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

Debt and Financing - As of December 31, 2021, the company had outstanding corporate-level indebtedness of $4.6 billion[225]. - The corporate-level debt includes $1 billion under 1.375% cash convertible senior notes due 2023 and $920 million under 0.5% exchangeable senior debentures due 2050[226][227]. - The company's ability to access cash flow from subsidiaries is limited due to covenant restrictions and the presence of non-controlling interests[225][228]. - The company may face challenges in obtaining additional financing on acceptable terms, which could impact its ability to develop businesses and complete acquisitions[225]. - The transition away from LIBOR to alternative reference rates like SOFR may increase borrowing costs and affect financial obligations[229]. - Sirius XM Holdings had an aggregate principal amount of approximately $8.9 billion of indebtedness outstanding as of December 31, 2021[334]. Revenue Dependence and Risks - The company's revenue is significantly dependent on discretionary consumer spending, which may decline during economic instability[233]. - The popularity of entertainment content and services is unpredictable, affecting revenue generation[230]. - The ongoing COVID-19 pandemic has introduced significant uncertainties affecting the company's business operations and revenue generation, particularly in the advertising sector[240]. - The ad-supported Pandora service has seen a consistent decline in monthly active users, which may negatively affect advertising revenue[278]. - The contraction of the ad-supported listener base has led to fewer advertising spots and listener hours, impacting overall revenue[279]. - Sirius XM Holdings faces challenges in maintaining advertising revenue growth, particularly in local advertising markets[286]. Operational Challenges - The company has experienced delays in securing essential chipsets due to the global semiconductor supply shortage, impacting new vehicle production and subscriber acquisition efforts[251]. - Legal proceedings involving subsidiaries could adversely impact financial conditions and performance[237]. - Operations in foreign countries expose the company to various operational risks, including compliance with local regulations[238]. - The effectiveness of the company's marketing efforts is critical for attracting and retaining subscribers, influenced by factors such as pricing and consumer engagement[259]. - The company relies on third parties for its operations, and any failure by these parties could adversely affect its business[262]. - The company relies heavily on the auto industry for subscriber growth, with new and used vehicle purchasers being a key source of subscriptions[271]. Subscriber and Market Dynamics - Subscriber turnover is a significant concern, with the company unable to predict retention rates, potentially affecting financial performance[268]. - A substantial percentage of subscribers are on discounted pricing plans, complicating the transition to higher-priced plans and increasing cancellation rates[269]. - Agreements with automakers to include Sirius XM services in vehicles do not guarantee minimum installations, posing a risk to subscriber growth[272]. - The decline in automotive production and sales could adversely impact subscriber growth for Sirius XM's satellite radio service[273]. - Sirius XM Holdings is focusing on integrating acquisitions, which may distract management and disrupt ongoing business operations[266]. Regulatory and Compliance Issues - Privacy and data security regulations may hinder Sirius XM Holdings' ability to market services and could lead to legal liabilities[293]. - Sirius XM Holdings is subject to significant consumer protection laws, which may require substantial resources for compliance and could impact its business if not adhered to[298]. - Modifications to consumer protection laws could adversely affect Sirius XM Holdings' ability to attract and retain subscribers[299]. - Sirius XM Holdings must comply with FCC regulations, and failure to do so could result in fines or license revocation[300]. - The company is required to pay a royalty rate of 15.5% per year for its satellite radio service for the next six years[319]. - Sirius XM Holdings faces increasing licensing costs due to changes in the music rights market, which could affect its financial condition[318]. Strategic Investments and Acquisitions - The success of acquisitions and strategic investments is uncertain and depends on effective integration and management[232]. - The company’s strategy includes selective acquisitions and strategic investments, which carry risks related to integration and realization of anticipated synergies[265]. - The Braves Group's financial success is heavily reliant on the team's on-field performance, with postseason participation providing additional revenue opportunities[396]. - The Development Project is expected to increase revenue through higher game attendance and rental income, but there is no assurance that these benefits will materialize[410]. Market and Competitive Landscape - The company faces substantial competition from various content providers, including terrestrial radio, YouTube, and large online advertising platforms like Amazon and Facebook[252]. - The audio entertainment industry is characterized by rapid technological change, and failure to keep pace could make Sirius XM's services less competitive[333]. - Changes in consumer viewing habits and new content distribution platforms may impact Formula 1's licensing practices and profitability, potentially reducing revenue[385]. Formula 1 Specific Risks - Formula 1 is exposed to credit-related losses due to potential non-performance by counterparties, particularly those with deteriorating credit quality, which could adversely affect cash flows[363]. - The new economic relationship between the U.K. and the E.U. post-Brexit may negatively impact Formula 1's operations and financial condition[375][376]. - Events beyond Formula 1's control, such as pandemics or security risks, could lead to cancellations or postponements, resulting in revenue loss under commercial contracts[377]. - Formula 1's broadcast contracts may reduce fees if fewer than 14 to 16 events occur in a season, impacting revenue[379]. - The last fatal racing accident occurred in 2019, highlighting potential reputational damage and financial liability risks for Formula 1[380]. - Terrorist acts during events could lead to increased security costs and potential declines in spectator attendance, adversely affecting financial performance[381]. Management and Governance - The company experienced significant employee turnover during 2021, which may impact its ability to attract and retain qualified personnel[337]. - The company relies on key personnel for its commercial success, and the loss of any key management could disrupt operations and adversely impact financial results[394]. - The Teams have governance rights under the 2021 Concorde Agreement that may limit Liberty's ability to influence Formula 1's actions, potentially affecting strategic decisions[395].

Part I – Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Liberty Media Corporation's unaudited condensed consolidated financial statements and detailed notes [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, tracking stock structure, debt instruments, investments, segment information, and contingencies - The company's capital structure consists of **three tracking stocks**: Liberty SiriusXM Group, Braves Group, and Formula One Group, with notes detailing specific assets, liabilities, and intergroup interests attributed to each group[59](index=59&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - In January 2021, Liberty Media Acquisition Corporation (LMAC), a sponsored SPAC, completed its IPO, raising **$575 million**, consolidated by Liberty and attributed to the Formula One Group[165](index=165&type=chunk)[167](index=167&type=chunk) - The SXM-7 satellite was declared a total loss, resulting in a **$220 million impairment charge** for the nine months ended September 30, 2021, offset by **$225 million in insurance recoveries** collected during the same period[177](index=177&type=chunk)[178](index=178&type=chunk) Total Debt Summary (as of September 30, 2021) | Group | Principal Outstanding (in millions) | | :--- | :--- | | Liberty SiriusXM Group | $13,127 | | Braves Group | $721 | | Formula One Group | $3,448 | | **Total Debt** | **$17,296** | Consolidated Balance Sheet Highlights (as of September 30, 2021) | Metric | Amount (in millions) | | :--- | :--- | | Total Current Assets | $4,590 | | Total Assets | $44,419 | | Total Current Liabilities | $6,188 | | Total Liabilities | $24,950 | | Total Equity | $18,894 | Consolidated Statement of Operations Highlights | Metric | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Total Revenue | $3,100 million | $2,732 million | | Operating Income | $702 million | $320 million | | Net Earnings (Loss) Attributable to Liberty Stockholders | $328 million | $(114) million | | Diluted EPS (Liberty SiriusXM) | $1.02 | $0.03 | Consolidated Cash Flow Highlights (Nine Months Ended Sep 30, 2021) | Metric | Amount (in millions) | | :--- | :--- | | Net Cash Provided by Operating Activities | $1,673 | | Net Cash Used by Investing Activities | $(615) | | Net Cash Used by Financing Activities | $(981) | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=48&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operating results, liquidity, and capital resources, highlighting strong recovery and growth [Results of Operations—Consolidated](index=52&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) This section provides a consolidated view of the