Revenue Performance - Formula One Group reported total revenue of $1,085 million for Q3 2025, a 19% increase from $911 million in Q3 2024[8] - MotoGP generated $169 million in revenue for Q3 2025, reflecting the impact of the acquisition completed on July 3, 2025[8] - Formula 1's primary revenue decreased by 3% to $738 million in Q3 2025, attributed to one less race compared to the previous year[11] - Primary MotoGP revenue for the three months ended September 30, 2025, was $147 million, a 1% increase compared to $146 million in the same period of 2024[20] - Total motorsport revenue remained flat at $169 million for the three months ended September 30, 2025, while it increased by 12% to $417 million for the nine months ended September 30, 2025[20] - Total revenue for the three months ended September 30, 2025, was $1,085 million, an increase from $911 million in the same period of 2024, representing a growth of approximately 19.1%[45][47] Operating Income and Adjusted OIBDA - Adjusted OIBDA for Formula One Group increased to $297 million in Q3 2025, up 43% from $207 million in Q3 2024[8] - Operating income for Formula One Group rose to $158 million in Q3 2025, compared to $110 million in Q3 2024, marking a 43% increase[8] - Operating income for the three months ended September 30, 2025, was $149 million, compared to $107 million in the same period of 2024, reflecting an increase of approximately 39.3%[45][47] - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and declined by 3% to $150 million for the nine months ended September 30, 2025[20] - Liberty Media emphasizes the importance of Adjusted OIBDA as a key indicator of operational strength and performance[54] Cash Flow and Assets - Cash flows from operating activities for the nine months ended September 30, 2025, were $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of approximately 40.3%[49][51] - Cash and cash equivalents at the end of the period on September 30, 2025, were $1,588 million, a decrease from $2,963 million at the end of the same period in 2024, indicating a decline of approximately 46.5%[49][51] - The total cash, cash equivalents, and restricted cash at the end of the period amounted to $3,061 million, up from $2,028 million at the beginning of the period[52] Debt and Liabilities - Total attributed Liberty Media Corporation debt increased from $4,799 million as of June 30, 2025, to $7,037 million as of September 30, 2025[32] - MotoGP leverage was reported at 5.6x as of September 30, 2025, reflecting the impact of the acquisition[32] - Total liabilities as of September 30, 2025, were $9,731 million, compared to $7,736 million as of September 30, 2024, reflecting an increase of approximately 25.8%[42][46] - Liberty Media remains in compliance with its debt covenants as of September 30, 2025[34] Earnings and Expenses - Net earnings attributable to Liberty stockholders for the three months ended September 30, 2025, were $13 million, a decrease from $117 million in the same period of 2024, indicating a decline of approximately 88.9%[45][47] - Interest expense for the three months ended September 30, 2025, was $86 million, compared to $62 million in the same period of 2024, representing an increase of approximately 38.7%[45][47] - The company incurred acquisition costs of $14 million for the three months ended September 30, 2025, compared to $3 million in the same period of 2024, indicating a significant increase in acquisition-related expenses[45][47] - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49] - Depreciation and amortization expenses rose from $88 million in Q3 2024 to $118 million in Q3 2025[56] Strategic Developments - Liberty Media renewed key agreements for Formula 1 races, including extensions for the Austin Grand Prix through 2034 and Monaco Grand Prix through 2035[1] - The company expects to complete the split-off of Liberty Live Group on December 15, 2025, which will enhance the visibility of its investment in Live Nation[5] - The company is focused on enhancing operational efficiencies and monetization opportunities in MotoGP to drive future growth[3] - MotoGP's operating results showed a pro forma increase in revenue and engagement metrics, indicating strong growth potential[19] Race Statistics - The number of races held year-to-date through the third quarter of 2025 was 17, compared to 15 races in the same period of 2024[22] - Other MotoGP revenue decreased by 4% to $22 million for the three months ended September 30, 2025, but increased by 11% to $52 million for the nine months ended September 30, 2025[20]

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 ☐ 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 For the quarterly period ended September 30, 2025 OR LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...

