Quarterly report [Sections 13 or 15(d)]

Discontinued Operations

v3.25.2
Discontinued Operations
6 Months Ended
Jun. 30, 2025
Discontinued Operations  
Discontinued Operations

(2) Discontinued Operations

On September 9, 2024, Liberty completed the split-off of its wholly owned subsidiary, Liberty Sirius XM Holdings (the “Liberty Sirius XM Holdings Split-Off”). The Liberty Sirius XM Holdings Split-Off was accomplished through the redemption by the Company of each outstanding share of Liberty SiriusXM common stock in exchange for 0.8375 of a share of Liberty Sirius XM Holdings common stock, with cash paid in lieu of fractional shares. Liberty Sirius XM Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group immediately prior to the Liberty Sirius XM Holdings Split-Off. The Liberty Sirius XM Holdings Split-Off was intended to be tax-free to holders of Liberty SiriusXM common stock (except with respect to cash received in lieu of fractional shares).

Following the Liberty Sirius XM Holdings Split-Off, on September 9, 2024, a wholly owned subsidiary of Liberty Sirius XM Holdings merged with and into Sirius XM Holdings, with Sirius XM Holdings surviving the merger as a wholly owned subsidiary of Liberty Sirius XM Holdings (the “Merger” and, together with the Liberty Sirius XM Holdings Split-Off, the “Transactions”). As a result of the Transactions, Liberty Sirius XM Holdings became an independent public company separate from Liberty.

As disclosed in note 1, Liberty Sirius XM Holdings is presented as a discontinued operation in the Company’s condensed consolidated financial statements as the Liberty Sirius XM Holdings Split-Off represents a strategic shift that had a major effect on the Company’s operations and financial results.

The following table provided details about the major classes of line items constituting earnings (loss) from discontinued operations, net of tax as presented in the condensed consolidated statements of operations.

Three months ended

    

Six months ended

June 30, 2024

June 30, 2024

amounts in millions

Revenue

$

2,178

 

 

4,340

 

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below)

1,023

2,060

Operating expense

 

163

 

 

339

 

Selling, general and administrative

 

361

 

 

733

 

Impairment, restructuring and acquisition costs

4

17

Depreciation and amortization

 

156

 

 

311

 

 

1,707

 

 

3,460

 

Operating income (loss)

 

471

 

 

880

 

Other income (expense):

Interest expense

 

(126)

 

 

(255)

 

Other, net

 

85

 

 

114

 

 

(41)

 

 

(141)

 

Earnings (loss) from discontinued operations before income taxes

 

430

 

 

739

 

Income tax (expense) benefit

 

(81)

 

 

(149)

 

Net earnings (loss) from discontinued operations

 

349

 

 

590

 

Less net earnings (loss) from discontinued operations attributable to the noncontrolling interests

 

50

 

 

92

 

Net earnings (loss) from discontinued operations attributable to Liberty stockholders

$

299

 

 

498