John Malone, the veteran media billionaire known as the "cable cowboy," is stepping down as chairman of Liberty Media (LLYVK). This ends more than three decades at the helm of the company he helped build into a sprawling media empire. Malone, 84, will transition to chairman emeritus, effective Jan. 1 2026. Vice chairman Robert R. "Dob" Bennett will assume the role of chairman, according to a company statement. "Founding Liberty Media and serving as its Chairman has been among the most rewarding experienc ...

[Executive Summary & Recent Developments](index=1&type=section&id=Executive%20Summary%20%26%20Recent%20Developments) Liberty Media Corporation reported strong progress in Q2 2025, highlighted by the MotoGP acquisition, Liberty Live split-off, and Formula 1's excellent financial and operating results [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Liberty Media Corporation reported strong progress in Q2 2025, highlighted by the completion of the MotoGP acquisition, advancement of the Liberty Live split-off, and continued excellent financial and operating results at Formula 1, driven by commercial momentum and record fan engagement - Completed the acquisition of MotoGP on July 3rd, which will be attributed to the Formula One Group[2](index=2&type=chunk)[4](index=4&type=chunk) - Advanced the split-off of Liberty Live, with a preliminary proxy statement filed on July 25th, expecting completion in **Q4 2025**[2](index=2&type=chunk) - Formula 1 achieved excellent financial and operating results, securing new partners (PepsiCo, MSC Cruises, Disney's Mickey & Friends) and renewing key agreements (Canadian Grand Prix through 2035, Austrian Grand Prix through 2041)[1](index=1&type=chunk)[2](index=2&type=chunk) - F1 The Movie debuted globally on June 27th, becoming Apple's highest-grossing film ever, contributing to strong viewership and record social/digital engagement[2](index=2&type=chunk)[9](index=9&type=chunk) Liberty Live Group Investment Fair Value | Metric | Value (as of June 30th) | | :----- | :----------------------- | | Live Nation Investment Fair Value | $10.5 billion | [Corporate Updates](index=3&type=section&id=Corporate%20Updates) Liberty Media completed the acquisition of Dorna Sports, S.L. (MotoGP) on July 3, 2025, gaining approximately 84% ownership, with MotoGP management retaining 16% - Acquisition of Dorna Sports, S.L. (MotoGP) completed on July 3, 2025[4](index=4&type=chunk) - Liberty Media owns approximately **84% of MotoGP**, with management retaining **16%**[4](index=4&type=chunk) - MotoGP's financial results will be consolidated and attributed to the Formula One Group tracking stock, though initial accounting is not yet reflected in the Q2 results due to timing[4](index=4&type=chunk) [Financial Performance Overview](index=3&type=section&id=Financial%20Performance%20Overview) This section provides a comprehensive review of Liberty Media's financial performance, focusing on the Formula One Group's revenue and operating income growth, alongside corporate and Liberty Live Group results [Formula One Group Financial Results](index=3&type=section&id=Formula%20One%20Group%20Financial%20Results) The Formula One Group reported significant growth in Q2 2025, with total revenue increasing by 35.7% and operating income surging by 374.6% compared to Q2 2024, primarily driven by strong F1 performance Formula One Group Financial Results (Q2 2025 vs. Q2 2024) | Metric | Q2 2024 (millions) | Q2 2025 (millions) | % Change | | :----- | :----------------- | :----------------- | :------- | | Revenue | $988 | $1,341 | 35.7% | | Operating Income (Loss) | $59 | $280 | 374.6% | | Adjusted OIBDA (Loss) | $165 | $369 | 123.6% | Formula One Group Financial Results (YTD Q2 2025 vs. YTD Q2 2024) | Metric | YTD Q2 2024 (millions) | YTD Q2 2025 (millions) | % Change | | :----- | :--------------------- | :--------------------- | :------- | | Revenue | $1,575 | $1,788 | 13.5% | | Operating Income (Loss) | $154 | $213 | 38.3% | | Adjusted OIBDA (Loss) | $367 | $442 | 20.4% | - Formula One Group incurred **$14 million** in corporate-level selling, general, and administrative expenses in Q2 2025[5](index=5&type=chunk) [F1 Operating Results (Detailed)](index=3&type=section&id=F1%20Operating%20Results%20(Detailed)) F1's operating results showed substantial growth in Q2 2025, with total revenue increasing by 41% and operating income by 249%, driven by an additional race, contractual fee increases, new sponsors, F1 TV growth, and the F1 movie Formula 1 Operating Results (Q2 2025 vs. Q2 2024) | Metric | Q2 2024 (millions) | Q2 2025 (millions) | % Change | | :----- | :----------------- | :----------------- | :------- | | Number of races | 8 | 9 | 12.5% | | Primary F1 revenue | $739 | $1,032 | 40% | | Other F1 revenue | $132 | $194 | 47% | | Total F1 revenue | $871 | $1,226 | 41% | | Operating income (loss) | $84 | $293 | 249% | | Adjusted OIBDA | $160 | $361 | 126% | Formula 1 Operating Results (YTD Q2 2025 vs. YTD Q2 2024) | Metric | YTD Q2 2024 (millions) | YTD Q2 2025 (millions) | % Change | | :----- | :--------------------- | :--------------------- | :------- | | Number of races | 11 | 11 | 0% | | Primary F1 revenue | $1,202 | $1,351 | 12% | | Other F1 revenue | $222 | $278 | 25% | | Total F1 revenue | $1,424 | $1,629 | 14% | | Operating income (loss) | $220 | $265 | 20% | | Adjusted OIBDA | $368 | $446 | 21% | - Primary F1 revenue increased due to calendar variance (one additional race in Q2 2025), contractual increases in race promotion, media rights, and sponsorship fees, revenue from new sponsors, continued growth in F1 TV subscriptions, and one-time revenue from the F1 movie release[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - Other F1 revenue increased due to higher hospitality and experiences revenue (Paddock Club growth, additional event), growth in licensing income, and higher revenue from travel, technical, and freight services[14](index=14&type=chunk)[15](index=15&type=chunk) - Operating expenses increased due to higher team payments, increased freight costs (different event order), higher commissions and partner servicing costs, increased Paddock Club costs, costs for new sponsors, F1 TV delivery costs, and expenses for the Grand Prix Plaza in Las Vegas[16](index=16&type=chunk) - Selling, general and administrative expenses increased primarily due to higher personnel and marketing expenses, including costs for the 75th season launch event[16](index=16&type=chunk) [Corporate and Other Operating Results](index=9&type=section&id=Corporate%20and%20Other%20Operating%20Results) Corporate and Other Adjusted OIBDA includes rental income from Grand Prix Plaza in Las Vegas and results from Quint, which saw increased revenue in Q2 2025 primarily driven by F1 Experiences and the Kentucky Derby - Corporate and Other Adjusted OIBDA includes rental income from Grand Prix Plaza in Las Vegas and Quint results[17](index=17&type=chunk) - Corporate and Other revenue increased in Q2 2025 due to Quint's performance, primarily from F1 Experiences across nine races and the Kentucky Derby[17](index=17&type=chunk) - Grand Prix Plaza in Las Vegas generated **$6 million** in rental income in both Q2 2025 and Q2 2024[17](index=17&type=chunk) - Quint's revenue is seasonal, with largest events typically occurring in the second and fourth quarters[17](index=17&type=chunk) [Liberty Live Group Overview](index=9&type=section&id=Liberty%20Live%20Group%20Overview) The Liberty Live Group incurred $7 million in corporate-level selling, general, and administrative expenses in Q2 2025, with its assets primarily consisting of Liberty Media's interest in Live Nation and other minority investments - Liberty Live Group was allocated **$7 million** in corporate-level selling, general and administrative expense (including stock-based compensation) in Q2 2025[18](index=18&type=chunk) - The businesses and assets attributed to Liberty Live Group consist of Liberty Media's interest in Live Nation and other minority investments[19](index=19&type=chunk) [Financial Position & Cash Flow](index=10&type=section&id=Financial%20Position%20%26%20Cash%20Flow) This section details Liberty Media's financial position, including cash, debt, balance sheet, and cash flow statements for the Formula One and Liberty Live Groups [Cash and Debt](index=10&type=section&id=Cash%20and%20Debt) As of June 30, 2025, the Formula One Group's cash and cash equivalents increased by $307 million to $3,140 million, while its total debt remained relatively flat at $2,897 million Cash and Debt Attributed to Groups (amounts in millions) | Metric | 3/31/2025 | 6/30/2025 | | :----- | :-------- | :-------- | | **Cash and Cash Equivalents:** | | | | Formula One Group | $2,833 | $3,140 | | Liberty Live Group | $314 | $308 | | Total Consolidated | $3,147 | $3,448 | | **Debt:** | | | | Total Attributed Formula One Group Debt | $2,902 | $2,897 | | Total Attributed Liberty Live Group Debt | $1,150 | $1,150 | | Total Liberty Media Corporation Debt (GAAP) | $4,564 | $4,799 | - Formula One Group's cash and cash equivalents increased by **$307 million** in Q2, primarily due to net cash from F1 operations and proceeds from derivative contracts related to MotoGP financing, partially offset by capital expenditures[27](index=27&type=chunk) - Liberty Live Group's cash and cash equivalents decreased by **$6 million** in Q2, mainly due to interest payments and corporate overhead[28](index=28&type=chunk) - Formula 1's net leverage, as defined in its credit facilities, improved from **1.2x to 0.7x**[25](index=25&type=chunk) - Liberty Media and F1 are in compliance with their debt covenants as of June 30, 2025[27](index=27&type=chunk) [Balance Sheet Information](index=13&type=section&id=Balance%20Sheet%20Information) As of June 30, 2025, Liberty Media Corporation reported consolidated total assets of $13,821 million and total liabilities of $6,458 million, with the Formula One Group accounting for the majority Consolidated Balance Sheet (June 30, 2025, amounts in millions) | Metric | Formula One Group | Liberty Live Group | Consolidated Liberty | | :----- | :---------------- | :----------------- | :------------------- | | **Assets:** | | | | | Cash and cash equivalents | $3,140 | $308 | $3,448 | | Total current assets | $3,793 | $309 | $4,102 | | Goodwill | $4,135 | — | $4,135 | | Total assets | $12,485 | $1,371 | $13,821 | | **Liabilities and Equity:** | | | | | Total current liabilities | $1,333 | $1,770 | $3,103 | | Long-term debt | $2,996 | — | $2,996 | | Total liabilities | $4,633 | $1,860 | $6,458 | | Equity / Attributed net assets | $7,852 | ($511) | $7,341 | | Total liabilities and equity | $12,485 | $1,371 | $13,821 | [Statement of Operations (Income Statement)](index=14&type=section&id=Statement%20of%20Operations%20(Income%20Statement)) Liberty Media's consolidated net earnings attributable to stockholders increased to $204 million in Q2 2025 from $457 million in Q2 2024 (which included discontinued operations), with the Formula One Group being the primary driver of profitability [Three Months Ended June 30, 2025](index=14&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025) For Q2 2025, Liberty Media reported consolidated total revenue of $1,341 million and net earnings attributable to Liberty stockholders of $204 million, with the Formula One Group contributing $382 million in net earnings Consolidated Statement of Operations (Q2 2025, amounts in millions) | Metric | Formula One Group | Liberty Live Group | Consolidated Liberty | | :----- | :---------------- | :----------------- | :------------------- | | Total revenue | $1,341 | — | $1,341 | | Operating income (loss) | $280 | ($7) | $273 | | Earnings (loss) before income taxes | $455 | ($227) | $228 | | Net earnings (loss) attributable to Liberty stockholders | $382 | ($178) | $204 | [Three Months Ended June 30, 2024](index=15&type=section&id=Three%20Months%20Ended%20June%2030%2C%202024) In Q2 2024, Liberty Media reported consolidated total revenue of $988 million and net earnings attributable to Liberty stockholders of $457 million, which included $299 million from discontinued operations Consolidated Statement of Operations (Q2 2024, amounts in millions) | Metric | Formula One Group | Liberty Live Group | SiriusXM Group | Consolidated Liberty | | :----- | :---------------- | :----------------- | :------------- | :------------------- | | Total revenue | $988 | — | — | $988 | | Operating income (loss) | $59 | ($2) | — | $57 | | Earnings (loss) from continuing operations before income taxes | $23 | $170 | — | $193 | | Net earnings (loss) from discontinued operations | — | — | $349 | $349 | | Net earnings (loss) attributable to Liberty stockholders | $24 | $134 | $299 | $457 | [Statement of Cash Flows](index=16&type=section&id=Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, Liberty Media generated $612 million in net cash from operating activities, with the Formula One Group contributing $628 million [Six Months Ended June 30, 2025](index=16&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025) In the first half of 2025, the Formula One Group provided $628 million in net cash from operating activities, while the Liberty Live Group used $16 million, leading to a consolidated net increase in cash of $509 million Consolidated Statement of Cash Flows (H1 2025, amounts in millions) | Metric | Formula One Group | Liberty Live Group | Consolidated Liberty | | :----- | :---------------- | :----------------- | :------------------- | | Net cash provided (used) by operating activities | $628 | ($16) | $612 | | Net cash provided (used) by investing activities | ($119) | ($1) | ($120) | | Net cash provided (used) by financing activities | $8 | — | $8 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $526 | ($17) | $509 | | Cash, cash equivalents and restricted cash at end of period | $3,164 | $308 | $3,472 | [Six Months Ended June 30, 2024](index=17&type=section&id=Six%20Months%20Ended%20June%2030%2C%202024) For the first half of 2024, Liberty Media reported $394 million in net cash from operating activities, with the Formula One Group contributing $401 million, and net cash used by discontinued operations totaling $111 million Consolidated Statement of Cash Flows (H1 2024, amounts in millions) | Metric | Formula One Group | Liberty Live Group | SiriusXM Group | Consolidated Liberty | | :----- | :---------------- | :----------------- | :------------- | :------------------- | | Net cash provided (used) by