| 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 of the more significant investments in affiliates at March 31, 2025 and the carrying amount at December 31, 2024:
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March 31, 2025 |
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December 31, 2024 |
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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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|
|
|
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|
|
|
|
|
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Other |
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various |
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|
NA |
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$ |
31 |
|
33 |
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Total Formula One Group |
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|
|
|
|
|
|
31 |
|
33 |
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Liberty Live Group |
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Live Nation |
|
30 |
% |
$ |
9,094 |
|
|
451 |
|
430 |
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Other |
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|
|
|
NA |
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|
28 |
|
28 |
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Total Liberty Live Group |
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|
|
|
|
|
479 |
|
458 |
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|
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Consolidated Liberty |
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|
|
|
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$ |
510 |
|
491 |
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The following table presents the Company's share of earnings (losses) of affiliates:
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Three months ended |
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March 31, |
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2025 |
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2024 |
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|
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amounts in millions |
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Formula One Group |
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|
|
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|
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Other |
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$ |
(3) |
|
(3) |
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Total Formula One Group |
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|
(3) |
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(3) |
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|
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Liberty Live Group |
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|
|
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Live Nation |
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|
4 |
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(20) |
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Other |
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— |
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(1) |
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Total Liberty Live Group |
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|
4 |
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(21) |
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Consolidated Liberty |
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$ |
1 |
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(24) |
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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 8 for details regarding the number and fair value of shares pledged as collateral pursuant to the margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”) as of March 31, 2025.
Summarized financial information for Live Nation is as follows:
Balance Sheets
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March 31, 2025 |
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December 31, 2024 |
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|
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amounts in millions |
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Current assets |
|
$ |
11,069 |
|
9,290 |
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Property, plant and equipment, net |
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|
2,688 |
|
2,442 |
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Intangible assets |
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|
1,408 |
|
1,366 |
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Goodwill |
|
|
2,703 |
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2,621 |
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Investments in affiliates |
|
|
494 |
|
504 |
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Other assets |
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|
3,465 |
|
3,416 |
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Total assets |
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$ |
21,827 |
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19,639 |
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Current liabilities |
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$ |
11,517 |
|
9,358 |
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Long-term debt, net |
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|
5,929 |
|
6,177 |
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Other liabilities |
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|
2,271 |
|
2,159 |
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Redeemable noncontrolling interests |
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|
1,312 |
|
1,126 |
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Equity |
|
|
798 |
|
819 |
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Total liabilities and equity |
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$ |
21,827 |
|
19,639 |
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Statements of Operations
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Three months ended |
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|
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March 31, |
|
|
|
2025 |
|
2024 |
|
|
|
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amounts in millions |
Revenue |
|
$ |
3,382 |
|
3,800 |
|
Operating expenses: |
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|
|
|
|
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Direct operating expenses |
|
|
2,255 |
|
2,651 |
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Selling, general and administrative expenses |
|
|
779 |
|
982 |
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Depreciation and amortization |
|
|
149 |
|
133 |
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Other operating expenses |
|
|
84 |
|
75 |
|
|
|
|
3,267 |
|
3,841 |
|
Operating income (loss) |
|
|
115 |
|
(41) |
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Interest expense |
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|
(80) |
|
(81) |
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Other income (expense), net |
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|
31 |
|
120 |
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Earnings (loss) before income taxes |
|
|
66 |
|
(2) |
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Income tax (expense) benefit |
|
|
(20) |
|
(41) |
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Net earnings (loss) |
|
|
46 |
|
(43) |
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Less net earnings (loss) attributable to noncontrolling interests |
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|
23 |
|
11 |
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Net earnings (loss) attributable to Live Nation stockholders |
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$ |
23 |
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(54) |
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