Revenue and Income - SiriusXM reported Q1 2024 revenue of $2.16 billion, up 1% year-over-year, with ad revenue increasing by 7%[1] - Net income for SiriusXM was $265 million, with diluted EPS of $0.07, and adjusted EBITDA of $650 million, up 4% year-over-year[1] - Formula One Group's revenue for Q1 2024 was $587 million, a 54% increase from $381 million in Q1 2023[9] - Formula One Group's operating income rose to $95 million, a 494% increase from $16 million in the same period last year[9] - Total revenue for Liberty Media Corporation in Q1 2024 was $2,749 million, with SiriusXM Holdings revenue contributing $2,162 million and Formula 1 revenue contributing $550 million[41] - Operating income for Liberty Media Corporation in Q1 2024 was $502 million, with Liberty SiriusXM Group reporting $409 million and Formula One Group reporting $95 million[41] - Net earnings attributable to Liberty stockholders for Q1 2024 were $203 million, compared to $199 million in Q1 2023[41] Cash and Debt Management - Total cash and cash equivalents attributed to Liberty SiriusXM Group decreased by $171 million in Q1 2024, resulting in a balance of $135 million as of March 31, 2024[30] - Total debt attributed to Liberty SiriusXM Group decreased by $36 million during the quarter, totaling $11,106 million as of March 31, 2024[32] - Total cash and cash equivalents attributed to Formula One Group decreased by $175 million during the quarter, with a balance of $1,233 million as of March 31, 2024[33] - Liberty Media Corporation's total liabilities as of March 31, 2024, were $22,760 million, with long-term debt amounting to $14,257 million[39] - Liberty Media's remaining stock repurchase authorization was $1.1 billion as of May 1, 2024[21] Operational Performance - Liberty SiriusXM Group's operating income increased from $373 million in Q1 2023 to $409 million in Q1 2024, representing a growth of 9.66%[52] - Formula One Group's adjusted OIBDA surged from $105 million in Q1 2023 to $202 million in Q1 2024, marking a significant increase of 92.38%[52] - Liberty Media Corporation's consolidated adjusted OIBDA rose from $688 million in Q1 2023 to $826 million in Q1 2024, reflecting a growth of 20.1%[52] - SiriusXM's adjusted EBITDA increased from $625 million in Q1 2023 to $650 million in Q1 2024, an increase of 4%[56] Subscriber and Engagement Metrics - The 2024 Formula 1 season has seen over 1 million fans in attendance across the first five races, indicating strong fan engagement[2] - The company experienced a significant increase in subscriber acquisition costs, totaling $90 million for SiriusXM Holdings[43] Strategic Investments and Acquisitions - Liberty announced the planned acquisition of MotoGP for €3.5 billion, expected to be completed by year-end 2024[4] - Formula One Group incurred $9 million in acquisition-related costs during Q1 2024 associated with the Quint acquisition and the planned acquisition of MotoGP[53] Cash Flow and Expenses - Cash flows from operating activities provided $395 million, with net earnings of $245 million for the consolidated group[45] - The company reported a net cash used in investing activities of $650 million, primarily due to investments in equity method affiliates and capital expenditures[45] - Total cash and cash equivalents at the end of the period amounted to $1,691 million, down from $2,028 million at the beginning of the period[45] - Free cash flow decreased from $144 million in Q1 2023 to $132 million in Q1 2024, a decline of 8.33%[59] - Net cash provided by operating activities fell from $350 million in Q1 2023 to $308 million in Q1 2024, a decrease of 12%[59] Expenses and Cost Management - Liberty Media's total operating expenses were $2,216 million, with selling, general, and administrative expenses accounting for $486 million[43] - SiriusXM recorded $28 million in impairment, restructuring, and acquisition costs in Q1 2024, down from $32 million in Q1 2023[56] - Liberty SiriusXM Group's depreciation and amortization expenses slightly decreased from $161 million in Q1 2023 to $155 million in Q1 2024[52] - Stock compensation expense for Liberty Media Corporation increased from $56 million in Q1 2023 to $61 million in Q1 2024[52] Compliance and Financial Health - Liberty Media Corporation is in compliance with its debt covenants as of March 31, 2024[30] - Formula 1 leverage ratio improved to 1.7x as of March 31, 2024, down from 1.9x in the previous quarter[28]

Financial Position - As of March 31, 2024, the Liberty SiriusXM Group had cash and cash equivalents of approximately $135 million, including about $71 million of subsidiary cash[207]. - The Formula One Group had cash and cash equivalents of approximately $1,233 million, which included $1,076 million of subsidiary cash as of March 31, 2024[209]. - Liberty's total cash and cash equivalents amounted to $1,666 million as of March 31, 2024, with $1,233 million from the Formula One Group and $135 million from the Liberty SiriusXM Group[240]. - Cash provided by operating activities for Liberty SiriusXM Group was $264 million, down from $319 million in the same period last year[243]. - The company expects to fund projected uses of cash with cash on hand, borrowing capacity under margin loans, and dividends from operating subsidiaries[246]. Corporate Actions - The Company completed the split-off of Atlanta Braves Holdings on July 18, 2023, exchanging each outstanding share of Liberty Braves common stock for one share of Atlanta Braves Holdings common stock[202]. - On August 3, 2023, the Company reclassified its outstanding shares into three new tracking stocks: Liberty SiriusXM common stock, Liberty Formula One common stock, and Liberty Live common stock[203]. - The proposed Transactions, including the Liberty Sirius XM Holdings Split-Off and the Merger with Sirius XM Holdings, are expected to be completed early in the