operating activities | $401 | ($7) | — | $394 | | Net cash provided (used) by investing activities | ($308) | $108 | — | ($200) | | Net cash provided (used) by financing activities | $6 | — | — | $6 | | Net cash provided (used) by discontinued operations | — | — | ($111) | ($111) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $91 | $101 | ($111) | $81 | | Cash, cash equivalents and restricted cash at end of period | $1,499 | $406 | $204 | $2,109 | [Non-GAAP Financial Measures](index=18&type=section&id=Non-GAAP%20Financial%20Measures) This section provides a reconciliation of non-GAAP financial measures, specifically Adjusted OIBDA, used by Liberty Media to evaluate operational performance [Adjusted OIBDA Reconciliation](index=18&type=section&id=Adjusted%20OIBDA%20Reconciliation) Liberty Media uses Adjusted OIBDA as a non-GAAP financial measure to assess operational strength and performance, excluding items not directly reflective of ongoing business trends - Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments, and restructuring, acquisition, and impairment charges[44](index=44&type=chunk) - Liberty Media believes Adjusted OIBDA is an important indicator of operational strength and performance, allowing management to view operating results and perform analytical comparisons[45](index=45&type=chunk) Formula One Group Adjusted OIBDA Reconciliation (amounts in millions) | Metric | Q2 2024 | Q2 2025 | YTD Q2 2024 | YTD Q2 2025 | | :----- | :------ | :------ | :---------- | :---------- | | Operating income (loss) | $59 | $280 | $154 | $213 | | Depreciation and amortization | $89 | $80 | $175 | $157 | | Stock compensation expense | $6 | $6 | $18 | $8 | | Acquisition costs | $11 | $3 | $20 | $14 | | Concorde incentive payments | — | — | — | $50 | | **Adjusted OIBDA** | **$165** | **$369** | **$367** | **$442** | [Additional Information](index=9&type=section&id=Additional%20Information) This section covers share repurchase activities and important notices regarding forward-looking statements and upcoming investor calls [Share Repurchases](index=9&type=section&id=Share%20Repurchases) Liberty Media did not repurchase any common stock between May 1 and July 31, 2025, retaining a remaining repurchase authorization of $1.1 billion applicable across any of its tracking stocks - No repurchases of Liberty Media's common stock occurred from May 1 through July 31, 2025[20](index=20&type=chunk) - The total remaining repurchase authorization for Liberty Media as of August 1, 2025, is **$1.1 billion**[20](index=20&type=chunk) - The repurchase authorization can be applied to common shares of any of the Liberty Media tracking stocks[20](index=20&type=chunk) [Important Notice & Forward-Looking Statements](index=12&type=section&id=Important%20Notice%20%26%20Forward-Looking%20Statements) Liberty Media will host an earnings conference call on August 7, 2025, to discuss results, and the press release includes forward-looking statements subject to various risks and uncertainties - Liberty Media Corporation will discuss its earnings release on a conference call on August 7, 2025, at 10:00 a.m. (E.T.)[29](index=29&type=chunk) - The press release contains forward-looking statements regarding business strategies, market potential, future financial performance, the Formula 1 race calendar, and the planned split-off of Liberty Live[30](index=30&type=chunk) - These forward-looking statements involve risks and uncertainties, including market acceptance, regulatory matters, litigation outcomes, acquisition benefits, industry change, access to capital, and changes in law[30](index=30&type=chunk)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q For the quarterly period ended June 30, 2025 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 (Stat ...

[Overview and Key Highlights](index=1&type=section&id=Overview%20and%20Key%20Highlights) Liberty Media reported a strong Q1 2025, driven by Formula 1's commercial momentum and Live Nation's record trajectory, alongside key strategic developments - Management expressed confidence in a **strong start to 2025**, citing **financial momentum** at Formula 1 from new commercial partnerships and sustained demand for live music at Live Nation, which is expected to have **another record year**[1](index=1&type=chunk) - Key operational highlights for Formula One Group include renewed Grand Prix agreements for Mexico and Miami, new sponsorship deals, signing the 2026 Concorde Commercial Agreement, opening the Grand Prix Plaza in Las Vegas, and ongoing work on the MotoGP acquisition[3](index=3&type=chunk) - The fair value of Liberty Live Group's investment in Live Nation was **$9.1 billion** as of March 31, 2025[3](index=3&type=chunk) [Formula One Group Financial Results](index=3&type=section&id=Formula%20One%20Group%20Financial%20Results) Formula One Group's Q1 2025 financial performance declined due to one fewer race, resulting in lower revenue, an operating loss, and reduced Adjusted OIBDA Formula One Group Financial Summary (Q1 2025 vs. Q1 2024) | Metric | 1Q24 (in millions) | 1Q25 (in millions) | | :--- | :--- | :--- | | **Total Revenue** | $587 | $447 | | **Operating Income (Loss)** | $95 | $(67) | | **Adjusted OIBDA (Loss)** | $202 | $73 | [F1 Operating Results](index=3&type=section&id=F1%20Operating%20Results) F1's Q1 2025 revenue decreased **27%** to **$403 million** and Adjusted OIBDA fell **59%** to **$85 million**, primarily due to one fewer race - The primary reason for the year-over-year decline in revenue and costs was the **timing of races**, with **two races held in Q1 2025 versus three in Q1 2024**[10](index=10&type=chunk) Formula 1 Operating Results (Q1 2025 vs. Q1 2024) | Metric | 1Q24 (in millions) | 1Q25 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Total F1 Revenue** | $553 | $403 | (27)% | | **Adjusted OIBDA** | $208 | $85 | (59)% | | **Operating Income (Loss)** | $136 | $(28) | NM | - Primary F1 revenue **decreased** across race promotion, media rights, and sponsorship due to the calendar variance, partially offset by contractual fee increases, F1 TV subscription growth, and new sponsor revenue[11](index=11&type=chunk) - Selling, general and administrative expenses **increased** primarily due to higher marketing costs for the 75th season launch event and increased personnel costs[12](index=12&type=chunk) [Corporate and Other Operating Results](index=6&type=section&id=Corporate%20and%20Other%20Operating%20Results) Corporate and Other revenue increased in Q1, driven by Quint's NBA and F1 Experiences, and **$6 million** in Las Vegas Grand Prix Plaza rental income - **Revenue growth** was driven by Quint's results, particularly from NBA Experiences and F1 Experiences across the two races held in the quarter[13](index=13&type=chunk) - The Las Vegas Grand Prix Plaza generated **$6 million in rental income** during the first quarter, compared to $7 million in the prior year period[13](index=13&type=chunk) [Liberty Live Group](index=6&type=section&id=Liberty%20Live%20Group) Liberty Live Group, primarily holding an interest in Live Nation, was allocated **$4 million** in corporate-level SG&A expenses during Q1 2025 - The businesses and assets attributed to Liberty Live Group consist of **Liberty Media's interest in Live Nation** and other minority investments[15](index=15&type=chunk) - In Q1 2025, **$4 million** of corporate level selling, general and administrative expense was allocated to the Liberty Live Group[14](index=14&type=chunk) [Corporate Financial Position](index=6&type=section&id=Corporate%20Financial%20Position) As of Q1 2025, Liberty Media maintained a strong financial position with **$3.1 billion** cash, **$1.1 billion** share repurchase authorization, and **$4.6 billion** total debt [Share Repurchases](index=6&type=section&id=Share%20Repurchases) Liberty Media did not repurchase common stock in Q1 2025, retaining **$1.1 billion** in remaining share repurchase authorization as of May 1, 2025 - **No repurchases** of Liberty Media's common stock occurred between February 1 and April 30, 2025[16](index=16&type=chunk) - The total remaining repurchase authorization for Liberty Media as of May 1, 2025 is **$1.1 billion**[16](index=16&type=chunk) [Fair Value of Corporate Public Holdings](index=8&type=section&id=Fair%20Value%20of%20Corporate%20Public%20Holdings) As of March 31, 2025, Liberty Media's public holdings, primarily its Live Nation investment, totaled **$9.094 billion** in fair value Fair Value of Public Holdings (as of March 31, 2025) | Group | Holding | Value (in millions) | | :--- | :--- | :--- | | Liberty Live Group | Live Nation Investment | $9,094 | | **Total Liberty Media** | | **$9,094** | [Cash and Debt](index=9&type=section&id=Cash%20and%20Debt) As of Q1 2025, Liberty Media's consolidated cash was **$3.15 billion** and total GAAP debt **$4.56 billion**, with Formula One Group's cash increasing and Liberty Live Group's cash decreasing Cash and Debt Summary (as of March 31, 2025) | Category | Formula One Group | Liberty Live Group | Total Consolidated (GAAP) | | :--- | :--- | :--- | :--- | | **Cash & Equivalents** | $2,833 million | $314 million | $3,147 million | | **Total Debt (GAAP)** | $2,982 million | $1,582 million | $4,564 million | - Formula One Group's cash **increased by $202 million** during Q1, driven by cash from operations at F1, partially offset by a **$131 million payment** for the MotoGP acquisition[25](index=25&type=chunk) - Liberty Live Group's cash **decreased by $11 million** in Q1, mainly due to interest payments and corporate overhead[26](index=26&type=chunk) [Consolidated Financial Statements](index=12&type=section&id=Consolidated%20Financial%20Statements) Q1 2025 consolidated financial statements reflect fewer F1 races, reporting **$447 million** revenue, **$5 million** net income, **$13.3 billion** total assets, and **$381 million** positive operating cash flow [Balance Sheet](index=12&type=section&id=Balance%20Sheet) As of March 31, 2025, Liberty Media's balance sheet reported **$13.285 billion** in total assets, **$6.226 billion** in total liabilities, and **$4.534 billion** in long-term debt Consolidated Balance Sheet Summary (March 31, 2025) | Category | Amount (in millions) | | :--- | :--- | | **Total Current Assets** | $3,667 | | *Cash and cash equivalents* | *$3,147* | | **Total Assets** | **$13,285** | | **Total Current Liabilities** | $1,446 | | **Long-term debt** | $4,534 | | **Total Liabilities** | **$6,226** | | **Total Equity** | $7,059 | [Statement of Operations](index=13&type=section&id=Statement%20of%20Operations) In Q1 2025, Liberty Media's total revenue was **$447 million**, resulting in a consolidated operating loss of **$71 million** and net earnings of **$5 million** attributable to stockholders Consolidated Statement of Operations (Q1 2025 vs Q1 2024) | Metric (in millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenue** | $447 | $587 | | **Operating Income (Loss)** | $(71) | $93 | | **Net Earnings (Loss) Attributable to Liberty Stockholders** | $5 | $203 | [Statement of Cash Flows](index=15&type=section&id=Statement%20of%20Cash%20Flows) In Q1 2025, Liberty Media generated **$381 million** in operating cash flow, used **$181 million** in investing activities (including a **$131 million** acquisition payment), resulting in a net cash increase of **$191 million** Consolidated Statement of Cash Flows Summary (Q1 2025) | Category (in millions) | Amount | | :--- | :--- | | Net cash provided by operating activities | $381 | | Net cash used by investing activities | $(181) | | Net cash used by financing activities | $(13) | | **Net increase in cash** | **$191** | - Cash used in investing activities included a **$131 million payment** for acquisitions, net of cash acquired[38](index=38&type=chunk) [NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES](index=17&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES%20AND%20SUPPLEMENTAL%20DISCLOSURES) This section reconciles Adjusted OIBDA to operating income, showing Formula One Group's **$67 million** operating loss adjusted to **$73 million** Adjusted OIBDA, and Liberty Live Group's **$4 million** Adjusted OIBDA loss - Liberty Media defines **Adjusted OIBDA** as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments, and restructuring, acquisition, and impairment charges[42](index=42&type=chunk) Reconciliation of Operating Income (Loss) to Adjusted OIBDA (Q1 2025) | Group (in millions) | Operating Income (Loss) | Adjustments | Adjusted OIBDA | | :--- | :--- | :--- | :--- | | **Formula One Group** | $(67) | $140 | $73 | | **Liberty Live Group** | $(4) | $0 | $(4) |

