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 ...

Revenue Performance - SIRIUS XM Holdings reported revenue of $2,011 million for Q3 2019, up from $1,468 million in Q3 2018, representing a 36.9% increase[211]. - For the nine months ended September 30, 2019, SIRIUS XM Holdings generated revenue of $5,732 million, compared to $4,275 million in the same period of 2018, marking a 34.1% increase[211]. - The total consolidated revenue for Liberty increased by $541 million for Q3 2019 compared to Q3 2018, driven by the acquisition of Pandora and growth in SIRIUS XM and Braves Holdings[212]. - Formula 1's revenue for Q3 2019 was $633 million, a decrease from $647 million in Q3 2018, indicating a 2.2% decline[211]. - The Braves Group reported a revenue of $212 million in Q3 2019, up from $200 million in Q3 2018, which is a 6% increase[211]. - SIRIUS XM Holdings reported total revenue of $5,732 million for the nine months ended September 30, 2019, up 34% from $4,275 million in the same period of 2018[253]. - Pandora generated $1,139 million in total revenue for the nine months ended September 30, 2019, following its acquisition by SIRIUS XM Holdings[253]. - Pro forma total revenue for SIRIUS XM and Pandora combined was $2,013 million for the three months and $5,852 million for the nine months ended September 30, 2019, compared to $1,888 million and $5,404 million in the prior year[270]. Operating Income and Adjusted OIBDA - The consolidated operating income for the Liberty SiriusXM Group was $454 million in Q3 2019, slightly down from $455 million in Q3 2018[211]. - Adjusted OIBDA for SIRIUS XM Holdings was $659 million in Q3 2019, an increase from $587 million in Q3 2018, reflecting a 12.3% growth[211]. - Adjusted OIBDA for the nine months ended September 30, 2019, improved by $256 million to $2.283 billion, driven by $212 million and $77 million improvements in SIRIUS XM Holdings and Formula 1, respectively[217]. - SIRIUS XM's operating income for the nine months ended September 30, 2019, was $1,196 million, a slight decrease from $1,217 million in the same period of 2018[253]. - Adjusted OIBDA for the three months ended September 30, 2019, was $162 million, an increase of $4 million year-over-year, while for the nine months ended September 30, 2019, it increased by $77 million to $372 million[282]. Cash and Liquidity - The Liberty SiriusXM Group's cash and cash equivalents were approximately $133 million as of September 30, 2019[205]. - The Formula One Group had cash and cash equivalents of approximately $419 million as of September 30, 2019[208]. - As of September 30, 2019, Liberty had $386 million of unencumbered marketable equity securities, providing potential liquidity sources[232]. - Liberty's cash and cash equivalents totaled $133 million for the Liberty SiriusXM Group, $142 million for the Braves Group, and $419 million for the Formula One Group as of September 30, 2019[235]. - Liberty SiriusXM Group generated $1,437 million in cash from operating activities for the nine months ended September 30, 2019, an increase of 11.3% from $1,291 million in 2018[236]. - Liberty's projected cash uses include investments in existing or new businesses and potential stock buybacks, expected to be funded by cash on hand and borrowing capacity[240]. Expenses and Costs - Stock-based compensation expense increased to $217 million for the nine months ended September 30, 2019, compared to $145 million in the same period of 2018, primarily due to SIRIUS XM Holdings[215]. - Other net expense increased by $57 million for the three months ended September 30, 2019, primarily due to losses on extinguishment of debt related to SIRIUS XM Holdings[227]. - Consolidated interest expense rose by $19 million and $42 million for the three and nine months ended September 30, 2019, respectively, mainly due to increased debt levels in the Liberty SiriusXM Group[220]. - The effective tax rate for the nine months ended September 30, 2019, was 40.9%, significantly higher than 13.8% for the same period in 2018, influenced by state income taxes and changes in valuation allowance[229]. - Selling, general and administrative expenses increased 72% and 64% for the three and nine months ended September 30, 2019, respectively, mainly due to additional expenses from the inclusion of Pandora[262]. - Other operating expenses increased approximately 142% and 122% for the three and nine months ended September 30, 2019, respectively, driven by expenses associated