third quarter of 2024[213]. Revenue and Earnings - Consolidated revenue increased by $193 million for the three months ended March 31, 2024, compared to the prior year, driven by $172 million from Formula 1 and $18 million from Sirius XM Holdings[218]. - Consolidated operating income increased by $162 million for the three months ended March 31, 2024, primarily due to $101 million from Formula 1 and $35 million from Sirius XM Holdings[219]. - For the three months ended March 31, 2024, net earnings were $245 million, compared to $52 million for the same period in 2023, reflecting fluctuations in revenue and expenses[236]. - Total revenue for SiriusXM was $2,162 million for the three months ended March 31, 2024, compared to $2,144 million in the same period of 2023, representing a 0.8% increase[261]. - Formula 1's total revenue increased by 45.2% to $553 million for the three months ended March 31, 2024, compared to $381 million in the prior year[280]. Subscriber and User Metrics - SiriusXM had approximately 33.4 million subscribers as of March 31, 2024[253]. - As of March 31, 2024, Pandora had approximately 45.0 million monthly active users and 5.9 million subscribers[255]. Operating Performance - Adjusted OIBDA increased by $138 million for the three months ended March 31, 2024, reaching $826 million, primarily driven by a $91 million increase in Formula 1 Adjusted OIBDA[222]. - Adjusted OIBDA for SiriusXM was $635 million for the three months ended March 31, 2024, compared to $625 million in the prior year, reflecting a 1.6% increase[261]. - Operating income for SiriusXM increased to $422 million for the three months ended March 31, 2024, up from $387 million in the same period of 2023[261]. - Consolidated operating income for Liberty Sirius XM Group was $502 million for the three months ended March 31, 2024[222]. Expenses and Costs - Stock-based compensation expense was $61 million for the three months ended March 31, 2024, compared to $56 million in the same period of 2023[221]. - Total unrecognized compensation cost related to unvested Liberty equity awards was approximately $29 million as of March 31, 2024[221]. - Total unrecognized compensation cost related to unvested Sirius XM Holdings stock options and restricted stock units was $425 million as of March 31, 2024[221]. - Consolidated interest expense decreased by $5 million to $191 million for the three months ended March 31, 2024, compared to $196 million in the prior year[226]. - Depreciation and amortization for the three months ended March 31, 2024, was $241 million, down from $260 million in the prior year[222]. Market Risks - The company is exposed to significant market risks due to changes in stock prices and interest rates, with a strategy in place to manage these risks through various financial instruments[290][291]. - The Company is subject to various risks, including competition faced by Sirius XM Holdings and the ability to attract and retain subscribers[194]. - The Liberty SiriusXM Group's financial performance may be impacted by the market for music rights and the ability to monetize non-music content[194]. Formula 1 Specifics - The number of Formula 1 events increased to 3 for the three months ended March 31, 2024, compared to 2 events in the prior year[280]. - Primary Formula 1 revenue increased by $149 million during the three months ended March 31, 2024, compared to the same period in the prior year, primarily due to one additional event[281]. - Media rights revenue increased due to a calendar variance in revenue recognition, with 3/24ths of season-based fees recognized in the current period compared to 2/23rds in the prior period[282]. - Other Formula 1 revenue increased by $23 million during the three months ended March 31, 2024, driven by the sale of new Formula 2 cars and higher hospitality income[283]. - Cost of Formula 1 revenue increased by $80 million during the three months ended March 31, 2024, compared to the same period in the prior year[284].

[Executive Summary & 2023 Highlights](index=1&type=section&id=Executive%20Summary%20%26%202023%20Highlights) This section highlights Liberty Media's 2023 performance, including SiriusXM's financials, Formula 1's growth, and key strategic developments [Liberty SiriusXM Group Highlights](index=1&type=section&id=Liberty%20SiriusXM%20Group%20Highlights) SiriusXM reported full year 2023 revenue of $8.95 billion, net income of $1.26 billion, and diluted EPS of $0.32, while the group reduced its debt by $782 million and expects to complete its combination with SiriusXM in early Q3 2024 SiriusXM 2023 Full Year Financials | Metric | Value | | :----- | :---- | | Revenue | $8.95 billion | | Net Income | $1.26 billion | | Diluted EPS | $0.32 | | Adjusted EBITDA | $2.79 billion | | Free Cash Flow | $1.20 billion | - Planned combination of Liberty SiriusXM Group and SiriusXM expected **early Q3 2024**[1](index=1&type=chunk) - Reduced Liberty SiriusXM Group debt by **$782 million** in full year **2023**[1](index=1&type=chunk) - Liberty Media's ownership of SiriusXM was **83.4%** as of **January 30, 2024**[1](index=1&type=chunk) [Formula One Group Highlights](index=1&type=section&id=Formula%20One%20Group%20Highlights) Formula 1 saw significant growth in 2023, with fan attendance up 5% to 6 million and strong social media engagement, alongside key developments like the inaugural Las Vegas Grand Prix and new multi-year race promotion deals - **2023 F1 fan attendance** reached **6 million**, a **5% increase YoY**[1](index=1&type=chunk) - Inaugural Las Vegas Grand Prix generated over **16 billion global social media impressions** during race week[1](index=1&type=chunk) - F1 announced new multi-year race promotion deals, including Madrid (from **2026**) and renewals for British, Japanese, and Brazilian Grands Prix[1](index=1&type=chunk) - Closed Quint acquisition on **January 