[Executive Summary & Strategic Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Strategic%20Highlights) This section highlights key achievements and strategic developments, including major acquisitions and partnership renewals [Key Achievements](index=1&type=section&id=Key%20Achievements) Liberty Media reported excellent progress in Q2 2025, completing the MotoGP acquisition, advancing the Liberty Live split-off, and achieving strong financial and operating results at Formula 1, driven by commercial momentum and record fan engagement - Completed acquisition of MotoGP on **July 3rd**[2](index=2&type=chunk) - Renewed agreement with Canadian Grand Prix through **2035** and Austrian Grand Prix through **2041**[2](index=2&type=chunk) - Secured PepsiCo as new Official Partner of F1 through **2030** and extended Global Partnership with MSC Cruises through **2030**[2](index=2&type=chunk) - Announced new licensing agreement with Disney's Mickey & Friends beginning in **2026**[2](index=2&type=chunk) - F1 The Movie opened globally on **June 27th** and is Apple's highest-grossing film ever[2](index=2&type=chunk) - Fair value of Live Nation investment was **$10.5 billion** as of **June 30th**[2](index=2&type=chunk) - Filed preliminary proxy statement on **July 25th** for Liberty Live split-off, expected in **Q4 2025**[2](index=2&type=chunk) [Corporate Updates](index=3&type=section&id=Corporate%20Updates) This section details the completion of the MotoGP acquisition and its implications for Liberty Media's financial reporting [MotoGP Acquisition](index=3&type=section&id=MotoGP%20Acquisition) Liberty Media completed the acquisition of Dorna Sports, S.L. (MotoGP) on July 3, 2025, gaining approximately 84% ownership, with MotoGP's financial results to be consolidated from that date, though not reflected in the Q2 2025 results due to timing - 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 is attributed to the Formula One Group tracking stock[4](index=4&type=chunk) - Initial accounting for the acquisition is not reflected in the Q2 2025 financial results due to timing[4](index=4&type=chunk) [Discussion of Results](index=3&type=section&id=Discussion%20of%20Results) This section analyzes the financial performance of Formula One Group and Liberty Live Group for the reporting period [Formula One Group Financial Performance](index=3&type=section&id=Formula%20One%20Group%20Financial%20Performance) Formula One Group demonstrated significant financial growth in Q2 2025 and year-to-date, with substantial increases in revenue, operating income, and Adjusted OIBDA, primarily driven by F1's strong performance Formula One Group Financial Results (Q2 and YTD 2025 vs. 2024) | Metric | Q2 2024 (millions) | Q2 2025 (millions) | Q2 % Change | YTD 2024 (millions) | YTD 2025 (millions) | YTD % Change | | :---------------------- | :----------------- | :----------------- | :---------- | :------------------ | :------------------ | :----------- | | **Revenue** | | | | | | | | Formula 1 | $871 | $1,226 | 40.8% | $1,424 | $1,629 | 14.4% | | Corporate and other | $141 | $145 | 2.8% | $185 | $198 | 7.0% | | Intergroup elimination | $(24) | $(30) | (25.0)% | $(34) | $(39) | (14.7)% | | **Total Revenue** | **$988** | **$1,341** | **35.7%** | **$1,575** | **$1,788** | **13.5%** | | **Operating Income (Loss)** | | | | | | | | Formula 1 | $84 | $293 | 248.8% | $220 | $265 | 20.5% | | Corporate and other | $(25) | $(13) | 48.0% | $(66) | $(52) | 21.3% | | **Total Operating Income** | **$59** | **$280** | **374.6%** | **$154** | **$213** | **38.3%** | | **Adjusted OIBDA (Loss)** | | | | | | | | Formula 1 | $160 | $361 | 125.6% | $368 | $446 | 21.2% | | Corporate and other | $5 | $8 | 60.0% | $(1) | $(4) | (300.0)% | | **Total Adjusted OIBDA** | **$165** | **$369** | **123.6%** | **$367** | **$442** | **20.4%** | [F1 Operating Results](index=3&type=section&id=F1%20Operating%20Results) F1's operating results showed strong growth in Q2 2025, driven by an additional race, contractual fee increases, new sponsors, and F1 TV subscription growth, leading to significant increases in total revenue, Adjusted OIBDA, and operating income Formula 1 Operating Results (Q2 and YTD 2025 vs. 2024) | Metric | Q2 2024 (millions) | Q2 2025 (millions) | Q2 % Change | YTD 2024 (millions) | YTD 2025 (millions) | YTD % Change | | :-------------------------------------- | :----------------- | :----------------- | :---------- | :------------------ | :------------------ | :----------- | | Number of races in period | 8 | 9 | 12.5% | 11 | 11 | 0.0% | | Primary Formula 1 revenue | $739 | $1,032 | 40% | $1,202 | $1,351 | 12% | | Other Formula 1 revenue | $132 | $194 | 47% | $222 | $278 | 25% | | **Total