company's revenue, operating income, and Adjusted OIBDA, highlighting significant increases Consolidated Revenue by Quarter | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Total Revenue | $3,100 million | $2,732 million | Consolidated Operating Income & Adjusted OIBDA by Quarter | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Operating Income | $702 million | $320 million | | Adjusted OIBDA | $946 million | $667 million | - The share of earnings from affiliates improved to a gain of **$9 million** in Q3 2021 from a loss of **$187 million** in Q3 2020, primarily due to Live Nation's business recovery and meaningful restart of operations[250](index=250&type=chunk)[252](index=252&type=chunk) [Results of Operations—Businesses](index=59&type=section&id=Results%20of%20Operations%E2%80%94Businesses) This section reviews the operational and financial performance of Sirius XM, Formula 1, and Braves Holdings, detailing revenue growth Segment Adjusted OIBDA (Q3 2021 vs Q3 2020) | Segment | Q3 2021 Adjusted OIBDA | Q3 2020 Adjusted OIBDA | Change | | :--- | :--- | :--- | :--- | | Sirius XM Holdings | $720 million | $661 million | +$59 million | | Formula 1 | $180 million | $14 million | +$166 million | | Braves Holdings | $58 million | $6 million | +$52 million | - Sirius XM revenue growth was driven by a **5% increase** in self-pay subscribers and a **32% increase** in Pandora advertising revenue[287](index=287&type=chunk)[293](index=293&type=chunk) - Formula 1 revenue increased despite holding **fewer events** in Q3 2021 (7 vs 10) due to **higher race promotion fees** as fan attendance limitations eased compared to the prior year[308](index=308&type=chunk)[310](index=310&type=chunk) - Braves Holdings revenue surged primarily due to **home baseball games being played with fans** in 2021, compared to no fans in attendance during the 2020 regular season[322](index=322&type=chunk)[324](index=324&type=chunk) [Material Changes in Financial Condition](index=56&type=section&id=Material%20Changes%20in%20Financial%20Condition) This section details the company's liquidity and capital resources, including cash holdings, primary cash uses, and key funding sources Cash and Cash Equivalents by Group (as of Sep 30, 2021) | Group | Cash & Cash Equivalents (in millions) | | :--- | :--- | | Liberty SiriusXM Group | $529 | | Braves Group | $134 | | Formula One Group | $2,195 | - Primary uses of cash during the first nine months of 2021 included **$351 million** for Liberty SiriusXM stock repurchases and **$47 million** for Liberty Formula One stock repurchases[266](index=266&type=chunk) - Key liquidity sources include cash on hand, operating cash flow from subsidiaries, and available borrowings under margin loans (**$875 million** secured by Sirius XM stock and **$200 million** secured by Live Nation stock)[261](index=261&type=chunk)[264](index=264&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks from interest rate fluctuations and stock price volatility, addressing the LIBOR transition - The company is exposed to **interest rate risk** through its **variable rate debt**, including margin loans and credit facilities at Sirius XM, Formula 1, and Braves Holdings, and is preparing for the phase-out of **LIBOR** and transition to alternative rates like **SOFR**[330](index=330&type=chunk)[331](index=331&type=chunk) - The company is exposed to stock price risk from its **$393 million** portfolio of marketable equity securities; a hypothetical **10% decline** in price would lower the portfolio's value by approximately **$39 million**[333](index=333&type=chunk) - The company's investment in Live Nation is also subject to market risk; a hypothetical **10% decline** in Live Nation's stock price at September 30, 2021, would have represented a **$635 million decrease** in value[333](index=333&type=chunk) [Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Based on an evaluation, the CEO and principal financial officer concluded that the Company's disclosure controls and procedures were **effective** as of September 30, 2021[334](index=334&type=chunk) - There were **no changes** in the Company's internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, its internal controls[335](index=335&type=chunk) Part II — Other Information [Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 for details on legal proceedings, primarily the pre-1972 sound recording litigation involving Pandora - The report references **Note 10** for details on legal proceedings, which primarily discusses the ongoing litigation against Pandora concerning **pre-1972 sound recordings**[337](index=337&type=chunk)[185](index=185&type=chunk) - A **Ninth Circuit Court of Appeals opinion** issued on August 23, 2021, in a related case against Sirius XM is believed to be precedential and **substantially narrows the claims** Flo & Eddie may continue to assert against Pandora[188](index=188&type=chunk)[189](index=189&type=chunk) [Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) This section highlights a material change to risk factors, specifically the supply chain risk for Sirius XM Holdings due to semiconductor shortage - A new risk factor was added concerning the **global semiconductor supply shortage**, which is affecting Sirius XM Holdings' ability to secure chipsets for its satellite radios and impacting new vehicle production by automakers[339](index=339&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activity for Q3 2021, including specific stock series and remaining authorization Share Repurchases (Q3 2021) | Stock Series | Total Shares Purchased | | :--- | :--- | | Series A Liberty SiriusXM | 437,411 | | Series C Liberty SiriusXM | 1,859,486 | | Series A Liberty Formula One | 1,044,000 | | **Total** | **3,340,897** | - As of September 30, 2021, approximately **$653 million** remained available for future repurchases under the existing program[341](index=341&type=chunk) [Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q report, including certifications and unaudited attributed financial information - Key exhibits filed include Rule 13a-14(a)/15d-14(a) **Certifications**, Section 1350 Certification, and **Unaudited Attributed Financial Information** for Tracking Stock Groups[345](index=345&type=chunk)

Part I – Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements and notes detail the company's financial position and performance [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Financials show significant revenue growth and a return to profitability driven by the recovery of key business segments Condensed Consolidated Balance Sheet Data (Unaudited) | Account | June 30, 2021 (in millions) | December 31, 2020 (in millions) | | :--- | :--- | :--- | | **Total Current Assets** | $5,361 | $4,030 | | **Total Assets** | **$45,654** | **$44,004** | | **Total Current Liabilities** | $5,440 | $4,490 | | **Total Liabilities** | $26,071 | $24,403 | | **Total Equity** | $19,008 | $19,601 | Condensed Consolidated Statement of Operations Data (Unaudited) | Metric | Three Months Ended June 30, 2021 (in millions) | Three Months Ended June 30, 2020 (in millions) | Six Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2020 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $2,876 | $1,909 | $5,130 | $3,922 | | **Operating Income (Loss)** | $622 | $214 | $764 | $460 | | **Net Earnings (Loss)** | $528 | $(262) | $514 | $(260) | | **Net Earnings (Loss) Attributable to Liberty Stockholders** | $417 | $(326) | $301 | $(402) | Condensed Consolidated Statement of Cash Flows Data (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2020 (in millions) | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $1,235 | $869 | | **Net Cash Used by Investing Activities** | $(754) | $(203) | | **Net Cash Provided by Financing Activities** | $650 | $2,069 | | **Net Increase in Cash** | $1,129 | $2,725 | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the basis of presentation, COVID-19 impacts, tracking stock structure, and significant corporate events - The company is primarily engaged in the media and entertainment industries, with significant subsidiaries including Sirius XM Holdings, Formula 1, and Braves Holdings[43](index=43&type=chunk) - The COVID-19 pandemic significantly impacted operations, delaying the 2020 Formula 1 and MLB seasons and causing Live Nation to suspend large-scale events[46](index=46&type=chunk)[58](index=58&type=chunk) - The company's capital structure consists of three tracking stocks: Liberty SiriusXM Group, Braves Group, and Formula One Group[59](index=59&type=chunk) - Sirius XM Holdings' SXM-7 satellite was declared a total loss, resulting in a **$220 million impairment charge**, with insurance claims filed for **$225 million** and **$140 million** in recoveries recorded[176](index=176&type=chunk)[177](index=177&type=chunk) - In January 2021, the company's subsidiary, Liberty Media Acquisition Corporation (LMAC), consummated a **$575 million IPO**, with the company owning **20%** of LMAC[165](index=165&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk) Future Amortization Expense for Intangible Assets (as of June 30, 2021) | Year | Expected Amortization Expense (in millions) | | :--- | :--- | | Remainder of 2021 | $500 | | 2022 | $703 | | 2023 | $530 | | 2024 | $411 | | 2025 | $357 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=48&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a significant financial recovery driven by improved performance across all business segments [Results of Operations—Consolidated](index=52&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) Consolidated revenue and operating income increased significantly, driven by strong performance across all segments Consolidated Revenue by Segment (in millions) | Segment | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Liberty SiriusXM Group | $2,159 | $1,874 | | Braves Group | $216 | $11 | | Formula One Group | $501 | $24 | | **Consolidated Liberty** | **$2,876** | **$1,909** | Consolidated Adjusted OIBDA by Segment (in millions) | Segment | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Liberty SiriusXM Group | $697 | $603 | | Braves Group | $53 | $(28) | | Formula One Group | $63 | $(26) | | **Consolidated Liberty** | **$813** | **$549** | [Material Changes in Financial Condition](index=56&type=section&id=Material%20Changes%20in%20Financial%20Condition) The company maintains sufficient liquidity through cash reserves and operating cash flow to fund its obligations Cash and Cash Equivalents by Group (as of June 30, 2021) | Group | Cash and Cash Equivalents (in millions) | | :--- | :--- | | Liberty SiriusXM Group | $1,542 | | Braves Group | $168 | | Formula One Group | $2,225 | Cash Flow by Activity (Six Months Ended June 30, 2021) | Cash Flow Activity | Amount (in millions) | | :--- | :--- | | Net Cash Provided by Operating Activities | $1,235 | | Net Cash Used by Investing Activities | $(754) | | Net Cash Provided by Financing Activities | $650 | - Primary uses of cash during the first six months of 2021 included **$243 million** for Liberty SiriusXM stock repurchases and **$190 million** for debt repayments[264](index=264&type=chunk) [Results of Operations—Businesses](index=59&type=section&id=Results%20of%20Operations%E2%80%94Businesses) Individual business segments, including Sirius XM, Formula 1, and Braves, all reported strong revenue growth Sirius XM Holdings Operating Results (in millions) | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Total Revenue | $2,159 | $1,874 | | Adjusted OIBDA | $699 | $615 | | Operating Income | $640 | $398 | - Sirius XM business had approximately **34.5 million subscribers** as of June 30, 2021, while Pandora had **6.6 million subscribers** and **55.1 million monthly active users**[275](index=275&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk) Formula 1 Operating Results (in millions) | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Total Revenue | $501 | $24 | | Adjusted OIBDA | $66 | $(16) | | Operating Income (Loss) | $(36) | $(122) | | Number of Events | 7 | 0 | Braves Holdings Operating Results (in millions) | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Total Revenue | $216 | $11 | | Adjusted OIBDA | $54 | $(26) | | Operating Income (Loss) | $32 | $(30) | | Home Games | 42 | 0 | [Quantitative and Qualitative Disclosures about Market Risk](index=67&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks from interest rate fluctuations and stock price volatility in its investments - The company is exposed to interest rate risk on its variable rate debt benchmarked to **LIBOR** and is preparing for its replacement by alternative rates like **SOFR**[326](index=326&type=chunk) - The company is exposed to stock price risk from its portfolio of marketable equity securities, valued at **$413 million** as of June 30, 2021[328](index=328&type=chunk) - A hypothetical 10% decline in Live Nation's stock price would have lowered its value by **$610 million**, though this is not directly reflected in the statement of operations[328](index=328&type=chunk) [Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - Management, including the CEO and principal financial officer, concluded that the Company's disclosure controls and procedures were **effective** as of June 30, 2021[330](index=330&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[331](index=331&type=chunk) Part II — Other Information [Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) The report refers to Note 10 for updates on legal proceedings, including litigation involving Pandora - For information regarding changes in legal proceedings, the report directs readers to Note 10 in the financial statements[332](index=332&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased Series A and Series C Liberty SiriusXM common stock during the quarter Share Repurchase Activity (Q2 2021) | Stock | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Series A Liberty SiriusXM | 1,391,148 | - | | Series C Liberty SiriusXM | 1,671,938 | - | | **Total** | **3,063,086** | - | - As of June 30, 2021, approximately **$808 million** remained available for future repurchases under the company's publicly announced plan[334](index=334&type=chunk) [Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including certifications and supplemental financial data - Key exhibits filed include CEO/CFO certifications, unaudited attributed financial information for the tracking stock groups (Exhibit 99.1), and various XBRL data files for interactive data[338](index=338&type=chunk) Signatures [Signatures](index=72&type=section&id=Signatures) The report is duly signed and authorized by the company's principal executive and financial officers - The Form 10-Q was signed on August 6, 2021, by Gregory B. Maffei, President and Chief Executive Officer, and Brian J. Wendling, Chief Accounting Officer and Principal Financial Officer[341](index=341&type=chunk)

Part I – Financial Information [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents Liberty Media Corporation's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive earnings (loss), cash flows, and equity, along with detailed notes explaining the basis of presentation, tracking stock structure, stock-based compensation, earnings per share, fair value measurements, investments in affiliates, intangible assets, long-term debt, Liberty Media Acquisition Corporation, commitments and contingencies, and segment information [Condensed Consolidated Balance Sheets](index=3&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Balance%20Sheets%20(unaudited)) This section provides a snapshot of Liberty Media Corporation's financial position, detailing assets, liabilities, and equity as of March 31, 2021, compared to December 31, 2020 Condensed Consolidated Balance Sheet Highlights (March 31, 2021 vs. December 31, 2020) | Metric | March 31, 2021 (millions) | December 31, 2020 (millions) | | :-------------------------------- | :-------------------------- | :--------------------------- | | Total Assets | $44,465 | $44,004 | | Total Liabilities | $24,992 | $24,403 | | Total Stockholders' Equity | $14,670 | $15,091 | | Total Equity | $18,898 | $19,601 | - Total assets increased by **$461 million**, primarily driven by an increase in other assets and cash and cash equivalents[10](index=10&type=chunk) - Total liabilities increased by **$589 million**, mainly due to increases in long-term debt and deferred revenue[10](index=10&type=chunk) - Total equity decreased by **$703 million**, with stockholders' equity decreasing by **$421 million** and noncontrolling interests decreasing by **$282 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Operations%20(unaudited)) This section presents Liberty Media Corporation's financial performance, detailing revenues, expenses, and net earnings (loss) for the three months ended March 31, 2021, compared to the prior year Condensed Consolidated Statements of Operations Highlights (Three months ended March 31, 2021 vs. 2020) | Metric | Three months ended March 31, 2021 (millions) | Three months ended March 31, 2020 (millions) | | :------------------------------------------------ | :------------------------------------------- | :------------------------------------------- | | Total Revenue | $2,254 | $2,013 | | Operating Income (Loss) | $142 | $246 | | Earnings (Loss) before income taxes | $(145) | $38 | | Net Earnings (Loss) | $(14) | $2 | | Net Earnings (Loss) attributable to Liberty stockholders | $(116) | $(76) | - Total revenue increased by **$241 million (11.97%)** year-over-year, primarily driven by Sirius XM Holdings and Formula 1[17](index=17&type=chunk) - Operating income decreased by **$104 million**, largely due to a **$245 million** impairment, restructuring and acquisition costs in 2021[17](index=17&type=chunk) - Net earnings attributable to Liberty stockholders decreased from a loss of **$76 million** in Q1 2020 to a loss of **$116 million** in Q1 2021[17](index=17&type=chunk) Basic Net Earnings (Loss) Per Common Share (Q1 2021 vs. Q1 2020) | Class | March 31, 2021 | March 31, 2020 | | :---------------------------------- | :------------- | :------------- | | Series A, B and C Liberty SiriusXM | $(0.03) | $0.66 | | Series A, B and C Liberty Braves | $(1.13) | $1.04 | | Series A, B and C Liberty Formula One | $(0.20) | $(1.48) | [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=7&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20(Loss)%20(unaudited)) This section details Liberty Media Corporation's comprehensive earnings (loss), including net earnings (loss) and other comprehensive income (loss) components, for the three months ended March 31, 2021, and 2020 Condensed Consolidated Statements of Comprehensive Earnings (Loss) Highlights (Three months ended March 31, 2021 vs. 2020) | Metric | Three months ended March 31, 2021 (millions) | Three months ended March 31, 2020 (millions) | | :------------------------------------------------ | :------------------------------------------- | :------------------------------------------- | | Net Earnings (Loss) | $(14) | $2 | | Other comprehensive earnings (loss), net of taxes | $(44) | $143 | | Comprehensive earnings (loss) | $(58) | $145 | | Comprehensive earnings (loss) attributable to Liberty stockholders | $(161) | $77 | - Other comprehensive earnings (loss) shifted from a gain of **$143 million** in Q1 2020 to a loss of **$44 million** in Q1 2021, primarily due to credit risk on fair value debt instruments[24](index=24&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) This