00009814017523981960975533620849530120819611924341022187346092398544121869271898134522P9MP12MP12MP60M2437583http://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrent0001560385--12-312024Q1false97613360http://fasb.org/us-gaap/2023#AssetPledgedAsCollateralMemberhttp://fasb.org/us-gaap/2023#AssetPledgedAsCollateralMember000254614600025558490255585772546146254614663602339635890300.0000001560385lmca:SiriusXmHoldingsMembersrt:MaximumMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-03-310001560385us-gaap:RetainedEarningsMember2024-03-310001560385us-gaap:NoncontrollingInterestMember2024-03-310001560385us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-03-310001560385us-gaap:AdditionalPaidInCapitalMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-12-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310001560385lmca:LibertyLiveGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-12-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-12-310001560385us-gaap:RetainedEarningsMember2023-12-310001560385us-gaap:NoncontrollingInterestMember2023-12-310001560385us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310001560385us-gaap:AdditionalPaidInCapitalMember2023-12-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-03-310001560385us-gaap:RetainedEarningsMember2023-03-310001560385us-gaap:NoncontrollingInterestMember2023-03-310001560385us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-03-310001560385us-gaap:AdditionalPaidInCapitalMember2023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2022-12-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-12-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassCMemberus-gaap:CommonStockMember2022-12-310001560385us-gaap:RetainedEarningsMember2022-12-310001560385us-gaap:NoncontrollingInterestMember2022-12-310001560385us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310001560385us-gaap:AdditionalPaidInCapitalMember2022-12-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassBMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassAMember2024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:CommonClassBMember2024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:CommonClassAMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassBMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassAMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassCMember2023-12-310001560385lmca:LibertyLiveGroupMemberus-gaap:CommonClassCMember2023-12-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassCMember2023-12-310001560385lmca:LibertyLiveGroupMembersrt:ChiefExecutiveOfficerMemberus-gaap:CommonClassCMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassBMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassAMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:CommonClassBMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:CommonClassAMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassBMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassAMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassCMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:CommonClassCMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassCMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMembersrt:ChiefExecutiveOfficerMemberlmca:PerformanceBasedRestrictedStockUnitMemberus-gaap:CommonClassCMember2024-03-310001560385lmca:LibertyFormulaOneGroupMembersrt:ChiefExecutiveOfficerMemberlmca:PerformanceBasedRestrictedStockUnitMemberus-gaap:CommonClassCMember2024-03-310001560385lmca:LibertySiriusXmGroupMembersrt:ChiefExecutiveOfficerMemberlmca:PerformanceBasedRestrictedStockUnitMemberus-gaap:CommonClassCMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMembersrt:ChiefExecutiveOfficerMemberlmca:PerformanceBasedRestrictedStockUnitMemberus-gaap:CommonClassCMember2024-01-012024-03-310001560385lmca:SiriusXmHoldingsMemberus-gaap:RestrictedStockUnitsRSUMember2024-01-012024-03-310001560385srt:ChiefExecutiveOfficerMemberlmca:PerformanceBasedRestrictedStockUnitMemberus-gaap:CommonClassCMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310001560385lmca:LibertyBravesGroupMember2024-01-012024-03-310001560385lmca:SiriusXmHoldingsMemberlmca:SiriusXmCanadaMemberus-gaap:EquityMethodInvesteeMember2024-01-012024-03-310001560385lmca:SiriusXmHoldingsMemberlmca:SiriusXmCanadaMemberus-gaap:EquityMethodInvesteeMember2023-01-012023-03-3100015603852032-01-01lmca:FormulaOneAndOtherSubsidiariesMember2024-03-3100015603852026-01-01lmca:FormulaOneAndOtherSubsidiariesMember2024-03-3100015603852025-01-01lmca:FormulaOneAndOtherSubsidiariesMember2024-03-3100015603852024-04-01lmca:FormulaOneAndOtherSubsidiariesMember2024-03-3100015603852027-01-01lmca:FormulaOneAndOtherSubsidiariesMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberlmca:SiriusXmHoldingsMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberlmca:SiriusXmHoldingsMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberlmca:ProductServiceOrOtherMemberlmca:SiriusXmHoldingsMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberlmca:ProductEquipmentMemberlmca:SiriusXmHoldingsMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:OperatingSegmentsMemberlmca:ProductServiceOrOtherMemberlmca:FormulaOneMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:OperatingSegmentsMemberlmca:PrimaryMemberlmca:FormulaOneMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CorporateNonSegmentMemberlmca:FormulaOneMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310001560385lmca:SiriusXmHoldingsRevenueMember2024-01-012024-03-310001560385lmca:LiveNationEntertainmentIncMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberlmca:SiriusXmHoldingsMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberlmca:SiriusXmHoldingsMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberlmca:ProductServiceOrOtherMemberlmca:SiriusXmHoldingsMