from satellite radio and live entertainment[190]. - The company’s ability to maintain or grow revenue could be adversely affected by inflation and rising interest rates[190]. - Expenditures by advertisers are cyclical and can be influenced by economic conditions, which may harm Sirius XM Holdings' financial condition if advertising spending decreases[243]. - The advertising market for podcasts is still developing, and Sirius XM Holdings' ability to profitably monetize advertising opportunities in podcasts remains uncertain[220]. - Changes in consumer viewing habits and new content distribution platforms may impact the profitability of Formula 1's licensing practices and media rights[333]. Competition and Subscriber Retention - Competition is expected to increase, affecting the company's ability to attract and retain subscribers and listeners[205]. - Subscriber turnover is a significant concern, with a decline in the number of subscribers in 2023, which could adversely affect financial performance if retention rates do not improve[228]. - The company relies heavily on the auto industry for subscription growth, and any decline in vehicle sales or factory-installed satellite radios could negatively impact its business[231][233]. - Sirius XM Holdings has agreements with major automakers to include satellite radios in new vehicles, but these agreements do not guarantee specific installation quantities, posing a risk to subscriber growth[232]. - The number of monthly active users for Pandora's ad-supported service has consistently declined, which may lead to reduced advertising revenue and negatively affect the overall business[240][242]. Cybersecurity and Data Security Risks - Cybersecurity threats pose increasing risks, with potential disruptions leading to loss of revenue and increased costs[200]. - The company has not experienced material cybersecurity incidents to date, but future incidents could significantly impact operations and financial condition[201]. - Sirius XM Holdings faces significant risks related to data security, which could result in service interruptions and legal liabilities[275]. - Cybersecurity measures may not be sufficient to prevent all attacks, potentially exposing Sirius XM Holdings to data breaches[269]. - Privacy and data security laws may hinder Sirius XM Holdings' ability to market its services and could expose the company to legal liabilities[255]. Operational and Strategic Challenges - The company’s ability to access cash flow from subsidiaries is limited due to covenant restrictions and the presence of non-controlling interests[185]. - The success of the company’s businesses depends on audience popularity, which is difficult to predict and can affect revenue[188]. - The company may not realize the benefits of acquisitions or strategic investments due to integration risks[189]. - The effectiveness of marketing efforts is crucial for subscriber retention, with various external factors potentially hindering these efforts[211]. - The company is migrating its billing system to a new service provider, which is not a bank and lacks publicly available financial statements[215]. Formula 1 Specific Risks - The termination of the 100-Year Agreements could lead to Formula 1 discontinuing its operations, impacting all commercial contracts and intellectual property rights[303]. - Current teams are committed to participate in the World Championship until December 31, 2025, but there is no assurance they will continue beyond that date[304]. - A reduction in the number of teams could decrease the popularity of Formula 1, affecting its ability to enter into or renew commercial agreements[305]. - Formula 1's ability to renew or replace race promotion, media rights, and sponsorship contracts is uncertain, which could lead to decreased payments and event cancellations[312]. - The FIA's actions may conflict with Formula 1's commercial interests, potentially increasing costs and impacting revenue[306]. Governance and Structural Risks - The proposed split-off of the Liberty SiriusXM Group into an independent, publicly-traded company is expected to occur early in Q3 2024, subject to various approvals and conditions[381]. - Liberty's Chairman, John C. Malone, holds approximately 49% of the aggregate voting power due to owning about 97% of the Series B common stock across the groups[380]. - The capital structure includes multiple series of common stock, with Series B shares granting ten votes per share and Series A shares granting one vote per share, while Series C shares have no voting rights[380]. - The Board of Directors has the discretion to change management and allocation policies without stockholder approval, which could disadvantage one or more groups[367]. - The tracking stock capital structure may create conflicts of interest, as decisions made by the Board of Directors may not align with the interests of all stockholders equally[362].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (State or other jurisdiction of incorp ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 Englewood, Colorado 80112 (Address of principal executive offices) (Zip Code) Identification No.) Registrant's tel ...