section outlines Liberty Media Corporation's cash inflows and outflows from operating, investing, and financing activities for the three months ended March 31, 2021, and 2020 Condensed Consolidated Statements of Cash Flows Highlights (Three months ended March 31, 2021 vs. 2020) | Metric | Three months ended March 31, 2021 (millions) | Three months ended March 31, 2020 (millions) | | :------------------------------------ | :------------------------------------------- | :------------------------------------------- | | Net cash provided by operating activities | $497 | $557 | | Net cash used by investing activities | $(716) | $(58) | | Net cash provided by financing activities | $383 | $38 | | Net increase in cash, cash equivalents and restricted cash | $162 | $529 | | Cash, cash equivalents and restricted cash at end of period | $3,039 | $1,835 | - Net cash provided by operating activities decreased by **$60 million**, mainly due to changes in operating assets and liabilities[27](index=27&type=chunk) - Net cash used by investing activities significantly increased from **$58 million** in Q1 2020 to **$716 million** in Q1 2021, primarily due to a **$575 million** investment of subsidiary IPO proceeds into a trust account[27](index=27&type=chunk) - Net cash provided by financing activities increased substantially from **$38 million** in Q1 2020 to **$383 million** in Q1 2021, driven by higher debt borrowings and proceeds from a subsidiary IPO, partially offset by increased subsidiary share repurchases[27](index=27&type=chunk) [Condensed Consolidated Statements of Equity](index=10&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Equity%20(unaudited)) This section details changes in Liberty Media Corporation's equity, including stockholders' equity and noncontrolling interests, for the three months ended March 31, 2021 - Total equity decreased from **$19,601 million** at January 1, 2021, to **$18,898 million** at March 31, 2021, primarily due to net losses attributable to Liberty stockholders and share repurchases[31](index=31&type=chunk) - Liberty SiriusXM stock repurchases amounted to **$107 million** during the three months ended March 31, 2021[31](index=31&type=chunk) - Subsidiary shares repurchased by subsidiary totaled **$516 million** for the three months ended March 31, 2021[31](index=31&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) This section provides detailed explanatory notes to Liberty Media Corporation's unaudited condensed consolidated financial statements, offering context on accounting policies, significant transactions, and financial instrument details [Note 1: Basis of Presentation](index=12&type=section&id=%281%29%20Basis%20of%20Presentation) This note outlines the consolidation principles for Liberty Media Corporation and its subsidiaries, primarily engaged in media and entertainment, detailing significant subsidiaries, equity investments, COVID-19 impacts, seasonality, and intercompany agreements - Liberty Media Corporation consolidates all controlled subsidiaries, including Sirius XM Holdings, Delta Topco Limited (Formula 1), and Braves Holdings, LLC[37](index=37&type=chunk)[38](index=38&type=chunk) - The most significant equity method investment is Live Nation Entertainment, Inc[38](index=38&type=chunk) - COVID-19 significantly impacted Formula 1, Major League Baseball, and Live Nation in 2020, delaying seasons and suspending events, with potential ongoing impacts on fan attendance and revenue in 2021[41](index=41&type=chunk)[50](index=50&type=chunk)[53](index=53&type=chunk) - Formula 1 and Braves Holdings revenues are seasonal, with the majority recognized in Q2/Q3 for Braves and Q3/Q4 for Formula 1, though COVID-19 shifted 2020 recognition[49](index=49&type=chunk)[50](index=50&type=chunk) - Liberty provides general and administrative services to related publicly traded companies (Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC) and is reimbursed approximately **$8 million** and **$10 million** for the three months ended March 31, 2021 and 2020, respectively[47](index=47&type=chunk) [Note 2: Tracking Stocks](index=14&type=section&id=%282%29%20Tracking%20Stocks) This note explains Liberty Media's tracking stock structure, which includes Liberty SiriusXM, Liberty Braves, and Liberty Formula One common stocks, each intended to reflect the economic performance of specific business groups - Liberty operates with three tracking stocks: Liberty SiriusXM, Liberty Braves, and Liberty Formula One, which track specific business groups but are not separate legal entities[54](index=54&type=chunk) - The Liberty SiriusXM Group includes interests in Sirius XM Holdings and Live Nation, corporate cash, and various debt instruments, with **$1,030 million** in cash and cash equivalents as of March 31, 2021[56](index=56&type=chunk) - The Braves Group primarily comprises Braves Holdings (Atlanta Braves and stadium development) and corporate cash, with **$181 million** in cash and cash equivalents as of March 31, 2021[57](index=57&type=chunk) - The Formula One Group includes interests in Formula 1 and LMAC, an intergroup interest in the Braves Group, and certain debt instruments, with **$1,783 million** in cash and cash equivalents as of March 31, 2021[60](index=60&type=chunk) - Intergroup interests exist between the tracking stock groups, representing quasi-equity interests that may be settled via stock, cash, or other assets[61](index=61&type=chunk) - A reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group was approved on April 22, 2020[55](index=55&type=chunk) [Note 3: Stock-Based Compensation](index=15&type=section&id=%283%29%20Stock-Based%20Compensation) This note details Liberty's stock-based compensation, including restricted stock, RSUs, and stock options granted to directors, employees, and subsidiary employees, and the associated expense recognition Stock-Based Compensation Expense (Three months ended March 31, 2021 vs. 2020) | Category | March 31, 2021 (millions) | March 31, 2020 (millions) | | :-------------------------------- | :------------------------ | :------------------------ | | Cost of services | $10 | $12 | | Other operating expense | $10 | $11 | | Selling, general and administrative | $43 | $45 | | **Total** | **$63** | **$67** | - Total stock-based compensation expense decreased by **$4 million (5.97%)** year-over-year, primarily due to a decrease at Sirius XM Holdings[66](index=66&type=chunk)[231](index=231&type=chunk) - As of March 31, 2021, total unrecognized compensation cost for unvested Liberty equity awards was approximately **$75 million**, to be recognized over 1.9 years[77](index=77&type=chunk) - Sirius XM Holdings' stock-based compensation expense was **$51 million** in Q1 2021, down from **$55 million** in Q1 2020, with unrecognized compensation cost of **$467 million** to be recognized over 2.3 years[79](index=79&type=chunk) [Note 4: Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share](index=18&type=section&id=%284%29%20Earnings%20Attributable%20to%20Liberty%20Media%20Corporation%20Stockholders%20Per%20Common%20Share) This note details the calculation of basic and diluted Earnings Per Share (EPS) for Liberty's tracking stocks, explaining the treatment of potentially dilutive shares and intergroup interests - Potentially dilutive shares are excluded from diluted EPS calculations when their inclusion would be antidilutive, particularly during periods of net losses[81](index=81&type=chunk)[85](index=85&type=chunk)[90](index=90&type=chunk)[94](index=94&type=chunk) Basic and Diluted WASO (Weighted Average Shares Outstanding) (Three months ended March 31, 2021 vs. 2020) | Class | Metric | March 31, 2021 (millions) | March 31, 2020 (millions) | | :---------------------------------- | :-------------------- | :------------------------ | :------------------------ | | Liberty SiriusXM | Basic WASO | 338 | 324 | | | Diluted WASO | 339 | 329 | | Liberty Braves | Basic WASO | 52 | 51 | | | Diluted WASO | 61 | 61 | | Liberty Formula One | Basic WASO | 232 | 232 | | | Diluted WASO | 239 | 233 | - Intergroup interests, represented by notional shares, are included in diluted WASO and adjusted in the numerator for unrealized gains/losses, impacting diluted EPS[86](index=86&type=chunk)[89](index=89&type=chunk)[94](index=94&type=chunk) [Note 5: Assets and Liabilities Measured at Fair Value](index=22&type=section&id=%285%29%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) This note outlines Liberty's assets and liabilities measured at fair value, categorized by GAAP's three-level hierarchy, and details realized and unrealized gains/losses on financial instruments Fair Value Measurements (March 31, 2021 vs. December 31, 2020) | Description | March 31, 2021 (millions) | December 31, 2020 (millions) | | :-------------------------- | :------------------------ | :------------------------- | | Cash equivalents | $2,704 | $2,586 | | Debt and equity securities | $366 | $266 | | Financial instrument assets | $443 | $424 | | Debt | $4,718 | $4,545 | | Financial instrument liabilities | $121 | $106 | - The majority of Liberty's financial instruments measured at fair value are classified as Level 2, indicating their values are derived from observable market data rather than active market prices[98](index=98&type=chunk) Realized and Unrealized Gains (Losses) on Financial Instruments, net (Three months ended March 31, 2021 vs. 2020) | Category | March 31, 2021 (millions) | March 31, 2020 (millions) | | :------------------------------------ | :------------------------ | :------------------------ | | Debt and equity securities | $49 | $(135) | | Debt measured at fair value | $(113) | $544 | | Change in fair value of bond hedges | $13 | $(323) | | Other derivatives | $2 | $(85) | | **Total** | **$(49)** | **$1** | - A