Debt and Financial Obligations - As of December 31, 2021, the company had outstanding corporate-level indebtedness of $4.6 billion, which includes various convertible senior notes and exchangeable senior debentures [225][226][227]. - The company had an aggregate principal amount of approximately $8.9 billion of indebtedness outstanding as of December 31, 2021 [334]. - Braves Holdings has a combined borrowing capacity of $185 million, with $120 million outstanding under its operating credit facilities as of December 31, 2021 [407]. - As of December 31, 2021, Braves Holdings had approximately $279 million in debt related to stadium construction and development projects, which could negatively impact financial condition [408]. Cash Flow and Revenue Sources - The company’s primary sources of cash include available cash balances, dividends, interest from investments, and proceeds from asset sales, but these are subject to operational performance and regulatory restrictions [228]. - The company’s ability to access cash flow from subsidiaries is limited due to covenant restrictions and the presence of non-controlling interests, which may hinder future financing opportunities [225][228]. Market and Economic Risks - Economic downturns, such as those caused by the COVID-19 pandemic, could reduce consumer demand for the company’s products and services, adversely affecting revenue [233]. - The ongoing COVID-19 pandemic has introduced significant uncertainty, potentially impacting sales and marketing practices, particularly in the auto sales and advertising sectors [240]. - The impact of COVID-19 on the company’s business remains fluid, with potential long-term effects on discretionary consumer spending and economic activity [246]. - The company cannot predict the duration of COVID-19's impact, which could lead to a prolonged recession affecting its operations and financial condition [250]. Competition and Market Position - The company faces substantial competition from various content providers, including terrestrial radio, YouTube, and large online advertising platforms like Amazon and Facebook [252]. - The effectiveness of Sirius XM's personalized content recommendations is crucial for retaining listeners and attracting new subscribers [290][292]. - The company is competing for local advertising revenue, which may impact future revenue growth if it cannot capture a larger share [286]. Subscriber and Audience Dynamics - The success of the company’s businesses is heavily dependent on audience popularity, which is difficult to predict and can significantly impact revenue [230]. - The company faces significant subscriber churn, making it uncertain how well it can retain customers, particularly those on discounted pricing plans [268][269]. - A substantial portion of Sirius XM's subscription growth is linked to new and used vehicle sales, which are influenced by various economic factors [271][273]. - The decline in monthly active users for Pandora's ad-supported service has been consistent, potentially impacting advertising revenue [278]. Legal and Regulatory Challenges - The company is involved in various legal proceedings that could have a material adverse impact on its financial condition and operations [237]. - Privacy and data security regulations may hinder Sirius XM's ability to market services and could lead to legal liabilities [293][294]. - Noncompliance with FCC requirements could jeopardize Sirius XM Holdings' licenses to operate commercial satellite radio services in the U.S. [300]. - The company faces potential adverse effects from modifications to consumer protection laws that could hinder its ability to attract and retain subscribers [299]. Operational Risks - The company relies on third parties for operations, and any failure by these parties could adversely affect its business [262]. - Natural disasters or terrorist activities could damage Sirius XM Holdings' facilities, interrupting services and harming its business [339]. - The company may face costly litigation related to patent, trademark, or copyright infringement, which could divert resources and impact its business [331]. Strategic Initiatives and Investments - The company’s strategy includes selective acquisitions and investments, but the success of these initiatives is uncertain and depends on effective integration and management [232]. - Sirius XM Holdings is focusing on integrating acquisitions, which may disrupt ongoing business and affect service consistency [266]. Industry Trends and Changes - The audio entertainment industry is characterized by rapid technological changes, and failure to keep pace could adversely affect Sirius XM Holdings' competitiveness [333]. - Changes in consumer viewing habits and new content distribution platforms may impact Formula 1's licensing practices and profitability, potentially reducing the value of broadcasting contracts [385]. - The market for music rights is changing, leading to increased licensing costs and potential reductions in available content for Sirius XM Holdings' services [318]. Financial Performance and Future Outlook - The Braves Group's financial success is heavily reliant on the team's on-field performance, with postseason participation providing additional revenue opportunities [396]. - Broadcasting rights are a crucial revenue source, and any decline in television ratings or disruptions with broadcasting partners could negatively impact revenue [406]. - The anticipated benefits of the Development Project, including increased game attendance and rental income, may not materialize, potentially adversely affecting financial results [410].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 12300 Liberty Boulevard Englewood ...

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, 2021 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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 (State or other juri ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 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 ...

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, 2020 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 ...

Table of Contents ☐ 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 LIBERTY MEDIA CORPORATION FORM 10-K (Exact name of Registrant as specified in its charter) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 State of Delaware For the fiscal year ended December 31, 2019 OR 37-1699499 (I.R.S. E ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT O ...