Part I [Item 1. Business](index=8&type=section&id=Item%201.%20Business) Liberty Media operates a portfolio of media and entertainment businesses across three tracking stock groups, with a planned **2023** split-off and reclassification - The company's assets are organized into three tracking stock groups: Liberty SiriusXM Group, Liberty Braves Group, and Liberty Formula One Group. A tracking stock is intended to reflect the economic performance of a specific business group but does not represent a separate legal entity[30](index=30&type=chunk) - In **November 2022**, the Board authorized a plan to split-off the Braves Group into a new public company, Atlanta Braves Holdings, Inc. (ABH)[37](index=37&type=chunk) - Following the planned Split-Off, the company intends to reclassify its remaining stock into three new tracking stocks: Liberty SiriusXM, Liberty Formula One, and Liberty Live. Both transactions are expected to be completed in the **first half of 2023**, subject to stockholder and regulatory approvals[38](index=38&type=chunk)[39](index=39&type=chunk) [Sirius XM Holdings](index=12&type=section&id=Sirius%20XM%20Holdings) Liberty owns **82%** of Sirius XM Holdings, operating subscription-based satellite radio and ad-supported streaming services - Liberty owns approximately **82%** of Sirius XM Holdings, which operates two complementary audio businesses: Sirius XM and Pandora and Off-platform[44](index=44&type=chunk) - Sirius XM's primary revenue is from subscriptions, while Pandora's is mainly from advertising on its ad-supported service[47](index=47&type=chunk)[51](index=51&type=chunk) - The company is expanding its podcasting content, noting that an estimated **109 million Americans** listened to a podcast at least monthly in **2022**[45](index=45&type=chunk) Sirius XM Holdings Subscriber Metrics (as of Dec 31, 2022) | Business Unit | Subscribers (approx.) | | :--- | :--- | | **Sirius XM** | 34.3 million | | **Pandora** | 6.2 million | [Formula 1](index=28&type=section&id=Formula%201) Formula 1 holds exclusive commercial rights to the FIA Formula One World Championship until **2110**, generating revenue from race promotion, media rights, and sponsorship - Formula 1 holds exclusive commercial rights to the World Championship until the end of **2110** under the "**100-Year Agreements**" with the FIA[123](index=123&type=chunk)[137](index=137&type=chunk)[142](index=142&type=chunk) - The **2022** World Championship featured **22 events**, with record attendance and hospitality numbers significantly above pre-COVID-19 levels[121](index=121&type=chunk)[122](index=122&type=chunk) - The **2021 Concorde Agreement** governs the relationship with the **10** competing Teams, securing their participation until **December 31, 2025**, and defining the terms for Prize Fund payments[138](index=138&type=chunk)[146](index=146&type=chunk) Formula 1 Revenue Breakdown (FY 2022) | Revenue Source | % of Total Revenue | | :--- | :--- | | Media Rights | 36.4% | | Race Promotion | 28.6% | | Sponsorship | 16.9% | [Braves Holdings, LLC](index=38&type=section&id=Braves%20Holdings%2C%20LLC) Braves Holdings operates the Atlanta Braves MLB club, Truist Park, and an adjacent mixed-use real estate development, generating revenue from baseball and rental income - Braves Holdings derives revenue from the Braves baseball franchise (tickets, concessions, broadcasting, sponsorships) and from its Mixed-Use Development (rental income)[158](index=158&type=chunk) - The Mixed-Use Development, known as The Battery Atlanta, is an approximately **2.25 million square-foot** area. Phase III construction began in the **second half of 2022** and is expected to open in **2024**[174](index=174&type=chunk) - The Braves operate under a **30-year Stadium Operating Agreement** with Cobb County for Truist Park[171](index=171&type=chunk) - As an MLB club, the Braves must comply with MLB Rules and