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, 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 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 October 31, 2024 was:


	Series A	Series B	Series C
Liberty Formula One common stock	23,985,441	2,434,102	222,286,598
Liberty Live common stock	25,563,295	2,541,341	63,633,585

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)


	September 30, 2024		December 31, 2023

	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	3,054	1,713
Trade and other receivables, net		122	123
Other current assets		503	180
Current assets of discontinued operations (note 2)		—	1,361
Total current assets		3,679	3,377
Investments in affiliates, accounted for using the equity method (note 7)		483	374

Property and equipment, at cost		1,010	973
Accumulated depreciation		(183)	(135)
		827	838

Goodwill		4,192	3,956
Intangible assets subject to amortization, net		2,757	2,858
Other assets		1,270	1,384
Noncurrent assets of discontinued operations (note 2)		—	28,540
Total assets	$	13,208	41,327

Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	404	474
Current portion of debt, including $55 million and $69 million measured at fair value, respectively (note 8)		76	106
Deferred revenue		756	247
Other current liabilities		37	40
Current liabilities of discontinued operations (note 2)		—	3,876
Total current liabilities		1,273	4,743
Long-term debt, including $1,902 million and $1,728 million measured at fair value, respectively (note 8)		4,289	4,117
Other liabilities		187	188
Noncurrent liabilities of discontinued operations (note 2)		—	12,834
Total liabilities	$	5,749	21,882

(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)


	September 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 Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 23,985,441 shares at September 30, 2024 and 23,981,960 shares at December 31, 2023 (note 3)		—	—
Series A Liberty Live common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 25,561,195 shares at September 30, 2024 and 25,558,577 shares at December 31, 2023 (note 3)		—	—
Series A Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares at December 31, 2023; issued and outstanding 98,134,522 shares at December 31, 2023 (note 3)		NA	1
Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,434,102 shares at September 30, 2024 and 2,437,583 shares at December 31, 2023 (note 3)		—	—
Series B Liberty Live common stock, $.01 par value. Authorized 19,552,500 shares; issued and outstanding 2,543,441 shares at September 30, 2024 and 2,546,146 shares at December 31, 2023 (note 3)		—	—
Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares at December 31, 2023; issued and outstanding 9,761,336 shares at December 31, 2023 (note 3)		NA	—
Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 222,236,393 shares at September 30, 2024 and 208,196,119 shares at December 31, 2023 (note 3)		2	2
Series C Liberty Live common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 63,631,315 shares at September 30, 2024 and 63,589,030 shares at December 31, 2023 (note 3)		1	1
Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares at December 31, 2023; issued and outstanding 218,692,718 shares at December 31, 2023 (note 3)		NA	2
Additional paid-in capital		—	1,317
Accumulated other comprehensive earnings (loss), net of taxes		(87)	12
Retained earnings		7,520	15,061
Total stockholders' equity		7,436	16,396
Noncontrolling interests in equity of subsidiaries		23	3,049
Total equity		7,459	19,445
Commitments and contingencies (note 9)
Total liabilities and equity	$	13,208	41,327

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			Nine months ended
	September 30,			September 30,
	2024		2023	2024	2023

	amounts in millions,
	except per share amounts
Revenue:
Formula 1 revenue	$	848	887	2,251	1,992
Other revenue		63	49	235	350
Total revenue		911	936	2,486	2,342
Operating costs and expenses:
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)		554	615	1,472	1,340
Other cost of sales		41	—	161	—
Other operating expense		2	38	8	274
Selling, general and administrative, including stock-based compensation (note 4):		116	93	302	297
Impairment and acquisition costs		3	—	23	1
Depreciation and amortization		88	89	263	291
		804	835	2,229	2,203
Operating income (loss)		107	101	257	139
Other income (expense):
Interest expense		(62)	(62)	(184)	(188)
Share of earnings (losses) of affiliates, net (note 7)		116	143	175	228
Realized and unrealized gains (losses) on financial instruments, net (note 6)		(55)	39	11	(45)
Unrealized gains (losses) on intergroup interests		—	(4)	—	(68)
Other, net		29	(19)	76	12
		28	97	78	(61)
Earnings (loss) from continuing operations before income taxes		135	198	335	78
Income tax (expense) benefit		(3)	(46)	(41)	(37)
Net earnings (loss) from continuing operations		132	152	294	41
Net earnings (loss) from discontinued operations (note 2)		(3,002)	291	(2,412)	757
Net earnings (loss)		(2,870)	443	(2,118)	798
Less net earnings (loss) attributable to the noncontrolling interests		(502)	58	(410)	145
Net earnings (loss) attributable to Liberty stockholders	$	(2,368)	385	(1,708)	653