significant shift occurred in debt measured at fair value, moving from a **$544 million** gain in Q1 2020 to a **$113 million** loss in Q1 2021, primarily due to market factors affecting underlying shares[101](index=101&type=chunk) [Note 6: Investments in Affiliates Accounted for Using the Equity Method](index=24&type=section&id=%286%29%20Investments%20in%20Affiliates%20Accounted%20for%20Using%20the%20Equity%20Method) This note details Liberty's equity method investments, including Live Nation and Sirius XM Canada, and presents Liberty's share of earnings (losses) from these affiliates Significant Equity Method Investments (March 31, 2021 vs. December 31, 2020) | Affiliate | Group | Ownership % | Carrying Amount (March 31, 2021, millions) | Carrying Amount (December 31, 2020, millions) | | :---------------- | :------------------ | :---------- | :----------------------------------------- | :------------------------------------------ | | Live Nation | Liberty SiriusXM | 32% | $60 | $163 | | Sirius XM Canada | Liberty SiriusXM | 70% | $653 | $643 | | Total Consolidated | | | $943 | $1,018 | Share of Earnings (Losses) of Affiliates (Three months ended March 31, 2021 vs. 2020) | Group | March 31, 2021 (millions) | March 31, 2020 (millions) | | :------------------ | :------------------------ | :------------------------ | | Liberty SiriusXM | $(113) | $(2) | | Braves Group | $3 | $4 | | Formula One Group | $15 | $(64) | | **Consolidated** | **$(95)** | **$(62)** | - Liberty's interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020[106](index=106&type=chunk) - Sirius XM Holdings has a **$122 million** loan to Sirius XM Canada and receives **30%** of its gross revenue through service and advisory agreements[108](index=108&type=chunk)[109](index=109&type=chunk) - Sirius XM Holdings made a **$75 million** equity method investment in SoundCloud in February 2020, complementing Pandora's exclusive U.S. ad sales representation for SoundCloud[113](index=113&type=chunk)[114](index=114&type=chunk) [Note 7: Intangible Assets](index=26&type=section&id=%287%29%20Intangible%20Assets) This note provides details on Liberty's goodwill and intangible assets subject to amortization, including their carrying amounts, changes, and projected amortization expense Goodwill Carrying Amount (March 31, 2021) | Segment | Goodwill (millions) | | :---------------- | :------------------ | | Sirius XM Holdings | $15,088 | | Formula 1 | $3,956 | | Other | $180 | | **Total** | **$19,224** | - Goodwill increased by **$6 million** due to adjustments for Sirius XM Holdings' acquisition of Stitcher[115](index=115&type=chunk) Intangible Assets Subject to Amortization, Net (March 31, 2021 vs. December 31, 2020) | Category | March 31, 2021 (millions) | December 31, 2020 (millions) | | :-------------------- | :------------------------ | :------------------------- | | FIA Agreement | $2,839 | $2,888 | | Customer relationships | $1,592 | $1,664 | | Licensing agreements | $130 | $134 | | Other | $671 | $692 | | **Total Net** | **$5,232** | **$5,378** | - Amortization expense for intangible assets was **$199 million** for the three months ended March 31, 2021[118](index=118&type=chunk) Projected Amortization Expense for Intangible Assets (millions) | Period | Amount (millions) | | :---------------- | :---------------- | | Remainder of 2021 | $604 | | 2022 | $763 | | 2023 | $544 | | 2024 | $404 | | 2025 | $350 | [Note 8: Long-Term Debt](index=28&type=section&id=%288%29%20Long-Term%20Debt) This note provides a comprehensive overview of Liberty's long-term debt, detailing various corporate and subsidiary notes and loans across its tracking stock groups, including debt covenants and the anticipated transition away from LIBOR Long-Term Debt Summary (March 31, 2021) | Group | Principal Outstanding (millions) | Carrying Value (millions) | | :------------------ | :----------------------------- | :------------------------ | | Liberty SiriusXM | $13,150 | $13,683 | | Braves Group | $676 | $672 | | Formula One Group | $3,626 | $3,753 | | **Total Debt** | **$17,452** | **$18,108** | - Liberty's 1.375% Cash Convertible Notes due 2023, 1% Cash Convertible Notes due 2023, and various Exchangeable Senior Debentures are measured at fair value[121](index=121&type=chunk)[125](index=125&type=chunk)[131](index=131&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[142](index=142&type=chunk) - The Sirius XM Holdings Margin Loan was amended in February 2021, extending maturity to March 2024 and increasing the term loan to **$875 million**, with **$875 million** available under the revolving line of credit, collateralized by **1,305.0 million** shares of Sirius XM Holdings common stock (**$7,947 million** value)[143](index=143&type=chunk) - The Live Nation Margin Loan was amended in November 2020, reducing borrowing capacity to **$200 million** and extending maturity to December 2022, collateralized by **9.0 million** shares of Live Nation common stock (**$759 million** value)[144](index=144&type=chunk) - Liberty, Sirius XM Holdings, Formula 1, and Braves Holdings were in compliance with their debt covenants as of March 31, 2021, with certain covenant relief periods in place for Formula 1 and Braves Holdings due to COVID-19 impacts[154](index=154&type=chunk) - The company is preparing for the phase-out of LIBOR, which could impact interest rates on variable-rate debt[315](index=315&type=chunk) [Note 9: Liberty Media Acquisition Corporation (LMAC)](index=34&type=section&id=%289%29%20Liberty%20Media%20Acquisition%20Corporation) This note describes the formation and initial public offering (IPO) of Liberty Media Acquisition Corporation (LMAC), a consolidated subsidiary of Liberty Media, detailing its IPO proceeds, ownership structure, and accounting for redeemable noncontrolling interests and warrant liabilities - LMAC, a wholly-owned subsidiary of Liberty, completed its IPO on January 26, 2021, raising **$575 million**, which was placed in a trust account[157](index=157&type=chunk) - Liberty, through its Sponsor, owns **20%** of LMAC's common stock and maintains control, leading to consolidation of LMAC's financial results[161](index=161&type=chunk) - Redeemable noncontrolling interests, totaling **$575 million** at March 31, 2021, are classified as temporary equity due to conditional redemption features of LMAC's Series A common stock[162](index=162&type=chunk)[163](index=163&type=chunk) - Public Warrants issued in the IPO are accounted for as a liability at fair value, totaling **$35 million** at March 31, 2021[163](index=163&type=chunk) [Note 10: Commitments and Contingencies](index=35&type=section&id=%2810%29%20Commitments%20and%20Contingencies) This note outlines Liberty's various commitments and contingencies, including indemnification obligations, guaranteed employment contracts, the impact of COVID-19, satellite impairment charges, restructuring costs, and ongoing legal proceedings - Liberty has indemnification obligations for past asset sales, but historically has not made significant payments[165](index=165&type=chunk)[167](index=167&type=chunk) - The Atlanta Braves have guaranteed employment contracts totaling **$387 million** as of March 31, 2021, with **$167 million** payable in 2021[168](index=168&type=chunk) - Sirius XM Holdings recorded a **$220 million** impairment charge for its SXM-7 satellite due to in-orbit failures and expects to file an insurance claim for **$225 million**[169](index=169&type=chunk)[170](index=170&type=chunk) - Sirius XM Holdings recorded a **$25 million** charge for restructuring costs related to surrendering office leases[176](index=176&type=chunk) - COVID-19 continues to impact Formula 1, the Atlanta Braves, and Live Nation, potentially reducing revenue from fan attendance and affecting cash flow[172](index=172&type=chunk)[175](index=175&type=chunk) - Pandora is involved in pre-1972 sound recording litigation, with the Ninth Circuit staying appellate proceedings pending a related case against Sirius XM[178](index=178&type=chunk)[182](index=182&type=chunk) - Sirius XM Holdings is participating in a Copyright Royalty Board proceeding to set webcasting rates for 2021-2025, with a final determination expected by June 14, 2021[183](index=183&type=chunk)[184](index=184&type=chunk) [Note 11: Information About Liberty's Operating Segments](index=38&type=section&id=%2811%29%20Information%20About%20Liberty%27s%20Operating%20Segments) This note provides detailed financial information for Liberty's reportable segments: Sirius XM Holdings, Formula 1, and Braves Holdings, along with Live Nation as a significant equity method affiliate, disaggregating revenue and presenting Adjusted OIBDA - Liberty's reportable segments are Sirius XM Holdings and Formula 1, with Braves Holdings and corporate expenses categorized under 'Corporate and other', and Live Nation as a significant equity method affiliate[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) Revenue by Segment and Source (Three months ended March 31, 2021 vs. 2020) | Segment | Source | March 31, 2021 (millions) | March 31, 2020 (millions) | | :------------------ | :-------------------- | :------------------------ | :------------------------ | | Liberty SiriusXM | Sirius XM Holdings | $2,058 | $1,952 | | Braves Group | Baseball | $7 | $12 | | | Development | $9 | $10 | | Formula One Group | Formula 1 | $180 | $39 | | **Consolidated** | **Total Revenue** | **$2,254** | **$2,013** | - Live Nation's revenue was **$291 million** in Q1 2021, a significant decrease from **$1,366 million** in Q1 2020, reflecting the impact of COVID-19[193](index=193&type=chunk) - Deferred revenue for Formula 1 and Braves Holdings increased from **$349 million** to **$620 million** during Q1 2021, primarily due to advance