3, 2024**[1](index=1&type=chunk) [Liberty Live Group Highlights](index=1&type=section&id=Liberty%20Live%20Group%20Highlights) The fair value of Liberty Live Group's investment in Live Nation was $6.5 billion as of December 31, 2023 Live Nation Investment Fair Value | Date | Fair Value | | :--- | :--------- | | Dec 31, 2023 | $6.5 billion | [CEO Commentary](index=3&type=section&id=CEO%20Commentary) CEO Greg Maffei highlighted a productive 2023, including the Braves split-off, creation of Liberty Live Group, and the announced combination of Liberty SiriusXM and SiriusXM, noting Formula 1's double-digit revenue growth and Live Nation's strong performance - Key strategic achievements in **2023** included the split-off of Atlanta Braves, creation of Liberty Live Group tracking stock, and announcement of Liberty SiriusXM Group and SiriusXM combination[3](index=3&type=chunk) - Formula 1 experienced **double-digit growth** across all revenue streams in **2023**[3](index=3&type=chunk) - Live Nation is capitalizing on the globalization of the music industry, with **2024 expected to surpass record 2023 performance**[3](index=3&type=chunk) [Discussion of Results by Group](index=3&type=section&id=Discussion%20of%20Results%20by%20Group) This section provides a detailed financial discussion of the performance of Liberty SiriusXM Group, Formula One Group, and Liberty Live Group for the reporting period [Liberty SiriusXM Group Financials](index=3&type=section&id=Liberty%20SiriusXM%20Group%20Financials) For the full year 2023, Liberty SiriusXM Group's revenue was $8,953 million, a 1% decrease YoY, with operating income decreasing by 6% to $1,808 million and Adjusted OIBDA decreasing by 3% to $2,732 million, as the group's assets primarily consist of its interest in SiriusXM, including Pandora Liberty SiriusXM Group Financial Performance (Full Year) | Metric | 2022 (millions) | 2023 (millions) | % Change | | :----- | :-------------- | :-------------- | :------- | | Revenue | $9,003 | $8,953 | (1)% | | Operating Income | $1,919 | $1,808 | (6)% | | Adjusted OIBDA | $2,807 | $2,732 | (3)% | Liberty SiriusXM Group Financial Performance (Q4) | Metric | 2022 (millions) | 2023 (millions) | % Change | | :----- | :-------------- | :-------------- | :------- | | Revenue | $2,283 | $2,288 | — % | | Operating Income | $529 | $455 | (14)% | | Adjusted OIBDA | $734 | $688 | (6)% | - Liberty SiriusXM Group's businesses and assets primarily consist of Liberty Media's interest in SiriusXM, which includes its subsidiary Pandora[8](index=8&type=chunk) [Formula One Group Financials](index=5&type=section&id=Formula%20One%20Group%20Financials) Formula One Group reported a strong 2023, with full year revenue increasing 25% to $3,222 million and operating income surging 64% to $392 million, while Adjusted OIBDA grew 22% to $725 million, driven by increases across all revenue streams, particularly from the inaugural Las Vegas Grand Prix Formula One Group Financial Performance (Full Year) | Metric | 2022 (millions) | 2023 (millions) | % Change | | :----- | :-------------- | :-------------- | :------- | | Revenue | $2,573 | $3,222 | 25% | | Operating Income | $239 | $392 | 64% | | Adjusted OIBDA | $593 | $725 | 22% | Formula One Group Financial Performance (Q4) | Metric | 2022 (millions) | 2023 (millions) | % Change | | :----- | :-------------- | :-------------- | :------- | | Revenue | $754 | $1,230 | 63% | | Operating Income | $58 | $153 | 164% | | Adjusted OIBDA | $147 | $238 | 62% | - F1 maintained its position as the **fastest-growing league on social media for the fourth consecutive year**, with continued fan growth, especially in the US market and among younger, more female audiences[10](index=10&type=chunk) [F1 Operating Results Breakdown](index=6&type=section&id=F1%20Operating%20Results%20Breakdown) This subsection details Formula 1's operating results, including revenue, costs, and operating income for the full year and fourth quarter F1 Operating Results (Full Year) | Metric | 2022 (millions) | 2023 (millions) | % Change | | :----- | :-------------- | :-------------- | :------- | | Primary F1 revenue | $2,107 | $2,560 | 21% | | Other F1 revenue | $466 | $662 | 42% | | Total F1 revenue | $2,573 | $3,222 | 25% | | Cost of F1 revenue | $(1,750) | $(2,256) | (29)% | | Selling, general & admin | $(230) | $(241) | (5)% | | Operating income | $239 | $392 | 64% | F1 Operating Results (Q4) | Metric | 2022 (millions) | 2023 (millions) | % Change | | :----- | :-------------- | :-------------- | :------- | | Primary F1 revenue | $568 | $838 | 48% | | Other F1 revenue | $186 | $392 | 111% | | Total F1 revenue | $754 | $1,230 | 63% | | Cost of F1 revenue | $(527) | $(916) | (74)% | | Selling, general & admin | $(80) | $(76) | 5% | | Operating income | $58 | $153 | 164% | [Revenue Drivers](index=6&type=section&id=Revenue%20Drivers) This subsection identifies the key factors driving Formula 1's revenue growth across race promotion, media rights, and sponsorship - Primary F1 revenue streams (race promotion, media rights, sponsorship) all grew in **2023**[14](index=14&type=chunk) - Race promotion revenue growth was primarily driven by ticketing from the inaugural Las Vegas Grand Prix and contractual fee increases[14](index=14&type=chunk)[15](index=15&type=chunk) - Sponsorship revenue increased due to the Las Vegas Grand Prix, new sponsors, and growth from existing sponsors[15](index=15&type=chunk) - Media rights revenue grew from increased fees under new/renewed agreements and F1 TV subscription growth[15](index=15&type=chunk) - Other F1 revenue increased due to higher hospitality revenue from the Las Vegas Grand Prix and Paddock Club growth[15](index=15&type=chunk) [Operating Expenses and Profitability](index=7&type=section&id=Operating%20Expenses%20and%20Profitability) This subsection analyzes Formula 1's operating expenses, including