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberlmca:ProductEquipmentMemberlmca:SiriusXmHoldingsMember2023-01-012023-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:OperatingSegmentsMemberlmca:ProductServiceOrOtherMemberlmca:FormulaOneMember2023-01-012023-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:OperatingSegmentsMemberlmca:PrimaryMemberlmca:FormulaOneMember2023-01-012023-03-310001560385lmca:LibertyBravesGroupMemberus-gaap:CorporateNonSegmentMemberlmca:DevelopmentLeasesMember2023-01-012023-03-310001560385lmca:LibertyBravesGroupMemberus-gaap:CorporateNonSegmentMemberlmca:BaseballMember2023-01-012023-03-310001560385lmca:SiriusXmHoldingsRevenueMember2023-01-012023-03-310001560385lmca:ProductServiceOrOtherMember2023-01-012023-03-310001560385lmca:LiveNationEntertainmentIncMember2023-01-012023-03-310001560385lmca:SiriusXmHoldingsMember2023-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMarginLoanMember2024-01-012024-03-310001560385lmca:QurateRetailTripcoLibertyBroadbandAndAbhMembersrt:AffiliatedEntityMember2024-01-012024-03-310001560385lmca:QurateRetailTripcoLibertyBroadbandAndAbhMembersrt:AffiliatedEntityMember2023-01-012023-03-310001560385us-gaap:RetainedEarningsMember2024-01-012024-03-310001560385us-gaap:RetainedEarningsMember2023-01-012023-03-310001560385lmca:SiriusXmHoldingsMemberlmca:SoundcloudHoldingsLlcMemberlmca:PandoraSoundcloudAdvertisingAgreementMemberus-gaap:EquityMethodInvesteeMember2024-03-310001560385lmca:SiriusXmHoldingsMemberlmca:SoundcloudHoldingsLlcMemberlmca:PandoraSoundcloudAdvertisingAgreementMemberus-gaap:EquityMethodInvesteeMember2023-12-310001560385us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310001560385us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-03-310001560385us-gaap:OtherNoncurrentAssetsMember2024-03-310001560385us-gaap:OtherCurrentAssetsMember2024-03-310001560385lmca:SiriusXmHoldingsMember2023-01-012023-03-310001560385lmca:SiriusXmHoldingsMemberlmca:SoundcloudHoldingsLlcMemberlmca:PandoraSoundcloudAdvertisingAgreementMemberus-gaap:EquityMethodInvesteeMember2024-01-012024-03-310001560385lmca:SiriusXmHoldingsMemberlmca:SoundcloudHoldingsLlcMemberlmca:PandoraSoundcloudAdvertisingAgreementMemberus-gaap:EquityMethodInvesteeMember2023-01-012023-03-3100015603852023-10-012023-12-3100015603852023-12-082023-12-080001560385lmca:LiveNationMarginLoanMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMarginLoanMemberus-gaap:RevolvingCreditFacilityMember2023-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:RevolvingCreditFacilityMember2022-11-230001560385lmca:LibertyFormulaOneGroupMemberus-gaap:RevolvingCreditFacilityMember2022-11-220001560385lmca:LiveNationMarginLoanMember2022-05-090001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMarginLoanMemberus-gaap:RevolvingCreditFacilityMember2021-02-280001560385lmca:LibertyFormulaOneGroupMemberus-gaap:RevolvingCreditFacilityMember2024-03-310001560385lmca:OtherFinancialInstrumentsMember2024-01-012024-03-310001560385lmca:FairValueOptionSecuritiesMember2024-01-012024-03-310001560385lmca:DebtMeasuredAtFairValueMember2024-01-012024-03-310001560385lmca:OtherFinancialInstrumentsMember2023-01-012023-03-310001560385lmca:FairValueOptionSecuritiesMember2023-01-012023-03-310001560385lmca:DebtMeasuredAtFairValueMember2023-01-012023-03-310001560385lmca:BondHedgeChangeInFairValueMember2023-01-012023-03-310001560385us-gaap:OtherNoncurrentLiabilitiesMember2023-12-310001560385us-gaap:OtherCurrentLiabilitiesMember2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:OtherEquityMethodInvestmentsMember2024-03-310001560385lmca:LibertyLiveGroupMemberlmca:OtherEquityMethodInvestmentsMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:OtherEquityMethodInvestmentsMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmCanadaMember2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:OtherEquityMethodInvestmentsMember2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:CleanEnergyInvestmentsMember2023-12-310001560385lmca:LibertyLiveGroupMemberlmca:OtherEquityMethodInvestmentsMember2023-12-310001560385lmca:LibertyLiveGroupMemberlmca:LiveNationMember2023-12-310001560385lmca:LibertyFormulaOneGroupMemberlmca:OtherEquityMethodInvestmentsMember2023-12-310001560385lmca:SiriusXmHoldingsMemberlmca:SoundcloudHoldingsLlcMember2020-02-290001560385lmca:SiriusXmHoldingsMemberlmca:SiriusXmCanadaMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmCanadaMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:CleanEnergyInvestmentsMember2024-03-310001560385lmca:LibertyLiveGroupMemberlmca:LiveNationMember2024-03-310001560385lmca:LiveNationMember2023-12-310001560385lmca:SiriusXmHoldingsMembersrt:MaximumMemberlmca:SiriusXmCanadaMember2024-01-012024-03-310001560385lmca:SiriusXmHoldingsMembersrt:MaximumMemberlmca:SiriusXmCanadaMember2023-01-012023-03-310001560385lmca:CleanEnergyInvestmentsMember2024-03-310001560385lmca:SiriusXmHoldingsMember2024-03-310001560385lmca:LibertySiriusXmGroupMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMember2023-01-012023-03-310001560385lmca:LibertyFormulaOneGroupMember2023-01-012023-03-310001560385lmca:LibertyBravesGroupMember2023-01-012023-03-310001560385lmca:FormulaOneMemberlmca:SeniorLoanFacilityMemberus-gaap:InterestRateSwapMember2024-03-310001560385lmca:LibertySiriusXmGroupMember2023-12-310001560385lmca:LibertyFormulaOneGroupMember2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmIncrementalTermLoanMember2024-04-112024-04-110001560385lmca:LibertySiriusXmGroupMemberlmca:Exchangeable2.75SeniorDebenturesDue2049Member2019-11-262019-11-260001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm5.00SeniorNotesDue2027Member2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:Exchangeable2.125SeniorDebenturesDue2048Member2023-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:ConvertibleBonds1.375PercentMember2023-03-310