Formula 1 revenue** | **$871** | **$1,226** | **41%** | **$1,424** | **$1,629** | **14%** | | Team payments, excluding Concorde incentive payments | $(435) | $(513) | (18)% | $(598) | $(627) | (5)% | | Other cost of Formula 1 revenue | $(210) | $(274) | (30)% | $(333) | $(402) | (21)% | | Cost of Formula 1 revenue, excluding Concorde incentive payments | $(645) | $(787) | (22)% | $(931) | $(1,029) | (11)% | | Selling, general and administrative expenses | $(66) | $(78) | (18)% | $(125) | $(154) | (23)% | | **Adjusted OIBDA** | **$160** | **$361** | **126%** | **$368** | **$446** | **21%** | | Concorde incentive payments | — | — | NM | — | $(50) | NM | | Stock-based compensation | $(1) | — | NM | $(1) | — | NM | | Depreciation and Amortization | $(75) | $(68) | 9% | $(147) | $(131) | 11% | | **Operating income (loss)** | **$84** | **$293** | **249%** | **$220** | **$265** | **20%** | - Primary F1 revenue increased due to calendar variance (one additional race in Q2 2025), higher sponsorship and media rights revenue (including new sponsors and F1 TV subscriptions), and one-time revenue from the F1 movie[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), and growth in licensing income[14](index=14&type=chunk)[15](index=15&type=chunk) - Operating income and Adjusted OIBDA grew due to revenue increases, partially offset by higher team payments, increased freight costs, commissions, partner servicing, Paddock Club costs, and personnel/marketing expenses[16](index=16&type=chunk) [Corporate and Other Operating Results](index=9&type=section&id=Corporate%20and%20Other%20Operating%20Results) Corporate and Other revenue increased in Q2 2025, primarily driven by Quint's results from F1 Experiences and the Kentucky Derby, with Grand Prix Plaza rental income remaining stable - Corporate and Other revenue increased in Q2 2025 due to Quint results[17](index=17&type=chunk) - Quint's Q2 results were primarily driven by 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) [Liberty Live Group Financial Overview](index=9&type=section&id=Liberty%20Live%20Group%20Financial%20Overview) Liberty Live Group was allocated $7 million in corporate-level selling, general, and administrative expenses in Q2 2025, and its primary assets include Liberty Media's interest in Live Nation and other minority investments - **$7 million** of corporate level selling, general and administrative expense was allocated to Liberty Live Group in Q2 2025[18](index=18&type=chunk) - Liberty Live Group's assets consist of Liberty Media's interest in Live Nation and other minority investments[19](index=19&type=chunk) [Share Repurchases](index=9&type=section&id=Share%20Repurchases) This section details the company's share repurchase activities and remaining authorization for the reporting period [Share Repurchase Activity](index=9&type=section&id=Share%20Repurchase%20Activity) Liberty Media did not repurchase any common stock between May 1 and July 31, 2025, with a remaining repurchase authorization of $1.1 billion applicable across all tracking stocks - No repurchases of Liberty Media's common stock from **May 1 through July 31, 2025**[20](index=20&type=chunk) - Total remaining repurchase authorization as of **August 1, 2025**, is **$1.1 billion**[20](index=20&type=chunk) [Financial Statements & Debt Information](index=10&type=section&id=Financial%20Statements%20%26%20Debt%20Information) This section presents the company's cash, debt, balance sheet, and statements of operations and cash flows [Cash and Debt](index=10&type=section&id=Cash%20and%20Debt) Formula One Group saw an increase in cash and cash equivalents, while its debt remained relatively flat. Liberty Live Group experienced a slight decrease in cash, with its debt remaining stable, and both entities are in compliance with debt covenants Cash and Debt (as of March 31, 2025, and June 30, 2025) | Metric (amounts in millions) | 3/31/2025 | 6/30/2025 | Change | | :--------------------------------------- | :-------- | :-------- | :----- | | **Cash and Cash Equivalents Attributable to:** | | | | | Formula One Group | $2,833 | $3,140 | $307 | | Liberty Live Group | $314 | $308 | $(6) | | **Total Consolidated Cash and Cash Equivalents (GAAP)** | **$3,147** | **$3,448** | **$301** | | **Debt:** | | | | | Total Attributed Formula One Group Debt (GAAP) | $2,982 | $3,030 | $48 | | Total Attributed Liberty Live Group Debt (GAAP) | $1,582 | $1,769 | $187 | | **Total Liberty Media Corporation Debt (GAAP)** | **$4,564** | **$4,799** | **$235** | | Formula 1 leverage | 1.2x | 0.7x | -0.5x | - Total cash and cash equivalents attributed to Formula One Group increased by **$307 million** in Q2, primarily from F1 operations and