1 week ago - seekingalpha.com

The Q1 financial performance for Atlanta Braves Holdings matched the teams' hot start to the season, 4th best record in the National League. Baseball revenue was steady, real estate growth has been strong, with losses slightly higher due to player salaries and expenses. Comparable transactions in baseball and basketball show the Braves' valuation is laughably cheap, with the potential for a future sale due to high team values in other leagues.

3 months ago - zacks.com

The average of price targets set by Wall Street analysts indicates a potential upside of 26.3% in Atlanta Braves Holdings (BATRK). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.

3 months ago - zacks.com

Atlanta Braves (BATRK) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well.

3 months ago - zacks.com

After losing some value lately, a hammer chart pattern has been formed for Atlanta Braves Holdings (BATRK), indicating that the stock has found support. This, combined with an upward trend in earnings estimate revisions, could lead to a trend reversal for the stock in the near term.

4 months ago - seekingalpha.com

The Liberty Braves Group (BATRA) Q4 2023 Earnings Call Transcript

7 months ago - marketbeat.com

Warren Buffett is widely regarded as the most well-known, famous, and successful investor of all time. As such, his investment decisions and changes to his holdings are closely monitored and highly anticipated by the investing community.

7 months ago - finbold.com

Berkshire Hathaway (NYSE: BRKA, BRKB) announced to the Security and Exchange Commission (SEC) its Q3 re port on Tuesday, November 14, which tells an interesting story of new acquisitions, reductions, and exits from holdings.

8 months ago - seekingalpha.com

The Liberty Braves Group (NASDAQ:BATRA ) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET Company Participants Shane Kleinstein - Vice President, Investor Relations Gregory Maffei - President and Chief Executive Officer Stefano Domenicali - President and Chief Executive Officer of Formula One Brian Wendling - Chief Accounting and Principal Financial Officer Renee Wilm - Chief Legal and Admin Officer, Liberty Broadband Derek Schiller - President and CEO of the Atlanta Braves Conference Call Participants David Karnovsky - JPMorgan Benjamin Swinburne - Morgan Stanley Bryan Kraft - Deutsche Bank Vijay Jayant - Evercore Stephen Laszczyk - Goldman Sachs Stephen Glagola - TD Cowen David Joyce - Seaport Research Partners Jason Bazinet - Citi Barton Crockett - Rosenblatt Securities Operator Welcome to the Liberty Media Corporation's 2023 Q3 Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded November 3.

10 months ago - seekingalpha.com

Energy Transfer LP, Cassava Sciences, and PENN Entertainment Inc. were discussed in last week's insider trades update. CEO of Sirius XM Holdings Inc., Jennifer Witz, purchased 250,000 shares for over $1 million. Lyft, Inc. shares have risen nearly 20% since the introduction of new CEO David Risher in April, and insiders like the stock also.

12 months ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation Announces Second Quarter Earnings Release and Conference Call and Website Postings of Upcoming Media Appearances.

1 year ago - seekingalpha.com

The Atlanta Braves represent a unique and scarce asset with significant brand value, offering potential for market-beating returns upon a sale of the team. Recent sales of sports teams suggest the Braves could be worth between 6-9x revenue, offering upside potential for investors. Risks include chronic stagnation of the share price in the absence of a sale and potential negative impacts from exogenous events, such as COVID-19.

1 year ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation (“Liberty Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) will be holding its virtual Annual Meeting of Stockholders on Tuesday, June 6, 2023 at 8:00 a.m. M.T. Stockholders of record as of the record date will be able to listen, vote and submit questions pertaining to the annual meeting by logging in at www.virtualshareholdermeeting.com/LMC2023. The record date for the meeting is 5:00 p.m., New York City time, on April 10, 2023. Stockholders will need the 16-digit control number that is printed in the box marked by the arrow on the stockholder’s proxy card or Notice of Internet Availability of Proxy Materials for the Liberty Media meeting to enter the virtual annual meeting website. A technical support number will become available at the virtual meeting link 10 minutes prior to the scheduled meeting time. In addition, access to the meeting will be available on the Liberty Media website. All interested persons should visit https://www.libertymedia.com/investors/news-events/ir-calendar to access the webcast. An archive of the webcast will also be available on this website after appropriate filings have been made with the SEC. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation’s interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation’s subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation’s businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and other minority investments.

