UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q


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

For the quarterly period ended June 30, 2024


☐	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: (720) 875-5400

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 July 31, 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	209,809,867
Liberty Live common stock	25,558,490	2,546,146	63,619,274

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)


	June 30, 2024		December 31, 2023

	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	2,085	2,019
Trade and other receivables, net		826	832
Other current assets		728	526
Total current assets		3,639	3,377
Investments in affiliates, accounted for using the equity method (note 6)		1,983	1,089

Property and equipment, at cost		4,290	4,078
Accumulated depreciation		(2,167)	(1,995)
		2,123	2,083
Intangible assets not subject to amortization:
Goodwill		19,400	19,165
FCC licenses		8,600	8,600
Other		1,242	1,242
		29,242	29,007
Intangible assets subject to amortization, net		3,828	3,872
Other assets		1,817	1,740
Total assets	$	42,632	41,168

Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,768	2,010
Current portion of debt, including $648 million and $643 million measured at fair value, respectively (note 7)		685	1,180
Deferred revenue		1,840	1,442
Other current liabilities		179	111
Total current liabilities		4,472	4,743
Long-term debt, including $2,340 million and $2,416 million measured at fair value, respectively (note 7)		14,343	14,180
Deferred income tax liabilities		2,210	2,086
Other liabilities		1,400	714
Total liabilities	$	22,425	21,723

(Continued)

See accompanying notes to condensed consolidated financial statements.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)


	June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 218,794,768 shares at June 30, 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 209,400,308 shares at June 30, 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 63,619,274 shares at June 30, 2024 and 63,589,030 shares at December 31, 2023 (note 2)		1	1
Additional paid-in capital		1,387	1,317
Accumulated other comprehensive earnings (loss), net of taxes		(57)	12
Retained earnings		15,724	15,061
Total stockholders' equity		17,060	16,396
Noncontrolling interests in equity of subsidiaries		3,147	3,049
Total equity		20,207	19,445
Commitments and contingencies (note 8)
Total liabilities and equity	$	42,632	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			Six months ended
	June 30,			June 30,
	2024		2023	2024	2023

	amounts in millions,
	except per share amounts
Revenue:
Sirius XM Holdings revenue	$	2,178	2,250	4,340	4,394
Formula 1 revenue		853	724	1,403	1,105
Other revenue		135	270	172	301
Total revenue		3,166	3,244	5,915	5,800
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		708	732	1,411	1,432
Programming and content		148	153	305	303
Customer service and billing		108	124	224	246
Other		59	54	120	106
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)		639	519	918	725
Other cost of sales		94	—	120	—
Subscriber acquisition costs		92	93	182	183
Other operating expense		76	280	163	398
Selling, general and administrative		454	490	919	976
Impairment, restructuring and acquisition costs (note 8)		15	19	37	51
Depreciation and amortization		245	257	486	517
		2,638	2,721	4,885	4,937
Operating income (loss)		528	523	1,030	863
Other income (expense):
Interest expense		(186)	(200)	(377)	(396)
Share of earnings (losses) of affiliates, net (note 6)		84	90	65	80
Realized and unrealized gains (losses) on financial instruments, net (note 5)		169	(96)	166	(142)
Other, net		28	50	55	64
		95	(156)	(91)	(394)
Earnings (loss) before income taxes		623	367	939	469
Income tax (expense) benefit		(116)	(64)	(187)	(114)
Net earnings (loss)		507	303	752	355
Less net earnings (loss) attributable to the noncontrolling interests		50	50	92	87
Net earnings (loss) attributable to Liberty stockholders	$	457	253	660	268

Net earnings (loss) attributable to Liberty stockholders:
Liberty SiriusXM common stock	$	299	166	498	349
Liberty Formula One common stock		24	116	101	7
Liberty Live common stock		134	NA	61	NA
Liberty Braves common stock		NA	(29)	NA	(88)
	$	457	253	660	268