with the inclusion of Pandora[263]. - Programming and content costs increased 14% and 9% for the three and nine months ended September 30, 2019, respectively, primarily due to higher content licensing and personnel-related costs[260]. - Subscriber acquisition costs decreased approximately 8% and 11% for the three and nine months ended September 30, 2019, respectively, compared to the prior year due to reductions in OEM hardware subsidy rates and lower installation volumes[261]. Subscriber Metrics - The total number of SIRIUS XM subscribers reached approximately 34.6 million as of September 30, 2019, reflecting a 3% increase in the daily weighted average number of subscribers[246]. - SIRIUS XM subscriber revenue increased approximately 8% for the nine months ended September 30, 2019, reaching $4,196 million compared to $3,903 million in 2018[253]. - SIRIUS XM's advertising revenue rose approximately 10% for the nine months ended September 30, 2019, totaling $149 million compared to $135 million in the prior year[254]. - Pro forma Pandora subscriber revenue increased 4% and 16% during the three and nine months ended September 30, 2019, respectively, due to a greater weighted average number of subscribers[271]. Formula 1 Specifics - Operating income for Formula 1 was $44 million in Q3 2019, compared to $39 million in Q3 2018, showing a 12.8% increase[211]. - Total Formula 1 revenue for the three months ended September 30, 2019, was $633 million, a decrease of $14 million compared to the same period in 2018, while for the nine months ended September 30, 2019, it increased to $1,499 million, up $153 million year-over-year[282]. - Primary Formula 1 revenue decreased by $7 million to $553 million for the three months ended September 30, 2019, but increased by $146 million to $1,282 million for the nine months ended September 30, 2019, compared to the prior year[283]. - Cost of Formula 1 revenue decreased by $17 million to $434 million for the three months ended September 30, 2019, but increased by $78 million to $1,023 million for the nine months ended September 30, 2019, compared to the prior year[287]. - Team payments decreased by $9 million to $335 million for the three months ended September 30, 2019, but increased by $70 million to $766 million for the nine months ended September 30, 2019, compared to the prior year[288]. - Other Formula 1 revenue decreased by $7 million to $80 million for the three months ended September 30, 2019, but increased by $7 million to $217 million for the nine months ended September 30, 2019, compared to the prior year[286].

[Part I – Financial Information](index=3&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [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, including Balance Sheets, Statements of Operations, and Cash Flows, for the period ended June 30, 2019 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$43.7 billion** by June 30, 2019, primarily due to the Pandora acquisition, with total liabilities rising to **$21.2 billion** and equity reaching **$22.5 billion** Condensed Consolidated Balance Sheet Summary (in millions) | Balance Sheet Item | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Current Assets** | $1,931 | $1,082 | | **Total Assets** | **$43,700** | **$40,828** | | **Total Current Liabilities** | $3,973 | $3,244 | | **Long-Term Debt** | $14,411 | $13,371 | | **Total Liabilities** | **$21,219** | **$19,130** | | **Total Stockholders' Equity** | $16,596 | $16,595 | | **Total Equity** | **$22,481** | **$21,698** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2019 total revenue increased to **$2.8 billion** due to Pandora, with operating income rising to **$461 million**, while net earnings attributable to Liberty stockholders were **$116 million** Q2 2019 vs Q2 2018 Statement of Operations (in millions, except per share data) | Metric | Q2 2019 | Q2 2018 | | :--- | :--- | :--- | | **Total Revenue** | $2,805 | $2,199 | | SIRIUS XM Holdings revenue | $1,977 | $1,432 | | Formula 1 revenue | $620 | $585 | | **Operating Income** | $461 | $374 | | **Net Earnings Attributable to Liberty Stockholders** | $116 | $172 | | **Diluted EPS (Liberty SiriusXM)** | $0.52 | $0.49 | H1 2019 vs H1 2018 Statement of Operations (in millions, except per share data) | Metric | H1 2019 | H1 2018 | | :--- | :--- | :--- | | **Total Revenue** | $4,817 | $3,716 | | SIRIUS XM Holdings revenue | $3,721 | $2,807 | | Formula 1 revenue | $866 | $699 | | **Operating Income** | $661 | $601 | | **Net Earnings (Loss) Attributable to Liberty Stockholders** | ($42) | $303 | | **Diluted EPS (Liberty SiriusXM)** | $0.70 | $1.08 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2019 net cash from operating activities decreased to **$1.17 billion**, while investing activities shifted to a **$512 million** inflow, and financing activities used **$1.39 billion** Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Activity | 2019 | 2018 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,172 | $1,268 | | **Net cash provided (used) by investing activities** | $512 | ($300) | | **Net cash provided (used) by financing activities** | ($1,385) | ($1,451) | | **Net increase (decrease) in cash** | $299 | ($484) | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, tracking stock structure, the Pandora acquisition, stock-based compensation, debt, new lease accounting standards, and segment performance - The company operates in media, communications, and entertainment, with key subsidiaries like **SIRIUS XM Holdings**, **Formula 1**, and **Braves Holdings**, and a significant investment in **Live Nation Entertainment**[42](index=42&type=chunk) - A tracking stock structure is used for **Liberty SiriusXM**, **Braves**, and **Formula One Groups**, designed to track the economic performance of their attributed businesses and assets[52](index=52&type=chunk) - SIRIUS XM Holdings acquired Pandora on February 1, 2019, for approximately **$2.9 billion**, adding **$1.56 billion** in goodwill and significant intangible assets[60](index=60&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - The adoption of new lease accounting standard **ASC 842** on January 1, 2019, led to the recognition of significant right-of-use assets and lease liabilities for operating leases[155](index=155&type=chunk)[158](index=158&type=chunk)[160](index=160&type=chunk) - SIRIUS XM Holdings settled a **TCPA** class action lawsuit for **$25 million** in April 2019[178](index=178&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, detailing consolidated and segment performance, including the Pandora acquisition's impact, liquidity, capital resources, and cash flow [Results of Operations—Consolidated](index=46&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) Consolidated revenue grew **27.6%** in Q2 and **29.6%** in H1 2019, driven by Pandora and organic growth, with operating income and Adjusted OIBDA also increasing Consolidated Revenue by Group (in millions) | Group | Q2 2019 | Q2 2018 | H1 2019 | H1 2018 | | :--- | :--- | :--- | :--- | :--- | | Liberty SiriusXM Group | $1,977 | $1,432 | $3,721 | $2,807 | | Braves Group | $208 | $182 | $230 | $210 | | Formula One Group | $620 | $585 | $866 | $699 | | **Total** | **$2,805** | **$2,199** | **$4,817** | **$3,716** | Consolidated Adjusted OIBDA by Group (in millions) | Group | Q2 2019 | Q2 2018 | H1 2019 | H1 2018 | | :--- | :--- | :--- | :--- | :--- | | Liberty SiriusXM Group | $618 | $536 | $1,206 | $1,061 | | Braves Group | $61 | $63 | $28 | $28 | | Formula One Group | $136 | $128 | $195 | $127 | | **Total** | **$815** | **$727** | **$1,429** | **$1,216** | - Stock-based compensation increased to **$141 million** for H1 2019, primarily due to higher expenses at SIRIUS XM Holdings[220](index=220&type=chunk) - Realized and unrealized losses on financial instruments totaled **$185 million** for H1 2019, a significant reversal from a **$211 million** gain in H1 2018, driven by fair value changes in debt and derivatives[225](index=225&type=chunk)[228](index=228&type=chunk) [Results of Operations—Businesses](index=52&type=section&id=Results%20of%20Operations%E2%80%94Businesses) This section details segment performance, with **SIRIUS XM Holdings** showing strong growth from Pandora, **Formula 1** revenue increasing due to contractual fees, and **Braves Holdings** benefiting from higher attendance - **SIRIUS XM Holdings** reported Q2 2019 revenue of **$1.98 billion** and Adjusted OIBDA of **$622 million**, including Pandora's contribution, with **34.3 million** SIRIUS XM subscribers and **64.9 million** Pandora active users as of June 30, 2019[252](index=252&type=chunk)[254](index=254&type=chunk)[258](index=258&type=chunk) - **Formula 1** Q2 2019 revenue increased to **$620 million** with Adjusted OIBDA of **$145 million**, driven by contractual broadcasting fees and an additional H1 event[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) - **Braves Holdings** Q2 2019 revenue grew to **$208 