1 year ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation ("Liberty Media" or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported first quarter 2023 results. Headlines include(1): Targeting completion of planned split-off of Atlanta Braves Holdings, Inc. and reclassification of tracking stocks to create Liberty Live Group tracking stock by end of second quarter 2023 Attributed to Liberty SiriusXM Group SiriusXM reported first quarter 2023 operating and financial results First quarter 2023 revenue of $2.14 billion; down 2% year-over-year Net income of $233 million, down from $309 million in 2022; diluted EPS of $0.06 Adjusted EBITDA(2) of $625 million and free cash flow(2) of $144 million SiriusXM increased full-year adjusted EBITDA and free cash flow guidance on April 27th Liberty Media’s ownership of SiriusXM was 82.9% as of April 25th Issued $575 million of 3.75% LSXMA convertible senior notes and used proceeds, along with cash on hand, to repurchase $591 million aggregate principal of 1.375% cash convertible notes and $112 million aggregate adjusted principal of 2.125% exchangeable senior debentures SiriusXM reported first quarter 2023 operating and financial results First quarter 2023 revenue of $2.14 billion; down 2% year-over-year Net income of $233 million, down from $309 million in 2022; diluted EPS of $0.06 Adjusted EBITDA(2) of $625 million and free cash flow(2) of $144 million SiriusXM increased full-year adjusted EBITDA and free cash flow guidance on April 27th First quarter 2023 revenue of $2.14 billion; down 2% year-over-year Net income of $233 million, down from $309 million in 2022; diluted EPS of $0.06 Adjusted EBITDA(2) of $625 million and free cash flow(2) of $144 million SiriusXM increased full-year adjusted EBITDA and free cash flow guidance on April 27th Liberty Media’s ownership of SiriusXM was 82.9% as of April 25th Issued $575 million of 3.75% LSXMA convertible senior notes and used proceeds, along with cash on hand, to repurchase $591 million aggregate principal of 1.375% cash convertible notes and $112 million aggregate adjusted principal of 2.125% exchangeable senior debentures Attributed to Formula One Group Announced multiple updates to sponsorship agreements, including extending MSC Cruises as Global Partner, welcoming Puma as Official Provider of F1’s sporting apparel and naming Paramount+ and Liqui Moly as Official Partners Extended agreement with ESPN to broadcast F1 in Latin America and Caribbean through 2025 Las Vegas Grand Prix Paddock Building construction at 60% completion with expected occupancy by end of September Formula 1 leverage at quarter-end of 2.2x will trigger permanent reduction in existing Term Loan B margin from 3.25% to 3.00% Formula One Group paid $202 million in exchange for the cancellation of 3.1 million notional FWONA shares underlying intergroup interest held at Liberty SiriusXM Group corresponding to the portion of 1.375% cash convertible notes repurchased Announced multiple updates to sponsorship agreements, including extending MSC Cruises as Global Partner, welcoming Puma as Official Provider of F1’s sporting apparel and naming Paramount+ and Liqui Moly as Official Partners Extended agreement with ESPN to broadcast F1 in Latin America and Caribbean through 2025 Las Vegas Grand Prix Paddock Building construction at 60% completion with expected occupancy by end of September Formula 1 leverage at quarter-end of 2.2x will trigger permanent reduction in existing Term Loan B margin from 3.25% to 3.00% Formula One Group paid $202 million in exchange for the cancellation of 3.1 million notional FWONA shares underlying intergroup interest held at Liberty SiriusXM Group corresponding to the portion of 1.375% cash convertible notes repurchased Attributed to Braves Group Braves home opener on April 6th drew 42,000 fans, largest home opener crowd in Truist Park history Braves home opener on April 6th drew 42,000 fans, largest home opener crowd in Truist Park history “We are progressing well on the split-off of the Atlanta Braves and the creation of the Liberty Live Group tracking stock,” said Greg Maffei, Liberty Media President and CEO. “SiriusXM navigated a difficult auto and ad market backdrop in the first quarter, but we are confident in their improving trajectory for the remainder of the year evidenced by management increasing 2023 adjusted EBITDA and free cash flow guidance. The Formula 1 season is underway and fans are tuning in across platforms. Arrangements for the Las Vegas Grand Prix are ramping up, with the Paddock Building construction and track preparations progressing on-time and in-line with our capex expectations. The Atlanta Braves are seeing strong trends in ticket sales and concessions early in the season.” Discussion of Results Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2023 to the same period in 2022. LIBERTY SIRIUSXM GROUP – The following table provides the financial results attributed to Liberty SiriusXM Group for the first quarter of 2023. In the first quarter, approximately $14 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Liberty SiriusXM Group. 1Q22 1Q23 % Change amounts in millions Liberty SiriusXM Group Revenue SiriusXM $ 2,186 $ 2,144 (2 )% Total Liberty SiriusXM Group $ 2,186 $ 2,144 (2 )% Operating Income (Loss) SiriusXM 493 387 (22 )% Corporate and other (9 ) (14 ) (56 )% Total Liberty SiriusXM Group $ 484 $ 373 (23 )% Adjusted OIBDA (Loss) SiriusXM 690 625 (9 )% Corporate and other (5 ) (11 ) (120 )% Total Liberty SiriusXM Group $ 685 $ 614 (10 )% SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission. SiriusXM reported its stand-alone first quarter results on April 27, 2023. For additional detail on SiriusXM’s financial results for the first quarter, please see SiriusXM’s earnings release posted to its Investor Relations website. For presentation purposes on page one of this release, we include the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. Liberty Media believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results is best understood in the context of SiriusXM's historical financial presentation. The businesses and assets attributed to Liberty SiriusXM Group consist primarily of Liberty Media’s interests in SiriusXM, which includes its subsidiary Pandora, and an investment in Live Nation. FORMULA ONE GROUP – The following table provides the financial results attributed to the Formula One Group for the first quarter of 2023. In the first quarter, the Formula One Group incurred approximately $16 million of corporate level selling, general and administrative expense (including stock-based compensation expense). “The F1 season is off to a fantastic start, with thrilling races to-date and many more to come on our record 23-race 2023 calendar. The race weekends are drawing huge crowds, with the Australian Grand Prix hosting 445,000 fans and sellouts for the majority of the remaining calendar,” said Stefano Domenicali, Formula 1 President and CEO. “The power of our platform continues to draw interest also from commercial partners, with a number of new and expanded sponsors already announced season-to-date.” 1Q22 1Q23 amounts in millions Formula One Group Revenue Formula 1 $ 360 $ 381 Total Formula One Group $ 360 $ 381 Operating Income (Loss) Formula 1 $ 34 $ 35 Corporate and other (15 ) (19 ) Total Formula One Group $ 19 $ 16 Adjusted OIBDA (Loss) Formula 1 $ 122 $ 117 Corporate and other (10 ) (12 ) Total Formula One Group $ 112 $ 105 The following table provides the operating results of Formula 1 (“F1”). F1 Operating Results 1Q22 1Q23 % Change amounts in millions Primary Formula 1 revenue $ 287 $ 314 9 % Other Formula 1 revenue 73 67 (8 )% Total Formula 1 revenue $ 360 $ 381 6 % Operating expenses (excluding stock-based compensation): Team payments (100 ) (112 ) (12 )% Other cost of Formula 1 revenue (95 ) (94 ) 1 % Cost of Formula 1 revenue $ (195 ) $ (206 ) (6 )% Selling, general and administrative expenses (43 ) (58 ) (35 )% Adjusted OIBDA $ 122 $ 117 (4 )% Depreciation and Amortization(a) (88 ) (82 ) 7 % Operating income (loss) $ 34 $ 35 3 % Number of races in period 2 2 a) Includes $81 million and $74 million of amortization related to purchase accounting as of March 31, 2022 and March 31, 2023, respectively, that is excluded from calculations for purposes of team payments. Primary F1 revenue represents the majority of F1’s revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees. There were two races held in the first quarter of both 2022 and 2023. There are 23 events scheduled for the 2023 race calendar. Primary F1 revenue increased in the first quarter with growth across media rights, race promotion and sponsorship. Media rights revenue increased due to continued growth in F1 TV subscription revenue and increased fees under new and renewed contractual agreements. Race promotion revenue grew due to contractual increases in fees, and sponsorship revenue increased due to the recognition of revenue from new sponsors and growth in revenue from existing sponsors. Other F1 revenue decreased in the first quarter primarily due to lower freight income driven by the easing of freight cost inflation on billing rates, partially offset by increased hospitality revenue from higher Paddock Club attendance. Operating income was relatively flat and adjusted OIBDA(2) decreased in the first quarter. Team payments were higher compared to the prior year due to the pro rata recognition of increased payments across the race season. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities. These costs were relatively flat, as significantly lower freight costs were largely offset by increased Paddock Club costs associated with servicing higher hospitality attendance at the two events held in the first quarter, and higher commissions and partner servicing costs associated with increased Primary F1 revenue streams, including F1 TV subscriptions. Selling, general and administrative expense increased in the first quarter due to higher personnel, IT and marketing costs. There were approximately $6 million of costs associated with the planning of the Las Vegas Grand Prix included in selling, general and administrative expense in the first quarter of 2023. The Liberty SiriusXM Group has an approximate 0.4% intergroup interest (1.1 million notional shares) in the Formula One Group attributed to it as of April 30, 2023. These shares are not included in the outstanding share count of Formula One Group in Liberty Media’s most recent Form 10-Q. Assuming the issuance of the shares underlying this intergroup interest, the Formula One Group outstanding share count as of April 30, 2023 would have been 235 million. The businesses and assets attributed to the Formula One Group consist of Liberty Media’s subsidiary F1, other minority investments and an intergroup interest in the Braves Group. BRAVES GROUP - The following table provides the financial results attributed to the Braves Group for the first quarter of 2023. In the first quarter, approximately $6 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Braves Group. 