Regulations, including the Collective Bargaining Agreement (CBA), revenue sharing plans, and a Debt Service Rule that limits indebtedness[175](index=175&type=chunk)[176](index=176&type=chunk)[179](index=179&type=chunk) [Live Nation](index=44&type=section&id=Live%20Nation) Liberty holds an approximately **31%** equity interest in Live Nation, a leading live entertainment company with Concerts, Ticketing, and Sponsorship & Advertising segments - As of **December 31, 2022**, Liberty owned approximately **31%** of Live Nation's issued and outstanding shares[186](index=186&type=chunk) - Live Nation's business segments are Concerts (global promotion of live music), Ticketing (agency business selling tickets for events), and Sponsorship & Advertising[181](index=181&type=chunk) - Under a stockholders agreement, Liberty has the right to nominate **two** directors to the Live Nation board and is limited to acquiring no more than **35%** of the voting power of Live Nation's equity securities[187](index=187&type=chunk)[188](index=188&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from its tracking stock structure, financing, content popularity, and specific business units, and the **Braves Group Split-Off** [Risks Relating to our Company, as a Whole](index=54&type=section&id=Risks%20Relating%20to%20our%20Company%2C%20as%20a%20Whole) Key risks include tracking stock financial data not reflecting standalone performance, corporate-level debt, unpredictable consumer popularity, and weak economic conditions impacting discretionary spending - The historical financial information of the tracking stock groups may not reflect what their results would have been as separate, stand-alone entities[218](index=218&type=chunk)[219](index=219&type=chunk) - A substantial portion of consolidated debt is held at the corporate level, and the company's ability to service this debt depends on accessing cash from subsidiaries, which can be restricted[221](index=221&type=chunk)[223](index=223&type=chunk) - The success of the company's entertainment, satellite radio, and live sporting events businesses depends on their popularity with audiences, which is difficult to predict[225](index=225&type=chunk) - Weak economic conditions, including inflation and rising interest rates, may reduce discretionary consumer spending on the company's products, services, and events[227](index=227&type=chunk) [Risks Relating to the Liberty SiriusXM Group](index=62&type=section&id=Risks%20Relating%20to%20the%20Liberty%20SiriusXM%20Group) The Liberty SiriusXM Group faces risks from auto industry supply chain issues, intense competition, declining Pandora users, podcast monetization uncertainty, changing music royalty rates, and potential satellite failures - Sirius XM Holdings' business is adversely affected by supply chain issues, particularly the global semiconductor shortage, which impacts new vehicle production and the availability of chipsets for its satellite radios[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) - The company faces substantial competition from terrestrial radio and streaming services like Spotify, Apple Music, and YouTube, which offer free or low-cost content and are integrated into vehicle dashboards[247](index=247&type=chunk)[248](index=248&type=chunk) - Pandora's ad-supported business has experienced a consistent decline in monthly active users for several years, which could negatively impact advertising revenue[285](index=285&type=chunk)[286](index=286&type=chunk) - The market for music rights is changing, with significant uncertainties and rising costs for both performance and mechanical rights, which could adversely affect profitability[326](index=326&type=chunk)[335](index=335&type=chunk)[336](index=336&type=chunk) [Risks Relating to the Formula One Group](index=92&type=section&id=Risks%20Relating%20to%20the%20Formula%20One%20Group) Formula One Group risks include declining sport popularity, dependence on FIA agreements and team participation, competition law enforcement, tax challenges, market expansion difficulties, and potential rival motorsports series - A decline in the popularity of Formula 1 could materially affect its ability to renew or enter into beneficial race promotion, media rights, and sponsorship contracts[359](index=359&type=chunk)[360](index=360&type=chunk) - The termination of the "**100-Year Agreements**" with the FIA, which grant Formula 1 exclusive commercial rights to the World Championship until **2110**, could cause the business to discontinue