| Investments In Affiliates Accounted For Using The Equity Method |
(7) Investments in Affiliates Accounted for Using the Equity Method
Liberty has various investments accounted for using the equity method. The following table includes the Company’s carrying amount and percentage ownership and market value (Level 1) of the more significant investments in affiliates at December 31, 2024, and the carrying amount at December 31, 2023:
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December 31, 2024 |
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December 31, 2023 |
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Percentage |
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Fair Value |
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Carrying |
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Carrying |
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ownership |
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(Level 1) |
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amount |
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amount |
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dollar amounts in millions |
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Formula One Group |
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Other |
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various |
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NA |
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$ |
33 |
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41 |
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Total Formula One Group |
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33 |
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41 |
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Liberty Live Group |
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Live Nation |
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30% |
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$ |
9,019 |
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430 |
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307 |
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Other |
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NA |
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28 |
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26 |
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Total Liberty Live Group |
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458 |
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333 |
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Consolidated Liberty |
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$ |
491 |
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374 |
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The following table presents the Company’s share of earnings (losses) of affiliates:
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Years ended December 31, |
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2024 |
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2023 |
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2022 |
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amounts in millions |
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Formula One Group |
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Other (a) |
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$ |
(10) |
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(4) |
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— |
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Total Formula One Group |
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(10) |
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(4) |
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— |
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Liberty Live Group |
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Live Nation (a) |
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236 |
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21 |
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NA |
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Other (a) |
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2 |
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1 |
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NA |
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Total Liberty Live Group |
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238 |
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22 |
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NA |
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Liberty SiriusXM Group |
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Live Nation (a) |
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NA |
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127 |
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72 |
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Total Liberty SiriusXM Group |
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NA |
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127 |
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72 |
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Braves Group |
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Other |
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NA |
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12 |
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32 |
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Total Braves Group |
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NA |
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12 |
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32 |
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Consolidated Liberty |
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$ |
228 |
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157 |
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104 |
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| (a) |
Liberty’s interests in Live Nation and certain other equity affiliates were reattributed to the Liberty Live Group effective August 3, 2023. Liberty’s share of earnings (losses) related to these affiliates were reflected in the results of the Liberty SiriusXM Group and the Formula One Group prior to the Reclassification and are reflected in the results of the Liberty Live Group following the Reclassification.
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Live Nation
Live Nation is considered the world’s leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show.
See note 9 for details regarding the number and fair value of Live Nation common stock pledged as collateral pursuant to the margin loan secured by shares of Live Nation (“Live Nation Margin Loan”) as of December 31, 2024.
Summarized financial information for Live Nation is as follows:
Consolidated Balance Sheets
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December 31, |
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2024 |
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2023 |
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amounts in millions |
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Current assets |
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$ |
9,290 |
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9,533 |
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Property, plant and equipment, net |
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2,442 |
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2,101 |
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Intangible assets |
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1,366 |
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1,539 |
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Goodwill |
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2,621 |
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2,691 |
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Other assets |
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3,920 |
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3,166 |
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Total assets |
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$ |
19,639 |
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19,030 |
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Current liabilities |
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$ |
9,358 |
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9,984 |
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Long-term debt, net |
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6,177 |
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5,459 |
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Other liabilities |
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2,159 |
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2,175 |
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Redeemable noncontrolling interests |
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1,126 |
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860 |
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Equity |
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|
819 |
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552 |
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Total liabilities and equity |
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$ |
19,639 |
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19,030 |
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Consolidated Statements of Operations
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Years ended December 31, |
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2024 |
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2023 |
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2022 |
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amounts in millions |
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Revenue |
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$ |
23,156 |
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22,726 |
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16,681 |
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Operating expenses: |
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Direct operating expenses |
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17,328 |
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17,251 |
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12,348 |
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Selling, general and administrative expenses |
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4,096 |
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3,557 |
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2,956 |
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Depreciation and amortization |
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550 |
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517 |
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450 |
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Other operating expenses |
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357 |
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316 |
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205 |
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22,331 |
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21,641 |
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15,959 |
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Operating income (loss) |
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825 |
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1,085 |
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722 |
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Interest expense |
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(326) |
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(350) |
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(278) |
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Other income (expense), net |
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240 |
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178 |
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46 |
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Earnings (loss) before income taxes |
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739 |
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913 |
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490 |
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Income tax (expense) benefit |
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392 |
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(209) |
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(116) |
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Net earnings (loss) |
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1,131 |
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704 |
|
374 |
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Less net earnings (loss) attributable to noncontrolling interests |
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|
235 |
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147 |
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108 |
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Net earnings (loss) attributable to Live Nation stockholders |
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$ |
896 |
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557 |
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266 |
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