1Q22 1Q23 amounts in millions Braves Group Revenue Corporate and other $ 23 $ 31 Operating Income (Loss) Corporate and other $ (40 ) $ (49 ) Adjusted OIBDA (Loss) Corporate and other $ (19 ) $ (31 ) The following table provides the operating results of Braves Holdings, LLC (“Braves”). 1Q22 1Q23 % Change amounts in millions Baseball revenue $ 11 $ 18 64 % Mixed-use development revenue 12 13 8 % Total revenue 23 31 35 % Operating expenses (excluding stock-based compensation included below): Operating expenses (23 ) (39 ) (70 )% Selling, general and administrative expenses (17 ) (18 ) (6 )% Adjusted OIBDA $ (17 ) $ (26 ) (53 )% Stock-based compensation (2 ) (2 ) — % Depreciation and Amortization (18 ) (15 ) 17 % Operating income (loss) $ (37 ) $ (43 ) (16 )% Number of home games in period — — Baseball revenue is derived from two primary sources: (i) ballpark event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (including national and local broadcast rights). Mixed-use development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income. In December 2021, the Collective Bargaining Agreement (“CBA”), which requires MLB clubs to sign players using a uniform contract, expired and MLB commenced a lockout of the Major League players. As a result of the lockout, the start of the 2022 regular season was delayed and the number of spring training games played was reduced. The start of the 2023 season was not impacted by these factors and a full spring training schedule took place. No regular season home games were played in the first quarter of 2023 nor the prior year period. Baseball revenue increased in the first quarter due to more spring training home games and additional special events held at the ballpark compared to the prior year period. Development revenue increased during the first quarter due to increases in rental income related to tenant recoveries. Operating income and adjusted OIBDA decreased in the first quarter. Revenue growth was more than offset by increased operating costs due to higher player salaries, as player salary expense was not recognized in the prior year period due to the delayed start of the season, as well as higher levels of MLB shared expenses, baseball operations expenses and facility and game day expenses for spring training games. Selling, general and administrative expense increased modestly due to increased promotion and marketing initiatives and higher personnel costs. The Formula One Group has an approximate 11.0% intergroup interest (6.8 million notional shares) and the Liberty SiriusXM Group has an approximate 2.9% intergroup interest (1.8 million notional shares) in the Braves Group attributed to them as of April 30, 2023. These shares are not included in the outstanding share count of the Braves Group in Liberty Media’s most recent Form 10-Q. Assuming the issuance of the shares underlying these intergroup interests, the Braves Group outstanding share count as of April 30, 2023 would have been 62 million. The businesses and assets attributed to the Braves Group consist primarily of Liberty Media’s subsidiary the Braves, which indirectly owns the Atlanta Braves Major League Baseball Club and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development. Share Repurchases There were no repurchases of Liberty Media’s common stock (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) from February 1, 2023 through April 30, 2023. The total remaining repurchase authorization for Liberty Media as of May 1, 2023 is approximately $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media Corporation tracking stocks. FOOTNOTES 1) Liberty Media will discuss these headlines and other matters on Liberty Media's earnings conference call that will begin at 9:30 a.m. (E.T.) on May 5, 2023. For information regarding how to access the call, please see “Important Notice” later in this document. 2) For definitions of Adjusted OIBDA (as defined by Liberty Media) and adjusted EBITDA and free cash flow (as defined by SiriusXM) and applicable reconciliations see the accompanying schedules. NOTES The following financial information with respect to Liberty Media's equity affiliates and available for sale securities is intended to supplement Liberty Media's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended March 31, 2023. Fair Value of Corporate Public Holdings (amounts in millions) 12/31/2022 3/31/2023 Liberty SiriusXM Group Live Nation Investment(a) 4,857 4,875 Total Liberty SiriusXM Group $ 4,857 $ 4,875 Formula One Group Other Monetizable Public Holdings(b) 80 172 Total Formula One Group $ 80 $ 172 Braves Group N/A N/A Total Liberty Media $ 4,937 $ 5,047 a) Represents the fair value of the equity investment in Live Nation. In accordance with GAAP, Liberty Media accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its condensed consolidated balance sheet at $158 million and $157 million as of December 31, 2022 and March 31, 2023, respectively. b) Represents the carrying value of other public holdings that are accounted for at fair value. Includes approximately $126 million of exchange-traded funds as of March 31, 2023 that are expected to be contributed to Liberty Live Group upon the reclassification of the tracking stocks. Excludes intergroup interests. Fair Value of Intergroup Assets and Liabilities The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock, and the Liberty SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of Liberty Formula One common stock. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. The changes in fair value are recorded in the unrealized gains (losses) on the intergroup interest line item in the unaudited attributed condensed consolidated statements of operations. In connection with the previously announced split-off of Atlanta Braves Holdings, Inc., the intergroup interests in the Braves Group attributed to Liberty SiriusXM Group and Formula One Group will be settled and extinguished in connection with the split-off. The Braves Group will attribute shares of New BATRA and New BATRK to Liberty SiriusXM Group and Formula One Group, respectively, on a one-for-one basis equal to the number of notional shares representing the intergroup interest attributed to each immediately prior to the split-off. Following the split-off: (i) Liberty SiriusXM Group intends to deliver the shares of New BATRA to and exchange such New BATRA shares with one or more third party lenders for satisfaction of certain debt obligations of Liberty SiriusXM Group and (ii) the new BATRK shares attributed to Formula One Group will be distributed on a pro rata basis to Formula One Group common shareholders. The intergroup interest in the Formula One Group attributed to Liberty SiriusXM Group will be settled and extinguished through the attribution of cash prior to the split-off. Attributed as of March 31, 2023 Liberty Formula SiriusXM Braves One Group Group Group (amounts in millions) Notional Shares Value Notional Shares Value Notional Shares Value Braves Group intergroup interests(a) 1.8 $ 63 (8.6) $ (291 ) 6.8 $ 228 Formula One Group intergroup interest(a) 1.1 $ 71 (1.1) $ (71 ) a) During the three months ended March 31, 2023, Formula One Group paid $202 million to Liberty SiriusXM Group to settle and extinguish 3.1 million notional shares underlying the portion of the intergroup interest in the Formula One Group held by Liberty SiriusXM Group as a result of the repurchase of a portion of the 1.375% cash convertible notes due 2023. Cash and Debt The following presentation is provided to separately identify cash and debt information. (amounts in millions) 12/31/2022 3/31/2023 Cash and Cash Equivalents Attributable to: Liberty SiriusXM Group(a) $ 362 $ 430 Formula One Group(b) 1,733 1,584 Braves Group(c) 151 215 Total Consolidated Cash and Cash Equivalents (GAAP) $ 2,246 $ 2,229 Debt: SiriusXM senior notes(d) $ 8,750 $ 8,750 Pandora convertible senior notes(e) 193 118 1.375% cash convertible notes due 2023(f) 790 199 3.75% convertible notes due 2028(f) — 575 2.125% SiriusXM exchangeable senior debentures due 2048(f) 387 275 2.75% SiriusXM exchangeable senior debentures due 2049(f) 586 586 0.5% Live Nation exchangeable senior debentures due 2050(f) 920 920 SiriusXM margin loan 875 875 Live Nation margin loan — — Other subsidiary debt(g) 580 710 Total Attributed Liberty SiriusXM Group Debt $ 13,081 $ 13,008 Unamortized discount, fair market value adjustment and deferred loan costs 62 (108 ) Total Attributed Liberty SiriusXM Group Debt (GAAP) $ 13,143 $ 12,900 1% cash convertible notes due 2023(f) 27 — 2.25% convertible notes due 2027(f) 475 475 Formula 1 term loan and revolving credit facility 2,425 2,420 Other corporate level debt 63 63 Total Attributed Formula One Group Debt $ 2,990 $ 2,958 Fair market value adjustment (43 ) — Total Attributed Formula One Group Debt (GAAP) $ 2,947 $ 2,958 Formula 1 leverage(h) 2.7x 2.2x Atlanta Braves debt 546 542 Total Attributed Braves Group Debt $ 546 $ 542 Deferred loan costs (4 ) (4 ) Total Attributed Braves Group Debt (GAAP) $ 542 $ 538 Total Liberty Media Corporation Debt (GAAP) $ 16,632 $ 16,396 a) Includes $57 million and $53 million of cash held at SiriusXM as of December 31, 2022 and March 31, 2023, respectively. b) Includes $752 million and $1,043 million of cash held at F1 as of December 31, 2022 and March 31, 2023, respectively. c) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $22 million and $30 million as of December 31, 2022 and March 31, 2023, respectively. d) Outstanding principal amount of Senior Notes or Term Loan with no reduction for the net unamortized discount. e) During the three months ended March 31, 2023, certain investors exercised their right to require a Special Repurchase, as defined in the indenture governing the Pandora convertible senior notes, and Pandora repurchased $75 million principal amount of such notes with cash for an aggregate purchase price equal to 100% of the principal amount of the notes repurchased plus accrued and unpaid interest to the date of repurchase. f) Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment. g) Includes SiriusXM revolving credit facility and term loan. h) Net debt to covenant OIBDA ratio of F1 operating business as defined in F1’s credit facilities for covenant calculations. Liberty Media, SiriusXM, F1 and the Braves are in compliance with their debt covenants as of March 31, 2023. Total cash and cash equivalents attributed to Liberty SiriusXM Group increased $68 million in the first quarter as net debt repayment at Liberty SiriusXM Group (described below) and return of capital at SiriusXM were more than offset by cash received from the settlement of a portion of the Formula One Group intergroup interest held at Liberty SiriusXM Group (described below), cash from operations at SiriusXM and borrowings under the revolving credit facility at SiriusXM. Included in the cash and cash equivalents balance attributed to Liberty SiriusXM Group at March 31, 2023 is $53 million held at SiriusXM. Although SiriusXM is a consolidated subsidiary, it is a separate public company with a non-controlling interest, therefore