operations[361](index=361&type=chunk) - The business may be subject to enforcement actions under European and national competition laws, which could deem certain commercial contracts unenforceable or require modifications[368](index=368&type=chunk)[370](index=370&type=chunk) - The establishment of a rival motor sport series could lead to fewer teams and circuits in Formula 1, diminishing its competitive position and the value of its commercial contracts[397](index=397&type=chunk) [Risks Relating to the Braves Group](index=109&type=section&id=Risks%20Relating%20to%20the%20Braves%20Group) The Braves Group's financial success depends heavily on on-field performance, player retention, MLB rules, and real estate development risks, with potential impacts from regional broadcasting issues - The financial success of the Braves Group is largely dependent on the team's on-field success, which drives revenue from tickets, concessions, merchandise, and postseason play[413](index=413&type=chunk) - The business is subject to substantial restrictions from MLB rules and regulations, including limitations on debt, revenue sharing arrangements, and broadcasting rights[419](index=419&type=chunk) - The development of the Mixed-Use Development involves significant capital expenditures and indebtedness, and there is no assurance that the anticipated benefits, such as increased attendance and rental income, will be fully realized[431](index=431&type=chunk)[432](index=432&type=chunk) - A potential Chapter 11 bankruptcy filing by Diamond Sports Group, which broadcasts Braves games regionally, could interrupt broadcasts and adversely impact revenue and the fan base[446](index=446&type=chunk)[449](index=449&type=chunk) [Risks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization](index=120&type=section&id=Risks%20Relating%20to%20the%20Ownership%20of%20Our%20Common%20Stock%20Due%20to%20Our%20Tracking%20Stock%20Capitalization) The tracking stock structure presents risks as holders are subject to the entire company's risks, assets can be reattributed, market prices may not reflect group performance, and acquisitions of individual groups are inhibited - Holders of a specific tracking stock are common stockholders of the entire company and are subject to risks associated with all of its businesses, as the groups are not separate legal entities and assets of one group could be used to pay liabilities of another[450](index=450&type=chunk)[458](index=458&type=chunk) - The Board of Directors has the discretion to reattribute assets and liabilities between tracking stock groups, which may make it difficult for investors to assess future prospects based on past performance[456](index=456&type=chunk)[457](index=457&type=chunk) - The tracking stock capital structure may inhibit acquisition bids for individual business groups and makes it more difficult for a third party to acquire the entire company[484](index=484&type=chunk) - The Chairman, John C. Malone, holds approximately **49%** of the aggregate voting power, giving him significant influence over corporate actions[488](index=488&type=chunk) [Item 2. Properties](index=136&type=section&id=Item%202.%20Properties) The company owns its corporate headquarters, while subsidiaries own or lease essential properties like offices, studios, and entertainment venues - The company owns its corporate headquarters in Englewood, Colorado[493](index=493&type=chunk) - Sirius XM Holdings owns facilities in Washington D.C. and New Jersey and leases numerous other properties for offices, studios, and technical operations across the U.S[494](index=494&type=chunk) - Formula 1 leases office space in London and technical facilities in Kent, England. The company also owns land being developed for the Las Vegas Grand Prix[495](index=495&type=chunk) [Item 3. Legal Proceedings](index=136&type=section&id=Item%203.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from **Note 18** of the consolidated financial statements - Details on legal proceedings are provided in Note 18 of the consolidated financial statements[496](index=496&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=137&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's three tracking stock groups trade on Nasdaq or OTC Markets, with no cash dividends and a **$1.1 billion** share repurchase program - The company has three classes of tracking stock (Series A, B, and C) for each of its three groups (Liberty SiriusXM, Liberty Braves, Liberty Formula One), which trade on the Nasdaq Global Select Market or are quoted on the OTC