001560385us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001560385us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmDelayedDrawIncrementalTermLoanMember2024-01-260001560385lmca:LibertyLiveGroupMemberlmca:Exchangeable2.375SeniorDebenturesDue2053Member2023-09-300001560385lmca:LibertySiriusXmGroupMemberlmca:A3.75SeniorConvertibleNotesDue2028Member2023-03-100001560385lmca:LibertyFormulaOneGroupMemberlmca:Convertible2.25SeniorNotesDue2027Member2022-08-120001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmIncrementalTermLoanMember2022-04-110001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMarginLoanMemberlmca:TermLoanMember2021-02-280001560385lmca:LibertySiriusXmGroupMemberlmca:Exchangeable0.5SeniorDebenturesDue2050Member2020-11-300001560385lmca:LibertySiriusXmGroupMemberlmca:Exchangeable2.75SeniorDebenturesDue2049Member2019-11-260001560385lmca:LibertySiriusXmGroupMemberlmca:A3.75SeniorConvertibleNotesDue2028Memberus-gaap:CommonClassAMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:Convertible2.25SeniorNotesDue2027Memberus-gaap:CommonClassCMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:A3.75SeniorConvertibleNotesDue2028Memberus-gaap:CommonClassAMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:Convertible2.25SeniorNotesDue2027Memberus-gaap:CommonClassCMember2024-03-310001560385lmca:LibertyLiveGroupMemberlmca:LiveNationMemberlmca:Exchangeable2.375SeniorDebenturesDue2053Member2023-09-300001560385lmca:LibertySiriusXmGroupMemberlmca:LiveNationMemberlmca:Exchangeable0.5SeniorDebenturesDue2050Member2020-11-300001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMemberlmca:Exchangeable2.75SeniorDebenturesDue2049Member2019-11-2600015603852023-11-242023-11-240001560385lmca:LibertyFormulaOneGroupMemberlmca:FirstLienTermLoanBMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-10-042023-10-040001560385lmca:LiveNationMarginLoanMemberlmca:AdjustedTermSecuredOvernightFinancingRateMember2023-09-052023-09-050001560385lmca:LibertyFormulaOneGroupMemberlmca:FirstLienTermLoanBMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-05-052023-05-050001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMarginLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-03-012023-03-310001560385lmca:LibertyFormulaOneGroupMembersrt:MinimumMemberlmca:FirstLienTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-11-232022-11-230001560385lmca:LibertyFormulaOneGroupMembersrt:MaximumMemberlmca:FirstLienTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-11-232022-11-230001560385lmca:LibertyFormulaOneGroupMemberlmca:FirstLienTermLoanBMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-11-232022-11-230001560385lmca:LibertyFormulaOneGroupMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-11-232022-11-230001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMarginLoanMemberlmca:LondonInterbankOfferedRateMember2021-02-012021-02-280001560385lmca:RevenueShareAndRoyaltiesMember2024-01-012024-03-310001560385lmca:ProgrammingAndContentExpenseMember2024-01-012024-03-310001560385lmca:ProductServiceOrOtherMember2024-01-012024-03-310001560385lmca:OtherCostOfSubscriberServicesMember2024-01-012024-03-310001560385lmca:FormulaOneMember2024-01-012024-03-310001560385lmca:CustomerServiceAndBillingMember2024-01-012024-03-310001560385lmca:RevenueShareAndRoyaltiesMember2023-01-012023-03-310001560385lmca:ProgrammingAndContentExpenseMember2023-01-012023-03-310001560385lmca:OtherCostOfSubscriberServicesMember2023-01-012023-03-310001560385lmca:FormulaOneMember2023-01-012023-03-310001560385lmca:CustomerServiceAndBillingMember2023-01-012023-03-310001560385lmca:FormulaOneAndOtherSubsidiariesMember2024-03-310001560385lmca:FormulaOneAndOtherSubsidiariesMember2023-12-310001560385lmca:LibertySiriusXmGroupCommonClassMember2024-03-310001560385lmca:LibertySiriusXmGroupCommonClassCMember2024-03-310001560385lmca:LibertySiriusXmGroupCommonClassBMember2024-03-310001560385lmca:LibertyLiveGroupCommonClassMember2024-03-310001560385lmca:LibertyLiveGroupCommonClassCMember2024-03-310001560385lmca:LibertyLiveGroupCommonClassBMember2024-03-310001560385lmca:LibertyFormulaOneGroupCommonClassMember2024-03-310001560385lmca:LibertyFormulaOneGroupCommonClassCMember2024-03-310001560385lmca:LibertyFormulaOneGroupCommonClassBMember2024-03-310001560385lmca:LibertySiriusXmGroupCommonClassMember2023-12-310001560385lmca:LibertySiriusXmGroupCommonClassCMember2023-12-310001560385lmca:LibertySiriusXmGroupCommonClassBMember2023-12-310001560385lmca:LibertyLiveGroupCommonClassMember2023-12-310001560385lmca:LibertyLiveGroupCommonClassCMember2023-12-310001560385lmca:LibertyLiveGroupCommonClassBMember2023-12-310001560385lmca:LibertyFormulaOneGroupCommonClassMember2023-12-310001560385lmca:LibertyFormulaOneGroupCommonClassCMember2023-12-310001560385lmca:LibertyFormulaOneGroupCommonClassBMember2023-12-310001560385lmca:SiriusXmHoldingsMemberus-gaap:SubsequentEventMember2024-04-242024-04-240001560385lmca:LibertySiriusXmGroupMemberus-gaap:CommonClassCMember2024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:CommonClassCMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CommonClassCMember2024-03-3100015603852023-03-3100015603852022-12-310001560385us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001560385us-gaap:FairValueMeasurementsRecurringMember2023-12-310001560385lmca:SiriusXmHoldingsMemberlmca:LibertySiriusXmGroupMember2024-03-310001560385lmca:FormulaOneAndOtherSubsidiariesMemberlmca:LibertyFormulaOneGroupMember2024-03-310001560385lmca:QuintEventsLlcMember2024-01-020001560385srt:ProFormaMemberlmca:DornaSportsL.aMember2024-10-012024-12-310001560385srt:ProFormaMemberlmca:DornaSportsL.aMember2024-12-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberlmca:SiriusXmHoldingsMember2024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:OperatingSegmentsMemberlmca:LiveNationMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:OperatingSegmentsMemberlmca:FormulaOneMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CorporateNonSegmentMember2024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:IntersegmentEliminationMember2024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:CorporateNonSegmentMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:IntersegmentEliminationMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CorporateNonSegmentMember2024-03-310001560385lmca:LibertySiriusXmGroupMember2024-03-310001560385lmca:LibertyFormulaOneGroupMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:CommonClassAandCMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberlmca:CommonClassAandCMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:CommonClassAandCMember2023-01-012023-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:CommonClassAandCMember2023-01-012023-03-310001560385lmca:LibertyBravesGroupMemberlmca:CommonClassAandCMember2023-01-012023-03-310001560385lmca:SiriusXmHoldingsMemberlmca:ProgrammingAndContentExpenseMember2024-01-012024-03-310001560385lmca:SiriusXmHoldingsMemberlmca:OtherCostOfSubscriberServicesMember2024-01-012024-03-310001560385lmca:SiriusXmHoldingsMemberlmca:CustomerServiceAndBillingMember2024-01-012024-03-310001560385us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-03-310001560385us-gaap:OperatingExpenseMember2024-01-012024-03-310001560385lmca:SiriusXmHoldingsMemberlmca:ProgrammingAndContentExpenseMember2023-01-012023-03-310001560385lmca:SiriusXmHoldingsMemberlmca:OtherCostOfSubscriberServicesMember2023-01-012023-03-310001560385lmca:SiriusXmHoldingsMemberlmca:CustomerServiceAndBillingMember2023-01-012023-03-310001560385us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-03-310001560385us-gaap:OperatingExpenseMember2023-01-012023-03-310001560385us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001560385us-gaap:NoncontrollingInterestMember2023-01-012023-03-3100015603852023-07-182023-07-180001560385us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001560385us-gaap:FairValueMeasurementsRecurringMember2024-03-310001560385lmca:LibertyLiveGroupMemberlmca:LiveNationMemberlmca:Exchangeable0.5SeniorDebenturesDue2050Member2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberlmca:LiveNationMemberlmca:Exchangeable2.375SeniorDebenturesDue2053Member2023-09-012023-09-300001560385lmca:LibertySiriusXmGroupMemberlmca:LiveNationMemberlmca:Exchangeable0.5SeniorDebenturesDue2050Member2020-11-012020-11-300001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMemberlmca:Exchangeable2.75SeniorDebenturesDue2049Member2019-11-262019-11-260001560385lmca:QuintEventsLlcMember2024-01-022024-01-020001560385lmca:DebtMeasuredAtFairValueMember2024-03-3100015603852023-08-032023-08-030001560385lmca:LibertySiriusXmGroupMemberlmca:NewLibertySiriusxmCommonStockMemberMember2023-08-032023-08-030001560385lmca:LibertySiriusXmGroupMemberlmca:LibertyLiveCommonStockMember2023-08-032023-08-030001560385lmca:LibertyFormulaOneGroupMemberlmca:NewLibertyFormulaOneCommonStockMember2023-08-032023-08-030001560385lmca:LibertyFormulaOneGroupMemberlmca:LibertyLiveCommonStockMember2023-08-032023-08-030001560385lmca:SiriusXmHoldingsMember2024-01-012024-03-3100015603852023-06-300001560385lmca:FormulaOneMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmCanadaMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberlmca:OtherEquityMethodInvestmentsMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberlmca:LiveNationMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:OtherEquityMethodInvestmentsMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmCanadaMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:OtherEquityMethodInvestmentsMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:LiveNationMember2023-01-012023-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:OtherEquityMethodInvestmentsMember2023-01-012023-03-310001560385lmca:LibertyBravesGroupMemberlmca:OtherEquityMethodInvestmentsMember2023-01-012023-03-310001560385lmca:CleanEnergyInvestmentsMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMemberlmca:SiriusXmHoldingsMarginLoanMember2024-03-310001560385lmca:LiveNationMemberlmca:LiveNationMarginLoanMember2024-03-310001560385lmca:SiriusXmHoldingsMember2024-07-012024-09-300001560385lmca:SiriusXmHoldingsMemberlmca:SiriusXmCanadaMember2024-01-012024-03-3100015603852024-03-310001560385srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2024-01-0100015603852023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmIncrementalTermLoanMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMarginLoanMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmCreditFacilityMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm5.50SeniorNotesDue2029Member2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm5.0SeniorNotesDue2027Member2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm4.125PercentageSeniorNotesDue2030Member2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm4.0SeniorNotesDue2028Member2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm3.875SeniorNotesDue2031Member2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm3.125SeniorNotesDue2026Member2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:Exchangeable2.75SeniorDebenturesDue2049Member2024-03-310001560385lmca:LibertyLiveGroupMemberlmca:Exchangeable2.375SeniorDebenturesDue2053Member2024-03-310001560385lmca:LibertyLiveGroupMemberlmca:Exchangeable0.5SeniorDebenturesDue2050Member2024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:OtherDebtSecuritiesMember2024-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:SeniorLoanFacilityMember2024-03-310001560385lmca:FormulaOneMemberlmca:SeniorLoanFacilityMember2024-03-310001560385lmca:LibertyLiveGroupMember2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmIncrementalTermLoanMember2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMarginLoanMember2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm5.50SeniorNotesDue2029Member2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm5.0SeniorNotesDue2027Member2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm4.125PercentageSeniorNotesDue2030Member2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm4.0SeniorNotesDue2028Member2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm3.875SeniorNotesDue2031Member2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXm3.125SeniorNotesDue2026Member2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:Exchangeable2.75SeniorDebenturesDue2049Member2023-12-310001560385lmca:LibertySiriusXmGroupMemberlmca:A3.75SeniorConvertibleNotesDue2028Member2023-12-310001560385lmca:LibertyLiveGroupMemberlmca:Exchangeable2.375SeniorDebenturesDue2053Member2023-12-310001560385lmca:LibertyLiveGroupMemberlmca:Exchangeable0.5SeniorDebenturesDue2050Member2023-12-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:OtherDebtSecuritiesMember2023-12-310001560385lmca:LibertyFormulaOneGroupMemberlmca:SeniorLoanFacilityMember2023-12-310001560385lmca:LibertyFormulaOneGroupMemberlmca:Convertible2.25SeniorNotesDue2027Member2023-12-310001560385lmca:LibertyLiveGroupMember2023-12-310001560385lmca:LibertyFormulaOneGroupMemberlmca:FirstLienTermLoanMember2022-11-230001560385lmca:LibertyFormulaOneGroupMemberlmca:FirstLienTermLoanBMember2022-11-230001560385lmca:LibertyFormulaOneGroupMemberlmca:FirstLienTermLoanBMember2022-11-220001560385lmca:LibertySiriusXmGroupMemberlmca:A3.75SeniorConvertibleNotesDue2028Member2024-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:Convertible2.25SeniorNotesDue2027Member2024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmCreditFacilityMember2024-01-012024-03-310001560385lmca:LiveNationMarginLoanMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsMarginLoanMember2021-02-012021-02-280001560385lmca:LiveNationMarginLoanMemberlmca:AdjustedTermSecuredOvernightFinancingRateMember2022-05-092022-05-090001560385us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001560385us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberlmca:SiriusXmHoldingsMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:OperatingSegmentsMemberlmca:LiveNationMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:IntersegmentEliminationMemberlmca:LiveNationMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:OperatingSegmentsMemberlmca:FormulaOneMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberlmca:SiriusXmHoldingsMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:OperatingSegmentsMemberlmca:LiveNationMember2023-01-012023-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:OperatingSegmentsMemberlmca:FormulaOneMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310001560385lmca:LibertyFormulaOneGroupMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310001560385lmca:LibertyBravesGroupMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMember2023-01-012023-03-310001560385lmca:LibertyFormulaOneGroupMember2023-01-012023-03-310001560385lmca:LibertyBravesGroupMember2023-01-012023-03-3100015603852023-01-012023-03-310001560385lmca:LibertySiriusXmGroupCommonClassMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupCommonClassCMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupCommonClassBMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupCommonClassMember2024-01-012024-03-310001560385lmca:LibertyLiveGroupCommonClassCMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupCommonClassMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupCommonClassCMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupCommonClassMember2024-04-300001560385lmca:LibertySiriusXmGroupCommonClassCMember2024-04-300001560385lmca:LibertySiriusXmGroupCommonClassBMember2024-04-300001560385lmca:LibertyLiveGroupCommonClassMember2024-04-300001560385lmca:LibertyLiveGroupCommonClassCMember2024-04-300001560385lmca:LibertyLiveGroupCommonClassBMember2024-04-300001560385lmca:LibertyFormulaOneGroupCommonClassMember2024-04-300001560385lmca:LibertyFormulaOneGroupCommonClassCMember2024-04-300001560385lmca:LibertyFormulaOneGroupCommonClassBMember2024-04-3000015603852024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsRevenueMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:SiriusXmHoldingsRevenueMember2023-01-012023-03-310001560385lmca:LibertyBravesGroupMemberlmca:ProductServiceOrOtherMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:RevenueShareAndRoyaltiesMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:ProgrammingAndContentExpenseMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:OtherCostOfSubscriberServicesMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:CustomerServiceAndBillingMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:ProductServiceOrOtherMember2024-01-012024-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:FormulaOneMember2024-01-012024-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:RevenueShareAndRoyaltiesMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:ProgrammingAndContentExpenseMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:OtherCostOfSubscriberServicesMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMemberlmca:CustomerServiceAndBillingMember2023-01-012023-03-310001560385lmca:LibertyFormulaOneGroupMemberlmca:FormulaOneMember2023-01-012023-03-310001560385lmca:LibertySiriusXmGroupMember2023-03-310001560385lmca:LibertyFormulaOneGroupMember2023-03-310001560385lmca:LibertyBravesGroupMember2023-03-310001560385lmca:LibertySiriusXmGroupMember2022-12-310001560385lmca:LibertyFormulaOneGroupMember2022-12-310001560385lmca:LibertyBravesGroupMember2022-12-31xbrli:sharesiso4217:USDxbrli:purelmca:itemiso4217:EURiso4217:USDxbrli:shares