cash receipts[194](index=194&type=chunk) Adjusted OIBDA by Segment (Three months ended March 31, 2021 vs. 2020) | Segment | March 31, 2021 (millions) | March 31, 2020 (millions) | | :------------------ | :------------------------ | :------------------------ | | Liberty SiriusXM | $677 | $632 | | Braves Group | $(22) | $(26) | | Formula One Group | $59 | $(42) | | **Consolidated** | **$714** | **$564** | - Consolidated Adjusted OIBDA increased by **$150 million (26.6%)** year-over-year, driven by improvements in Formula 1 (**$98 million**), Sirius XM Holdings (**$43 million**), and Braves Holdings (**$5 million**)[199](index=199&type=chunk)[232](index=232&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Liberty Media Corporation's financial condition and results of operations for the three months ended March 31, 2021, covering business overview, consolidated operating results, other income and expense, material changes in financial condition, and detailed segment results [Overview](index=45&type=section&id=Overview) This overview introduces Liberty Media Corporation's core businesses, its tracking stock structure, and the ongoing impact of COVID-19 on its operations and financial performance - Liberty Media Corporation operates in media and entertainment, with key subsidiaries including Sirius XM Holdings (audio entertainment), Formula 1 (global motorsports), and Braves Holdings (Atlanta Braves baseball and development project)[212](index=212&type=chunk) - The company utilizes a tracking stock structure (Liberty SiriusXM, Liberty Braves, Formula One Groups) to reflect the economic performance of specific business groups, which are not separate legal entities[217](index=217&type=chunk) - COVID-19 continues to impact Formula 1, MLB, and Live Nation, potentially leading to reduced fan attendance, lower revenue, and adverse effects on operations and cash flow[224](index=224&type=chunk) - The Liberty SiriusXM Group holds interests in Sirius XM Holdings and Live Nation, with **$1,030 million** in cash and cash equivalents as of March 31, 2021[219](index=219&type=chunk) - The Formula One Group includes Formula 1 and LMAC, with **$1,783 million** in cash and cash equivalents as of March 31, 2021[223](index=223&type=chunk) [Results of Operations—Consolidated](index=48&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) This section presents a consolidated view of Liberty Media Corporation's operating results, including revenue, operating income (loss), and Adjusted OIBDA, for the three months ended March 31, 2021, compared to the prior year Consolidated Operating Results (Three months ended March 31, 2021 vs. 2020) | Metric | March 31, 2021 (millions) | March 31, 2020 (millions) | | :-------------------- | :------------------------ | :------------------------ | | Revenue | $2,254 | $2,013 | | Operating Income (Loss) | $142 | $246 | | Adjusted OIBDA | $714 | $564 | - Consolidated revenue increased by **$241 million**, driven by Formula 1 and Sirius XM Holdings[228](index=228&type=chunk) - Consolidated operating income decreased by **$104 million**, primarily due to a **$214 million** decrease in Sirius XM Holdings' operating results, partially offset by improvements in Formula 1 and Braves Holdings[229](index=229&type=chunk) - Consolidated Adjusted OIBDA increased by **$150 million**, mainly due to increases in Formula 1 (**$98 million**), Sirius XM Holdings (**$43 million**), and Braves Holdings (**$5 million**)[232](index=232&type=chunk) - Stock-based compensation expense decreased from **$67 million** in Q1 2020 to **$63 million** in Q1 2021, primarily due to a decrease at Sirius XM Holdings[231](index=231&type=chunk) [Other Income and Expense](index=50&type=section&id=Other%20Income%20and%20Expense) This section details the components of Liberty Media Corporation's other income and expense, including interest expense, share of affiliate earnings (losses), and realized and unrealized gains (losses) on financial instruments, for the three months ended March 31, 2021, and 2020 Components of Other Income (Expense) (Three months ended March 31, 2021 vs. 2020) | Category | March 31, 2021 (millions) | March 31, 2020 (millions) | | :------------------------------------------ | :------------------------ | :------------------------ | | Interest expense | $(158) | $(164) | | Share of earnings (losses) of affiliates, net | $(95) | $(62) | | Realized and unrealized gains (losses) on financial instruments, net | $(49) | $1 | | Other, net | $15 | $17 | | **Total Other Income (Expense)** | **$(287)** | **$(208)** | - Consolidated interest expense decreased by **$6 million**, with a decrease in Formula One Group interest expense partially offset by an increase in Liberty SiriusXM Group interest expense due to debt reattribution[235](index=235&type=chunk) - Share of earnings (losses) of affiliates increased to a loss of **$95 million** from **$62 million**, primarily due to Live Nation's reattribution to Liberty SiriusXM Group and its performance[237](index=237&type=chunk)[238](index=238&type=chunk) - Realized and unrealized gains (losses) on financial instruments shifted from a **$1 million** gain to a **$49 million** loss, driven by changes in fair value of debt and equity securities and bond hedges[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk) - Net losses were **$14 million** in Q1 2021 compared to net earnings of **$2 million** in Q1 2020, reflecting fluctuations in revenue, expenses, and other gains/losses[245](index=245&type=chunk) [Material Changes in Financial Condition](index=52&type=section&id=Material%20Changes%20in%20Financial%20Condition) This section discusses significant changes in Liberty Media Corporation's financial condition, focusing on cash and cash equivalents, marketable securities, available credit, and primary uses of cash across its tracking stock groups Cash and Cash Equivalents by Group (March 31, 2021) | Group | Cash and Cash Equivalents (millions) | | :------------------ | :--------------------------------- | | Liberty SiriusXM | $1,030 | | Braves Group | $181 | | Formula One Group | $1,783 | | **Total** | **$3,039** | - Liberty had **$366 million** of unencumbered marketable equity securities as of March 31, 2021[247](index=247&type=chunk) - Liberty had **$875 million** available under the Sirius XM Holdings Margin Loan and **$200 million** available under the Live Nation Margin Loan as of March 31, 2021[250](index=250&type=chunk) - Formula 1's cash is not accessible by Liberty when its leverage ratio exceeds a certain threshold, which was the case as of March 31, 2021[250](index=250&type=chunk) - Liberty's primary use of cash in Q1 2021 was **$107 million** for Liberty SiriusXM common stock repurchases, funded by margin loan borrowings and Sirius XM Holdings dividends[253](index=253&type=chunk) - Sirius XM Holdings' primary uses of cash were stock repurchases, capital expenditures, and dividends, funded by debt borrowings and operating activities[254](index=254&type=chunk) - Braves Holdings' primary use of cash was capital expenditures for mixed-use development, funded by operations and debt[255](index=255&type=chunk) - The company believes available liquidity sources are sufficient to cover projected future cash uses[262](index=262&type=chunk) [Results of Operations—Businesses](index=55&type=section&id=Results%20of%20Operations%E2%80%94Businesses) This section provides a detailed analysis of the operating results for Liberty Media Corporation's key business segments: Sirius XM Holdings, Formula 1, and Braves Holdings [Sirius XM Holdings](index=55&type=section&id=Sirius%20XM%20Holdings) Sirius XM Holdings operates two audio entertainment businesses: Sirius XM (satellite radio, connected vehicle services) and Pandora (streaming discovery platform), with this section detailing their Q1 2021 financial performance, including revenue, operating income, and subscriber metrics - Sirius XM Holdings operates Sirius XM (subscription satellite radio, connected vehicle services) and Pandora (ad-supported and subscription streaming)[263](index=263&type=chunk)[264](index=264&type=chunk)[267](index=267&type=chunk) - As of March 31, 2021, Sirius XM had **34.5 million** subscribers, and Pandora had **6.5 million** subscribers and **55.9 million** monthly active users[265](index=265&type=chunk)[267](index=267&type=chunk)[269](index=269&type=chunk) Sirius XM Holdings Operating Results (Three months ended March 31, 2021 vs. 2020) | Metric | March 31, 2021 (millions) | March 31, 2020 (millions) | | :------------------------------------ | :------------------------ | :------------------------ | | Total Revenue | $2,058 | $1,952 | | Adjusted OIBDA | $682 | $639 | | Operating Income | $237 | $451 | - Total revenue increased by **$106 million (5.4%)** year-over-year, driven by growth in Sirius XM's self-pay subscriber base and Pandora's advertising revenue[275](index=275&type=chunk)[276](index=276&type=chunk)[281](index=281&type=chunk) - Operating income decreased by **$214 million**, primarily due to a **$220 million** impairment charge for the SXM-7 satellite and **$25 million** in restructuring costs for office leases[275](index=275&type=chunk)[288](index=288&type=chunk) - Pandora advertising revenue increased by **29%**, driven by higher sell-through and pricing, inclusion of Stitcher, and increased AdsWizz revenue[281](index=281&type=chunk) - Subscriber acquisition costs decreased by **13%**, driven by lower hardware subsidies and OEM installations[285](index=285&type=chunk) [Formula 1](index=59&type=section&id=Formula%201) Formula 1, a global motorsports business, saw a significant revenue increase in Q1 2021, reaching **$180 million** compared to **$39 million** in Q1 2020, primarily due to the recognition of season-based income