team payments and other costs, and their impact on profitability - Team payments increased due to F1 revenue growth, but decreased as a percentage of pre-team payment adjusted OIBDA from **66% (2022)** to **63% (2023)**[16](index=16&type=chunk) - Other cost of F1 revenue increased significantly, primarily driven by costs of promoting, organizing, and delivering the Las Vegas Grand Prix, and higher hospitality costs[16](index=16&type=chunk) - Selling, general and administrative expense increased for the full year due to higher personnel, IT, and marketing costs, and Las Vegas Grand Prix planning, partially offset by lower legal fees and foreign exchange favorability[16](index=16&type=chunk) [Business Description](index=7&type=section&id=Business%20Description_F1) This subsection outlines the primary assets and business components attributed to the Formula One Group - Formula One Group's assets include Liberty Media's subsidiary F1 and other minority investments[17](index=17&type=chunk) - Quint acquisition closed on **January 3, 2024**, adding to Formula One Group's assets[1](index=1&type=chunk)[17](index=17&type=chunk) [Liberty Live Group Overview](index=7&type=section&id=Liberty%20Live%20Group%20Overview) Liberty Live Group's attributed businesses and assets primarily consist of Liberty Media's interest in Live Nation and other minority investments, with the group allocated $11 million in corporate level SG&A for the full year 2023 - Liberty Live Group's assets primarily consist of Liberty Media's interest in Live Nation and other minority investments[19](index=19&type=chunk) Corporate SG&A Allocation to Liberty Live Group | Period | Amount (millions) | | :----- | :---------------- | | Q4 2023 | $6 | | Full Year 2023 | $11 | [Corporate Financial Information](index=8&type=section&id=Corporate%20Financial%20Information) This section presents Liberty Media's corporate financial details, including share repurchases, public holdings, and a comprehensive analysis of cash and debt [Share Repurchases](index=8&type=section&id=Share%20Repurchases) There were no repurchases of Liberty Media's common stock from November 1, 2023, through January 31, 2024, with the remaining repurchase authorization as of February 1, 2024, being $1.1 billion, applicable to any Liberty Media tracking stocks - No share repurchases from **Nov 1, 2023**, to **Jan 31, 2024**[20](index=20&type=chunk) - Remaining repurchase authorization of **$1.1 billion** as of **Feb 1, 2024**[20](index=20&type=chunk) [Fair Value of Corporate Public Holdings](index=8&type=section&id=Fair%20Value%20of%20Corporate%20Public%20Holdings) As of December 31, 2023, the total fair value of Liberty Media's corporate public holdings was $6,632 million, primarily driven by the Live Nation investment valued at $6,519 million, while Atlanta Braves Holdings shares were exchanged to satisfy debt obligations Fair Value of Corporate Public Holdings (Dec 31, 2023) | Group | Holding | Fair Value (millions) | | :---- | :------ | :-------------------- | | Liberty Live Group | Live Nation Investment | $6,519 | | Liberty Live Group | Other Monetizable Public Holdings | $113 | | **Total Liberty Media** | | **$6,632** | - Atlanta Braves Holdings shares previously held by Liberty SiriusXM Group were exchanged in **Q4 2023** to satisfy debt obligations[22](index=22&type=chunk) [Cash and Debt Analysis](index=9&type=section&id=Cash%20and%20Debt%20Analysis) As of December 31, 2023, Liberty Media's total consolidated cash and cash equivalents were $2,019 million, and total consolidated debt was $15,360 million, with all consolidated subsidiaries in compliance with their debt covenants Total Consolidated Cash and Debt (Dec 31, 2023) | Metric | Amount (millions) | | :----- | :---------------- | | Total Consolidated Cash and Cash Equivalents (GAAP) | $2,019 | | Total Liberty Media Corporation Debt (GAAP) | $15,360 | - Liberty Media and its consolidated subsidiaries were in compliance with their debt covenants as of **December 31, 2023**[26](index=26&type=chunk) [Cash and Cash Equivalents](index=9&type=section&id=Cash%20and%20Cash%20Equivalents) This subsection details the cash and cash equivalents held by each Liberty Media group at quarter and year-end Cash and Cash Equivalents by Group | Group | Sep 30, 2023 (millions) | Dec 31, 2023 (millions) | | :---- | :---------------------- | :---------------------- | | Liberty SiriusXM Group | $327 | $306 | | Formula One Group | $1,470 | $1,408 | | Liberty Live Group | $315 | $305 | | **Total Consolidated** | **$2,112** | **$2,019** | [Debt Overview](index=9&type=section&id=Debt%20Overview) This subsection provides a GAAP-based overview of debt levels for each Liberty Media group Debt by Group (GAAP) | Group | Sep 30, 2023 (millions) | Dec 31, 2023 (millions) | | :---- | :---------------------- | :---------------------- | | Liberty SiriusXM Group | $11,540 | $11,137 | | Formula One Group | $2,897 | $2,906 | | Liberty Live Group | $1,226 | $1,317 | | **Total Liberty Media** | **$15,663** | **$15,360** | - Formula 1's net debt to covenant OIBDA ratio improved from **2.2x** to **1.9x**[24](index=24&type=chunk)[26](index=26&type=chunk) [Liberty SiriusXM Group Cash & Debt Changes](index=9&type=section&id=Liberty%20SiriusXM%20Group%20Cash%20%26%20Debt%20Changes) This subsection analyzes the quarterly changes in cash and debt for the Liberty SiriusXM Group, including dividend receipts and debt repayments - Liberty SiriusXM Group cash decreased by **$21 million** in **Q4 2023** due to debt repayment and return of capital at SiriusXM[27](index=27&type=chunk) - Liberty SiriusXM Group received **$85 million** in dividends from SiriusXM in **Q4 2023** and **$318 million** for the full year[28](index=28&type=chunk) - Liberty SiriusXM Group debt decreased by **$434 million** in **Q4 2023**, including retirement of **$199 million** convertible