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, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                

Commission File Number 001-35707

LIBERTY MEDIA CORPORATION

(Exact name of Registrant as specified in its charter)

State of Delaware

37-1699499

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

12300 Liberty Boulevard
Englewood, Colorado

80112

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (720875-5400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Series A Liberty SiriusXM Common Stock

LSXMA

The Nasdaq Stock Market LLC

Series B Liberty SiriusXM Common Stock

LSXMB

The Nasdaq Stock Market LLC

Series C Liberty SiriusXM Common Stock

LSXMK

The Nasdaq Stock Market LLC

Series A Liberty Formula One Common Stock

FWONA

The Nasdaq Stock Market LLC

Series C Liberty Formula One Common Stock

FWONK

The Nasdaq Stock Market LLC

Series A Liberty Live Common Stock

LLYVA

The Nasdaq Stock Market LLC

Series C Liberty Live Common Stock

LLYVK

The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes     No 

The number of outstanding shares of Liberty Media Corporation's common stock as of April 30, 2024 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

98,140,175

9,755,336

218,794,768

Liberty Formula One common stock

23,985,441

2,434,102

208,613,527

Liberty Live common stock

25,558,490

2,546,146

63,617,041

Table of Contents

Table of Contents

Part I – Financial Information

Item 1. Financial Statements

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited)

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited)

I-5

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)

I-7

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited)

I-8

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Equity (unaudited)

I-10

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

I-12

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

I-39

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-56

Item 4. Controls and Procedures

I-56

Part II — Other Information

Item 1. Legal Proceedings

II-1

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

II-1

Item 5. Other Information

II-1

Item 6. Exhibits

II-2

SIGNATURES

II-3

I-2

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

March 31, 2024

    

December 31, 2023

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

1,666

 

2,019

Trade and other receivables, net

 

789

 

832

Other current assets

 

740

 

526

Total current assets

 

3,195

 

3,377

Investments in affiliates, accounted for using the equity method (note 6)

 

1,996

 

1,089

Property and equipment, at cost

 

4,183

 

4,078

Accumulated depreciation

 

(2,054)

 

(1,995)

 

2,129

 

2,083

Intangible assets not subject to amortization:

Goodwill

 

19,399

 

19,165

FCC licenses

 

8,600

 

8,600

Other

 

1,242

 

1,242

 

29,241

 

29,007

Intangible assets subject to amortization, net

 

3,889

 

3,872

Other assets

 

1,955

 

1,740

Total assets

$

42,405

 

41,168

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,621

 

2,010

Current portion of debt, including $649 million and $643 million measured at fair value, respectively (note 7)

1,185

1,180

Deferred revenue

 

1,826

 

1,442

Other current liabilities

 

234

 

111

Total current liabilities

 

4,866

 

4,743

Long-term debt, including $2,533 million and $2,416 million measured at fair value, respectively (note 7)

 

14,257

 

14,180

Deferred income tax liabilities

 

2,202

 

2,086

Other liabilities

 

1,435

 

714

Total liabilities

$

22,760

 

21,723

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

    

March 31, 2024

    

December 31, 2023

 

amounts in millions,

 

except share amounts

 