from one event, a one-time settlement, and growth in F1 TV subscriptions - Formula 1 holds exclusive commercial rights for the World Championship, with 23 events scheduled for 2021[291](index=291&type=chunk)[292](index=292&type=chunk) Formula 1 Operating Results (Three months ended March 31, 2021 vs. 2020) | Metric | March 31, 2021 (millions) | March 31, 2020 (millions) | | :-------------------- | :------------------------ | :------------------------ | | Total Revenue | $180 | $39 | | Adjusted OIBDA | $66 | $(32) | | Operating Income (Loss) | $(33) | $(137) | | Number of Events | 1 | 0 | - Primary Formula 1 revenue increased by **$142 million**, driven by the recognition of season-based income from one event in Q1 2021 (vs. zero in Q1 2020), a one-time settlement, and F1 TV subscription growth[295](index=295&type=chunk) - Cost of Formula 1 revenue increased by **$41 million**, primarily due to pro-rata recognition of team payments associated with the single event[299](index=299&type=chunk)[300](index=300&type=chunk) - Operating loss improved by **$104 million**, reflecting the significant revenue increase[293](index=293&type=chunk) [Braves Holdings](index=62&type=section&id=Braves%20Holdings) Braves Holdings, which owns the Atlanta Braves and its associated development project, reported total revenue of **$16 million** in Q1 2021, down from **$22 million** in Q1 2020, primarily due to reduced capacity at spring training games and fewer special events due to COVID-19 - Braves Holdings owns the Atlanta Braves MLB Club and operates a mixed-use development project adjacent to its stadium[306](index=306&type=chunk) - The 2021 MLB regular season is expected to comprise approximately 160 games, with the minor league season starting in May[307](index=307&type=chunk) Braves Holdings Operating Results (Three months ended March 31, 2021 vs. 2020) | Metric | March 31, 2021 (millions) | March 31, 2020 (millions) | | :-------------------- | :------------------------ | :------------------------ | | Total Revenue | $16 | $22 | | Adjusted OIBDA | $(20) | $(25) | | Operating Income (Loss) | $(37) | $(43) | - Total revenue decreased by **$6 million**, primarily due to reduced capacity at spring training games and fewer special events due to COVID-19[309](index=309&type=chunk) - Operating expenses decreased by **$9 million**, driven by reduced spring training capacity, lower personnel costs, and reduced scouting and minor league expenses[310](index=310&type=chunk) - Operating loss improved by **$6 million**, reflecting the reduction in operating expenses and other cost reduction initiatives[308](index=308&type=chunk)[311](index=311&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section discusses Liberty's exposure to market risks, primarily from changes in interest rates and stock prices, and outlines how the company manages these risks through debt composition, interest rate swaps, and monitoring public security holdings - Liberty is exposed to market risk from changes in interest rates and stock prices[314](index=314&type=chunk) Debt Composition by Interest Rate Type (March 31, 2021) | Group | Variable Rate Debt (Principal, millions) | Weighted Avg Interest Rate (Variable) | Fixed Rate Debt (Principal, millions) | Weighted Avg Interest Rate (Fixed) | | :------------------ | :------------------------------------- | :------------------------------------ | :------------------------------------ | :--------------------------------- | | Liberty SiriusXM | $1,898 | 1.9% | $11,252 | 3.8% | | Braves Group | $259 | 1.7% | $417 | 3.4% | | Formula One Group | $832 | 3.5% | $2,794 | 4.6% | - The phase-out of LIBOR is expected to impact variable-rate debt, and Liberty plans to incorporate alternative reference rates in debt agreements[315](index=315&type=chunk) - As of March 31, 2021, marketable equity securities had a fair value of **$366 million**, where a **10%** decrease in market price would reduce their value by approximately **$37 million**[318](index=318&type=chunk) - Liberty's investment in Live Nation, an equity method affiliate, is also subject to market risk; a **10%** decrease in its market price would reduce its aggregate value by **$590 million**[318](index=318&type=chunk) [Item 4. Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) Liberty Media Corporation's management, including its chief executive officer and principal accounting and financial officer, evaluated the effectiveness of its disclosure controls and procedures as of March 31, 2021, concluding they were effective, with no material changes to internal control over financial reporting during the quarter - The Company's disclosure controls and procedures were effective as of March 31, 2021, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[319](index=319&type=chunk) - No material changes occurred in the Company's internal control over financial reporting during the three months ended March 31, 2021[320](index=320&type=chunk) Part II — Other Information [Item 1. Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 of the condensed consolidated financial statements for updates on legal proceedings, which include pre-1972 sound recording litigation against Pandora and a Copyright Royalty Board proceeding - Legal proceedings information is detailed in Note 10 of the financial statements[322](index=322&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section outlines Liberty Media Corporation's share repurchase programs, detailing the number of shares repurchased and the remaining authorization under the programs during the three months ended March 31, 2021 - Liberty's board of directors authorized **$2 billion** in total for common stock repurchases across its tracking stock series[323](index=323&type=chunk) Share Repurchase Activity (Three months ended March 31, 2021) | Class | Total Number of Shares Purchased | | :-------------------------- | :------------------------------- | | Series A Liberty SiriusXM | 566,886 | | Series C Liberty SiriusXM | 1,900,336 | | **Total** | **2,467,222** | - As of March 31, 2021, approximately **$944 million** remained available for repurchases under the authorized programs[324](index=324&type=chunk) - No repurchases of Liberty Braves or Liberty Formula One common stock occurred during the period[324](index=324&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report on Form 10-Q, including certifications, unaudited attributed financial information for tracking stock groups, and various XBRL taxonomy documents - Key exhibits include Rule 13a-14(a)/15d-14(a) Certifications, Section 1350 Certification, and Unaudited Attributed Financial Information for Tracking Stock Groups[330](index=330&type=chunk) - XBRL (eXtensible Business Reporting Language) documents are included for interactive data filing[330](index=330&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, 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 ...

Part I – Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, including Balance Sheets, Statements of Operations, and Cash Flows, reflecting significant COVID-19 impacts and a major reattribution of assets and liabilities Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$46,208** | **$44,189** | | Cash and cash equivalents | $3,999 | $1,222 | | Goodwill | $19,956 | $19,939 | | **Total Liabilities** | **$24,120** | **$22,264** | | Long-term debt | $14,980 | $15,416 | | **Total Equity** | **$22,088** | **$21,925** | Condensed Consolidated Statement of Operations Highlights (in millions) | Metric | Q2 2020 | Q2 2019 | H1 2020 | H1 2019 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$1,909** | **$2,805** | **$3,922** | **$4,817** | | Formula 1 Revenue | $24 | $620 | $63 | $866 | | **Operating Income (Loss)** | **$214** | **$461** | **$460** | **$661** | | **Net Earnings (Loss)** | **($262)** | **$192** | **($260)** | **$65** | Condensed Consolidated Statement of Cash Flows Highlights (in millions) | Cash Flow Activity | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $869 | $1,172 | | Net cash (used) by investing activities | ($203) | $512 | | Net cash provided (used) by financing activities | $2,069 | ($1,385) | [Note 2: Tracking Stocks](index=15&type=section&id=Note%202%3A%20Tracking%20Stocks) This note details Liberty's tracking stock structure, highlighting the April 2020 reattribution of assets and liabilities between Formula One and Liberty SiriusXM groups, and a **$754 million** rights offering - On April 22, 2020, a major reattribution occurred. Assets valued at **$2.8 billion** (including the entire Live Nation stake) were moved from the Formula One Group to the Liberty SiriusXM Group. Liabilities valued at **$1.3 billion** (including Convertible Notes and exchangeable debentures) were also moved to the Liberty SiriusXM Group[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - In May 2020, Liberty commenced a rights offering for Series C Liberty SiriusXM common stock (LSXMK), which was fully subscribed and raised approximately **$754 million**. The proceeds were used to repay an intergroup loan created during the reattribution[68](index=68&type=chunk)[70](index=70&type=chunk) - As of June 30, 2020, intergroup interests exist: Liberty SiriusXM Group holds a **2.2% interest** in Formula One Group and a **3.8% interest** in Braves Group. Formula One Group holds an **11.3% interest** in Braves Group[67](index=67&type=chunk) [Note 3: Acquisitions and Restructurings](index=18&type=section&id=Note%203%3A%20Acquisitions%20and%20Restructurings) This note details significant acquisitions and restructurings, including Sirius XM's Simplecast acquisition, Automatic Labs termination, and the planned Stitcher acquisition - On June 16, 2020, Sirius XM Holdings acquired Simplecast, a podcast management platform, for **$28 