Part I [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Liberty Media Corporation's unaudited condensed consolidated financial statements and detailed notes for the period ended March 31, 2025 Condensed Consolidated Balance Sheets | Metric | March 31, 2025 (millions) | December 31, 2024 (millions) | | :-------------------------------- | :-------------------------- | :--------------------------- | | Total Assets | $13,285 | $12,948 | | Total Liabilities | $6,226 | $5,897 | | Total Equity | $7,059 | $7,051 | | Cash and cash equivalents | $3,147 | $2,956 | | Deferred revenue | $1,009 | $267 | - Total assets increased by **$337 million** from December 31, 2024, to March 31, 2025, primarily driven by an increase in **cash and cash equivalents** and a significant rise in **deferred revenue**[9](index=9&type=chunk) Condensed Consolidated Statements of Operations | Metric | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :------------------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Total Revenue | $447 | $587 | | Operating Income (Loss) | $(71) | $93 | | Net Earnings (Loss) | $5 | $245 | | Net Earnings (Loss) attributable to Liberty stockholders | $5 | $203 | | Basic EPS (Formula One common stock) | $0.09 | $0.33 | | Basic EPS (Liberty Live common stock) | $(0.18) | $(0.79) | - Total revenue decreased by **$140 million**, and operating income shifted from a gain of **$93 million** to a loss of **$71 million** year-over-year for the three months ended March 31, 2025. Net earnings attributable to Liberty stockholders also saw a significant decline from **$203 million** to **$5 million**, largely due to the discontinued operations of Liberty SiriusXM in the prior year[16](index=16&type=chunk)[33](index=33&type=chunk) Condensed Consolidated Statements of Comprehensive Earnings (Loss) | Metric | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :---------------------------------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Net earnings (loss) | $5 | $245 | | Other comprehensive earnings (loss) from continuing operations | $5 | $(30) | | Other comprehensive earnings (loss) from discontinued operations | $— | $(40) | | Comprehensive earnings (loss) attributable to Liberty stockholders | $10 | $133 | - Comprehensive earnings attributable to Liberty stockholders decreased from **$133 million** in Q1 2024 to **$10 million** in Q1 2025, primarily due to the absence of discontinued operations and a shift in credit risk on fair value debt instruments[23](index=23&type=chunk) Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :----------------------------------- | :----------------------------------------- | :----------------------------------------- | | Net cash provided (used) by operating activities | $381 | $131 | | Net cash provided (used) by investing activities | $(181) | $(296) | | Net cash provided (used) by financing activities | $(13) | $(9) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $191 | $(337) | | Cash, cash equivalents and restricted cash at end of period | $3,154 | $1,691 | - Net cash provided by operating activities significantly increased to **$381 million** in Q1 2025 from **$131 million** in Q1 2024, while net cash used in investing activities decreased. The company saw a net increase in cash of **$191 million**, a reversal from a **$337 million** decrease in the prior year[26](index=26&type=chunk) Condensed Consolidated Statements of Equity | Equity Component | Balance at March 31, 2025 (millions) | Balance at January 1, 2025 (millions) | | :--------------------------------- | :--------------------------------- | :-------------------------------- | | Total Stockholders' Equity | $7,037 | $7,029 | | Noncontrolling interests | $22 | $22 | | Total Equity | $7,059 | $7,051 | - Total equity increased slightly from **$7,051 million** at January 1, 2025, to **$7,059 million** at March 31, 2025, driven by net earnings and other comprehensive earnings[28](index=28&type=chunk) (1) Basis of Presentation - Liberty Media Corporation is primarily engaged in media and entertainment, with its most significant subsidiary being **Delta Topco Limited (parent of Formula 1)** and its most significant equity investment being **Live Nation Entertainment, Inc.**[32](index=32&type=chunk) - The company is in the process of acquiring approximately **86% of Dorna Sports, S.L.** for **€3.0 billion**, with regulatory review extending to **June 30, 2025**, and a **€126 million** prepaid purchase consideration[37](index=37&type=chunk)[39](index=39&type=chunk)[144](index=144&type=chunk) - Formula 1 revenue and expenses are seasonal, generally **lower in the first quarter** due to the timing of World Championship race events[43](index=43&type=chunk) (2) Discontinued Operations - On September 9, 2024, Liberty completed the split-off of **Liberty Sirius XM Holdings**, which is now presented as a **discontinued operation** in the financial statements, reflecting a strategic shift[45](index=45&type=chunk)[49](index=49&type=chunk) | Metric | Three months ended March 31, 2024 (millions) | | :------------------------------------------------- | :----------------------------------------- | | Revenue | $2,162 | | Operating income (loss) | $409 | | Net earnings (loss) from discontinued operations | $241 | | Net earnings (loss) from discontinued operations attributable to Liberty stockholders | $199 | (3) Tracking Stocks - Liberty's common stock was reclassified on **August 3, 2023**, into **Liberty SiriusXM, Liberty Formula One, and Liberty Live tracking stocks**. Liberty SiriusXM was subsequently split off on **September 9, 2024**[54](index=54&type=chunk)[58](index=58&type=chunk) - The Formula One Group primarily includes Liberty's interests in **Formula 1** and **QuintEvents**, with cash and cash equivalents of approximately **$2,833 million** as of March 31, 2025[56](index=56&type=chunk)[140](index=140&type=chunk) - The Liberty Live Group is primarily comprised of Liberty's interest in **Live Nation**, cash, and other minority investments, with cash and cash equivalents of approximately **$314 million** as of March 31, 2025[57](index=57&type=chunk)[141](index=141&type=chunk) - Liberty is pursuing a plan to split off the **Liberty Live Group**, which would result in **Liberty Live Holdings, Inc. becoming a separate public company** and Liberty Formula One common stock no longer being a tracking stock[59](index=59&type=chunk)[61](index=61&type=chunk)[145](index=145&type=chunk) (4) Stock-Based Compensation | Metric | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :-------------------------- | :----------------------------------------- | :----------------------------------------- | | Stock-based compensation expense | $2 | $13 | - Total unrecognized compensation cost related to unvested Awards was approximately **$13 million** as of March 31, 2025, to be recognized over a weighted average period of approximately **1.4 years**[70](index=70&type=chunk) (5) Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | Metric | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :------------------------------------------------- | :-------------------------------- | :-------------------------------- | | Basic EPS (Series A, B and C Liberty Formula One) | $0.09 | $0.33 | | Diluted EPS (Series A, B and C Liberty Formula One) | $0.05 | $0.32 | | Basic EPS (Series A, B and C Liberty Live) | $(0.18) | $(0.79) | | Diluted EPS (Series A, B and C Liberty Live) | $(0.18) | $(0.79) | - Basic and diluted EPS for Liberty Formula One common stock decreased significantly year-over-year, while Liberty Live common stock continued to report losses, though the **basic loss per share improved**[20](index=20&type=chunk) (6) Assets and Liabilities Measured at Fair Value | Description | March 31, 2025 (millions) | December 31, 2024 (millions) | | :-------------------------- | :-------------------------- | :--------------------------- | | Cash equivalents | $2,765 | $2,466 | | Financial instrument assets | $134 | $167 | | Debt | $2,165 | $2,144 | | Financial instrument liabilities | $30 | $138 | | Realized and Unrealized Gains (Losses) | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :--------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Debt measured at fair value | $(1) | $(69) | | Foreign currency forward contracts | $108 | $— | | Interest rate swaps | $(35) | $41 | | Debt and equity securities | $(7) | $12 | | Total | $65 | $(21) | - The company reported a net realized and unrealized gain of **$65 million** on financial instruments for Q1 2025, a significant improvement from a **$21 million loss** in Q1 2024, primarily driven by gains on foreign currency forward contracts[91](index=91&type=chunk) (7) Investments in Affiliates Accounted for Using the Equity Method | Investment | March 31, 2025 Carrying Amount (millions) | December 31, 2024 Carrying Amount (millions) | | :------------------- | :--------------------------------------- | :----------------------------------------- | | Live Nation (30% ownership) | $451 | $430 | | Consolidated Liberty Total | $510 | $491 | | Share of Earnings (Losses) | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :--------------------------- | :----------------------------------------- | :----------------------------------------- | | Live Nation | $4 | $(20) | | Consolidated Liberty Total | $1 | $(24) | - Liberty's share of earnings from affiliates improved significantly, moving from a **$24 million loss** in Q1 2024 to a **$1 million gain** in Q1 2025, primarily due to **Live Nation's improved performance**[94](index=94&type=chunk) (8) Long-Term Debt | Debt Category | March 31, 2025 Principal (millions) | March 31, 2025 Carrying Value (millions) | | :------------------------------------ | :---------------------------------- | :--------------------------------------- | | Formula One Group Total | $2,902 | $2,982 | | Liberty Live Group Total | $1,150 | $1,582 | | Total Debt | $4,052 | $4,564 | | Total Long-Term Debt | | $4,534 | - Formula 1 refinanced its Senior Loan Facilities on **September 19, 2024**, extending maturities and reducing the Term Loan B margin to **2.0%**. The weighted average interest rate on these facilities was approximately **6.16%** as of March 31, 2025[105](index=105&type=chunk) - Incremental Term Loans of **$850 million (Term Loan B)** and **$150 million (Term Loan A)** are conditioned upon the consummation of the Dorna acquisition[106](index=106&type=chunk) (9) Commitments and Contingencies - Formula 1 paid a one-time incentive of **$50 million** to the 10 teams for signing the **2026 Concorde Commercial Agreement**, which extends arrangements until **December 31, 2030**[111](index=111&type=chunk) - The company has contingent liabilities related to legal and tax proceedings, but management expects any required amounts to satisfy these contingencies will **not be material**[113](index=113&type=chunk) (10) Information About Liberty's Operating Segments - Liberty identifies **Formula 1** as a reportable segment, which is a global motorsports business holding exclusive commercial rights to the World Championship[118](index=118&type=chunk) - Adjusted OIBDA is defined as **revenue less operating and SG&A expenses**, excluding specific non-recurring and non-cash items[117](index=117&type=chunk) | Segment Performance (Adjusted OIBDA) | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :----------------------------------- | :----------------------------------------- | :----------------------------------------- | | Formula One Group | $73 | $202 | | Liberty Live Group | $(4) | $(1) | | Consolidated Liberty | $69 | $201 | - Consolidated Adjusted OIBDA decreased by **$132 million** year-over-year, primarily due to a decrease in **Formula 1's Adjusted OIBDA**[152](index=152&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes Liberty Media Corporation's Q1 2025 financial condition, operating results, and segment performance Overview - Liberty Media Corporation holds controlling and non-controlling interests in media and entertainment companies, with **Formula 1** as its most significant operating subsidiary and **Live Nation** as a key equity method investment[132](index=132&type=chunk)[134](index=134&type=chunk) - The company completed the split-off of **Liberty Sirius XM Holdings** on **September 9, 2024**, and is pursuing a plan to split off the **Liberty Live Group**, which would make Liberty Formula One common stock no longer a tracking stock[137](index=137&type=chunk)[145](index=145&type=chunk) - Liberty is in the process of acquiring approximately **86% of Dorna Sports, S.L.** for **€3.0 billion**, with regulatory review extending to **June 30, 2025**[144](index=144&type=chunk) Consolidated Operating Results | Metric | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :-------------------------- | :----------------------------------------- | :----------------------------------------- | | Total Revenue | $447 | $587 | | Operating Income (Loss) | $(71) | $93 | | Adjusted OIBDA | $69 | $201 | | Stock-based compensation | $2 | $13 | | Acquisition costs | $11 | $9 | | Concorde incentive payments | $50 | $— | - Consolidated revenue decreased by **$140 million**, and operating income shifted to a loss of **$71 million** from a **$93 million gain**, primarily due to a decrease in Formula 1 revenue and operating results[148](index=148&type=chunk)[149](index=149&type=chunk) - Adjusted OIBDA decreased by **$132 million**, mainly driven by a decline in **Formula 1's Adjusted OIBDA**, and included a **$50 million Concorde incentive payment** in Q1 2025[152](index=152&type=chunk) Other Income and Expense | Metric | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :------------------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Interest expense | $(55) | $(62) | | Share of earnings (losses) of affiliates, net | $1 | $(24) | | Realized and unrealized gains (losses) on financial instruments, net | $65 | $(21) | | Other, net | $36 | $21 | | Earnings (loss) from continuing operations before income taxes | $(24) | $7 | | Income tax (expense) benefit | $29 | $(3) | - Interest expense decreased by **$7 million** due to lower average debt and reduced interest rates on Formula 1's Senior Loan Facilities[154](index=154&type=chunk) - A significant shift from a **$21 million net loss** to a **$65 million net gain** on financial instruments was primarily driven by foreign currency forward contracts[156](index=156&type=chunk) - The company reported a net tax benefit of **$29 million** on a **$24 million loss** from continuing operations before income taxes in Q1 2025, compared to a **$3 million tax expense** on a **$7 million gain** in Q1 2024[158](index=158&type=chunk) Material Changes in Financial Condition | Cash and Cash Equivalents (March 31, 2025) | Amount (millions) | | :----------------------------------------- | :---------------- | | Formula One Group | $2,833 | | Liberty Live Group | $314 | | Total | $3,147 | - Liberty's primary use of cash in Q1 2025 was a **$131 million extension payment** for the Dorna acquisition, accounted for as prepaid purchase consideration[165](index=165&type=chunk) - Formula 1 distributed **$131 million** to Liberty during Q1 2025, with the restricted payment test met, and had **$33 million in capital expenditures**[163](index=163&type=chunk)[166](index=166&type=chunk) - The company believes its available liquidity sources are **sufficient to cover projected future uses of cash**, including capital expenditures, investments, debt service, and potential stock buybacks[167](index=167&type=chunk)[169](index=169&type=chunk) Results of Operations—Businesses | Formula 1 Operating Results | Three months ended March 31, 2025 (millions) | Three months ended March 31, 2024 (millions) | | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Total Formula 1 revenue | $403 | $553 | | Adjusted OIBDA | $85 | $208 | | Operating income (loss) | $(28) | $136 | | Number of Events | 2 | 3 | - Total Formula 1 revenue decreased by **$150 million**, and operating income shifted to a **$28 million loss** from a **$136 million gain**, primarily due to **one less World Championship event** held in Q1 2025 compared to Q1 2024[172](index=172&type=chunk)[173](index=173&type=chunk) - Other Formula 1 revenue decreased by **$6 million**, mainly due to lower hospitality and experiences