Liberty Media does not have ready access to SiriusXM’s cash balance. Liberty SiriusXM Group received $77 million of dividends from SiriusXM during the quarter. Total debt attributed to Liberty SiriusXM Group decreased $73 million during the quarter. During the first quarter, Liberty SiriusXM Group issued $575 million aggregate principal amount of 3.75% LSXMA convertible notes due 2028 and used net proceeds of the offering, together with cash on hand, to repurchase (i) $591 million aggregate principal amount of its 1.375% cash convertible notes due 2023 and (ii) $112 million aggregate adjusted principal amount of its 2.125% exchangeable debentures due 2048, for a total cost of $774 million. In addition to proceeds from the convertible notes, Liberty SiriusXM Group received (i) $39 million of net proceeds from the settlement of the bond hedge and warrants related to the portion of the 1.375% cash convertible notes repurchased and (ii) $202 million of cash from the Formula One Group in exchange for the cancellation of 3.1 million notional shares underlying a portion of the intergroup interest in the Formula One Group held by Liberty SiriusXM Group (equivalent to the FWONA common stock underlying the portion of the 1.375% cash convertible notes repurchased). In addition, subsequent to quarter end in April 2023, Liberty SiriusXM Group paid $275 million to settle the remaining amount outstanding of its 2.125% exchangeable debentures due 2048, which was funded with cash on hand. Total cash and cash equivalents attributed to the Formula One Group decreased $149 million during the quarter as cash from operations at F1 was more than offset by $202 million paid to Liberty SiriusXM Group in exchange for the cancellation of 3.1 million FWONA shares underlying the intergroup interest (described above), $120 million of exchange-traded funds purchased that are expected to be attributed to the Liberty Live Group after the completion of the previously announced reclassification of tracking stocks and capital expenditures related to the Las Vegas Grand Prix. Total debt at Formula One Group decreased $32 million in the first quarter primarily due to the January 2023 settlement of the remaining 1% FWONK cash convertible notes. Pursuant to F1’s credit facilities agreement, the margin on its existing Term Loan B will be permanently reduced from 3.25% to 3.00% after the first quarter as a result of F1’s leverage as defined in its credit facilities for covenant calculations falling below a certain threshold. Total cash and cash equivalents attributed to the Braves Group increased $64 million during the quarter due to cash from operations. Total debt attributed to the Braves Group decreased $4 million during the first quarter primarily due to repayment under the ballpark senior secured note. Important Notice: Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) will discuss Liberty Media's earnings release on a conference call which will begin at 9:30 a.m. (E.T.) on May 5, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736371 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertymedia.com/investors/news-events/ir-calendar. Links to this press release will also be available on the Liberty Media website. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, the Las Vegas Grand Prix, our proposed split-off and reclassification of tracking stocks, the continuation of our stock repurchase plan and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of pending or future litigation, the failure to realize benefits of acquisitions, the satisfaction of conditions to the proposed split-off and reclassification of tracking stocks, rapid technological and industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media's business which may affect the statements made in this press release. LIBERTY MEDIA CORPORATION BALANCE SHEET INFORMATION March 31, 2023 (unaudited) Attributed Liberty Formula SiriusXM Braves One Intergroup Consolidated Group Group Group Eliminations Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 430 215 1,584 — 2,229 Trade and other receivables, net 587 23 91 — 701 Other current assets 366 62 278 — 706 Total current assets 1,383 300 1,953 — 3,636 Intergroup interests 134 — 228 (362 ) — Investments in affiliates, accounted for using the equity method 862 94 37 — 993 Property and equipment, at cost 2,926 1,021 616 — 4,563 Accumulated depreciation (1,742 ) (292 ) (112 ) — (2,146 ) 1,184 729 504 — 2,417 Intangible assets not subject to amortization Goodwill 15,209 176 3,956 — 19,341 FCC licenses 8,600 — — — 8,600 Other 1,242 124 — — 1,366 25,051 300 3,956 — 29,307 Intangible assets subject to amortization, net 1,060 28 3,083 — 4,171 Other assets 529 67 1,217 (4 ) 1,809 Total assets $ 30,203 1,518 10,978 (366 ) 42,333 Liabilities and Equity Current liabilities: Intergroup payable (receivable) $ 35 (2 ) (33 ) — — Accounts payable and accrued liabilities 1,229 66 318 — 1,613 Current portion of debt 608 75 23 — 706 Deferred revenue 1,307 191 655 — 2,153 Other current liabilities 80 5 35 — 120 Total current liabilities 3,259 335 998 — 4,592 Long-term debt 12,292 463 2,935 — 15,690 Deferred income tax liabilities 2,046 46 — (4 ) 2,088 Redeemable intergroup interests — 291 71 (362 ) — Other liabilities 596 147 136 — 879 Total liabilities 18,193 1,282 4,140 (366 ) 23,249 Equity / Attributed net assets 8,920 229 6,813 — 15,962 Noncontrolling interests in equity of subsidiaries 3,090 7 25 — 3,122 Total liabilities and equity $ 30,203 1,518 10,978 (366 ) 42,333 LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS Three months ended March 31, 2023 (unaudited) Attributed Liberty Formula SiriusXM Braves One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 2,144 — — 2,144 Formula 1 revenue — — 381 381 Other revenue — 31 — 31 Total revenue 2,144 31 381 2,556 Operating costs and expenses, including stock-based compensation: Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): Revenue share and royalties 700 — — 700 Programming and content(1) 150 — — 150 Customer service and billing(1) 122 — — 122 Other(1) 52 — — 52 Cost of Formula 1 revenue (exclusive of depreciation shown separately below) — — 206 206 Subscriber acquisition costs 90 — — 90 Other operating expenses(1) 79 39 — 118 Selling, general and administrative(1) 385 26 75 486 Impairment, restructuring and acquisition costs, net of recoveries 32 — — 32 Depreciation and amortization 161 15 84 260 1,771 80 365 2,216 Operating income (loss) 373 (49 ) 16 340 Other income (expense): Interest expense (136 ) (9 ) (51 ) (196 ) Share of earnings (losses) of affiliates, net (7 ) (1 ) (2 ) (10 ) Realized and unrealized gains (losses) on financial instruments, net 2 (1 ) (47 ) (46 ) Unrealized gains (losses) on intergroup interests 54 (13 ) (41 ) — Other, net 3 1 10 14 (84 ) (23 ) (131 ) (238 ) Earnings (loss) before income taxes 289 (72 ) (115 ) 102 Income tax (expense) benefit (69 ) 13 6 (50 ) Net earnings (loss) 220 (59 ) (109 ) 52 Less net earnings (loss) attributable to the noncontrolling interests 37 — — 37 Net earnings (loss) attributable to Liberty stockholders $ 183 (59 ) (109 ) 15 (1) Includes stock-based compensation expense as follows: Programming and content 7 — — 7 Customer service and billing 1 — — 1 Other 1 — — 1 Other operating expenses 11 — — 11 Selling, general and administrative 28 3 5 36 Stock compensation expense $ 48 3 5 56 LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS Three months ended March 31, 2022 (unaudited) Attributed Liberty Formula SiriusXM Braves One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 2,186 — — 2,186 Formula 1 revenue — — 360 360 Other revenue — 23 — 23 Total revenue 2,186 23 360 2,569 Operating costs and expenses, including stock-based compensation: Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): Revenue share and royalties 670 — — 670 Programming and content(1) 140 — — 140 Customer service and billing(1) 125 — — 125 Other(1) 54 — — 54 Cost of Formula 1 revenue (exclusive of depreciation shown separately below) — — 195 195 Subscriber acquisition costs 90 — — 90 Other operating expenses(1) 67 23 — 90 Selling, general and administrative(1) 404 22 56 482 Depreciation and amortization 152 18 90 260 1,702 63 341 2,106 Operating income (loss) 484 (40 ) 19 463 Other income (expense): Interest expense (122 ) (6 ) (29 ) (157 ) Share of earnings (losses) of affiliates, net (18 ) 4 — (14 ) Realized and unrealized gains (losses) on financial instruments, net 61 5 (7 ) 59 Unrealized gains (losses) on intergroup interests 20 1 (21 ) — Other, net 20 20 5 45 (39 ) 24 (52 ) (67 ) Earnings (loss) before income taxes 445 (16 ) (33 ) 396 Income tax (expense) benefit (101 ) 3 (2 ) (100 ) Net earnings (loss) 344 (13 ) (35 ) 296 Less net earnings (loss) attributable to the noncontrolling interests 56 — 9 65 Less net earnings (loss) attributable to redeemable noncontrolling interest — — (9 ) (9 ) Net earnings (loss) attributable to Liberty stockholders $ 288 (13 ) (35 ) 240 (1) Includes stock-based compensation expense as follows: Programming and content 8 — — 8 Customer service and billing 1 — — 1 Other 1 — — 1 Other operating expenses 8 — — 8 Selling, general and administrative 31 3 3 37 Stock compensation expense $ 49 3 3 55 LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2023 (unaudited) Attributed Liberty Formula SiriusXM Braves One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 220 (59 ) (109 ) 52 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 161 15 84 260 Stock-based compensation 48 3 5 56 Non-cash impairment and restructuring costs 8 — — 8 Share of (earnings) loss of affiliates, net 7 1 2 10 Unrealized (gains) losses on intergroup interests, net (54 ) 13 41 — Realized and unrealized (gains) losses on financial instruments, net (2 ) 1 47 46 Deferred income tax expense (benefit) 7 (8 ) (5 ) (6 ) Intergroup tax allocation 31 (5 ) (26 ) — Other charges (credits), net 4 1 (3 ) 2 Changes in operating assets and liabilities Current and other assets 46 27 (8 ) 65 Payables and other liabilities (157 ) 96 229 168 Net cash provided (used) by operating activities 319 85 257 661 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (39 ) — (130 ) (169 ) Cash proceeds from dispositions — — 34 34 Capital expended for property and equipment, including internal-use software and website development (205 ) (14 ) (62 ) (281 ) Other investing activities, net 2 — (1 ) 1 Net cash provided (used) by investing activities (242 ) (14 ) (159 ) (415 ) Cash flows from financing activities: Borrowings of debt 1,479 — — 1,479 Repayments of debt (1,633 ) (4 ) (53 ) (1,690 ) Intergroup (repayments) borrowings 202 — (202 ) — Subsidiary shares repurchased by subsidiary (62 ) — — (62 ) Cash dividends paid by subsidiary (17 ) — — (17 ) Taxes paid in lieu of shares issued for stock-based compensation (15 ) (1 ) (8 ) (24 ) Other financing activities, net 37 6 14 57 Net cash provided (used) by financing activities (9 ) 1 (249 ) (257 ) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash — — 2 2 Net increase (decrease) in cash, cash equivalents and restricted cash 68 72 (149 ) (9 ) Cash, cash equivalents and restricted cash at beginning of period 370 173 1,733 2,276 Cash, cash equivalents and restricted cash at end of period $ 438 245 1,584 2,267 Cash and cash equivalents $ 430 215 1,584 2,229 Restricted cash included in other current assets — 30 — 30 Restricted cash included in other assets 8 — — 8 Total cash and cash equivalents and restricted cash at end of period $ 438 245 1,584 2,267 LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2022 (unaudited) Attributed Liberty Formula SiriusXM Braves One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 344 (13 ) (35 ) 296 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 152 18 90 260 Stock-based compensation 49 3 3 55 Share of (earnings) loss of affiliates, net 18 (4 ) — 14 Unrealized (gains) losses on intergroup interests, net (20 ) (1 ) 21 — Realized and unrealized (gains) losses on financial instruments, net (61 ) (5 ) 7 (59 ) Deferred income tax expense (benefit) 39 (10 ) 26 55 Intergroup tax allocation 42 7 (49 ) — Other charges (credits), net (11 ) (20 ) (2 ) (33 ) Changes in operating assets and liabilities Current and other assets 21 23 (158 ) (114 ) Payables and other liabilities (238 ) 83 232 77 Net cash provided (used) by operating activities 335 81 135 551 Cash flows from investing activities: Investments in equity affiliates and debt and equity securities (1 ) (5 ) (3 ) (9 ) Cash proceeds from dispositions 50 47 — 97 Capital expended for property and equipment, including internal-use software and website development (97 ) (4 ) (10 ) (111 ) Other investing activities, net (42 ) — 76 34 Net cash provided (used) by investing activities (90 ) 38 63 11 Cash flows from financing activities: Borrowings of debt 1,740 15 — 1,755 Repayments of debt (1,204 ) (37 ) (1 ) (1,242 ) Liberty stock repurchases (202 ) — (37 ) (239 ) Subsidiary shares repurchased by subsidiary (206 ) — — (206 ) Cash dividends paid by subsidiary (201 ) — — (201 ) Taxes paid in lieu of shares issued for stock-based compensation (61 ) — 26 (35 ) Other financing activities, net 1 (4 ) 7 4 Net cash provided (used) by financing activities (133 ) (26 ) (5 ) (164 ) Effect of foreign exchange rates on cash, cash equivalents and restricted cash — — (2 ) (2 ) Net increase (decrease) in cash, cash equivalents and restricted cash 112 93 191 396 Cash, cash equivalents and restricted cash at beginning of period 606 244 2,074 2,924 Cash, cash equivalents and restricted cash at end of period $ 718 337 2,265 3,320 Cash and cash equivalents $ 710 311 2,265 3,286 Restricted cash included in other current assets — 12 — 12 Restricted cash included in other assets 8 14 — 22 Total cash and cash equivalents and restricted cash at end of period $ 718 337 2,265 3,320 NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES SCHEDULE 1 To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for the Liberty SiriusXM Group, the Braves Group and the Formula One Group, together with reconciliations to operating income, as determined under GAAP. Liberty Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges. Liberty Media believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Media's management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for Liberty Media to operating income (loss) calculated in accordance with GAAP for the three months ended March 31, 2022 and March 31, 2023, respectively. QUARTERLY SUMMARY (amounts in millions) 1Q22 1Q23 Liberty SiriusXM Group Operating income $ 484 $ 373 Depreciation and amortization 152 161 Stock compensation expense 49 48 Impairment, restructuring and acquisition costs, net of recoveries(a) — 32 Adjusted OIBDA $ 685 $ 614 Formula One Group Operating income $ 19 $ 16 Depreciation and amortization 90 84 Stock compensation expense 3 5 Adjusted OIBDA $ 112 $ 105 Braves Group Operating income $ (40 ) $ (49 ) Depreciation and amortization 18 15 Stock compensation expense 3 3 Adjusted OIBDA $ (19 ) $ (31 ) Liberty Media Corporation (Consolidated) Operating income $ 463 $ 340 Depreciation and amortization 260 260 Stock compensation expense 55 56 Impairment, restructuring and acquisition costs, net of recoveries(a) — 32 Adjusted OIBDA $ 778 $ 688 (a) During the three months ended March 31, 2023, SiriusXM recorded $23 million associated with severance and other employee costs and $9 million primarily related to a vacated office space. These charges have been excluded from adjusted OIBDA. SCHEDULE 2 This press release also includes a presentation of adjusted EBITDA of SiriusXM, which is a non-GAAP financial measure used by SiriusXM, together with a reconciliation to SiriusXM's stand-alone net income, as determined under GAAP. SiriusXM defines adjusted EBITDA as net income before interest expense, income tax expense and depreciation and amortization. SiriusXM adjusts EBITDA to exclude the impact of other expense (income) as well as certain other charges discussed below. Adjusted EBITDA is a Non-GAAP financial measure that excludes or adjusts for (if applicable): (i) loss on extinguishment of debt, (ii) share-based payment expense, (iii) impairment, restructuring and acquisition costs, (iv) legal settlements/reserves and (v) other significant operating expense (income) that do not relate to the on-going performance of SiriusXM’s business. SiriusXM believes adjusted EBITDA is a useful measure of the underlying trend of its operating performance, which provides useful information about its business apart from the costs associated with its capital structure and purchase price accounting. SiriusXM believes investors find this Non-GAAP financial measure useful when analyzing past operating performance with current performance and comparing SiriusXM’s operating performance to the performance of other communications, entertainment and media companies. SiriusXM believes investors use adjusted EBITDA to estimate current enterprise value and to make investment decisions. As a result of large capital investments in SiriusXM’s satellite radio system, its results of operations reflect significant charges for depreciation expense. SiriusXM believes the exclusion of share-based payment expense is useful as it is not directly related to the operational conditions of its business. SiriusXM also believes the exclusion of the legal settlements and reserves, impairment, restructuring and acquisition related costs, and loss on extinguishment of debt, to the extent they occur during the period, is useful as they are significant expenses not incurred as part of its normal operations for the period. Adjusted EBITDA has certain limitations in that it does not take into account the impact to SiriusXM’s statements of comprehensive income of certain expenses, including share-based payment expense. SiriusXM endeavors to compensate for the limitations of the Non-GAAP measure presented by also providing the comparable GAAP measure with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the Non-GAAP measure. Investors that wish to compare and evaluate SiriusXM’s operating results after giving effect for these costs, should refer to net income as disclosed in SiriusXM’s unaudited consolidated statements of comprehensive income. Since adjusted EBITDA is a Non-GAAP financial performance measure, SiriusXM’s calculation of adjusted EBITDA may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation of net income to the adjusted EBITDA is calculated as follows: Unaudited For the Three Months Ended March 31, 2022 2023 ($ in millions) Net income: $ 309 $ 233 Add back items excluded from Adjusted EBITDA: Impairment, restructuring and acquisition costs(a) — 32 Share-based payment expense 45 45 Depreciation and amortization 135 136 Interest expense 103 107 Other expense (income) (2 ) (3 ) Income tax (benefit) expense 100 75 Adjusted EBITDA $ 690 $ 625 (a) During the three months ended March 31, 2023, SiriusXM recorded $23 million associated with severance and other employee costs and $9 million primarily related to a vacated office space. These charges have been excluded from adjusted OIBDA. SCHEDULE 3 This press release also includes a presentation of free cash flow of SiriusXM, which is a non-GAAP financial measure used by SiriusXM, together with a reconciliation to SiriusXM's stand-alone cash flow provided by operating activities, as determined under GAAP. SiriusXM’s free cash flow is derived from cash flow provided by operating activities, net of additions to property and equipment and purchases of other investments. Free cash flow is a metric that SiriusXM’s management and board of directors use to evaluate the cash generated by its operations, net of capital expenditures and other investment activity. In a capital intensive business, with significant investments in satellites, SiriusXM looks at its operating cash flow, net of these investing cash outflows, to determine cash available for future subscriber acquisition and capital expenditures, to repurchase or retire debt, to acquire other companies and to evaluate its ability to return capital to stockholders. SiriusXM excludes from free cash flow certain items that do not relate to the on-going performance of its business, such as cash flows related to acquisitions, strategic and short-term investments and net loan activity with related parties and other equity investees. SiriusXM believes free cash flow is an indicator of the long-term financial stability of its business. Free cash flow, which is reconciled to "Net cash provided by operating activities," is a Non-GAAP financial measure. This measure can be calculated by deducting amounts under the captions "Additions to property and equipment" and deducting or adding Restricted and other investment activity from "Net cash provided by operating activities" from the unaudited consolidated statements of cash flows. Free cash flow should be used in conjunction with other GAAP financial performance measures and may not be comparable to free cash flow measures presented by other companies. Free cash flow should be viewed as a supplemental measure rather than an alternative measure of cash flows from operating activities, as determined in accordance with GAAP. Free cash flow is limited and does not represent remaining cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt maturities. SiriusXM believes free cash flow provides useful supplemental information to investors regarding its current cash flow, along with other GAAP measures (such as cash flows from operating and investing activities), to determine its financial condition, and to compare its operating performance to other communications, entertainment and media companies. Free cash flow is calculated as follows: Unaudited For the Three Months Ended March 31, 2022 2023 ($ in millions) Cash flow information Net cash provided by operating activities $ 355 $ 350 Net cash used in investing activities $ (142 ) $ (235 ) Net cash used in financing activities $ (328 ) $ (119 ) Free cash flow Net cash provided by operating activities $ 355 $ 350 Additions to property and equipment (97 ) (205 ) Purchases of other investments — (1 ) Free cash flow $ 258 $ 144