notes and **$80 million** SiriusXM margin loan[29](index=29&type=chunk) - Debt repayment was partly funded by **$61 million** from a debt-for-equity exchange of Atlanta Braves Holdings Series C common stock[29](index=29&type=chunk) [Formula One Group Cash & Debt Changes](index=11&type=section&id=Formula%20One%20Group%20Cash%20%26%20Debt%20Changes) This subsection details the quarterly changes in cash and debt for the Formula One Group, highlighting capital expenditures - Formula One Group cash decreased by **$62 million** in **Q4 2023**, primarily due to capital expenditures related to the Las Vegas Grand Prix[30](index=30&type=chunk) - Formula One Group debt was relatively flat in **Q4 2023**[30](index=30&type=chunk) [Liberty Live Group Cash & Debt Changes](index=11&type=section&id=Liberty%20Live%20Group%20Cash%20%26%20Debt%20Changes) This subsection outlines the quarterly changes in cash and debt for the Liberty Live Group, primarily due to interest payments - Liberty Live Group cash decreased by **$10 million** in **Q4 2023**, primarily due to interest payments[31](index=31&type=chunk) - Liberty Live Group debt was flat in **Q4 2023**[31](index=31&type=chunk) [Consolidated Financial Statements (Unaudited)](index=14&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements, including the balance sheet, statements of operations, and cash flows for Liberty Media Corporation [Balance Sheet (December 31, 2023)](index=14&type=section&id=Balance%20Sheet%20(December%2031%2C%202023)) As of December 31, 2023, Liberty Media Corporation reported total assets of $41,168 million, total liabilities of $21,723 million, and total equity/attributed net assets of $16,396 million, with goodwill and FCC licenses as significant intangible assets Consolidated Balance Sheet Highlights (Dec 31, 2023) | Metric | Amount (millions) | | :----- | :---------------- | | Total Current Assets | $3,377 | | Investments in affiliates | $1,089 | | Property and equipment, net | $2,083 | | Goodwill | $19,165 | | FCC licenses | $8,600 | | Total Assets | $41,168 | | Total Current Liabilities | $4,743 | | Long-term debt | $14,180 | | Total Liabilities | $21,723 | | Equity / Attributed net assets | $16,396 | | Noncontrolling interests | $3,049 | [Statement of Operations (Twelve months ended December 31, 2023)](index=15&type=section&id=Statement%20of%20Operations%20(Twelve%20months%20ended%20December%2031%2C%202023)) For the twelve months ended December 31, 2023, Liberty Media reported total revenue of $12,525 million, operating income of $2,063 million, and net earnings attributable to Liberty stockholders of $761 million, with interest expense as a significant deduction at $782 million Consolidated Statement of Operations Highlights (FY2023) | Metric | Amount (millions) | | :----- | :---------------- | | Total Revenue | $12,525 | | Operating Income (Loss) | $2,063 | | Interest Expense | $(782) | | Earnings (loss) before income taxes | $1,185 | | Net earnings (loss) attributable to Liberty stockholders | $761 | Revenue Breakdown by Group (FY2023) | Group | Revenue (millions) | | :---- | :----------------- | | Sirius XM Holdings | $8,953 | | Formula 1 | $3,222 | | Other | $350 | [Statement of Operations (Twelve months ended December 31, 2022)](index=16&type=section&id=Statement%20of%20Operations%20(Twelve%20months%20ended%20December%2031%2C%202022)) For the twelve months ended December 31, 2022, Liberty Media reported total revenue of $12,164 million, operating income of $2,064 million, and net earnings attributable to Liberty stockholders of $1,815 million Consolidated Statement of Operations Highlights (FY2022) | Metric | Amount (millions) | | :----- | :---------------- | | Total Revenue | $12,164 | | Operating Income (Loss) | $2,064 | | Interest Expense | $(689) | | Earnings (loss) before income taxes | $2,193 | | Net earnings (loss) attributable to Liberty stockholders | $1,815 | Revenue Breakdown by Group (FY2022) | Group | Revenue (millions) | | :---- | :----------------- | | Sirius XM Holdings | $9,003 | | Formula 1 | $2,573 | | Other | $588 | [Statement of Cash Flows (Twelve months ended December 31, 2023)](index=17&type=section&id=Statement%20of%20Cash%20Flows%20(Twelve%20months%20ended%20December%2031%2C%202023)) For the twelve months ended December 31, 2023, net cash provided by operating activities was $2,464 million, net cash used in investing activities was $1,240 million, and net cash used by financing activities was $1,473 million, resulting in a net decrease in cash of $248 million Consolidated Statement of Cash Flows Highlights (FY2023) | Activity | Amount (millions) | | :------- | :---------------- | | Net cash provided by operating activities | $2,464 | | Net cash used by investing activities | $(1,240) | | Net cash used by financing activities | $(1,473) | | Net decrease in cash, cash equivalents and restricted cash | $(248) | | Cash, cash equivalents and restricted cash at end of period | $2,028 | [Statement of Cash Flows (Twelve months ended December 31, 2022)](index=19&type=section&id=Statement%20of%20Cash%20Flows%20(Twelve%20months%20ended%20December%2031%2C%202022)) For the twelve months ended December 31, 2022, net cash provided by operating activities was $2,546 million, net cash used in investing activities was $46 million, and net cash used by financing activities was $3,148 million, resulting in a net decrease in cash of $648 million Consolidated Statement of Cash Flows Highlights (FY2022) | Activity | Amount (millions) | | :------- | :---------------- | | Net cash provided by operating activities | $2,546 | | Net cash used by investing activities | $(46) | | Net cash used by financing activities | $(3,148) | | Net decrease in cash, cash equivalents and restricted cash | $(648) | | Cash, cash equivalents and restricted cash at end of period | $2,276 | [Non-GAAP Financial