derivative contract settlements, partially offset by capital expenditures[27](index=27&type=chunk) - Total debt attributed to Formula One Group was relatively flat in Q2[27](index=27&type=chunk) - Total cash and cash equivalents attributed to Liberty Live Group decreased by **$6 million** in Q2, primarily due to interest payments and corporate overhead[28](index=28&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 (Unaudited)](index=13&type=section&id=Balance%20Sheet%20Information%20(Unaudited)) As of June 30, 2025, Liberty Media Corporation reported total consolidated assets of **$13,821 million**, with total liabilities of **$6,458 million** and total equity/attributed net assets of **$7,341 million** Consolidated Balance Sheet (June 30, 2025) | Metric (amounts in millions) | Consolidated Liberty | | :--------------------------------------- | :------------------- | | **Assets** | | | Cash and cash equivalents | $3,448 | | Total current assets | $4,102 | | Goodwill | $4,135 | | Intangible assets subject to amortization, net | $2,570 | | **Total assets** | **$13,821** | | **Liabilities and Equity** | | | Total current liabilities | $3,103 | | Long-term debt | $2,996 | | **Total liabilities** | **$6,458** | | Equity / Attributed net assets | $7,341 | | Noncontrolling interests in equity of subsidiaries | $22 | | **Total liabilities and equity** | **$13,821** | [Statement of Operations Information (Unaudited)](index=14&type=section&id=Statement%20of%20Operations%20Information%20(Unaudited)) This section presents the consolidated statements of operations for Liberty Media Corporation for the three months ended June 30, 2025, and 2024, detailing revenue, operating costs, and net earnings [Three months ended June 30, 2025](index=14&type=section&id=Statement%20of%20Operations%20-%20Q2%202025) For Q2 2025, Liberty Media reported consolidated total revenue of **$1,341 million**, operating income of **$273 million**, and net earnings attributable to stockholders of **$204 million** Consolidated Statement of Operations (Q2 2025) | Metric (amounts in millions) | Consolidated Liberty | | :--------------------------------------- | :------------------- | | Total revenue | $1,341 | | Operating income (loss) | $273 | | Earnings (loss) before income taxes | $228 | | Net earnings (loss) attributable to Liberty stockholders | $204 | [Three months ended June 30, 2024](index=15&type=section&id=Statement%20of%20Operations%20-%20Q2%202024) For Q2 2024, Liberty Media reported consolidated total revenue of **$988 million**, operating income of **$57 million**, and net earnings attributable to stockholders of **$457 million** (including discontinued operations) Consolidated Statement of Operations (Q2 2024) | Metric (amounts in millions) | Consolidated Liberty | | :--------------------------------------- | :------------------- | | Total revenue | $988 | | Operating income (loss) | $57 | | Earnings (loss) from continuing operations before income taxes | $193 | | Net earnings (loss) attributable to Liberty stockholders | $457 | [Statement of Cash Flows Information (Unaudited)](index=16&type=section&id=Statement%20of%20Cash%20Flows%20Information%20(Unaudited)) This section details the consolidated cash flow activities for Liberty Media Corporation for the six months ended June 30, 2025, and 2024, covering operating, investing, and financing activities [Six months ended June 30, 2025](index=16&type=section&id=Cash%20Flows%20-%20YTD%202025) For YTD 2025, Liberty Media generated **$612 million** in net cash from operating activities, used **$120 million** in investing activities, and provided **$8 million** from financing activities, resulting in a net increase of **$509 million** in cash Consolidated Statement of Cash Flows (YTD 2025) | Metric (amounts in millions) | Consolidated Liberty | | :--------------------------------------- | :------------------- | | Net cash provided (used) by operating activities | $612 | | Net cash provided (used) by investing activities | $(120) | | Net cash provided (used) by financing activities | $8 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $509 | | Cash, cash equivalents and restricted cash at end of period | $3,472 | [Six months ended June 30, 2024](index=17&type=section&id=Cash%20Flows%20-%20YTD%202024) For YTD 2024, Liberty Media generated **$394 million** in net cash from operating activities, used **$200 million** in investing activities, and provided **$6 million** from financing activities, resulting in a net increase of **$81 million** in cash Consolidated Statement of Cash Flows (YTD 2024) | Metric (amounts in millions) | Consolidated Liberty | | :--------------------------------------- | :------------------- | | Net