million** in cash, recognizing **$17 million** in goodwill[78](index=78&type=chunk) - In May 2020, Sirius XM Holdings terminated its Automatic Labs service, incurring **$24 million** in restructuring expenses[79](index=79&type=chunk) - On July 13, 2020, Sirius XM Holdings agreed to acquire Stitcher from E.W. Scripps for **$265 million** in cash, plus up to **$60 million** in contingent payments[80](index=80&type=chunk) [Note 9: Long-Term Debt](index=32&type=section&id=Note%209%3A%20Long-Term%20Debt) This note details the company's **$16.9 billion** total debt, outlining various instruments and highlighting Braves Holdings' covenant non-compliance and Formula 1's secured waiver Total Debt by Group (Principal, June 30, 2020, in millions) | Group | Principal Amount | | :--- | :--- | | Liberty SiriusXM Group | $12,583 | | Braves Group | $718 | | Formula One Group | $3,635 | | **Total Debt** | **$16,936** | - Braves Holdings is expected to be out of compliance with certain debt covenants as of June 30, 2020, and is in discussions with counterparties for waivers and modifications[171](index=171&type=chunk)[174](index=174&type=chunk) - Formula 1 obtained an amendment to its Senior Loan Facility, waiving the net leverage financial covenant until Q1 2022, provided it maintains minimum liquidity of **$200 million** and adheres to other restrictions[174](index=174&type=chunk) [Note 10: Commitments and Contingencies](index=39&type=section&id=Note%2010%3A%20Commitments%20and%20Contingencies) This note details commitments and contingencies, including **$329 million** in Braves contracts, significant COVID-19 impacts on revenue, and non-material litigation matters - The business operations of Formula 1, the Atlanta Braves, and Live Nation have been significantly impacted by COVID-19, with event cancellations and postponements expected to substantially decrease revenue and adversely affect results[182](index=182&type=chunk) - As of June 30, 2020, the Atlanta Braves had **$329 million** in aggregate commitments under guaranteed contracts for players, coaches, and executives[179](index=179&type=chunk) - Pandora is involved in litigation regarding pre-1972 sound recordings and a Copyright Royalty Board proceeding to set webcasting rates for 2021-2025, but these are not expected to have a material adverse effect[184](index=184&type=chunk)[189](index=189&type=chunk) [Note 11: Information About Liberty's Operating Segments](index=41&type=section&id=Note%2011%3A%20Information%20About%20Liberty%27s%20Operating%20Segments) This note details segment financial performance, highlighting disparate COVID-19 impacts with Sirius XM stable while Formula 1 and Braves Group experienced dramatic declines Revenue by Segment (in millions) | Segment | Q2 2020 | Q2 2019 | H1 2020 | H1 2019 | | :--- | :--- | :--- | :--- | :--- | | Liberty SiriusXM Group | $1,874 | $1,977 | $3,826 | $3,721 | | Braves Group | $11 | $208 | $33 | $230 | | Formula One Group | $24 | $620 | $63 | $866 | Adjusted OIBDA by Segment (in millions) | Segment | Q2 2020 | Q2 2019 | H1 2020 | H1 2019 | | :--- | :--- | :--- | :--- | :--- | | Liberty SiriusXM Group | $603 | $618 | $1,235 | $1,206 | | Braves Group | ($28) | $61 | ($54) | $28 | | Formula One Group | ($26) | $136 | ($68) | $195 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=46&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, emphasizing severe COVID-19 impacts on Formula 1 and Braves Holdings, SiriusXM's resilience, the April 2020 reattribution, and sufficient liquidity despite access restrictions - Consolidated revenue decreased by **$896 million** in Q2 2020 compared to Q2 2019, primarily driven by revenue declines at Formula 1 and Braves Holdings due to the COVID-19 pandemic[231](index=231&type=chunk) - A major reattribution of assets and liabilities between the Formula One and Liberty SiriusXM groups occurred on April 22, 2020, shifting the Live Nation stake to the SiriusXM Group[220](index=220&type=chunk)[221](index=221&type=chunk) - As of June 30, 2020, Liberty's access to cash held by Formula 1 is restricted as the leverage ratio test for making distributions was not met[253](index=253&type=chunk) [Results of Operations—Businesses](index=58&type=section&id=MD%26A%20-%20Results%20of%20Operations%E2%80%94Businesses) This section reviews segment operations, noting mixed SiriusXM results, Formula 1's near-zero Q2 revenue, Braves Holdings' plummeting revenue due to COVID-19, and management's cost-cutting measures SiriusXM Holdings Pro Forma Revenue (in millions) | Revenue Source | Q2 2020 | Q2 2019 | | :--- | :--- | :--- | | SiriusXM Subscriber | $1,453 | $1,402 | | Pandora Advertising | $211 | $306 | Formula 1 Operating Results (in millions) | Metric | Q2 2020 | Q2 2019 | | :--- | :--- | :--- | | Total Revenue | $24 | $620 | | Adjusted OIBDA | ($16) | $145 | | Number of Events | 0 | 7 | Braves Holdings Operating Results (in millions) | Metric | Q2 2020 | Q2 2019 | | :--- | :--- | :--- | | Total Revenue | $11 | $208 | | Adjusted OIBDA | ($26) | $62 | | Home Games | 0 | 41 | [Material Changes in Financial Condition](index=55&type=section&id=MD%26A%20-%20Material%20Changes%20in%20Financial%20Condition) This section details liquidity and cash flow, noting **$3.999 billion** cash, uses for repurchases and debt, and management's confidence in sufficient liquidity despite COVID-19 impacts Cash and Cash Equivalents by Group (June 30, 2020, in millions) | Group | Cash Balance | | :--- | :--- | | Liberty SiriusXM Group | $1,924 | | Braves Group | $308 | | Formula One Group | $1,767 | - Net cash from operating activities decreased to **$869 million** for the first six months of 2020, down from **$1,172 million** in the prior-year period, reflecting the impact of COVID-19 on operations[257](index=257&type=chunk) - SiriusXM Holdings declared quarterly dividends, paying **$117 million** in the first half of 2020, of which Liberty received **$84 million**. Another dividend was declared for payment in August 2020[258](index=258&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=66&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from interest rate changes, particularly LIBOR phase-out, and stock price fluctuations, with a 10% decline in marketable securities and Live Nation impacting value by approximately **$24 million** and **$309 million** respectively - The company is exposed to risk from the planned phase-out of LIBOR by the end of 2021, as its margin loans and subsidiary credit facilities use LIBOR as a benchmark. The company expects to incorporate alternative reference rates in future amendments[318](index=318&type=chunk)[319](index=319&type=chunk) - As of June 30, 2020, the company held **$242 million** in marketable debt and equity securities. A **10% drop** in price would lower their value by about **$24 million**[321](index=321&type=chunk) - The company's equity method investment in Live Nation is subject to market risk. A **10% drop** in Live Nation's stock price at June 30, 2020 would have represented a **$309 million** decrease in value[321](index=321&type=chunk) [Controls and Procedures](index=67&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal controls despite the shift to remote work - The CEO and principal financial officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2020[322](index=322&type=chunk) - No material changes to internal control over financial reporting occurred during the second quarter of 2020[323](index=323&type=chunk) Part II — Other Information [Legal Proceedings](index=68&type=section&id=Item%201.%20Legal%20Proceedings) This section confirms no material changes to legal proceedings since prior filings - There have been no material changes from the legal proceedings described in previous filings[325](index=325&type=chunk) [Risk Factors](index=68&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, primarily detailing the material and ongoing negative impact of the COVID-19 pandemic on Formula 1, Atlanta Braves, and Live Nation operations - The operations of Formula 1, the Atlanta Braves, and Live Nation have been and will continue to be materially and negatively impacted by COVID-19[327](index=327&type=chunk) - Key risks include event cancellations, inability to hold events with fans, reduced demand for sponsorship and advertising, and a potential long-term decline in discretionary consumer spending[329](index=329&type=chunk)[331](index=331&type=chunk) - The company states that the impact of cancelled events, closed venues, and reduced attendance will substantially decrease revenue and adversely affect results of operations and cash flow, as expenses cannot be reduced to the same degree[330](index=330&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=69&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the share repurchase program, noting **$1.23 billion** remaining authorization and no repurchases during Q2 2020 - As of June 30, 2020, the company had **$1.23 billion** available for future share repurchases under its authorized program[334](index=334&type=chunk) - No shares of any Liberty Media common stock were repurchased during the three months ended June 30, 2020[335](index=335&type=chunk) [Exhibits](index=70&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and unaudited attributed financial information for tracking stock groups - The report includes standard exhibits such as Rule 13a-14(a)/15d-14(a) certifications and Section 1350 certifications[341](index=341&type=chunk) - Exhibit 99.1 contains the unaudited attributed financial information for the company's tracking stock groups[341](index=341&type=chunk)

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 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, 2019 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 ...