(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			Six months ended
	June 30,			June 30,
	2024		2023	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	$	0.91	0.51	1.52	1.07
Series A, B and C Liberty Formula One common stock	$	0.10	0.50	0.43	0.03
Series A, B and C Liberty Live common stock	$	1.46	NA	0.66	NA
Series A, B and C Liberty Braves common stock	$	NA	(0.55)	NA	(1.66)
Diluted net earnings (loss) attributable to Liberty stockholders per common share (notes 2 and 4):
Series A, B and C Liberty SiriusXM common stock	$	0.60	0.49	1.13	1.00
Series A, B and C Liberty Formula One common stock	$	0.10	0.41	0.42	(0.03)
Series A, B and C Liberty Live common stock	$	1.46	NA	0.66	NA
Series A, B and C Liberty Braves common stock	$	NA	(0.55)	NA	(1.66)

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			Six months ended
	June 30,			June 30,
	2024		2023	2024	2023

	amounts in millions
Net earnings (loss)	$	507	303	752	355
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments		(5)	12	(17)	16
Credit risk on fair value debt instruments gains (losses)		41	(19)	(19)	(23)
Unrealized holding gains (losses) arising during the period		—	(1)	—	(1)
Share of other comprehensive earnings (loss) of equity affiliates		(37)	19	(35)	36
Recognition of previously unrealized (gains) losses on debt		—	(14)	—	(34)
Comprehensive earnings (loss)		506	300	681	349
Less comprehensive earnings (loss) attributable to the noncontrolling interests		50	52	92	89
Comprehensive earnings (loss) attributable to Liberty stockholders	$	456	248	589	260

Comprehensive earnings (loss) attributable to Liberty stockholders:
Liberty SiriusXM common stock	$	310	170	469	355
Liberty Formula One common stock		26	107	96	(7)
Liberty Live common stock		120	NA	24	NA
Liberty Braves common stock		NA	(29)	NA	(88)
	$	456	248	589	260

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)


	Six months ended
	June 30,
	2024		2023

	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	752	355
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		486	517
Stock-based compensation		116	110
Non-cash impairment and restructuring costs		1	21
Share of (earnings) loss of affiliates, net		(65)	(80)
Realized and unrealized (gains) losses on financial instruments, net		(166)	142
Deferred income tax expense (benefit)		(4)	(35)
Other, net		74	(8)
Changes in operating assets and liabilities
Current and other assets		(3)	(95)
Payables and other liabilities		(44)	271
Net cash provided (used) by operating activities		1,147	1,198
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(203)	(214)
Cash proceeds from dispositions		107	67
Cash (paid) received for acquisitions, net of cash acquired		(205)	—
Capital expended for property and equipment, including internal-use software and website development		(387)	(544)
Other investing activities, net		(62)	(20)
Net cash provided (used) by investing activities		(750)	(711)
Cash flows from financing activities:
Borrowings of debt		1,362	2,064
Repayments of debt		(1,636)	(2,641)
Subsidiary shares repurchased by subsidiary		—	(199)
Cash dividends paid by subsidiary		(34)	(33)
Taxes paid in lieu of shares issued for stock-based compensation		(31)	(28)
Other financing activities, net		31	63
Net cash provided (used) by financing activities		(308)	(774)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(8)	2
Net increase (decrease) in cash, cash equivalents and restricted cash		81	(285)
Cash, cash equivalents and restricted cash at beginning of period		2,028	2,276
Cash, cash equivalents and restricted cash at end of period	$	2,109	1,991

I-8

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended June 30, 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 March 31, 2024

—

1,335

(57)

15,267


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-14

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	I-42
	Item 3. Quantitative and Qualitative Disclosures about Market Risk	I-61
	Item 4. Controls and Procedures	I-62

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


	June 30,		December 31,
	2024		2023

	amounts in millions
Cash and cash equivalents	$	2,085	2,019
Restricted cash included in other current assets		16	—
Restricted cash included in other assets		8	9
Total cash and cash equivalents and restricted cash at end of period	$	2,109	2,028