Stockholders' equity:

Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued

$

 

Series A Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 98,140,175 shares at March 31, 2024 and 98,134,522 shares at December 31, 2023 (note 2)

1

1

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 23,985,441 shares at March 31, 2024 and 23,981,960 shares at December 31, 2023 (note 2)

Series A Liberty Live common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 25,558,490 shares at March 31, 2024 and 25,558,577 shares at December 31, 2023 (note 2)

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,755,336 shares at March 31, 2024 and 9,761,336 shares at December 31, 2023 (note 2)

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,434,102 shares at March 31, 2024 and 2,437,583 shares at December 31, 2023 (note 2)

Series B Liberty Live common stock, $.01 par value. Authorized 19,552,500 shares; issued and outstanding 2,546,146 shares at March 31, 2024 and 2,546,146 shares at December 31, 2023 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 218,734,609 shares at March 31, 2024 and 218,692,718 shares at December 31, 2023 (note 2)

2

2

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 208,495,301 shares at March 31, 2024 and 208,196,119 shares at December 31, 2023 (note 2)

2

2

Series C Liberty Live common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 63,602,339 shares at March 31, 2024 and 63,589,030 shares at December 31, 2023 (note 2)

1

1

Additional paid-in capital

 

1,335

 

1,317

Accumulated other comprehensive earnings (loss), net of taxes

 

(57)

 

12

Retained earnings

 

15,267

 

15,061

Total stockholders' equity

 

16,551

 

16,396

Noncontrolling interests in equity of subsidiaries

 

3,094

 

3,049

Total equity

 

19,645

 

19,445

Commitments and contingencies (note 8)

Total liabilities and equity

$

42,405

 

41,168

See accompanying notes to condensed consolidated financial statements.

I-4

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

Three months ended

 

March 31,

 

    

2024

    

2023

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,162

 

2,144

Formula 1 revenue

550

381

Other revenue

 

37

 

31

Total revenue

 

2,749

 

2,556

Operating costs and expenses, including stock-based compensation (note 3):

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):

Revenue share and royalties

 

703

 

700

Programming and content

 

157

 

150

Customer service and billing

 

116

 

122

Other

 

61

 

52

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

279

206

Other cost of sales

26

Subscriber acquisition costs

 

90

 

90

Other operating expense

 

87

 

118

Selling, general and administrative

 

465

 

486

Impairment, restructuring and acquisition costs (note 8)

22

32

Depreciation and amortization

 

241

 

260

 

2,247

 

2,216

Operating income (loss)

 

502

 

340

Other income (expense):

Interest expense

 

(191)

 

(196)

Share of earnings (losses) of affiliates, net (note 6)

 

(19)

 

(10)

Realized and unrealized gains (losses) on financial instruments, net (note 5)

 

(3)

 

(46)

Other, net

 

27

 

14

 

(186)

 

(238)

Earnings (loss) before income taxes

 

316

 

102

Income tax (expense) benefit

 

(71)

 

(50)

Net earnings (loss)

 

245

 

52

Less net earnings (loss) attributable to the noncontrolling interests

 

42

 

37

Net earnings (loss) attributable to Liberty stockholders

$

203

 

15

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

199

183

Liberty Formula One common stock

77

(109)

Liberty Live common stock

(73)

NA

Liberty Braves common stock

NA

(59)

$

203

15

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-5

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Continued)

(unaudited)

Three months ended

March 31,

2024

    

2023

Basic net earnings (loss) attributable to Liberty stockholders per common share (notes 2 and 4):

Series A, B and C Liberty SiriusXM common stock

$

0.61

0.56

Series A, B and C Liberty Formula One common stock

$

0.33

(0.47)

Series A, B and C Liberty Live common stock

$

(0.79)

NA

Series A, B and C Liberty Braves common stock

$

NA

(1.11)

Diluted net earnings (loss) attributable to Liberty stockholders per common share (notes 2 and 4):

Series A, B and C Liberty SiriusXM common stock

$

0.52

0.38

Series A, B and C Liberty Formula One common stock

$

0.32

(0.58)

Series A, B and C Liberty Live common stock

$

(0.79)

NA

Series A, B and C Liberty Braves common stock

$

NA

(1.22)

See accompanying notes to condensed consolidated financial statements.

I-6

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

March 31,

 

    

2024

    

2023

amounts in millions

Net earnings (loss)

$

245

 

52

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

(12)

 

4

Credit risk on fair value debt instruments gains (losses)

 

(60)

 

(4)

Share of other comprehensive earnings (loss) of equity affiliates

 

2

 

17

Recognition of previously unrealized (gains) losses on debt

(20)

Comprehensive earnings (loss)

 

175

 

49

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

42

 

37

Comprehensive earnings (loss) attributable to Liberty stockholders

$

133

 

12

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

159

185

Liberty Formula One common stock

70

(114)

Liberty Live common stock

(96)

NA

Liberty Braves common stock

NA

(59)

$

133

12

See accompanying notes to condensed consolidated financial statements.