cash provided (used) by operating activities | $394 | | Net cash provided (used) by investing activities | $(200) | | Net cash provided (used) by financing activities | $6 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $81 | | Cash, cash equivalents and restricted cash at end of period | $2,109 | [Non-GAAP Financial Measures](index=18&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles key non-GAAP financial measures used to assess the company's operational performance [Adjusted OIBDA Definition and Reconciliation](index=18&type=section&id=Adjusted%20OIBDA%20Definition%20and%20Reconciliation) Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, litigation settlements, Concorde incentive payments, and restructuring/acquisition/impairment charges, serving as a key indicator of operational performance and reconciled to GAAP operating income for Formula One Group - 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 uses Adjusted OIBDA to identify items not directly reflecting business performance or ongoing trends, allowing for analytical comparisons and performance improvement strategies[45](index=45&type=chunk) Formula One Group Adjusted OIBDA Reconciliation (Q2 and YTD 2025 vs. 2024) | Metric (amounts in millions) | Q2 2024 | Q2 2025 | YTD 2024 | YTD 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** |

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, 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 ...

Financial Performance - Formula One Group revenue decreased by 27% to $403 million in Q1 2025 from $553 million in Q1 2024[7] - Operating income for Formula One Group turned to a loss of $67 million in Q1 2025 compared to a profit of $95 million in Q1 2024[7] - Adjusted OIBDA for Formula One Group fell by 64% to $73 million in Q1 2025 from $202 million in Q1 2024[7] - Total revenue for Q1 2025 was $447 million, a decrease of 24% compared to $587 million in Q1 2024[34][36] - Formula 1 revenue in Q1 2025 was $400 million, down 27% from $550 million in Q1 2024[34][36] - Operating loss for Q1 2025 was $71 million, compared to an operating income of $93 million in Q1 2024[34][36] - Net earnings attributable to Liberty stockholders for Q1 2025 were $5 million, a significant decline from $203 million in Q1 2024[34][36] - Net earnings for the quarter were $77 million, compared to a loss of $73 million in the previous year[41] - Liberty Live Group's Adjusted OIBDA was $(4) million, indicating a decline from the previous year[45] Cash and Debt Management - Total cash and cash equivalents attributed to Formula One Group rose by $202 million to $2.833 billion during Q1 2025[22] - Cash and cash equivalents at the end of Q1 2025 totaled $3,147 million, an increase from $2,963 million at the beginning of the period[37] - Total cash, cash equivalents, and restricted cash at the end of the period amounted to $1.691 billion[41] - Total debt attributed to Formula One Group remained relatively flat at $2.902 billion as of March 31, 2025[22] - The company experienced a net increase in cash and cash equivalents of $1.666 billion at the beginning of the period[41] Assets and Liabilities - Total assets as of March 31, 2025, were $13,285 million, compared to $12,086 million in the previous period[31] - Total liabilities stood at $6,226 million as of March 31, 2025, reflecting an increase from $4,675 million[31] Operational Metrics - The number of races held in Q1 2025 was 2, down from 3 in Q1 2024, impacting revenue generation[9] - The company reported a net cash provided by operating activities of $381 million for Q1 2025, compared to a net cash used of $10 million in Q1 2024[37] - Cash provided by operating activities was $140 million, while cash used in investing activities was $296 million[41] - The company incurred acquisition costs of $11 million in Q1 2025, up from $9 million in Q1 2024[34][36] - Depreciation and amortization expenses for Q1 2025 were $77 million, compared to $86 million in Q1 2024[34][36] - Stock-based compensation expenses totaled $12 million, down from $2 million in the previous year[45] Investments and Partnerships - Live Nation investment's fair value increased to $9.1 billion as of March 31, 2025, from $9.0 billion at the end of 2024[3] - New sponsorship deals secured for Formula 1 include Barilla Pasta and PWC as Official Partners[3] - Liberty Media is actively working with the European Commission on the regulatory process for the MotoGP acquisition[3] Stock Repurchase - Liberty Media has a remaining stock repurchase authorization of $1.1 billion as of May 1, 2025[16]