revenue, partially offset by higher freight income and licensing revenue[175](index=175&type=chunk) - Cost of Formula 1 revenue decreased by **$44 million**, driven by lower team payments due to fewer events, but other costs increased due to higher freight and commissions[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) - Selling, general and administrative expenses increased by **$17 million** due to higher marketing costs for the 75th season launch and increased personnel costs[179](index=179&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section outlines Liberty Media Corporation's market risk exposure from interest rates and stock prices, managed via debt and financial instruments - Liberty is exposed to market risk from changes in interest rates due to borrowing and investment activities, managing this through a mix of **fixed and variable rate debt**[182](index=182&type=chunk) | Debt Type (March 31, 2025) | Principal Amount (millions) | Weighted Average Interest Rate | | :------------------------- | :-------------------------- | :----------------------------- | | Formula One Group Variable Rate | $176 | 6.2% | | Formula One Group Fixed Rate | $2,726 | 4.4% | | Liberty Live Group Fixed Rate | $1,150 | 2.4% | - The company is exposed to stock price changes due to significant holdings in publicly traded securities, such as **Live Nation**, and uses **equity collars** to manage associated market risk[183](index=183&type=chunk)[184](index=184&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) As of March 31, 2025, management concluded Liberty Media Corporation's disclosure controls and procedures were effective - The company's disclosure controls and procedures were deemed **effective** as of March 31, 2025, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[185](index=185&type=chunk) - **No material changes** in internal control over financial reporting occurred during the three months ended March 31, 2025[186](index=186&type=chunk) Part II [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to legal proceedings disclosed in the 2024 Annual Report on Form 10-K, with no material changes - **No material changes** to legal proceedings from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[187](index=187&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, highlighting adverse effects of U.S. dollar fluctuations on Formula 1 profitability and reduced consumer demand - Fluctuations in the U.S. dollar against Formula 1's functional currencies (e.g., pound sterling, Euro) could **adversely affect profitability**, especially as counterparties' payments are often in U.S. dollars while their revenue is in other currencies[190](index=190&type=chunk) - Weak and uncertain economic conditions, including rising inflation and elevated interest rates, may **reduce consumer discretionary spending**, thereby adversely affecting demand for the company's products, services, and events[191](index=191&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20Securities%20and%20Use%20of%20Proceeds) This section reports on share repurchase programs and equity security transactions, noting no repurchases of Liberty Formula One or Liberty Live common stock in Q1 2025 - **No repurchases** of Liberty Formula One common stock or Liberty Live common stock occurred during the three months ended March 31, 2025[193](index=193&type=chunk) - Approximately **$1.1 billion** remained available for future share repurchases under the approved program as of March 31, 2025[193](index=193&type=chunk) [Item 5. Other Information](index=40&type=section&id=Item%205.%20Other%20Information) This section states no Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers during Q1 2025 - **No Rule 10b5-1 trading arrangements** were adopted or terminated by directors or officers during the fiscal quarter ended March 31, 2025[195](index=195&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed as part of the Quarterly Report on Form 10-Q, including various agreements, certifications, and XBRL documents - The report includes exhibits such as the **3rd Amendment Agreement**, **Rule 13a-14(a)/15d-14(a) Certifications**, **Section 1350 Certification**, **Unaudited Attributed Financial Information for Tracking Stock Groups**, and **Inline XBRL documents**[196](index=196&type=chunk)

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2024 FINANCIAL RESULTS Englewood, Colorado, February 27, 2025 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported fourth quarter and year end 2024 results. Headlines include (1): "As I reflect on my first month as CEO, I am energized by the opportunities ahead at Liberty Media and our portfolio companies," said Derek Chang, Liberty Media President & CEO. "My time as a board m ...

[CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTORS](index=3&type=section&id=CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20STATEMENTS%20AND%20RISK%20FACTORS) This section alerts investors to forward-looking statements in the annual report concerning business plans, strategies, financing, asset recoverability, affiliate performance, and litigation, noting that future results may vary significantly due to economic, competitive, regulatory, geopolitical, cybersecurity, and pandemic factors, as well as tracking stock risks, requiring careful review of Item 1A 'Risk Factors' - Forward-looking statements encompass business, product, and marketing plans, strategies, financing, asset recoverability, affiliate performance, interest and stock price volatility, and legal and tax litigation[17](index=17&type=chunk) - Actual results may differ materially due to factors such as tracking stock historical financial information not reflecting independent company performance, financing capacity, debt impact, business popularity, acquisition benefits, economic conditions, management overlap, litigation outcomes, international operation risks, tax policies, information system security, pandemic effects, intellectual property reliance, third-party dependence, talent retention, Live Nation investment impact, F1 agreement termination risks, tax law changes, market expansion challenges, regulatory environment, event cancellations, evolving consumer viewing habits, currency fluctuations, tracking stock structure risks, market confusion, stock price volatility, uneven dividend payments, board conflicts of interest, geopolitical events, and Liberty Live spin-off uncertainties[17](index=17&type=chunk)[18](index=18&type=chunk)[21](index=21&type=chunk) [PART I](index=6&type=section&id=PART%20I) [Item 1. Business](index=6&type=section&id=Item%201.%20Business) Liberty Media Corporation primarily engages in the media and entertainment industry through its subsidiaries and equity investments, with core businesses including Formula 1 motor racing and an equity stake in Live Nation, utilizing a tracking stock structure and undergoing several reorganizations and acquisitions - Liberty Media Corporation primarily operates in the media and entertainment industry through its consolidated subsidiaries Formula 1 and QuintEvents, and equity method affiliate Live Nation[23](index=23&type=chunk)[45](index=45&type=chunk) - The company completed the spin-off of Atlanta Braves Holdings on July 18, 2023, and reclassified its common stock into three tracking stocks: Liberty SiriusXM, Liberty Formula One, and Liberty Live, on August 3, 2023[27](index=27&type=chunk)[28](index=28&type=chunk) - On January 2, 2024, the company acquired QuintEvents for approximately **$277 million**[30](index=30&type=chunk) - On September 9, 2024, the company completed the spin-off of Liberty SiriusXM Holdings, making it an independent public company, and reported it as a discontinued operation[31](index=31&type=chunk)[32](index=32&type=chunk)[36](index=36&type=chunk) - On March 29, 2024, the company agreed to acquire approximately **86%** of Dorna Sports, S.L. for approximately **€3 billion**, with the transaction currently under a Phase II investigation by the European Commission[38](index=38&type=chunk) - On November 13, 2024, the company announced plans to spin off Liberty Live Group, at which point QuintEvents will be reattributed to Liberty Live Group, and the company will no longer use a tracking stock structure[39](index=39&type=chunk) [General Development of Business](index=6&type=section&id=General%20Development%20of%20Business) This section outlines Liberty Media Corporation's business evolution, including its media and entertainment investments, the introduction and restructuring of tracking stocks, recent spin-offs of Braves Holdings and Liberty SiriusXM Holdings, the 2024 acquisition of QuintEvents, and planned acquisition of Dorna Sports and Liberty Live Group spin-off, all aimed at optimizing company structure and business portfolio - Liberty Media Corporation primarily engages in the media and entertainment industry through its subsidiaries and equity investments, mainly in North America and the United Kingdom[23](index=23&type=chunk) - The company completed the spin-off of Atlanta Braves Holdings on July 18, 2023, and reclassified its common stock into Liberty SiriusXM, Liberty Formula One, and Liberty Live tracking stocks on August 3, 2023[27](index=27&type=chunk)[28](index=28&type=chunk) - On January 2, 2024, the company acquired QuintEvents for approximately **$277 million**[30](index=30&type=chunk) - On September 9, 2024, the company completed the spin-off of Liberty SiriusXM Holdings, making it an independent public company, and reported it as a discontinued operation[31](index=31&type=chunk)[32](index=32&type=chunk)[36](index=36&type=chunk) - On March 29, 2024, the company agreed to acquire approximately **86%** of Dorna Sports, S.L. for approximately **€3 billion**, with the transaction currently under a Phase II investigation by the European Commission[38](index=38&type=chunk) - On November 13, 2024, the company announced plans to spin off Liberty Live Group, at which point QuintEvents will be reattributed to Liberty Live Group, and the company will no longer use a tracking stock structure[39](index=39&type=chunk) [Description of Business](index=9&type=section&id=Description%20of%20Business) This section details Liberty Media Corporation's main businesses, including Formula 1's operational model, revenue streams (race promotion, media rights, sponsorship), and strategic goals, as well as its equity investment in Live Nation's business segments (concerts, ticketing, sponsorship and advertising) and investment terms, with a brief mention of other minority equity investments - Formula 1 holds exclusive commercial rights to the FIA Formula One World Championship, managing its commercial development, with **24 events** held in 2024[45](index=45&type=chunk) - Formula 1's strategic goals are to expand the global scale and appeal of the World Championship, enhancing financial performance and sporting value by maximizing commercial rights, increasing fan engagement, driving growth in key strategic markets, improving competitive balance, and achieving net-zero emissions by 2030[73](index=73&type=chunk)[79](index=79&type=chunk) - Live Nation is a global leader in live entertainment, with business segments including concerts, ticketing, and sponsorship & advertising[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - As of December 31, 2024, Liberty holds approximately **30%** of Live Nation's outstanding shares and has the right to nominate two directors[81](index=81&type=chunk)[82](index=82&type=chunk) Formula 1 Major Revenue Stream Proportions | Revenue Source | 2024 | 2023 | 2022 | | :------- | :----- | :----- | :----- | | Race Promotion | 29.3% | 29.3% | 28.6% | | Media Rights | 32.8% | 32.2% | 36.4% | | Sponsorship | 18.6% | 18.0% | 16.9% | [Regulatory Matters](index=19&type=section&id=Regulatory%20Matters) This section discusses the European and national competition law regulations faced by Formula 1, noting that while the company adjusted practices after a 2001 European Commission investigation and received a comfort letter, it must continue to comply with competition law and may face future investigations or challenges, such as the US Department of Justice inquiry into Andretti Formula Racing's application to enter the World Championship - Formula 1's operations and business are subject to European and national competition laws, requiring commercial practices and agreements to comply with competitive market operations[85](index=85&type=chunk) - In 2001, the European Commission issued a comfort letter to Formula 1 after an investigation, but comfort letters are not binding, and further enforcement actions may be taken in the future[85](index=85&type=chunk) - In August 2024, the U.S. Department of Justice's Antitrust Division initiated an investigation into Formula 1's conduct regarding Andretti Formula Racing's application to enter the World Championship[128](index=128&type=chunk) [Competition](index=19&type=section&id=Competition) This section analyzes the intense competition faced by Formula 1 and Live Nation, with Formula 1 competing for media rights and advertising revenue against other top global sports events and for audiences against local racing and other entertainment, while Live Nation faces challenges in live music and ticketing from other venues, promoters, ticketing service providers, and emerging technologies - Formula 1 competes for media rights and advertising revenue with top global and regional sports events like the Olympics, FIFA World Cup, UEFA Champions League, and Premier League, as well as for audiences with local motor racing events and other forms of entertainment[86](index=86&type=chunk) - Live Nation faces intense competition in the live music industry, including attracting touring artists, ticketing services, and competition from other promoters and venue operators[87](index=87&type=chunk)[172](index=172&type=chunk) - Live Nation's ticketing business faces intense competition from other major national, regional, and local ticketing service providers, as well as challenges from self-ticketing systems and the ticket resale market[173](index=173&type=chunk) [Human Capital Resources](index=21&type=section&id=Human%20Capital%20Resources) This section describes Liberty Media Corporation's employee situation and human capital management strategies, with approximately 1,184 employees as of December 31, 2024, and a commitment to fostering a diverse, inclusive, and supportive work environment through talent development, diversity, equity, and inclusion initiatives, and competitive compensation and benefits to attract and retain talent - As of December 31, 2024, the company had **84 corporate employees** and approximately **1,100 full-time and part-time subsidiary employees**[89](index=89&type=chunk) - The company invests in employees' personal and professional development by offering tuition reimbursement, career coaching, professional workshops, and memberships[91](index=91&type=chunk) - The company is committed to diversity, equity, and inclusion, supporting same-sex partner benefits, paid parental leave, fertility benefits, flexible work arrangements, continuous training, and mentorship for women leaders[92](index=92&type=chunk) - Formula 1 promotes diversity in motor racing through engineering scholarship programs and the F1 Academy series (an all-female driver category)[93](index=93&type=chunk) - The company and its subsidiaries offer competitive compensation and benefits programs, including salaries, bonuses, equity awards, 401(k) plans, health insurance, paid time off, and employee assistance programs[94](index=94&type=chunk) [Available Information](index=22&type=section&id=Available%20Information) This section states that Liberty Media Corporation's SEC filings (e.g., 10-K, 10-Q, 8-K) and corporate governance documents (e.g., corporate governance guidelines, code of conduct, committee charters) are freely available on the company's website, and shareholders can also obtain copies by written request - All company SEC filings (10-K, 10-Q, 8-K, and amendments) are available free of charge on the company's website, www.libertymedia.com[95](index=95&type=chunk) - Corporate governance guidelines, business conduct and ethics code, compensation committee charter, nominating and corporate governance committee charter, and audit committee charter are all accessible on the company's website[96](index=96&type=chunk) [Item 1A. Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) This section details significant risks associated with investing in Liberty Media Corporation's common stock, covering overall company operations, specific business risks for Formula One Group and Liberty Live Group, and unique risks arising from the company's tracking stock capital structure, including financial needs, market popularity, economic conditions, regulatory compliance, cybersecurity threats, geopolitical events, intellectual property protection, increased competition, and uncertainties regarding company spin-off plans - Historical financial information of tracking stocks may not reflect their performance as independent companies[99](index=99&type=chunk) - The company may face future capital needs and may not be able to obtain additional financing on acceptable terms[100](index=100&type=chunk) - Most of the company's consolidated debt is above the operating subsidiary level, and it may not generate sufficient cash in the future to service its debt and other financial obligations[101](index=101&type=chunk) - The success of businesses like Formula 1 and Live Nation depends on their appeal to the public, which is difficult to predict[102](index=102&type=chunk) - Economic weakness and uncertainty may reduce consumer demand for the company's products, services, and events[104](index=104&type=chunk) - Overlapping directors and management with QVC Group, Liberty Broadband, and TripCo may lead to conflicts of interest[106](index=106&type=chunk) - The spin-off of Liberty SiriusXM Holdings could result in significant tax liabilities for the company[109](index=109&type=chunk) - Degradation, failure, or misuse of the company's information systems could lead to service interruptions or the improper loss, use, and disclosure of personal and other confidential information, increasing costs, liabilities, or revenue losses[114](index=114&type=chunk)[115](index=115&type=chunk) - Formula 1 and Live Nation may be significantly impacted by public health events such as pandemics[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) [Risks Relating to our Company, as a Whole](index=22&type=section&id=Risks%20Relating%20to%20our%20Company%2C%20as%20a%20Whole) This section lists risks affecting Liberty Media Corporation as a whole, including that tracking stock financial information may not reflect independent company performance, future financing needs and debt repayment capacity, business reliance on public popularity, acquisition integration risks, economic conditions' impact on consumer demand, potential conflicts of interest from management overlap, litigation outcomes, international operation risks, potential tax liabilities from the Liberty SiriusXM Holdings spin-off, and the potential significant impact of cybersecurity threats and pandemics on business operations and financial condition - Financial information of tracking stocks may not reflect their performance as independent companies[99](index=99&type=chunk) - The company may face future capital needs and may not be able to obtain additional financing on acceptable terms[100](index=100&type=chunk) - Most of the company's consolidated debt is above the operating subsidiary level, and it may not generate sufficient cash in the future to service its debt and other financial obligations[101](index=101&type=chunk) - Business success depends on public popularity, which is difficult to predict[102](index=102&type=chunk) - Economic weakness and uncertainty may reduce consumer demand for the company's products, services, and events[104](index=104&type=chunk) - Overlapping directors and management with QVC Group, Liberty Broadband, and TripCo may lead to conflicts of interest[106](index=106&type=chunk) - The spin-off of Liberty SiriusXM Holdings could result in significant tax liabilities for the company[109](index=109&type=chunk) - Degradation, failure, or misuse of the company's information systems could lead to service interruptions or the improper loss, use, and disclosure of personal and other confidential information, increasing costs, liabilities, or revenue losses[114](index=114&type=chunk)[115](index=115&type=chunk) - Formula 1 and Live Nation may be significantly impacted by public health events such as pandemics[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) [Risks Relating to the Formula One Group](index=28&type=section&id=Risks%20Relating%20to%20the%20Formula%20One%20Group) This section details specific risks faced by the Formula One Group, including declining F1 popularity, termination of the 100-year agreement, team withdrawals, adverse actions by the FIA, competition law enforcement, difficulties in renewing commercial contracts, counterparty credit risk, tax challenges, barriers to new market expansion, changes in advertising and media rights regulations, event cancellations or postponements, accidents and terrorist attacks, emergence of competitors, changes in consumer viewing habits, confidential information breaches, intellectual property infringement, data privacy regulations, and debt covenant restrictions and exchange rate fluctuations - A decline in Formula 1's popularity could significantly and adversely impact the commercial exploitation of its rights[119](index=119&type=chunk)[120](index=120&type=chunk) - Termination of the 100-year agreement could lead to the cessation of Formula 1's operations[121](index=121&type=chunk)[122](index=122&type=chunk) - Teams may terminate their commitment to participate in the World Championship or default and withdraw under certain circumstances[123](index=123&type=chunk)[124](index=124&type=chunk) - The FIA may take actions not in Formula 1's best interest[125](index=125&type=chunk) - Formula 1 may face enforcement actions under competition law, such as the U.S. Department of Justice's investigation into Andretti Formula Racing's application to enter the World Championship[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) - Formula 1 may be unable to renew, replace, or renegotiate race promotion, media rights, or sponsorship contracts on favorable terms[131](index=131&type=chunk) - Accidents or terrorist attacks during events could result in uninsured losses, disrupt events, and damage Formula 1's reputation[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - Changes in consumer viewing habits and the emergence of new content distribution platforms could adversely affect Formula 1's business[150](index=150&type=chunk) - Formula 1's reliance on trademarks, copyrights, and intellectual property, as well as unauthorized digital piracy and illegal live streaming, could lead to revenue losses[153](index=153&type=chunk) - Formula 1's debt terms may restrict its financial and operational flexibility[159](index=159&type=chunk)[162](index=162&type=chunk) - Fluctuations in exchange rates between the U.S. dollar and the functional currencies of Formula 1's businesses and counterparties could adversely affect its profitability[163](index=163&type=chunk) [Risks Relating to the Liberty Live Group](index=45&type=section&id=Risks%20Relating%20to%20the%20Liberty%20Live%20Group) This section outlines specific risks faced by the Liberty Live Group, primarily concerning its equity investment in Live Nation, including the company's lack of control over Live Nation's operations, the significant impact of Live Nation's performance on Liberty's net earnings, Live Nation's business sensitivity to public tastes and artist appeal, reliance on key relationships (promoters, artists, customers), intense competition in the live music and ticketing industries, risks to system and infrastructure integrity, data loss or cybersecurity breaches, and intellectual property protection and infringement claims - The company has no right to manage its equity affiliate Live Nation and cannot compel it to operate in a manner favorable to the company[165](index=165&type=chunk) - The company's equity investment in Live Nation may significantly impact Liberty's and Liberty Live Group's net earnings[166](index=166&type=chunk) - Live Nation's business is highly dependent on public tastes and its ability to attract popular artists, and it may not be able to predict or respond to changes in consumer preferences[167](index=167&type=chunk) - Live Nation's business relies on relationships with key promoters, executives, agents, managers, artists, and customers, and any adverse changes could negatively affect its business[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) - Live Nation faces intense competition in the live music and ticketing industries and may not be able to maintain or increase current revenues[172](index=172&type=chunk)[173](index=173&type=chunk)[175](index=175&type=chunk) - The success of Live Nation's ticketing business and other operations partly depends on the integrity of its systems and infrastructure, as well as the integrity of affiliated and third-party computer systems, networks, and other communication systems[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) - Data loss or other cybersecurity vulnerabilities at Live Nation could cause significant damage to its business and operating results, and the processing, storage, use, and disclosure of personal or sensitive information may incur liabilities and additional costs due to government regulations, litigation, and conflicting legal requirements[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - Live Nation may fail to adequately protect its intellectual property or be accused of infringing third-party intellectual property[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) [Risks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization](index=53&type=section&id=Risks%20Relating%20to%20the%20Ownership%20of%20Our%20Common%20Stock%20Due%20to%20Our%20Tracking%20Stock%20Capitalization) This section details the unique risks to common stock holders arising from Liberty Media Corporation's tracking stock capital structure, including holders being common stockholders of the entire company and bearing overall company risks, potential market confusion due to misunderstanding tracking stocks, the board's ability to split, spin off, or reattribute assets without all shareholder votes, making it difficult to assess future prospects based on past performance, the possibility of using one group's assets to pay another's liabilities, market prices not accurately reflecting underlying business performance, high market price volatility, unequal or no dividend payments, potential conflicts of interest, and the capital structure potentially inhibiting or preventing acquisition offers for specific businesses - Holders of Liberty Formula One common stock and Liberty Live common stock are common stockholders of the entire company and thus bear the risks of an investment in the company as a whole[192](index=192&type=chunk) - The market may be confused by tracking stocks, mistakenly believing they directly own shares of a specific company or have equity/voting rights[193](index=193&type=chunk) - The company may split, spin off, or reattribute assets, liabilities, and businesses of a tracking stock group in a manner that is adverse to some stockholders, and in some cases, not all stockholders may have the right to vote[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) - The board's ability to reattribute businesses, assets, and expenses may make it difficult for investors to evaluate the future prospects of a tracking stock group based on past performance[198](index=198&type=chunk) - The company may be required to use assets of one group to pay liabilities of another group[199](index=199&type=chunk) - The market prices of Liberty Formula One common stock and Liberty Live common stock may not reflect the performance of the businesses and assets they track[200](index=200&type=chunk)[202](index=202&type=chunk) - The market prices of Liberty Formula One common stock and Liberty Live common stock may be highly volatile and affected by factors that do not affect traditional common stock[203](index=203&type=chunk) - The company may not pay dividends equally or at all on Liberty Formula One common stock or Liberty Live common stock[204](index=204&type=chunk) - The tracking stock capital structure may create conflicts of interest, and the board may make decisions that are adverse to only some holders of common stock[205](index=205&type=chunk)[206](index=206&type=chunk) - Equity ownership by the company's directors or officers may create or appear to create conflicts of interest[207](index=207&type=chunk) - The company's capital structure and the fact that Formula One Group and Liberty Live Group are not independent companies may inhibit or prevent acquisition offers for these businesses and may make it difficult for a third party to acquire the company[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk) [Risks Relating to the proposed Liberty Live Split-Off](index=63&type=section&id=Risks%20Relating%20to%20the%20proposed%20Liberty%20Live%20Split-Off) This section discusses risks associated with the proposed Liberty Live Group spin-off, planned for the second half of 2025, noting that the transaction may not be completed on the expected timeline or at all, nor may it achieve the anticipated benefits, and the company expects to incur non-recurring costs and expenses that may not be offset by expected benefits - The company has announced plans to spin off Liberty Live Group in the second half of 2025, but the proposed transaction may not be completed on the expected timeline or at all, nor may it achieve the anticipated benefits[226](index=226&type=chunk) - The company expects to incur non-recurring costs and expenses related to the proposed Liberty Live spin-off, and there is no assurance that these costs will be offset by expected benefits[227](index=227&type=chunk) [Item 1B. Unresolved Staff Comments](index=63&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) This section states that the company has no unresolved staff comments - The company has no unresolved staff comments[228](index=228&type=chunk) [Item 1C. Cybersecurity](index=64&type=section&id=Item%201C.