Net earnings (loss) from continuing operations attributable to Liberty stockholders:
Liberty Formula One common stock	$	117	118	218	125
Liberty Live common stock		15	(19)	76	(19)
Liberty SiriusXM common stock		—	74	—	45
Liberty Braves common stock		NA	(21)	NA	(109)
Net earnings (loss) from discontinued operations attributable to Liberty stockholders:
Liberty SiriusXM common stock		(2,500)	233	(2,002)	611
	$	(2,368)	385	(1,708)	653

(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			Nine months ended
	September 30,			September 30,
	2024		2023	2024	2023
Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share (notes 3 and 5):
Series A, B and C Liberty Formula One common stock	$	0.48	0.50	0.92	0.53
Series A, B and C Liberty Live common stock	$	0.16	(0.21)	0.83	(0.21)
Series A, B and C Liberty SiriusXM common stock	$	—	0.23	—	0.14
Series A, B and C Liberty Braves common stock	$	NA	(0.40)	NA	(2.06)
Basic net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share (notes 3 and 5):
Series A, B and C Liberty SiriusXM common stock	$	(7.65)	0.71	(6.12)	1.87
Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share (notes 3 and 5):
Series A, B and C Liberty Formula One common stock	$	0.48	0.39	0.90	0.37
Series A, B and C Liberty Live common stock	$	0.16	(0.21)	0.83	(0.21)
Series A, B and C Liberty SiriusXM common stock	$	—	0.21	—	0.13
Series A, B and C Liberty Braves common stock	$	NA	(0.40)	NA	(2.06)
Diluted net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share (notes 3 and 5):
Series A, B and C Liberty SiriusXM common stock	$	(7.65)	0.68	(6.16)	1.76

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			Nine months ended
	September 30,			September 30,
	2024		2023	2024	2023

	amounts in millions
Net earnings (loss)	$	(2,870)	443	(2,118)	798
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments		8	(4)	6	4
Credit risk on fair value debt instruments gains (losses)		(45)	49	(50)	30
Unrealized holding gains (losses) arising during the period		—	1	—	—
Share of other comprehensive earnings (loss) of equity affiliates		(13)	(11)	(48)	59
Recognition of previously unrealized (gains) losses on debt		—	21	—	(13)
Other comprehensive earnings (loss) from continuing operations		(50)	56	(92)	80
Other comprehensive earnings (loss) from discontinued operations		(11)	(22)	(40)	(52)
Comprehensive earnings (loss)		(2,931)	477	(2,250)	826
Less comprehensive earnings (loss) attributable to the noncontrolling interests		(502)	56	(410)	145
Comprehensive earnings (loss) attributable to Liberty stockholders	$	(2,429)	421	(1,840)	681

Comprehensive earnings (loss) from continuing operations attributable to Liberty stockholders:
Liberty Formula One common stock	$	121	132	217	125
Liberty Live common stock		(39)	41	(15)	41
Liberty SiriusXM common stock		—	56	—	65
Liberty Braves common stock		NA	(21)	NA	(109)
Comprehensive earnings (loss) from discontinued operations attributable to Liberty stockholders:
Liberty SiriusXM common stock		(2,511)	213	(2,042)	559
	$	(2,429)	421	(1,840)	681

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)