Table of Contents For the quarterly period ended March 31, 2025 OR 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 (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ☐ 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 (Sta ...

Financial Performance - Formula One Group reported Q4 2024 revenue of $1,230 million, an 8% decrease from Q4 2023, while full-year revenue was $3,222 million, a 6% increase year-over-year[7]. - Adjusted OIBDA for Formula One Group in Q4 2024 was $243 million, down 18% from Q4 2023, while full-year Adjusted OIBDA increased to $686 million, up 9% from the previous year[10]. - Formula One Group's operating income for Q4 2024 was $122 million, compared to $23 million in Q4 2023, while full-year operating income rose to $297 million, up 3% from 2023[7]. - Formula 1 revenue for the twelve months ended December 31, 2024, was $3,318 million, an increase from $3,222 million in 2023[38]. - Total revenue for Liberty Media Corporation for the twelve months ended December 31, 2024, was $3,653 million, compared to $3,572 million in 2023[38]. - Operating income for Formula One Group was $287 million for the twelve months ended December 31, 2024, compared to $255 million in 2023[38]. - Net earnings attributable to Liberty stockholders for the twelve months ended December 31, 2024, were a loss of $2,063 million, significantly impacted by discontinued operations[38]. - Net earnings for Liberty Media Corporation were $962 million for the twelve months ended December 31, 2023, compared to a loss of $2,475 million in the previous period[45]. Attendance and Engagement - F1 fan attendance reached 6.5 million in 2024, a 9% increase compared to 2023, with a cumulative 1.6 billion TV viewers and 97 million social media followers[2]. Strategic Initiatives - Liberty Media plans to close the acquisition of MotoGP by June 30, 2025, as part of its strategic priorities for growth[2]. - The company expects to pursue strategic priorities in 2025, including the planned acquisition of MotoGP[33]. - The company extended several race promotion agreements, including the Belgian Grand Prix in a multi-year rotation and the Chinese Grand Prix through 2030[2]. Financial Position and Cash Flow - Total cash and cash equivalents attributed to Formula One Group decreased by $35 million during Q4 2024, primarily due to cash used in operations and capital expenditures[30]. - Total debt attributed to Formula One Group remained relatively flat at $2,928 million as of December 31, 2024, compared to $2,992 million in the previous quarter[30]. - Total cash and cash equivalents attributed to Liberty Live Group decreased by $63 million during Q4 2024, mainly due to debt reduction and interest payments[31]. - Total attributed Liberty Live Group debt decreased by $50 million during the quarter, settling the remaining 0.5% Live Nation exchangeable senior debentures due 2050[31]. - Cash flows from operating activities provided $634 million, a significant increase from the previous period's cash used of $14 million[45]. - The company reported a net cash used by investing activities of $544 million, primarily due to capital expenditures of $461 million[45]. - Liberty Media's financing activities resulted in a net cash used of $285 million, including $1,165 million in borrowings and $1,008 million in debt repayments[45]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $2,028 million, down from $2,276 million at the beginning of the period[45]. - The company experienced a net increase in cash of $935 million during the period, despite cash used by discontinued operations amounting to $315 million[45]. Profitability Metrics - Team payments as a percentage of pre-team payment Adjusted OIBDA decreased from 62.6% in 2023 to 61.5% in 2024, indicating improved profitability[16]. - Adjusted OIBDA for the Formula One Group was $686 million for 2023, reflecting operational strength despite a decrease from $774 million in 2024[50]. - The Formula One Group's operating income for 2023 was $297 million, with depreciation and amortization expenses of $369 million[50]. - Liberty Live Group reported an operating loss of $11 million for 2023, with an Adjusted OIBDA of $(9) million[50]. Corporate Developments - Liberty Media's investment in Live Nation was valued at $9.0 billion as of December 31, 2024, reflecting a significant increase from previous valuations[2]. - The total remaining repurchase authorization for Liberty Media as of February 1, 2025, is $1.1 billion, available for repurchases of common shares[22]. - The company incurred $32 million in costs related to corporate acquisitions and a $73 million non-cash impairment charge related to Quint goodwill during 2024[50]. - Liberty Media Corporation is in compliance with its debt covenants as of December 31, 2024[30].

