Quarterly report pursuant to Section 13 or 15(d)

Investments in Debt and Equity Securities

Investments in Debt and Equity Securities
9 Months Ended
Sep. 30, 2018
Investments in Debt and Equity Securities  
Investments in Debt and Equity Securities

(8)   Investments in Debt and Equity Securities

All investments in marketable debt and equity securities held by the Company are carried at fair value, generally based on quoted market prices, and changes in the fair value of such securities are reported in realized and unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations. The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values.

Investments in debt and equity securities are summarized as follows:










September 30,


December 31,










amounts in millions


Liberty SiriusXM Group







Debt securities














iHeart (a)







Total attributed Liberty SiriusXM Group














Braves Group







Other equity securities







Total attributed Braves Group














Formula One Group







Equity securities







AT&T (b)







Other (c )







Total attributed Formula One Group














Consolidated Liberty








During the nine months ended September 30, 2018, the Company purchased $522 million in principal of iHeartMedia, Inc. (“iHeart”) bonds for $389 million, resulting in the Company owning an aggregate amount of $660 million in principal of iHeart bonds as of September 30, 2018.


See note 11 for details regarding the acquisition of Time Warner, Inc. (“Time Warner”) by AT&T and the number and fair value of AT&T shares pledged as collateral pursuant to the Braves Holdings mixed-use development facility as of September 30, 2018.


A portion of these equity securities are pledged as collateral to the Live Nation Margin Loan. See note 11 for the fair value of shares pledged as of September 30, 2018.




On September 23, 2018, SIRIUS XM entered into an agreement to acquire Pandora Media, Inc. (“Pandora”) in an all-stock transaction initially valued at $3.5 billion. In connection with the acquisition, each outstanding share of Pandora common stock, par value $0.0001 per share, will be converted into the right to receive 1.44 shares of SIRIUS XM common stock, par value $0.001 per share. The transaction is conditioned upon the vote of holders of a majority of the combined voting power of the outstanding shares of Pandora common stock and the outstanding shares of Pandora’s Series A Preferred Stock, voting together as a single class, in favor of the adoption of the merger agreement. In addition, the completion of the transaction is subject to other customary conditions, including, among others, (i) the waiting period applicable to the merger under the Hart-Scott-Rodino Antitrust Improvements Act has expired or been terminated, (ii) the decisions, orders, consents or expiration of any waiting periods required by the competition laws of other countries and jurisdictions, (iii) the absence of any law or order that prohibits or makes illegal the merger and (iv) subject to certain exceptions, the accuracy of the representations and warranties of each party and compliance by the parties with their respective covenants. The required notification and report under the Hart-Scott-Rodino Antitrust Act was filed on October 18, 2018. Pandora’s Series A Preferred Stock will be canceled upon completion of the acquisition.