%20Cybersecurity) This section details Liberty Media Corporation's cybersecurity risk management and governance strategies, outlining how the company identifies, assesses, and manages cybersecurity threats through a multidisciplinary team and implements various technical, physical, and organizational measures, including risk assessments, incident detection and response, vulnerability management, disaster recovery plans, data encryption, cybersecurity controls, and employee training, with no material cybersecurity risks identified as of the report date - The company has implemented processes designed to prevent, assess, identify, and manage material risks related to cybersecurity threats[229](index=229&type=chunk) - Cybersecurity risks are assessed as part of the enterprise risk assessment and risk management program, designed and evaluated based on the NIST Cybersecurity Framework[231](index=231&type=chunk) - The company identifies and assesses cybersecurity risks through various methods, including monitoring the threat landscape, using vulnerability scanning software, analyzing threat reports, conducting threat and vulnerability assessments, utilizing internal and external audits, and performing penetration testing[232](index=232&type=chunk) - The company implements and maintains various technical, physical, and organizational measures, processes, and policies to manage and mitigate cybersecurity threat risks, including risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, data encryption, cybersecurity controls, access controls, physical security, asset management, system monitoring, vendor risk management programs, and employee cybersecurity awareness training[233](index=233&type=chunk) - As of the report date, the company has not identified any cybersecurity risks that have materially affected or are reasonably likely to materially affect its business strategy, operating results, or financial condition[236](index=236&type=chunk) - The Board of Directors is responsible for risk oversight and has authorized the Audit Committee to assume primary risk oversight responsibilities, including privacy and cybersecurity risks[239](index=239&type=chunk) - The company has established a cross-functional Information Security Steering Committee (ISSC) responsible for managing technology and operational risks, including information security, fraud, vendor, data protection and privacy, business continuity and resilience, and cybersecurity risks[241](index=241&type=chunk) [Item 2. Properties](index=67&type=section&id=Item%202.%20Properties) This section describes Liberty Media Corporation's and its subsidiaries' principal properties, including the corporate headquarters in Englewood, Colorado, Formula 1's leased offices and TV production facilities in London and Kent, and land and buildings owned in Las Vegas for the Grand Prix, with management deeming existing facilities sufficient for future business operations - The company owns its corporate headquarters located in Englewood, Colorado[245](index=245&type=chunk) - Formula 1 does not own significant properties but leases offices and television production and technical operations facilities in London and Kent[245](index=245&type=chunk) - The company owns a parcel of land and buildings adjacent to the Las Vegas Strip for the Las Vegas Grand Prix[245](index=245&type=chunk) [Item 3. Legal Proceedings](index=67&type=section&id=Item%203.%20Legal%20Proceedings) This section directs readers to Note 16 of the consolidated financial statements for detailed information regarding the company's legal proceedings - Information regarding the company's legal proceedings can be found in Note 16 to the consolidated financial statements[247](index=247&type=chunk) [Item 4. Mine Safety Disclosures](index=67&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that mine safety disclosures are not applicable to the company's business - Mine safety disclosures are not applicable[248](index=248&type=chunk) [PART II](index=68&type=section&id=PART%20II) [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=68&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities.) This section provides market information for Liberty Media Corporation's tracking stocks, including trading symbols and markets for Series A, B, C Liberty Formula One and Liberty Live common stock, discloses quarterly high and low sales prices for Series B stocks, lists the number of shareholders as of January 31, 2025, states no current intention to pay cash dividends, and notes that while stock repurchase programs were approved in 2019 and 2022 with approximately $1.1 billion available for future repurchases as of December 31, 2024, no common stock repurchases occurred in 2024 and 2023 - Liberty Media Corporation's Series A, B, C Liberty Formula One common stock trades as FWONA/B/K, and Series A, B, C Liberty Live common stock trades as LLYVA/B/K, respectively[251](index=251&type=chunk) - As of January 31, 2025, the number of record holders for Liberty Formula One common stock was: Series A **621**, Series B **40**, Series C **747**; for Liberty Live common stock: Series A **568**, Series B **37**, Series C **754**[255](index=255&type=chunk) - The company currently does not intend to pay cash dividends[256](index=256&type=chunk) - The company's Board of Directors has authorized the repurchase of **$2 billion** of common stock, with approximately **$1.1 billion** available for future stock repurchases as of December 31, 2024[258](index=258&type=chunk)[259](index=259&type=chunk) - No repurchases of Series A or Series C Liberty Formula One common stock, or Series A or Series C Liberty Live common stock, were made in 2024 and 2023[259](index=259&type=chunk)[563](index=563&type=chunk) Quarterly High and Low Sales Prices for Series B Liberty Formula One Common Stock | Quarter | High Price (USD) | Low Price (USD) | | :--------- | :------ | :------ | | **2023** | | | | Q1 | $68.02 | $54.31 | | Q2 | $68.00 | $63.00 | | Q3 | $66.00 | $55.00 | | Q4 | $56.02 | $56.02 | | **2024** | | | | Q1 | $65.00 | $60.00 | | Q2 | $66.50 | $58.51 | | Q3 | $72.13 | $63.96 | | Q4 | $85.00 | $69.00 | Quarterly High and Low Sales Prices for Series B Liberty Live Common Stock | Quarter | High Price (USD) | Low Price (USD) | | :--------------------------------- | :------ | :------ | | **2023** | | | | Q3 (First quoted since Aug 4, 2023) | $34.35 | $28.38 | | Q4 | $33.50 | $31.18 | | **2024** | | | | Q1 | $39.00 | $36.00 | | Q2 | $40.00 | $33.50 | | Q3 | $50.00 | $33.30 | | Q4 | $75.25 | $50.00 | [Item 6. [Reserved]](index=69&type=section&id=Item%206.%20%5BReserved%5D) This section is reserved [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=70&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) This section provides a detailed discussion and analysis of Liberty Media Corporation's financial condition and results of operations as of December 31, 2024, highlighting the company's management of media and entertainment assets through a tracking stock structure, multiple reorganizations and acquisitions, and noting increased consolidated revenue and operating income in 2024, primarily driven by Formula 1's strong performance and QuintEvents' contribution, along with detailed insights into business strategies, other income and expenses, liquidity and capital resources, key accounting estimates, and segment operating results - Liberty Media Corporation holds controlling and non-controlling interests in media and entertainment companies, with Formula 1 as its most significant operating subsidiary and Live Nation as its primary equity investment[263](index=263&type=chunk)[264](index=264&type=chunk) - The company completed the spin-off of Atlanta Braves Holdings in 2023 and restructured its tracking stocks on August 3, 2023, creating the Liberty SiriusXM Group, Formula One Group, and Liberty Live Group[267](index=267&type=chunk)[268](index=268&type=chunk) - On January 2, 2024, the company acquired QuintEvents for a total consideration of approximately **$277 million**[271](index=271&type=chunk) - On September 9, 2024, the company completed the spin-off of Liberty SiriusXM Holdings and reported it as a discontinued operation[272](index=272&type=chunk)[273](index=273&type=chunk) - As of December 31, 2024, the Formula One Group primarily includes Liberty's interests in Formula 1 and QuintEvents, cash, and **2.25%** convertible senior notes; the Liberty Live Group primarily includes Liberty's interests in Live Nation, cash, other minority equity investments, **2.375%** exchangeable senior debentures, and an undrawn margin loan[275](index=275&type=chunk)[276](index=276&type=chunk) - The company plans to spin off Liberty Live Group in the second half of 2025, reattributing QuintEvents to Liberty Live Group before then, and will no longer use a tracking stock structure[280](index=280&type=chunk) Consolidated Operating Results Overview (2024 vs 2023) | Metric | 2024 (million USD) | 2023 (million USD) | Change (million USD) | | :--------------- | :---------------- | :---------------- | :-------------- | | Total Revenue | 3,653 | 3,572 | +81 | | Operating Income | 276 | 255 | +21 | | Adjusted OIBDA | 767 | 691 | +76 | [Overview](index=70&type=section&id=Overview) This section outlines Liberty Media Corporation's business structure, emphasizing its media and entertainment investments, particularly Formula 1 and Live Nation, detailing the evolution of its tracking stocks, including the spin-offs of Atlanta Braves Holdings and Liberty SiriusXM Holdings, and the 2023 stock reclassification, while also mentioning the 2024 acquisition of QuintEvents, the planned Dorna Sports acquisition, and the proposed Liberty Live Group spin-off, all aimed at optimizing the company's asset portfolio and capital structure - Liberty Media Corporation holds controlling and non-controlling interests in media and entertainment companies, with Formula 1 as its most significant operating subsidiary and Live Nation as its primary equity investment[263](index=263&type=chunk)[264](index=264&type=chunk) - The company completed the spin-off of Atlanta Braves Holdings in 2023 and restructured its tracking stocks on August 3, 2023, creating the Liberty SiriusXM Group, Formula One Group, and Liberty Live Group[267](index=267&type=chunk)[268](index=268&type=chunk) - On January 2, 2024, the company acquired QuintEvents for a total consideration of approximately **$277 million**[271](index=271&type=chunk) - On September 9, 2024, the company completed the spin-off of Liberty SiriusXM Holdings and reported it as a discontinued operation[272](index=272&type=chunk)[273](index=273&type=chunk) - As of December 31, 2024, the Formula One Group primarily includes Liberty's interests in Formula 1 and QuintEvents, cash, and **2.25%** convertible senior notes; the Liberty Live Group primarily includes Liberty's interests in Live Nation, cash, other minority equity investments, **2.375%** exchangeable senior debentures, and an undrawn margin loan[275](index=275&type=chunk)[276](index=276&type=chunk) - The company plans to spin off Liberty Live Group in the second half of 2025, reattributing QuintEvents to Liberty Live Group before then, and will no longer use a tracking stock structure[280](index=280&type=chunk) [Strategies and Challenges of Business Units](index=75&type=section&id=Strategies%20and%20Challenges%20of%20Business%20Units) This section outlines Formula 1's strategic objectives, aiming to further expand the global scale and appeal of the World Championship to enhance its sporting value and financial performance by maximizing commercial rights, increasing fan engagement, driving growth in key strategic markets, improving competitive balance, and achieving net-zero emissions by 2030 - Formula 1's strategic objective is to further expand the global scale and appeal of the World Championship to enhance its overall value as a sport and its financial performance[285](index=285&type=chunk) - Key strategies include: maximizing commercial rights value (through race renewals, media rights, F1 TV products, sponsorship revenue, and premium hospitality services), enhancing fan engagement, driving growth in key strategic markets, improving competitive balance and team financial stability, and enhancing environmental and social impact by achieving net-zero emissions by 2030 and introducing **100%** advanced sustainable fuels[285](index=285&type=chunk) [Results of Operations—Consolidated](index=75&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) This section provides Liberty Media Corporation's consolidated operating results as of December 31, 2024, showing an **$81 million** increase in total revenue, primarily from Formula 1 and QuintEvents, a **$21 million** increase in consolidated operating income due to Formula 1's improved performance and the Atlanta Braves Holdings spin-off, and