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, 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 (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, 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 | --- | --- | --- | |-------------------------------------------------------|--------------------------------- ...

Financial Data and Key Metrics Changes - Liberty SiriusXM Group reported attributed cash of $88 million, excluding $100 million held at SiriusXM, with total principal amount of debt at $10.9 billion, including $9.1 billion at SiriusXM [13] - Formula One Group had attributed cash and liquid investments of $1.5 billion, with total principal amount of debt at $2.9 billion, leaving $530 million at the corporate level [14] - Corporate and other revenue was $141 million, with adjusted OIBDA of $5 million in the second quarter [18] Business Line Data and Key Metrics Changes - SiriusXM's EBITDA was flat year-over-year but up 8% compared to the first quarter, with self-pay net adds improving due to reduced voluntary churn [5] - Formula One Group's year-to-date revenue increased by 29% and OIBDA grew by 35%, driven by three additional races [7] - Atlanta Braves Holdings saw revenue growth in the second quarter despite three fewer home games, driven by new sponsorship agreements and increased broadcasting revenue [20] Market Data and Key Metrics Changes - The Formula One season has seen 7 different race winners and 8 drivers on the podium, indicating a highly competitive environment [6] - Attendance at MotoGP events has increased, with a record attendance of 253,000 in Germany, up 8% from 2023 [9] - Live Nation reported a record quarter with concert attendance up 5% and AOI up 21% [10] Company Strategy and Development Direction - SiriusXM is focusing on growth opportunities in the automotive sector and enhancing its streaming platform [5] - Formula One is expanding its sponsorship pipeline and enhancing fan engagement through various initiatives [22][31] - Atlanta Braves are investing in capital improvement projects to enhance fan experience and drive incremental revenue [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in SiriusXM's ability to generate solid margins and cash flow, anticipating a return to free cash flow growth in the coming years [5] - The competitive nature of the current Formula One season is expected to drive higher engagement and viewership [22] - Atlanta Braves management noted strong fan demand and a high renewal rate for season tickets, indicating positive future prospects [11] Other Important Information - The merger transaction with SiriusXM is expected to close on September 9, with a reset of the adjusted merger exchange ratio [4] - The MotoGP transaction is progressing well, with regulatory approvals received in multiple jurisdictions [8] - Liberty Media's annual Investor Day is scheduled for November 14 in New York City [37] Q&A Session Summary Question: What indicators are being seen for F1 demand? - Management noted no significant drop in interest, with sold-out events and high demand continuing [41] Question: Why was promotion revenue at F1 flat year-over-year? - The flat revenue was attributed to the mix of events, with different fees impacting overall revenue [48] Question: Is there any appetite for a breakup of Live Nation? - Management stated that a breakup is not in the interest of Live Nation or consumers, emphasizing the company's strong performance [52] Question: How does the relationship with Quint work post-acquisition? - Quint now operates as a subsidiary, integrating more closely with Formula One while maintaining third-party relationships [55]