1 year ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) announced that Greg Maffei, President and CEO of Liberty Media Corporation, will be presenting at the MoffettNathanson Media & Communications Summit on Tuesday, May 16th at 3:00 p.m. E.T. in New York City. During his presentation, Mr. Maffei may make observations regarding the company's financial performance and outlook, as well as other forward looking matters. The presentation will be broadcast live via the Internet. All interested persons should visit the Liberty Media Corporation website at https://www.libertymedia.com/investors/news-events/ir-calendar to register for the webcast. An archive of the webcast will also be available on this website after appropriate filings have been made with the SEC. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation’s interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation’s subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation’s businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and other minority investments.

1 year ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation (“Liberty Media”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) will host a conference call to discuss results for the first quarter of 2023 on Friday, May 5th at 9:30 a.m. E.T. Before the open of market trading that day, Liberty Media will issue a press release reporting such results, which can be found at https://ir.libertymedia.com/news-events/press-releases. The press release and conference call may discuss Liberty Media’s financial performance and outlook, as well as other forward-looking matters. Please call InComm Conferencing at (877) 704-2829 or +1 (215) 268-9864, passcode 13736371, at least 10 minutes prior to the call. Callers will need to be on a touch-tone telephone to ask questions. The conference administrator will provide instructions on how to use the polling feature. In addition, the conference call will be broadcast live via the Internet. All interested participants should visit the Liberty Media website at https://www.libertymedia.com/investors/news-events/ir-calendar to register for the webcast. Links to the press release and replays of the call will also be available on the Liberty Media website. The conference call will be archived on the website after appropriate filings have been made with the SEC. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation’s interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation’s subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation’s businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and other minority investments.