a **$76 million** increase in Adjusted OIBDA, also driven by Formula 1, while noting a **$73 million** goodwill impairment loss for QuintEvents and **$32 million** in acquisition costs - Revenue growth was primarily driven by increased Formula 1 revenue and QuintEvents revenue, partially offset by reduced revenue due to the Atlanta Braves Holdings spin-off and increased intergroup eliminations[288](index=288&type=chunk) - Operating income growth was primarily driven by improved Formula 1 operating performance and the Atlanta Braves Holdings spin-off, partially offset by QuintEvents' operating loss, mainly due to goodwill impairment[289](index=289&type=chunk) - In 2024, the company recorded **$34 million** in stock-based compensation expense, up from **$29 million** in 2023[290](index=290&type=chunk) - QuintEvents recognized a **$73 million** goodwill impairment loss in 2024, and the company also recorded **$32 million** in acquisition costs, primarily related to the Dorna acquisition[292](index=292&type=chunk) Consolidated Operating Results (2024 vs 2023) | Metric | 2024 (million USD) | 2023 (million USD) | Change (million USD) | | :--------------- | :---------------- | :---------------- | :-------------- | | Total Revenue | 3,653 | 3,572 | +81 | | Operating Income | 276 | 255 | +21 | | Adjusted OIBDA | 767 | 691 | +76 | [Other Income and Expense](index=78&type=section&id=Other%20Income%20and%20Expense) This section analyzes Liberty Media Corporation's other income and expense components as of December 31, 2024, showing an **$11 million** decrease in consolidated interest expense primarily due to the Braves Group spin-off, an increase in equity in earnings of affiliates to **$228 million** driven by Live Nation, a net realized and unrealized loss on financial instruments of **$383 million** mainly from fair value changes in debt and foreign exchange forward contracts, the settlement of intergroup equity unrealized gains/losses in 2023, and an increase in other net income driven by higher interest and dividend income, reduced debt extinguishment losses, and lower tax-related expenses with QVC Group - Consolidated interest expense decreased by **$11 million**, primarily due to reduced Braves Group interest expense following the Atlanta Braves Holdings spin-off, though Liberty Live Group's interest expense increased due to higher average debt[296](index=296&type=chunk) - Equity in earnings of affiliates increased, primarily due to Live Nation's contribution, with its interest reattributed to Liberty Live Group on August 3, 2023[297](index=297&type=chunk) - Net realized and unrealized losses on financial instruments were **$383 million**, primarily due to fair value changes in debt measured at fair value (such as exchangeable debentures) and foreign exchange forward contracts[298](index=298&type=chunk) - Net unrealized gains and losses on intergroup equity were settled and terminated as of December 31, 2023[299](index=299&type=chunk) - Other net income increased, primarily driven by higher interest and dividend income, reduced losses on debt extinguishment, and lower tax-related expenses with QVC Group, partially offset by increased foreign exchange losses[300](index=300&type=chunk) - The company's income tax expense for 2024 was **$39 million**, with an effective tax rate of **163%**, primarily impacted by non-deductible losses and executive compensation[301](index=301&type=chunk) Other Income and Expense (2024 vs 2023) | Metric | 2024 (million USD) | 2023 (million USD) | | :--------------------------------- | :---------------- | :---------------- | | Interest Expense | (237) | (248) | | Equity in Earnings of Affiliates | 228 | 157 | | Net Realized and Unrealized Gains (Losses) on Financial Instruments | (383) | (167) | | Net Unrealized Gains (Losses) on Intergroup Equity | — | (68) | | Other, Net | 92 | 46 | [Liquidity and Capital Resources](index=81&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses Liberty Media Corporation's liquidity and capital resources, reporting **$2.956 billion** in cash and cash equivalents as of December 31, 2024, primarily invested in U.S. Treasury securities and other highly-rated financial instruments, with liquidity sources including cash balances, subsidiary operating cash flows, asset sales, public investment portfolio monetization, debt financing, and equity issuances, noting **$205 million** used for acquisitions and **$77 million** for debt repayment in 2024, and **$939 million** net proceeds from Series C Liberty Formula One common stock issuance, with future cash expected for capital expenditures, new business investments (including the Dorna acquisition), and debt repayment, and existing liquidity deemed sufficient for future needs - As of December 31, 2024, the company had **$2.956 billion** in cash and cash equivalents, primarily invested in U.S. Treasury securities and other highly-rated financial instruments[302](index=302&type=chunk)[305](index=305&type=chunk) - Sources of liquidity include available cash balances, cash flows from subsidiary operations, net proceeds from asset sales, monetization of public investment portfolios, debt borrowings, and equity issuances[303](index=303&type=chunk) - Formula 1's cash is available to Liberty, but subject to restrictive payment (RP) tests under its first lien term loan and revolving credit facility[305](index=305&type=chunk) - As of December 31, 2024, Liberty had **$400 million** available under its margin loan secured by Live Nation stock[305](index=305&type=chunk) - In 2024, Liberty primarily used **$205 million** for acquisitions (net of cash acquired) and **$77 million** for debt repayment[308](index=308&type=chunk) - In 2024, the company received net proceeds of approximately **$939 million** from the issuance of approximately **12.2 million** shares of Series C Liberty Formula One common stock[308](index=308&type=chunk) - The company anticipates future cash uses primarily for capital expenditures, new business investments (including the Dorna acquisition), and debt repayment, to be funded through existing cash, the margin loan, and new debt instruments or operating subsidiary dividends[310](index=310&type=chunk)[311](index=311&type=chunk) Cash Flows from Continuing Operations (2024 vs 2023) | Cash Flow Type | 2024 (million USD) | 2023 (million USD) | | :------------------- | :---------------- | :---------------- | | Net Cash from Operating Activities | 553 | 634 | | Net Cash from Investing Activities | (187) | (544) | | Net Cash from Financing Activities | 894 | (285) | [Off-Balance Sheet Arrangements and Material Cash Requirements](index=83&type=section&id=Off-Balance%20Sheet%20Arrangements%20and%20Material%20Cash%20Requirements) This section discloses Liberty Media Corporation's off-balance sheet arrangements and material cash requirements as of December 31, 2024, with primary cash needs including long-term debt principal and interest payments, operating lease obligations, and short-term leases, totaling **$5.836 billion**, with the majority (**$3.677 billion**) due after five years - Long-term debt amounts are presented at face value at maturity and may differ from amounts reported on the consolidated balance sheets[314](index=314&type=chunk) - Interest payments are based on outstanding debt and interest rates as of December 31, 2024, assuming existing debt is repaid as scheduled[314](index=314&type=chunk) - The company does not recognize lease liabilities for short-term leases, but some short-term leases may span multiple years[314](index=314&type=chunk) Material Cash Requirements (as of December 31, 2024) | Item | Total (million USD) | Within 1 Year (million USD) | 2-3 Years (million USD) | 4-5 Years (million USD) | After 5 Years (million USD) | | :----------------- | :-------------- | :--------------- | :--------------- | :--------------- | :--------------- | | Long-Term Debt | 4,058 | 32 | 580 | 580 | 2,866 | | Interest Payments | 1,555 | 170 | 314 | 274 | 797 | | Operating Lease Obligations | 51 | 15 | 12 | 10 | 14 | | Short-Term Leases | 98 | 52 | 32 | 14 | — | | Other Obligations | 74 | 71 | 3 | — | — | | **Total Consolidated** | **5,836** | **340** | **941** | **878** | **3,677** | [Critical Accounting Estimates](index=83&type=section&id=Critical%20Accounting%20Estimates) This section outlines Liberty Media Corporation's critical accounting estimates used in preparing financial statements, primarily non-financial instrument valuation and income tax accounting, with non-financial instrument valuation involving fair value allocation of net tangible and identifiable intangible assets acquired in business combinations, annual recoverability assessments of goodwill and other non-amortizing intangible assets, and recoverability assessments of other long-lived assets upon triggering events, while income tax accounting requires estimating current and deferred tax liabilities and assets, necessitating judgment on future tax impacts, noting a **$73 million** goodwill impairment loss for QuintEvents in 2024 - The company's critical accounting estimates include non-financial instrument valuation (primarily involving fair value allocation of acquired assets in business combinations, recoverability assessments of goodwill and other non-amortizing intangible assets, and recoverability assessments of other long-lived assets) and income tax accounting[315](index=315&type=chunk)[316](index=316&type=chunk)[321](index=321&type=chunk) - Non-financial instrument valuation requires a high degree of judgment, including estimates of future cash flows, discount rates, and other assumptions[316](index=316&type=chunk) - As of December 31, 2024, Formula 1 had **$3.956 billion** in goodwill, and the company and other categories had **$178 million** in goodwill[317](index=317&type=chunk) - The company performs recoverability assessments of goodwill and other non-amortizing intangible assets annually in the fourth quarter[318](index=318&type=chunk) - In the fourth quarter of 2024, the company performed a quantitative analysis for QuintEvents, recognizing a **$73 million** goodwill impairment loss due to its estimated fair value being below its carrying value[320](index=320&type=chunk) - Income tax accounting requires estimating current and deferred tax liabilities and assets, necessitating judgment on future tax impacts[321](index=321&type=chunk) [Results of Operations—Businesses](index=85&type=section&id=Results%20of%20Operations%E2%80%94Businesses) This section details the operating results of the Formula One Group, showing Formula 1's total revenue reaching **$3.411 billion** in 2024, an increase of **$189 million** year-over-year, primarily driven by growth in race promotion, media rights, and sponsorship revenue, with media rights revenue rising due to contractual growth and increased F1 TV subscriptions, race promotion revenue growing from more events and higher contractual fees, and sponsorship revenue benefiting from new sponsors and existing contract growth, while Formula 1's operating income increased by **$100 million** to **$492 million**, driven by revenue growth but partially offset by increased operating costs and selling, general, and administrative expenses - Formula 1 is a global motor racing business holding exclusive commercial rights to the World Championship, with primary revenues from race promotion, media rights, and sponsorship arrangements[322](index=322&type=chunk) - The 2024 World Championship included **24 events**, compared to **22 events** in 2023[323](index=323&type=chunk) - Primary Formula 1 revenue increased by **$197 million**, primarily due to increases in media rights revenue (contractual growth and F1 TV subscription growth), race promotion revenue (increased number of events and higher contractual fees), and sponsorship revenue (new sponsors and growth in existing contracts)[325](index=325&type=chunk) - Other Formula 1 revenue decreased by **$8 million**, primarily due to lower Las Vegas Grand Prix hospitality revenue, partially offset by increased number of events, Paddock Club growth, F1 Experiences licensing fees, F2 new car sales, and freight revenue[327](index=327&type=chunk) - Formula 1 cost of revenue increased by **$76 million**, with team payments increasing by **$51 million** and other cost of revenue increasing by **$25 million**[330](index=330&type=chunk)[331](index=331&type=chunk)[332](index=332&type=chunk) - Selling, general, and administrative expenses increased by **$47 million**, primarily due to higher personnel, information technology, marketing, legal, and other professional fees, as well as property costs for the full year of Las Vegas Grand Prix Plaza operations[333](index=333&type=chunk) - Depreciation and amortization decreased by **$34 million**, primarily due to reduced amortization expense for certain intangible assets acquired in Liberty's acquisition of Formula 1[334](index=334&type=chunk) Formula 1 Operating Results (2024 vs 2023) | Metric | 2024 (million USD) | 2023 (million USD) | | :----------------------- | :---------------- | :---------------- | | Primary Formula 1 Revenue | 2,757 | 2,560 | | Other Formula 1 Revenue | 654 | 662 | | **Total Formula 1 Revenue** | **3,411** | **3,222** | | Operating Expenses | (2,332) | (2,256) | | Selling, General & Administrative Expenses | (288) | (241) | | Adjusted OIBDA | 791 | 725 | | Stock-Based Compensation Expense | (3) | (3) | | Depreciation and Amortization | (296) | (330) | | **Operating Income** | **492** | **392** | | Number of Events | 24 | 22 | [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=89&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discloses Liberty Media Corporation's market risks in the normal course of business, primarily interest rate risk and equity price risk, managed by maintaining an appropriate mix of fixed and floating rate debt and utilizing equity collar options and other financial instruments for publicly traded securities, noting **$180 million** in floating rate debt and **$2.728 billion** in fixed rate debt as of December 31, 2024, and that the equity investment in Live Nation also faces market risk, with its fair value not reflected on the balance sheet - The company faces interest rate risk and equity price risk, managing interest rate risk by maintaining an appropriate mix of fixed and floating rate debt[337](index=337&type=chunk) - The company manages market risk related to publicly traded securities through equity collar options and other financial instruments[338](index=338&type=chunk) - The company's equity investment in Live Nation (accounted for using the equity method) is not reflected at fair value on the balance sheet, and its market price fluctuations may indirectly impact the company's financial statements[339](index=339&type=chunk) Debt Composition (as of December 31, 2024) | Group | Floating Rate Debt Principal (million USD) | Weighted Average Interest Rate | Fixed Rate Debt Principal (million USD) | Weighted Average Interest Rate | | :--------------- | :-------------------------- | :----------- | :-------------------------- | :----------- | | Formula One Group | 180 | 6.2% | 2,728 | 4.4% | | Liberty Live Group | NA | NA | 1,150 | 2.4% | [Item 8. Financial Statements and Supplementary Data.](index=89&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.) This section states that Liberty Media Corporation's consolidated financial statements begin on page II-24 of this report, and financial statement schedules required by Regulation S-X are presented in Item 15 - Liberty Media Corporation's consolidated financial statements are presented starting on page II-24[340](index=340&type=chunk) - Financial statement schedules required by Regulation S-X are presented in Item 15[340](index=340&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.](index=89&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure.) This section states that there are no changes in or disagreements with accountants regarding accounting and financial disclosure - There are no changes in or disagreements with accountants regarding accounting and financial disclosure[341](index=341&type=chunk) [Item 9A. Controls and Procedures.](index=89&type=section&id=Item%209A.