Measures](index=21&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles key non-GAAP financial measures, including Adjusted OIBDA for Liberty Media and Adjusted EBITDA and Free Cash Flow for SiriusXM [Adjusted OIBDA Definition and Reconciliation](index=21&type=section&id=Adjusted%20OIBDA%20Definition%20and%20Reconciliation) Adjusted OIBDA is a non-GAAP measure defined as operating income (loss) plus depreciation and amortization, stock-based compensation, litigation settlements, restructuring, acquisition and other related costs, and impairment charges, used to assess operational strength and performance, providing insights into ongoing business trends - Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges[47](index=47&type=chunk) - Liberty Media uses Adjusted OIBDA to identify items not directly reflecting business performance or ongoing trends, and for analytical comparisons and benchmarking[48](index=48&type=chunk) Consolidated Adjusted OIBDA Reconciliation | Metric | 2022 (millions) | 2023 (millions) | | :----- | :-------------- | :-------------- | | Operating income (loss) | $2,064 | $2,063 | | Depreciation and amortization | $1,044 | $1,030 | | Stock compensation expense | $237 | $232 | | Impairment, restructuring and acquisition costs, net | $74 | $67 | | Litigation settlements, net | $0 | $31 | | **Adjusted OIBDA** | **$3,419** | **$3,423** | [SiriusXM Adjusted EBITDA Definition and Reconciliation](index=22&type=section&id=SiriusXM%20Adjusted%20EBITDA%20Definition%20and%20Reconciliation) SiriusXM's Adjusted EBITDA is a non-GAAP measure defined as net income before interest expense, income tax expense, depreciation and amortization, and adjusted for specific non-recurring or non-operational items, helping evaluate underlying operating performance apart from capital structure and purchase price accounting - SiriusXM Adjusted EBITDA is net income before interest expense, income tax expense, depreciation and amortization, and excludes loss on extinguishment of debt, share-based payment expense, impairment, restructuring and acquisition costs, legal settlements/reserves, and other significant operating expense (income)[52](index=52&type=chunk)[53](index=53&type=chunk) - SiriusXM uses Adjusted EBITDA to measure underlying operating performance, compare to other companies, estimate enterprise value, and make investment decisions[53](index=53&type=chunk) SiriusXM Adjusted EBITDA Reconciliation (Full Year) | Metric | 2022 (millions) | 2023 (millions) | | :----- | :-------------- | :-------------- | | Net income | $1,213 | $1,258 | | Legal settlements and reserves | $0 | $24 | | Impairment, restructuring and acquisition costs | $64 | $82 | | Share-based payment expense | $197 | $184 | | Depreciation and amortization | $536 | $554 | | Interest expense | $422 | $423 | | Other expense (income) | $9 | $5 | | Income tax (benefit) expense | $392 | $260 | | **Adjusted EBITDA** | **$2,833** | **$2,790** | [SiriusXM Free Cash Flow Definition and Reconciliation](index=23&type=section&id=SiriusXM%20Free%20Cash%20Flow%20Definition%20and%20Reconciliation) SiriusXM's Free Cash Flow is a non-GAAP measure derived from cash flow provided by operating activities, plus insurance recoveries on satellites, net of additions to property and equipment and purchases of other investments, evaluating cash generated by operations available for future investments, debt management, acquisitions, and capital returns to stockholders - SiriusXM Free Cash Flow is derived from cash flow provided by operating activities plus insurance recoveries on satellites, net of additions to property and equipment and purchases of other investments[55](index=55&type=chunk) - Management uses Free Cash Flow to evaluate cash available for subscriber acquisition, capital expenditures, debt management, acquisitions, and return of capital to stockholders[55](index=55&type=chunk) SiriusXM Free Cash Flow Reconciliation (Full Year) | Metric | 2022 (millions) | 2023 (millions) | | :----- | :-------------- | :-------------- | | Net cash provided by operating activities | $1,976 | $1,850 | | Additions to property and equipment | $(426) | $(650) | | Sales of other investments | $1 | $3 | | **Free cash flow** | **$1,551** | **$1,203** | [Important Notices & Forward-Looking Statements](index=11&type=section&id=Important%20Notices%20%26%20Forward-Looking%20Statements) This section provides important notices regarding the earnings call and outlines the nature and risks associated with forward-looking statements in the report [Important Notices and Forward-Looking Statements Details](index=11&type=section&id=Important%20Notices%20and%20Forward-Looking%20Statements%20Details) The report includes an important notice regarding the earnings conference call on February 28, 2024, and contains forward-looking statements about business strategies, market potential, and future financial performance, which are subject to various risks and uncertainties, and Liberty Media disclaims any obligation to update them - Earnings conference call scheduled for **February 28, 2024**, at **10:00 a.m. (E.T.)**[32](index=32&type=chunk) - The press release contains forward-looking statements subject to risks and uncertainties, including market acceptance, regulatory matters, litigation, and capital access[33](index=33&type=chunk) - Liberty Media disclaims any obligation to update or revise forward-looking statements[33](index=33&type=chunk)

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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 80112 (Zip Code) Registrant's telephone number, including area code: (720) 875-5400 Securities registered pursuant to Section 12(b) of the Act: | Title ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q 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) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 State of Delaware 37-1699499 ...