1 year ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today announced the payment of a quarterly interest payment and an Excess Regular Additional Distribution to the holders as of March 15, 2023 of its 2.125% Exchangeable Senior Debentures due 2048 (the “Debentures”). The amount of the quarterly interest payment is $5.3125 per $1,000 original principal amount of Debentures, and the amount of the Excess Regular Additional Distribution is $1.6459 per $1,000 original principal amount of Debentures. As of March 31, 2023, the aggregate adjusted principal amount outstanding is approximately $275 million, after giving effect to today’s quarterly interest payment. Capitalized terms used but not defined herein have the meaning given to them in the Indenture for the Debentures. Under the Indenture for the Debentures, the original principal amount of the Debentures is reduced in an amount equal to each Extraordinary Additional Distribution that is made to holders of the Debentures. Thereafter, the adjusted principal amount is further reduced on each successive quarterly interest payment date to the extent necessary to cause the quarterly interest payment to represent the payment of an annualized yield of 2.125% of the adjusted principal amount. This latter adjustment, to the extent it is made by reason of a particular Extraordinary Additional Distribution that results in a reduction to the principal amount of the Debentures, takes effect on the second succeeding interest payment date after the payment of that Extraordinary Additional Distribution. To date, Liberty has made one Extraordinary Additional Distribution to holders of the Debentures. As previously announced, on March 4, 2022, Liberty made an Extraordinary Additional Distribution of $31.1731 per $1,000 original principal amount of Debentures, which was attributable to the special cash dividend paid on February 25, 2022 by Sirius XM Holdings Inc. (“SIRI”) to holders of its common stock of record as of the close of business on February 11, 2022. Reductions to the principal amount of the Debentures do not affect the amount of the quarterly interest payments received by holders of the Debentures, which will continue to be a rate equal to 2.125% per annum of the original principal amount of the Debentures. Below is a detail of the amount of the quarterly interest payment being made on the Debentures, its allocation between payment of interest and repayment of principal and the revised adjusted principal amount of the Debentures resulting from such payment, per $1,000 original principal amount of the Debentures: March 31, 2023 Beginning Adjusted Principal Payment Interest Payment of Principal March 31, 2023 Ending Adjusted Principal $968.3274 $5.3125 $5.1442 $0.1683 $968.1592 Liberty is also making an Excess Regular Additional Distribution to holders of the Debentures as of March 15, 2023 of $1.6459 per Debenture, which is attributable to the regular quarterly dividend paid by SIRI of $0.0242 per share on February 24, 2023. The payment of the Excess Regular Additional Distribution will not result in a reduction to the adjusted principal amount of the Debentures. The quarterly interest payment and Excess Regular Additional Distribution are expected to be made on March 31, 2023 to holders of record of the Debentures as of March 15, 2023. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation’s interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation’s subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation’s businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and other minority investments.