I-7

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

Three months ended

March 31,

    

2024

    

2023

 

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

245

 

52

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation and amortization

 

241

 

260

Stock-based compensation

 

61

 

56

Non-cash impairment and restructuring costs

1

8

Share of (earnings) loss of affiliates, net

 

19

 

10

Realized and unrealized (gains) losses on financial instruments, net

 

3

 

46

Deferred income tax expense (benefit)

 

(21)

 

(6)

Other, net

 

26

 

2

Changes in operating assets and liabilities

Current and other assets

 

(27)

 

65

Payables and other liabilities

 

(153)

 

168

Net cash provided (used) by operating activities

 

395

 

661

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(180)

 

(169)

Cash proceeds from dispositions

34

Cash (paid) received for acquisitions, net of cash acquired

(205)

Capital expended for property and equipment, including internal-use software and website development

 

(201)

 

(281)

Other investing activities, net

 

(64)

 

1

Net cash provided (used) by investing activities

 

(650)

 

(415)

Cash flows from financing activities:

Borrowings of debt

 

230

 

1,479

Repayments of debt

 

(277)

 

(1,690)

Subsidiary shares repurchased by subsidiary

 

 

(62)

Cash dividends paid by subsidiary

(17)

(17)

Taxes paid in lieu of shares issued for stock-based compensation

(24)

(24)

Other financing activities, net

 

6

 

57

Net cash provided (used) by financing activities

 

(82)

 

(257)

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

2

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(337)

 

(9)

Cash, cash equivalents and restricted cash at beginning of period

 

2,028

 

2,276

Cash, cash equivalents and restricted cash at end of period

$

1,691

 

2,267

I-8

Table of Contents

The following table reconciles cash and cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:

March 31,

December 31,

2024

    

2023

amounts in millions

Cash and cash equivalents

$

1,666

2,019

Restricted cash included in other current assets

16

Restricted cash included in other assets

9

9

Total cash and cash equivalents and restricted cash at end of period

$

1,691

2,028

See accompanying notes to condensed consolidated financial statements.

I-9

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended March 31, 2024

Stockholders' equity

 

    

    

Accumulated

    

    

Noncontrolling

    

Additional

other

interest in

Preferred

Liberty SiriusXM

Liberty Formula One

Liberty Live

Paid-in

comprehensive

Retained

equity of

Total

    

Stock

    

Series A

    

Series B

    

Series C

    

Series A

    

Series B

    

Series C

    

Series A

    

Series B

    

Series C

    

Capital

    

earnings (loss)

    

earnings

    

subsidiaries

    

equity

 

amounts in millions

Balance at January 1, 2024

$

1

2

2

1

 

1,317

12

 

15,061

 

3,049

 

19,445

Net earnings (loss)

 

203

 

42

 

245

Other comprehensive earnings (loss)

 

(69)

 

 

(1)

 

(70)

Stock-based compensation

 

 

51

 

 

8

 

59

Withholding taxes on net share settlements of stock-based compensation

 

(24)

 

 

 

(24)

Dividends paid by subsidiary

 

 

 

(17)

(17)

Other, net

(9)

3

13

7

Balance at March 31, 2024

$

1

2

2

1

 

1,335

(57)

 

15,267

 

3,094

19,645

See accompanying notes to condensed consolidated financial statements.

I-10

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended March 31, 2023

Stockholders' equity

 

    

    

Accumulated

    

    

Noncontrolling

    

Additional

other

interest in

Preferred

Liberty SiriusXM

Liberty Braves

Liberty Formula One

Paid-in

comprehensive

Retained

equity of

Total

    

Stock

    

Series A

    

Series B

    

Series C

    

Series A

    

Series B

    

Series C

Series A

    

Series B

    

Series C

    

Capital

    

earnings (loss)

    

earnings

    

subsidiaries

    

equity

 

amounts in millions

Balance at January 1, 2023

$

1

2

2

 

1,408

(39)

 

14,589

 

3,163

19,126

Net earnings (loss)

15

37

52

Other comprehensive earnings (loss)

(3)

 

(3)

Stock-based compensation

 

51

9

 

60

Withholding taxes on net share settlements of stock-based compensation

(24)

(24)

Shares repurchased by subsidiary

 

9

(76)

 

(67)

Shares issued by subsidiary

 

(11)

11

Dividends paid by subsidiary

(17)

(17)

Other, net

(38)

(5)

(43)

Balance at March 31, 2023

$

1

2

2

 

1,395

(42)

 

14,604

 

3,122

19,084

See accompanying notes to condensed consolidated financial statements.

I-11

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(1)   Basis of Presentation

The accompanying condensed consolidated financial statements include all the accounts of Liberty Media Corporation and its controlled subsidiaries ("Liberty," the "Company," "we," "us," or "our" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated.

Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries primarily in North America and the United Kingdom. Liberty’s most significant subsidiaries include Sirius XM Holdings Inc. ("Sirius XM Holdings") and Delta Topco Limited (the parent company of Formula 1). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. ("Live Nation").  

Braves Holdings, LLC ("Braves Holdings") was a subsidiary of the Company until the Split-Off (defined below) on July 18, 2023. Braves Holdings is not presented as a discontinued operation in the Company’s consolidated financial statements as the Split-Off did not represent a strategic shift that had a major effect on the Company’s operations and financial results.

The accompanying (a) condensed consolidated balance sheet as of Decembe