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

Part I [Item 1. Business](index=8&type=section&id=Item%201.%20Business) The company operates a portfolio of media and entertainment businesses structured into three distinct tracking stock groups [General Development of Business](index=8&type=section&id=General%20Development%20of%20Business) The company utilizes a tracking stock structure and plans to split-off the Braves Group in the first half of 2023 - A tracking stock is a type of common stock intended to reflect the economic performance of a specific business group, not the company as a whole[30](index=30&type=chunk) - The Liberty SiriusXM Group's assets include interests in **Sirius XM Holdings** and **Live Nation**, corporate cash, and various debt instruments[32](index=32&type=chunk) - The Liberty Braves Group's assets include the **Atlanta Braves MLB club**, Truist Park stadium, and the associated Mixed-Use Development[34](index=34&type=chunk) - The Liberty Formula One Group includes the **Formula 1 business**, cash, and an intergroup interest in the Braves Group[35](index=35&type=chunk) - In November 2022, the Board authorized a plan to split-off the Braves Group into a new public company, Atlanta Braves Holdings, Inc (ABH)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Sirius XM Holdings](index=12&type=section&id=Sirius%20XM%20Holdings) Sirius XM Holdings operates satellite radio and Pandora streaming services, with revenue driven by subscriptions and advertising Sirius XM Holdings Subscriber Metrics (as of Dec 31, 2022) | Business Segment | Subscribers | | :--- | :--- | | **Sirius XM** | ~34.3 million | | **Pandora** | ~6.2 million | - Liberty owns approximately **82%** of the outstanding equity interest in Sirius XM Holdings as of year-end 2022[44](index=44&type=chunk) - Sirius XM's primary revenue source is subscription fees, supplemented by advertising, equipment sales, and connected vehicle services[47](index=47&type=chunk)[48](index=48&type=chunk) - Pandora's primary revenue source is advertising on its ad-supported service, supplemented by subscription revenue[51](index=51&type=chunk) - The company's **360L platform**, combining satellite and streaming, is expected in a majority of new Sirius XM-enabled vehicles[59](index=59&type=chunk) - Sirius XM Holdings must pay royalties for musical compositions and sound recordings under rates set by the Copyright Royalty Board[102](index=102&type=chunk)[111](index=111&type=chunk) [Formula 1](index=28&type=section&id=Formula%201) Formula 1 holds exclusive commercial rights to the global FIA Formula One World Championship motor racing series Formula 1 Revenue Breakdown (FY 2022) | Revenue Stream | % of Total Revenue | | :--- | :--- | | **Media Rights** | 36.4% | | **Race Promotion** | 28.6% | | **Sponsorship** | 16.9% | - The 2022 World Championship featured 22 events with **record attendance** well above pre-COVID-19 levels[121](index=121&type=chunk)[122](index=122&type=chunk) - Formula 1 holds exclusive commercial rights to the World Championship **until the end of 2110** under the "100-Year Agreements" with the FIA[137](index=137&type=chunk)[142](index=142&type=chunk) - The 2021 Concorde Agreement secures the commitment of the **10 teams** to participate through the 2025 season[146](index=146&type=chunk) - Strategic goals include expanding the event calendar, developing sponsorship revenue, and capturing digital media opportunities[161](index=161&type=chunk) [Braves Holdings, LLC](index=38&type=section&id=Braves%20Holdings%2C%20LLC) Braves Holdings operates the Atlanta Braves MLB club and The Battery Atlanta, a large mixed-use real estate development - Braves Holdings derives revenue from both the baseball franchise and the Mixed-Use Development, with baseball revenue being seasonal[158](index=158&type=chunk)[159](index=159&type=chunk) - The Mixed-Use Development (The Battery Atlanta) is an approximately **2.25 million square-foot** area around Truist Park[174](index=174&type=chunk) - The Braves have a long-term local television broadcasting agreement and participate in MLB's national broadcast revenue[164](index=164&type=chunk) - As an MLB club, the Braves must comply with all MLB Rules and Regulations, including the CBA and revenue sharing plans[175](index=175&type=chunk)[176](index=176&type=chunk)[179](index=179&type=chunk) [Live Nation](index=44&type=section&id=Live%20Nation) Liberty holds a significant equity interest in Live Nation, the world's leading live entertainment company - As of December 31, 2022, Liberty owned approximately **31%** of Live Nation's issued and outstanding shares[186](index=186&type=chunk) - Live Nation's business segments are Concerts (event promotion), Ticketing (ticket sales), and Sponsorship & Advertising[181](index=181&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) - Liberty has the right to nominate **two directors** to Live Nation's board of directors[187](index=187&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from its tracking stock structure, consumer spending, competition, and significant indebtedness - **Company-Wide Risks:** The tracking stock structure subjects holders to risks of the entire company, not just the attributed group[220](index=220&type=chunk)[221](index=221&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) - **SiriusXM Group Risks:** Business is adversely affected by automotive supply chain issues and faces substantial competition from streaming services[241](index=241&type=chunk)[247](index=247&type=chunk)[285](index=285&type=chunk)[326](index=326&type=chunk) - **Formula One Group Risks:** Business depends on the sport's popularity, key contract renewals, and avoiding event cancellations[359](index=359&type=chunk)[361](index=361&type=chunk)[365](index=365&type=chunk)[373](index=373&type=chunk) - **Braves Group Risks:** Financial success is highly dependent on the team's on-field performance and is subject to MLB rules and real estate risks[413](index=413&type=chunk)[419](index=419&type=chunk)[431](index=431&type=chunk][446](index=446&type=chunk) - **Split-Off and Reclassification Risks:** The proposed transactions may not be completed, may not achieve intended benefits, and will incur significant costs[489](index=489&type=chunk)[490](index=490&type=chunk)[491](index=491&type=chunk) [Item 2. Properties](index=136&type=section&id=Item%202.%20Properties) The company and its subsidiaries own or lease various properties essential for their corporate and operational needs - Liberty Media owns its corporate headquarters in Englewood, Colorado[493](index=493&type=chunk) - Sirius XM Holdings owns and leases numerous office, production, studio, and technical facilities across the U.S[494](index=494&type=chunk) - Formula 1 leases offices in England and owns land being developed for the Las Vegas Grand Prix[495](index=495&type=chunk) [Item 3. Legal Proceedings](index=136&type=section&id=Item%203.