Markets[499](index=499&type=chunk) - The company has not paid any cash dividends on its common stock and has no present intention of doing so[504](index=504&type=chunk) - As of **December 31, 2022**, approximately **$1.1 billion** was available for future share repurchases under the company's authorized program. No repurchases were made during the three months ended **December 31, 2022**[507](index=507&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=140&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Consolidated revenue increased to **$12.16 billion** in **FY 2022**, driven by Formula 1, Sirius XM, and Braves Holdings, with operating income rising to **$2.06 billion** - The revenue increase in **2022** was driven by growth of **$437 million** at Formula 1, **$307 million** at Sirius XM Holdings, and **$20 million** at Braves Holdings[536](index=536&type=chunk) - The company plans to complete the Split-Off of the Braves Group and the Reclassification of its remaining tracking stocks in the **first half of 2023**, subject to conditions[529](index=529&type=chunk) Consolidated Operating Results (in millions) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Revenue** | $12,164 | $11,400 | | **Operating Income** | $2,064 | $1,977 | | **Adjusted OIBDA** | $3,419 | $3,325 | [Results of Operations—Businesses](index=165&type=section&id=Results%20of%20Operations%E2%80%94Businesses) Sirius XM Holdings' **2022** revenue grew to **$9.0 billion**, Formula 1 revenue increased to **$2.57 billion**, and Braves Group revenue rose to **$588 million** Revenue by Reportable Segment (in millions) | Segment | 2022 | 2021 | | :--- | :--- | :--- | | **Sirius XM Holdings** | $9,003 | $8,696 | | **Formula 1** | $2,573 | $2,136 | | **Braves Group** | $588 | $568 | Adjusted OIBDA by Reportable Segment (in millions) | Segment | 2022 | 2021 | | :--- | :--- | :--- | | **Sirius XM Holdings** | $2,833 | $2,770 | | **Formula 1** | $593 | $495 | | **Braves Group** | $61 | $104 | [Liquidity and Capital Resources](index=156&type=section&id=Liquidity%20and%20Capital%20Resources) As of **December 31, 2022**, the company held **$2.25 billion** in cash, with liquidity from subsidiary cash flows, primarily used for debt repayments and share repurchases - Primary uses of corporate cash in **2022** were **$2.0 billion** for debt repayments, **$358 million** for Liberty SiriusXM share repurchases, and **$241 million** to purchase land for the Las Vegas Grand Prix[565](index=565&type=chunk) - Sirius XM Holdings paid dividends totaling **$1.34 billion** in **2022**, of which Liberty received **$1.09 billion**[566](index=566&type=chunk) Cash and Cash Equivalents by Group (as of Dec 31, 2022) | Group | Cash (in millions) | | :--- | :--- | | **Liberty SiriusXM Group** | $362 | | **Braves Group** | $151 | | **Formula One Group** | $1,733 | [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=184&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate changes on its variable rate debt and stock price fluctuations from equity holdings, managing the transition from LIBOR to SOFR - The company is managing the transition from LIBOR to alternative rates like SOFR for its variable rate debt instruments[653](index=653&type=chunk)[655](index=655&type=chunk) - The company is exposed to stock price risk through its holdings of marketable equity securities (**$80 million** fair value at year-end) and its significant equity method investment in Live Nation, which is not carried at fair value on the balance sheet[656](index=656&type=chunk)[657](index=657&type=chunk) Debt Composition (as of Dec 31, 2022) | Debt Type | Principal Amount (millions) | Weighted Avg. Interest Rate | | :--- | :--- | :--- | | **Variable Rate** | $1,924 | ~6.4% | | **Fixed Rate** | $14,693 | ~3.6% | Financial Statements and Notes [Consolidated Financial Statements](index=193&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show **FY 2022** total assets of **$42.5 billion**, liabilities of **$23.3 billion**, equity of **$19.1 billion**, and net earnings of **$1.815 billion** Consolidated Balance Sheet Data (in millions) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | $42,464 | $44,351 | | **Total Liabilities** | $23,338 | $25,514 | | **Total Equity** | $19,126 | $18,262 | Consolidated Statement of Operations Data (in millions) | Account | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Total Revenue** | $12,164 | $11,400 | $9,363 | | **Operating Income** | $2,064 | $1,977 | $177 | | **Net Earnings (Loss) Attributable to Liberty Stockholders** | $1,815 | $398 | $(1,421) | [Notes to Consolidated Financial Statements](index=200&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, tracking stock structure, debt obligations, and legal contingencies, including the **Braves Group split-off** and **Pandora's pre-1972 sound recording litigation** - Note 2 details the tracking stock structure, the **2020** reattribution of assets between the Formula One and SiriusXM groups, and the planned **2023** Split-Off of the Braves Group and subsequent Reclassification[718](index=718&type=chunk)[721](index=721&type=chunk)[736](index=736&type=chunk) - Note 8 discloses that as of **December 31, 2022**, the company had **$19.3 billion** in goodwill and **$9.9 billion** in indefinite-lived FCC licenses and other intangibles[579](index=579&type=chunk)[868](index=868&type=chunk)[869](index=869&type=chunk) - Note 9 provides a comprehensive breakdown of the company's **$16.6 billion** in total debt principal, detailing the terms of various corporate notes, exchangeable debentures, margin loans, and subsidiary debt at Sirius XM, Formula 1, and Braves Holdings[875](index=875&type=chunk) - Note 18 discusses contingent liabilities, including ongoing litigation against Pandora concerning the public performance of sound recordings made prior to **February 15, 1972**[1019](index=1019&type=chunk)[1020](index=1020&type=chunk) Part III [Items 10, 11, 12, 13, and 14](index=295&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%2C%20and%2014) Information for Items **10-14**, covering Directors, Executive Compensation, Security Ownership, and Accountant Fees, is incorporated by reference from the **2023** proxy statement - The required information for Part III (Items **10-14**) is incorporated by reference from the company's definitive proxy statement for its **2023** Annual Meeting of Stockholders[1048](index=1048&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=296&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed with the **Form 10-K**, including consolidated financial statements and various material contracts - This section contains the list of financial statements filed with the report and a detailed list of all exhibits, including articles of incorporation, bylaws, debt instruments, and material contracts[1051](index=1051&type=chunk)[1053](index=1053&type=chunk)

Part I – [Financial Information](index=3&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Liberty Media Corporation's unaudited condensed consolidated financial statements and related notes for Q3 and YTD 2022 [Condensed Consolidated Balance Sheets](index=3&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Balance%20Sheets%20(unaudited)) Liberty Media's balance sheet as of September 30, 2022, shows total assets of $43.2 billion and total equity of $18.5 billion Condensed Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$43,235** | **$44,351** | | Total Current Assets | $3,970 | $4,812 | | Goodwill | $19,341 | $19,248 | | **Total Liabilities** | **$24,191** | **$25,514** | | Total Current Liabilities | $4,164 | $6,610 | | Long-term Debt | $17,066 | $15,699 | | **Total Equity** | **$18,466** | **$18,262** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Operations%20(unaudited)) Total revenue for Q3 2022 reached $3.25 billion, with nine-month revenue at $9.07 billion and net earnings of $1.25 billion Key Operating Results (in millions, except per share data) | Metric | Q3 2022 | Q3 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$3,247** | **$3,100** | **$9,074** | **$8,230** | | Sirius XM Holdings Revenue | $2,280 | $2,198 | $6,720 | $6,415 | | Formula 1 Revenue | $715 | $668 | $1,819 | $1,349 | | **Operating Income** | **$506** | **$702** | **$1,525** | **$1,466** | | **Net Earnings Attributable to Liberty Stockholders** | **$391** | **$328** | **$1,253** | **$629** | | Diluted EPS (Liberty SiriusXM) | $0.82 | $1.02 | $2.89 | $1.98 | [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=7&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20(Loss)%20(unaudited)) Comprehensive earnings for Q3 2022 were $318 million, increasing to $1.22 billion for the nine-month period Comprehensive Earnings (Loss) Attributable to Liberty Stockholders (in millions) | Period | 2022 | 2021 | | :--- | :--- | :--- | | **Three months ended Sep 30** | **$318** | **$277** | | Net earnings (loss) | $434 | $400 | | Other comprehensive earnings (loss), net of taxes | $(77) | $(53) | | **Nine months ended Sep 30** | **$1,216** | **$537** | | Net earnings (loss) | $1,404 | $914 | | Other comprehensive earnings (loss), net of taxes | $(37) | $(90) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) Net cash from operating activities was $1.74 billion for the nine months ended September 30, 2022, with increased cash used in financing Net Cash Flow Summary (Nine months ended Sep 30, in millions) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | **$1,740** | **$1,673** | | **Net Cash from Investing Activities** | **($506)** | **($615)** | | **Net Cash from Financing Activities** | **($1,580)** | **($981)** | | Net (decrease) in cash | ($359) | $72 | | Cash at beginning of period | $2,924 | $2,877 | | **Cash at end of period** | **$2,565** | **$2,949** | [Condensed Consolidated Statements of Equity](index=10&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statement%20of%20Equity%20(unaudited)) Total equity increased to $18.47 billion by Q3 2022, driven by net earnings despite significant share repurchases - Total equity rose to **$18.47 billion** at the end of Q3 2022, up from **$18.26 billion** at the start of the year[33](index=33&type=chunk) - Key drivers for the change in equity during the first nine months of 2022 include net earnings of **$1.25 billion** (attributable to stockholders), Liberty stock repurchases of **$395 million**, and subsidiary share repurchases of **$594 million**[33](index=33&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) Detailed notes explain accounting policies, tracking stock structure, fair value measurements, debt, and segment performance - The company is primarily engaged in the media and entertainment industries through its significant subsidiaries: Sirius XM Holdings Inc., Delta Topco Limited (Formula 1), and Braves Holdings, LLC[43](index=43&type=chunk) - The company's most significant equity method investment is in Live Nation Entertainment, Inc[43](index=43&type=chunk) - The financial statements are prepared in accordance with U.S. GAAP for interim financial information and should be read with the 2021 Annual Report on Form 10-K[44](index=44&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=44&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, consolidated results, segment performance, liquidity, and cash flows for the nine months ended September 30, 2022 [Overview](index=45&type=section&id=MD%26A%20Overview) The company operates via three tracking stock groups, with key assets including Sirius XM and Formula 1, showing strong post-COVID recovery - The Liberty SiriusXM Group is primarily comprised of interests in Sirius XM Holdings and Live Nation[218](index=218&type=chunk) - The Braves Group is primarily comprised of Braves Holdings, which owns the Atlanta Braves MLB team and associated real estate development[220](index=220&type=chunk) - The Formula One Group is primarily comprised of the global motorsports business Formula 1 and an interest in Liberty Media Acquisition Corporation (LMAC)[222](index=222&type=chunk) - The impact of COVID-19 has diminished, with the Atlanta Braves playing a full 162-game schedule in 2022 and Formula 1 expecting to hold 22 events with record attendance[223](index=223&type=chunk) [Results of Operations—Consolidated](index=48&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) Consolidated revenue grew to $9.07 billion and operating income to $1.53 billion for the nine months ended September 30, 2022, driven by segment growth Consolidated Revenue by Segment (Nine months ended Sep 30, in millions) | Segment | 2022 | 2021 | | :--- | :--- | :--- | | Sirius XM Holdings | $6,720 | $6,415 | | Braves Group | $535 | $466 | | Formula One Group | $1,819 | $1,349 | | **Total** | **$9,074** | **$8,230** | Consolidated Adjusted OIBDA by Segment (Nine months ended Sep 30, in millions) | Segment | 2022 | 2021 | | :--- | :--- | :--- | | Liberty SiriusXM Group | $2,073 | $2,089 | | Braves Group | $74 | $86 | | Formula One Group | $416 | $298 | | **Total** | **$2,563** | **$2,473** | [Other Income and Expense](index=50&type=section&id=Other%20Income%20and%20Expense) Total other income was $293 million for the nine months ended September 30, 2022, primarily due to gains on financial instruments and affiliate earnings Components of Other Income (Expense) (Nine months ended Sep 30, in millions) | Component | 2022 | 2021 | | :--- | :--- | :--- | | Interest expense | ($497) | ($484) | | Share of earnings (losses) of affiliates, net | $158 | ($134) | | Realized and unrealized gains (losses) on financial instruments, net | $545 | $66 | | Gains (losses) on dilution of investment in