million** due to more home games and increased ticket/concession sales, though Adjusted OIBDA slightly declined to **$62 million** due to higher costs[303](index=303&type=chunk) [Material Changes in Financial Condition](index=50&type=section&id=Material%20Changes%20in%20Financial%20Condition) As of June 30, 2019, Liberty held **$697 million** in cash, with primary cash uses including **$306 million** for share repurchases and subsidiary debt/dividend payments, maintaining liquidity through cash and credit facilities Cash and Cash Equivalents by Group (as of June 30, 2019, in millions) | Group | Cash and Cash Equivalents | | :--- | :--- | | Liberty SiriusXM Group | $236 | | Braves Group | $127 | | Formula One Group | $334 | | **Total** | **$697** | - Primary cash use at the corporate level during H1 2019 was **$306 million** for repurchases of Series C Liberty SiriusXM common stock[242](index=242&type=chunk) - SIRIUS XM Holdings paid **$113 million** in dividends in H1 2019, with Liberty receiving **$77 million**, and expects to continue regular quarterly dividends[243](index=243&type=chunk) - Significant liquidity is available via credit facilities, including **$875 million** under the SIRIUS XM Holdings Margin Loan and **$600 million** under the Live Nation Margin Loan as of June 30, 2019[241](index=241&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risk from interest rate and stock price fluctuations, with **$13.2 billion** of its **$14.3 billion** debt fixed-rate, and significant exposure from its **$361 million** marketable securities and **Live Nation** investment Debt Structure by Interest Rate Type (as of June 30, 2019, in millions) | Debt Type | Principal Amount | Weighted Avg. Interest Rate | | :--- | :--- | :--- | | Variable Rate | $1,065 | ~4.5% | | Fixed Rate | $13,204 | ~4.4% | - Stock price volatility impacts the **$361 million** marketable securities portfolio, where a **10%** price drop would reduce value by **$36 million**[311](index=311&type=chunk) - The **Live Nation** investment is subject to market risk, with a **10%** stock price decline reducing its value by **$461 million**[311](index=311&type=chunk) [Controls and Procedures](index=61&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2019, while SIRIUS XM Holdings is integrating Pandora's internal controls post-acquisition - The CEO and principal financial officer affirmed the effectiveness of the company's disclosure controls and procedures as of June 30, 2019[312](index=312&type=chunk) - SIRIUS XM Holdings is reviewing and adjusting Pandora's internal controls following its acquisition[313](index=313&type=chunk) [Part II — Other Information](index=62&type=section&id=Part%20II%20%E2%80%94%20Other%20Information) [Legal Proceedings](index=62&type=section&id=Item%201.%20Legal%20Proceedings) This section details significant legal matters, including SIRIUS XM Holdings' **$25 million TCPA** settlement and Pandora's ongoing pre-1972 sound recording royalty lawsuits, where it asserts **MMA** defenses - In April 2019, SIRIUS XM Holdings agreed to a **$25 million** settlement for a **TCPA** class action lawsuit[316](index=316&type=chunk) - Pandora faces class action lawsuits over pre-1972 sound recording royalties, asserting the **Music Modernization Act (MMA)** as a federal preemption defense[317](index=317&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2019, Liberty repurchased **2.2 million** shares of Series C Liberty SiriusXM common stock for **$84 million**, with **$505 million** remaining for future repurchases Share Repurchases for Q2 2019 (Series C Liberty SiriusXM Common Stock) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2019 | 645,049 | $39.53 | | May 2019 | 703,730 | $38.72 | | June 2019 | 843,488 | $36.75 | | **Total** | **2,192,267** | **-** | - As of June 2019, approximately **$505 million** remained available for share repurchases under the current plan[322](index=322&type=chunk) [Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications, unaudited attributed financial information, and XBRL data files - Filed exhibits include CEO and CFO certifications, unaudited financial information for tracking stock groups, and XBRL interactive data files[324](index=324&type=chunk)[326](index=326&type=chunk)

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 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 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, 2018 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 ...