%20Legal%20Proceedings) The company's legal proceedings are detailed in Note 18 of the consolidated financial statements - Information on legal proceedings is detailed in **Note 18** of the consolidated financial statements[496](index=496&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=137&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's tracking stocks trade on Nasdaq, with no current dividend plans and a share repurchase program in place - The company has three classes of stock for each of its three tracking stock groups, trading under various ticker symbols[499](index=499&type=chunk) - The company has **no present intention** of paying cash dividends on its common stock[504](index=504&type=chunk) - As of December 31, 2022, approximately **$1.1 billion** was available for future share repurchases under the company's authorized program[506](index=506&type=chunk)[507](index=507&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=140&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Consolidated revenue and operating income increased in FY 2022, driven by growth across all business segments Consolidated Operating Results (in millions) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Revenue** | $12,164 | $11,400 | $9,363 | | **Operating Income** | $2,064 | $1,977 | $177 | | **Adjusted OIBDA** | $3,419 | $3,325 | $2,509 | - The 2022 revenue increase of **$764 million** was driven by growth at Formula 1 ($437M), Sirius XM Holdings ($307M), and Braves Holdings ($20M)[536](index=536&type=chunk) - The company plans to split-off the Braves Group and reclassify its stock into three tracking stocks in the first half of 2023[525](index=525&type=chunk)[526](index=526&type=chunk)[529](index=529&type=chunk) Net Cash Flow Summary (in millions) | Cash Flow | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Operating Activities** | $2,546 | $2,437 | $1,730 | | **Investing Activities** | $(46) | $(689) | $(736) | | **Financing Activities** | $(3,148) | $(1,698) | $574 | [Results of Operations—Businesses](index=165&type=section&id=Results%20of%20Operations—Businesses) In 2022, Sirius XM and Formula 1 saw revenue and OIBDA growth, while Braves Group OIBDA declined due to higher costs Sirius XM Holdings Performance (in millions) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Total Revenue** | $9,003 | $8,696 | | **Adjusted OIBDA** | $2,833 | $2,770 | | **Operating Income** | $1,958 | $1,945 | Formula 1 Performance (in millions) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Total Revenue** | $2,573 | $2,136 | | **Adjusted OIBDA** | $593 | $495 | | **Operating Income** | $239 | $92 | Braves Group Performance (in millions) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Total Revenue** | $588 | $568 | | **Adjusted OIBDA** | $71 | $111 | | **Operating Income (Loss)** | $(15) | $31 | [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=184&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risk from changes in interest rates on its variable rate debt and stock price volatility - The company manages interest rate risk through a mix of fixed and variable rate debt, with **$1.9 billion** in variable rate debt at year-end[652](index=652&type=chunk)[653](index=653&type=chunk) - The company is managing the phase-out of LIBOR by incorporating alternative reference rates like SOFR into its debt agreements[653](index=653&type=chunk)[655](index=655&type=chunk) - The company is exposed to stock price risk through its holdings of publicly traded securities, including its investment in Live Nation[656](index=656&type=chunk)[657](index=657&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=186&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the consolidated financial statements of Liberty Media Corporation - The consolidated financial statements for Liberty Media Corporation are filed within this item[658](index=658&type=chunk) [Item 9A. Controls and Procedures](index=186&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal controls over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2022[660](index=660&type=chunk) - **No material changes** were made to the company's internal control over financial reporting during the fourth quarter of 2022[661](index=661&type=chunk) Financial Statements and Notes [Reports of Independent Registered Public Accounting Firm](index=188&type=section&id=Reports%20of%20Independent%20Registered%20Public%20Accounting%20Firm) KPMG LLP issued unqualified opinions on the financial statements and internal controls, identifying two critical audit matters - The auditor, KPMG LLP, issued an **unqualified opinion**, stating the company maintained effective internal control over financial reporting[668](index=668&type=chunk) - KPMG also issued an **unqualified opinion** on the consolidated financial statements, stating they present fairly the financial position[675](index=675&type=chunk) - **Critical Audit Matters** identified were the sufficiency of audit evidence over certain revenues and the impairment testing of Pandora[680](index=680&type=chunk)[683](index=683&type=chunk)[684](index=684&type=chunk) [Consolidated Financial Statements](index=193&type=section&id=Consolidated%20Financial%20Statements) The financial statements present the company's financial position, with total assets of $42.5 billion as of year-end 2022 Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | $42,464 | $44,351 | | Goodwill | $19,341 | $19,248 | | Total Liabilities | $23,338 | $25,514 | | Total Equity | $19,126 | $18,262 | Consolidated Statement of Operations Highlights (in millions) | Account | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Total Revenue** | $12,164 | $11,400 | $9,363 | | **Operating Income** | $2,064 | $1,977 | $177 | | **Net Earnings (Loss) Attributable to Liberty Stockholders** | $1,815 | $398 | $(1,421) | [Notes to Consolidated Financial Statements](index=200&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, debt, goodwill, and commitments supporting the financial statements - Note 2 provides a detailed explanation of the tracking stock structure and the planned 2023 Split-Off and Reclassification[717](index=717&type=chunk)[721](index=721&type=chunk)[736](index=736&type=chunk) - Note 7 details investments in affiliates, showing a fair value of **$4.9 billion** for the publicly-traded Live Nation stake[852](index=852&type=chunk) - Note 8 shows that as of Dec 31, 2022, the company had **$19.3 billion in goodwill**, with $15.2 billion allocated to Sirius XM Holdings[869](index=869&type=chunk) - Note 9 provides a detailed breakdown of the company's total debt of **$16.6 billion**[876](index=876&type=chunk) - Note 18 discloses commitments, including **$868 million** for Braves employment contracts and significant future music royalty payments[1012](index=1012&type=chunk)[1013](index=1013&type=chunk) Part III [Items 10-14](index=295&type=section&id=Items%2010-14) Information regarding directors, executive compensation, and security ownership is incorporated by reference from the proxy statement - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the company's definitive proxy statement[1049](index=1049&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=296&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the annual report - This item lists all financial statements, schedules, and exhibits filed with the 10-K report[1052](index=1052&type=chunk) - All financial statement schedules were omitted because they were not applicable or the required information was otherwise provided[1054](index=1054&type=chunk)

Commission File Number 001-35707 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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...

Table of Contents 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, 2022 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (Stat ...