affiliate | $9 | $152 | | Other, net | $78 | ($54) | | **Total Other Income (Expense)** | **$293** | **($454)** | - The significant swing in 'Share of earnings (losses) of affiliates' was mainly due to improved performance from Live Nation, which contributed a **$140 million** gain in YTD 2022 compared to a **$169 million** loss in YTD 2021[236](index=236&type=chunk) [Material Changes in Financial Condition](index=52&type=section&id=Material%20Changes%20in%20Financial%20Condition) Liberty held $2.54 billion in cash as of September 30, 2022, with significant cash uses including debt repayments and a Las Vegas land purchase Cash and Cash Equivalents by Group (as of Sep 30, 2022, in millions) | Group | Cash & Cash Equivalents | | :--- | :--- | | Liberty SiriusXM Group | $264 | | Braves Group | $159 | | Formula One Group | $2,119 | - Liberty's primary uses of cash in the first nine months of 2022 were **$2.0 billion** for debt repayments, **$241 million** for a land purchase in Las Vegas for the Grand Prix, and over **$395 million** in stock repurchases[253](index=253&type=chunk) - Sirius XM Holdings paid **$1.245 billion** in dividends during the first nine months of 2022, of which Liberty received **$1.012 billion**[254](index=254&type=chunk) [Results of Operations—Businesses](index=54&type=section&id=Results%20of%20Operations%E2%80%94Businesses) Detailed review of business segments, including Sirius XM, Formula 1, and Braves Holdings, all showing revenue growth - Sirius XM Holdings operates two main businesses: the Sirius XM satellite and streaming service, and the Pandora streaming platform[263](index=263&type=chunk) - Formula 1's business is centered on the commercial exploitation of the annual Formula 1 World Championship[294](index=294&type=chunk) - Braves Holdings operates the Atlanta Braves MLB team and a mixed-use real estate development project[308](index=308&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from stock price and interest rate fluctuations, with $17.5 billion in debt and exposure to equity investments Debt Composition by Interest Rate Type (as of Sep 30, 2022, in millions) | Group | Variable Rate Debt | Fixed Rate Debt | | :--- | :--- | :--- | | Liberty SiriusXM Group | $1,796 | $11,626 | | Braves Group | $169 | $432 | | Formula One Group | $832 | $2,637 | - The company is actively managing the transition from LIBOR to alternative benchmark rates like SOFR for its variable-rate debt, which could impact future borrowing costs[318](index=318&type=chunk)[320](index=320&type=chunk) - The company holds **$108 million** in marketable equity securities A **10%** decline in their market price would result in an **$11 million** loss in value The investment in Live Nation, not carried at fair value, would have been **$530 million** lower with a **10%** price drop[322](index=322&type=chunk) [Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and no material changes to internal controls over financial reporting as of September 30, 2022 - The company's executives concluded that disclosure controls and procedures were effective as of September 30, 2022[323](index=323&type=chunk) - No material changes occurred in the company's internal control over financial reporting during the quarter ended September 30, 2022[324](index=324&type=chunk) Part II — [Other Information](index=65&type=section&id=Part%20II%20%E2%80%94%20Other%20Information) This section provides additional information including legal proceedings, equity security sales, and a list of exhibits [Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 of the financial statements for details on ongoing legal proceedings - For details on legal proceedings, the report directs readers to Note 10 in the financial statements[326](index=326&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 1.02 million Liberty SiriusXM shares for $39 million in Q3 2022, with $1.1 billion remaining in the repurchase program Share Repurchase Activity (Q3 2022) | Stock Series | Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Series A Liberty SiriusXM | 229,700 | $36.52 | | Series C Liberty SiriusXM | 794,500 | ~$38.50 (calculated) | - As of September 30, 2022, approximately **$1.1 billion** remained available for future repurchases under the company's authorized program[328](index=328&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and unaudited tracking stock financial information - Key exhibits filed include CEO/CFO certifications and unaudited financial information for the tracking stock groups[332](index=332&type=chunk)