%20Controls%20and%20Procedures.) This section discloses Liberty Media Corporation's disclosure controls and procedures and the effectiveness of internal control as of December 31, 2024, with management assessing both as effective, noting that the company is reviewing internal controls following the 2024 acquisition of QuintEvents, but otherwise, no significant changes to internal controls occurred during the reporting period - As of December 31, 2024, the company's management assessed its disclosure controls and procedures as effective[342](index=342&type=chunk)[343](index=343&type=chunk) - The company's management assessed its internal control over financial reporting as effective as of December 31, 2024[350](index=350&type=chunk) - The company is reviewing its internal controls following the acquisition of QuintEvents in 2024, but otherwise, no significant changes to internal controls occurred during the reporting period[345](index=345&type=chunk) [Item 9B. Other Information.](index=90&type=section&id=Item%209B.%20Other%20Information.) This section discloses that no Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements were adopted or terminated by the company's directors or officers during the fiscal quarter ended December 31, 2024 - No Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements were adopted or terminated by the company's directors or officers during the fiscal quarter ended December 31, 2024[346](index=346&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.](index=90&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections.) This section states that disclosure regarding foreign jurisdictions that prevent inspections is not applicable to the company's business - Disclosure regarding foreign jurisdictions that prevent inspections is not applicable[347](index=347&type=chunk) [MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING](index=91&type=section&id=MANAGEMENT%27S%20REPORT%20ON%20INTERNAL%20CONTROL%20OVER%20FINANCIAL%20REPORTING) This section presents management's report on the effectiveness of Liberty Media Corporation's internal control over financial reporting as of December 31, 2024, with management concluding, based on the COSO framework, that the company's internal control is effective, noting the exclusion of internal controls of QuintEvents, LLC, acquired in the first quarter of 2024, with total assets of **$424 million** and total revenues of **$340 million**, from the assessment - Management is responsible for establishing and maintaining adequate internal control over financial reporting for the company[349](index=349&type=chunk) - As of December 31, 2024, management assessed the company's internal control over financial reporting as effective[350](index=350&type=chunk) - Management excluded the internal controls of QuintEvents, LLC, acquired in the first quarter of 2024, with total assets of **$424 million** and total revenues of **$340 million**, from its assessment[350](index=350&type=chunk) [Report of Independent Registered Public Accounting Firm (Internal Control)](index=92&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm%20%28Internal%20Control%29) KPMG LLP, as the independent registered public accounting firm, issued an unqualified opinion on the effectiveness of Liberty Media Corporation's internal control over financial reporting as of December 31, 2024, based on the COSO framework, noting that its audit excluded the assessment of internal controls of QuintEvents, LLC, acquired in 2024, which had total assets of **$424 million** and total revenues of **$340 million** in the consolidated financial statements - KPMG LLP issued an unqualified opinion on the effectiveness of Liberty Media Corporation's internal control over financial reporting as of December 31, 2024[354](index=354&type=chunk) - The auditor's audit excluded the assessment of internal controls of QuintEvents, LLC, acquired in 2024, which had total assets of **$424 million** and total revenues of **$340 million** in the consolidated financial statements[356](index=356&type=chunk) [Report of Independent Registered Public Accounting Firm (Consolidated Financial Statements)](index=94&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm%20%28Consolidated%20Financial%20Statements%29) KPMG LLP issued an unqualified opinion on Liberty Media Corporation's consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, comprehensive earnings (loss), cash flows, and equity for the three years ended December 31, 2024, noting reliance on Ernst & Young LLP's report for Live Nation Entertainment, Inc.'s financial statements, and identifying the goodwill impairment assessment for the Sirius XM reporting unit as a critical audit matter involving highly subjective judgments on assumptions like revenue growth rates, long-term growth rates, and discount rates - KPMG LLP issued an unqualified opinion on Liberty Media Corporation's consolidated financial statements as of December 31, 2024 and 2023[363](index=363&type=chunk) - The auditor's opinion is partly based on Ernst & Young LLP's audit report on the financial statements of Live Nation Entertainment, Inc[365](index=365&type=chunk) - The goodwill impairment assessment for the Sirius XM reporting unit was identified as a critical audit matter, involving highly subjective judgments on assumptions such as revenue growth rates, long-term growth rates, and discount rates[369](index=369&type=chunk)[370](index=370&type=chunk) - The company recognized a goodwill impairment loss of **$2.819 billion** for the Sirius XM reporting unit as of December 31, 2024[369](index=369&type=chunk) [LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets](index=96&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Consolidated%20Balance%20Sheets) This section presents Liberty Media Corporation's and its subsidiaries' consolidated balance sheets as of December 31, 2024 and 2023, showing total assets of **$12.948 billion** at year-end 2024, a significant decrease from **$41.327 billion** at year-end 2023, primarily due to the deconsolidation of assets and liabilities of discontinued operations following the Liberty SiriusXM Holdings spin-off, with cash and cash equivalents increasing to **$2.956 billion**, total liabilities decreasing to **$5.897 billion**, and total stockholders' equity decreasing to **$7.029 billion** - Total assets decreased from **$41.327 billion** in 2023 to **$12.948 billion** in 2024, primarily due to the deconsolidation of assets of discontinued operations following the Liberty SiriusXM Holdings spin-off[376](index=376&type=chunk) - Total liabilities decreased from **$21.882 billion** in 2023 to **$5.897 billion** in 2024, also primarily impacted by discontinued operations[376](index=376&type=chunk) Consolidated Balance Sheet Key Data (as of December 31, 2024) | Item | 2024 (million USD) | 2023 (million USD) | | :----------------------- | :---------------- | :---------------- | | Cash and Cash Equivalents | 2,956 | 1,713 | | Current Assets of Discontinued Operations | — | 1,361 | | Investments in Affiliates | 491 | 374 | | Property and Equipment, Net | 810 | 838 | | Goodwill | 4,134 | 3,956 | | Amortizable Intangible Assets, Net | 2,689 | 2,858 | | Deferred Income Tax Assets | 760 | 772 | | Other Assets | 717 | 612 | | Noncurrent Assets of Discontinued Operations | — | 28,540 | | **Total Assets** | **12,948** | **41,327** | | Accounts Payable and Accrued Liabilities | 648 | 474 | | Current Portion of Debt | 26 | 106 | | Deferred Revenue | 267 | 247 | | Financial Instrument Liabilities | 138 | 8 | | Current Liabilities of Discontinued Operations | — | 3,876 | | Long-Term Debt | 4,522 | 4,117 | | Noncurrent Liabilities of Discontinued Operations | — | 12,834 | | **Total Liabilities** | **5,897** | **21,882** | | **Total Stockholders' Equity** | **7,029** | **16,396** | | **Total Equity** | **7,051** | **19,445** | [LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Consolidated Statements Of Operations](index=98&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Consolidated%20Statements%20Of%20Operations) This section presents Liberty Media Corporation's and its subsidiaries' consolidated statements of operations for the three years ended December 31, 2024, showi

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 ☒ 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 name of Registrant as specified in its charter) State of Delaware 37-1699499 (Sta ...

Financial Performance - Liberty Media reported full year 2023 revenue of $8.95 billion, with a net income of $1.26 billion and diluted EPS of $0.32[1]. - SiriusXM's full year adjusted EBITDA was $2.79 billion, and free cash flow for the year was $1.20 billion[1]. - Formula One Group's total revenue for 2023 was $3.22 billion, reflecting a 25% increase compared to 2022[9]. - Formula 1's primary revenue grew by 21% year-over-year to $2.56 billion, driven by race promotion, media rights, and sponsorship fees[12]. - Liberty Media's total revenue for the previous year was $12,164 million, with Sirius XM Holdings revenue at $9,003 million and Formula 1 revenue at $2,573 million[41]. - Operating income for Liberty Media Corporation was $2,063 million, with a net earnings attributable to Liberty stockholders of $761 million[39]. - Net earnings for Liberty Media reached $2,029 million, with Liberty SiriusXM Group contributing $1,502 million[46]. - Adjusted OIBDA for Liberty Media consolidated was $3,423 million for 2023, slightly up from $3,419 million in 2022[51]. - Liberty SiriusXM Group's operating income decreased from $1,919 million in 2022 to $1,808 million in 2023[51]. - Formula One Group's adjusted OIBDA increased significantly from $551 million in 2022 to $686 million in 2023[51]. Cash Flow and Investments - The company reported a net cash provided by operating activities of $2,464 million, with significant adjustments including $1,030 million in depreciation and amortization[43]. - Cash flows from operating activities totaled $2,546 million, with Liberty SiriusXM Group contributing $1,959 million[46]. - Free cash flow for SiriusXM was $2,790 million for 2023, down from $2,833 million in 2022[54]. - Total cash, cash equivalents, and restricted cash at the end of the period was $2,276 million[46]. - Cash flows from investing activities resulted in a net cash used of $1,240 million, primarily due to capital expenditures of $1,111 million[43]. - Net cash used in investing activities increased from $(548) million in 2022 to $(686) million in 2023, reflecting a rise of approximately 25.2%[56]. - Additions to property and equipment rose from $(426) million in 2022 to $(650) million in 2023, an increase of approximately 52.7%[56]. - Capital expenditures for property and equipment amounted to $735 million[46]. Debt and Liabilities - Liberty Media reduced Liberty SiriusXM Group debt by $782 million in 2023, including $279 million in Q4[1]. - Total debt attributed to Liberty SiriusXM Group decreased by $434 million during Q4 2023, totaling $11.106 billion as of December 31, 2023[29]. - Total Liberty Media Corporation debt decreased to $15.360 billion as of December 31, 2023[24]. - Liberty Media's interest expense totaled $782 million, impacting overall earnings before income taxes of $1,185 million[39]. - The company experienced a stock compensation expense of $232 million, which included various operational costs[39]. - Liberty Media's net cash used in financing activities was $3,148 million, primarily due to debt repayments[46]. Assets and Equity - Liberty Media's total assets amounted to $41.168 billion as of December 31, 2023[37]. - Liberty Media's total liabilities were $21.723 billion as of December 31, 2023[37]. - Liberty Media's attributed net assets totaled $16.396 billion as of December 31, 2023[37]. - Liberty Media's total remaining repurchase authorization as of February 1, 2024, is $1.1 billion[20]. Audience and Engagement - F1 fan attendance reached 6 million in 2023, a 5% increase from 2022, with 1.5 billion cumulative TV viewers[1]. - The inaugural Las Vegas Grand Prix generated over 16 billion global social media impressions during race week[1]. Free Cash Flow Insights - Free cash flow is viewed as a supplemental measure to assess financial stability and is not an alternative to GAAP cash flow measures[56]. - The company emphasizes that free cash flow does not account for debt maturity payments, limiting its discretionary expenditure representation[56]. - Free cash flow is intended to provide useful information for investors to evaluate current cash flow and compare operating performance with other companies in the sector[56]. - SiriusXM excludes certain cash flows from free cash flow calculations, focusing on ongoing business performance[56].