	Nine months ended
	September 30,
	2024		2023

	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	(2,118)	798
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
(Earnings) loss from discontinued operations		2,412	(757)
Depreciation and amortization		263	291
Stock-based compensation		27	22
Share of (earnings) loss of affiliates, net		(175)	(228)
Realized and unrealized (gains) losses on financial instruments, net		(11)	45
Unrealized (gains) losses on intergroup interests, net		—	68
Deferred income tax expense (benefit)		44	24
Intergroup tax allocation		(98)	(137)
Intergroup tax (payments) receipts		131	90
Other, net		21	50
Changes in operating assets and liabilities
Current and other assets		(71)	(166)
Payables and other liabilities		151	480
Net cash provided (used) by operating activities		576	580
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(10)	(173)
Cash proceeds from dispositions		107	111
Cash (paid) received for acquisitions, net of cash acquired		(205)	—
Capital expended for property and equipment, including internal-use software and website development		(52)	(343)
Other investing activities, net		(12)	(20)
Net cash provided (used) by investing activities		(172)	(425)
Cash flows from financing activities:
Borrowings of debt		644	1,165
Repayments of debt		(683)	(1,002)
Issuance of Series C Liberty Formula One common stock		939	—
Settlement of intergroup interests		—	(273)
Atlanta Braves Holdings, Inc. Split-Off		—	(188)
Other financing activities, net		43	22
Net cash provided (used) by financing activities		943	(276)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		1	—
Net cash provided (used) by discontinued operations:
Cash provided (used) by operating activities		879	1,301
Cash provided (used) by investing activities		(709)	(565)
Cash provided (used) by financing activities		(485)	(771)
Net cash provided (used) by discontinued operations		(315)	(35)
Net increase (decrease) in cash, cash equivalents and restricted cash		1,033	(156)
Cash, cash equivalents and restricted cash at beginning of period		2,028	2,276
Cash, cash equivalents and restricted cash at end of period	$	3,061	2,120

I-8

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(unaudited)


	Stockholders' equity
													Accumulated		Noncontrolling
												Additional	other		interest in
	Preferred		Liberty Formula One			Liberty Live			Liberty SiriusXM			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	$	—	—	—	2	—	—	1	1	—	2	1,317	12	15,061	3,049	19,445
Net earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	—	(1,708)	(410)	(2,118)
Other comprehensive earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	(130)	—	(2)	(132)
Liberty SiriusXM Holdings Inc. Split-Off		—	—	—	—	—	—	—	(1)	—	(2)	(8,187)	31	—	(2,641)	(10,800)
Issuance of Series C Liberty Formula One common stock		—	—	—	—	—	—	—	—	—	—	939	—	—	—	939
Stock-based compensation		—	—	—	—	—	—	—	—	—	—	151	—	—	24	175
Withholding taxes on net share settlements of stock-based compensation		—	—	—	—	—	—	—	—	—	—	(47)	—	—	—	(47)
Dividends paid by subsidiary		—	—	—	—	—	—	—	—	—	—	—	—	—	(52)	(52)
Reclassification to additional paid-in capital		—	—	—	—	—	—	—	—	—	—	5,832	—	(5,832)	—	—
Other, net		—	—	—	—	—	—	—	—	—	—	(5)	—	(1)	55	49
Balance at September 30, 2024	$	—	—	—	2	—	—


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-34
	Item 3. Quantitative and Qualitative Disclosures about Market Risk	I-46
	Item 4. Controls and Procedures	I-47

Part II — Other Information
	Item 1. Legal Proceedings	II-1
	Item 1A. Risk Factors	II-1
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	II-10
	Item 5. Other Information	II-10
	Item 6. Exhibits	II-11

SIGNATURES		II-12


	September 30,		December 31,
	2024		2023

	amounts in millions
Cash and cash equivalents	$	3,054	1,713
Restricted cash included in other current assets		7	—
Cash and cash equivalents included in current assets of discontinued operations		—	306
Restricted cash included in noncurrent assets of discontinued operations		—	9
Total cash and cash equivalents and restricted cash at end of period	$	3,061	2,028