1 year ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation (“Liberty Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) will webcast a Formula One Group Q&A Session on Thursday, April 13, 2023 beginning at 5:00 p.m. ET. Liberty Media and F1 management will be available to answer questions. During the Q&A session, observations may be made regarding the company’s financial performance and outlook, as well as other forward looking matters. Stockholders will be able to submit questions in advance of the Q&A session. To submit a question, please email [email protected] with the subject “Formula One Group Investor Question” by 5:00 p.m. ET on Thursday, April 6, 2023. The event will be broadcast live via the Internet. All interested persons should visit the Liberty Media Corporation website at https://www.libertymedia.com/investors/news-events/ir-calendar to register for the webcast. An archive of the webcast will also be available on this website after appropriate filings have been made with the SEC. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation’s interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation’s subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation’s businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and other minority investments.

1 year ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it has closed its previously announced private offering of $575 million aggregate principal amount of its 3.75% convertible senior notes due 2028 (the “Notes”), including notes with an aggregate principal amount of $75 million issued pursuant to the exercise of an option granted to the initial purchasers, which was exercised in full. The Notes will be convertible into shares of Liberty’s Series A Liberty SiriusXM common stock (“LSXMA”), which may be settled at Liberty’s election in LSXMA, cash or a combination thereof. Prior to December 15, 2027, the Notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and on and after December 15, 2027, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will have an initial conversion rate of 25.9000 shares of LSXMA per $1,000 principal amount of Notes, representing an initial conversion price of approximately $38.61 for each share of LSXMA, which represents a conversion premium of approximately 30% to the last reported sale price of $29.70 per share of LSXMA on the Nasdaq Global Select Market on March 7, 2023. The Notes will mature on March 15, 2028, unless earlier redeemed, repurchased or converted. Interest will be payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2023. Liberty may redeem for cash all or any portion of the Notes (subject to certain limitations), at its option, on or after March 20, 2026, if the last reported sale price of LSXMA has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on the trading day immediately preceding the date on which Liberty provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Liberty expects to use the proceeds of the offering, together with the other cash amounts as described below, to repurchase a total of approximately $591 million in aggregate principal amount of Liberty’s existing 1.375% cash convertible notes due 2023 (the “1.375% Cash Convertible Notes”) and approximately $112 million in aggregate adjusted principal amount of Liberty’s existing 2.125% exchangeable senior debentures due 2048 at a cost of $774 million. In addition to the net proceeds of the offering, Liberty expects to use $39 million of net proceeds from the proportional termination and unwinding of the related bond hedges and warrants that Liberty entered into in connection with the issuance of the 1.375% Cash Convertible Notes and $170 million of cash attributed to Liberty SiriusXM Group, including cash to be received over time from the Liberty Formula One Group in connection with the settlement and extinguishment of approximately 3.1 million notional shares represented by the intergroup interest in the Liberty Formula One Group that is attributed to the Liberty SiriusXM Group (which is equivalent to the number of shares of Series A Liberty Formula One common stock underlying the repurchased 1.375% Cash Convertible Notes) to fund such repurchases. In connection with the offer and sale of the Notes, the repurchases of the 1.375% Cash Convertible Notes and the proportional termination and unwinding of the related bond hedges and warrants, certain financial intermediaries entered into various derivative and other transactions with respect to the shares of LSXMA, FWONA and BATRA and those financial intermediaries may purchase shares of LSXMA, FWONA and BATRA subsequent to the issuance of the Notes. The net effect of these activities could have caused an increase (or reduced the size of any decrease) in the market price of LSXMA (and of FWONA and BATRA) at the time of the pricing of the Notes and may continue to have an impact at such subsequent times, which may affect the trading price of the Notes. The Notes (and any shares of LSXMA issuable on conversion of the Notes) will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes were offered by means of an offering memorandum solely to “Qualified Institutional Buyers” pursuant to, and as that term is defined in, Rule 144A of the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities nor shall there be any sale of any of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. Forward-Looking Statements This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the use of proceeds. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. These forward-looking statements generally can be identified by phrases such as “possible,” “potential,” “intends” or “expects” or other words or phrases of similar import or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” “could,” or similar variations. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, general market conditions. These forward-looking statements speak only as of the date of this press release, and Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty, including its most recent Annual Report on Form 10-K, for additional information about Liberty and about the risks and uncertainties related to Liberty’s business which may affect the statements made in this press release. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation’s interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation’s subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation’s businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and other minority investments.

1 year ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it intends to offer $500 million aggregate principal amount of convertible senior notes (the “Notes”) in a private offering. Liberty also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $75 million principal amount of Notes. The Notes will be convertible into shares of Liberty’s Series A Liberty SiriusXM common stock (“LSXMA”), which may be settled at Liberty’s election in LSXMA, cash or a combination thereof. The Notes, as well as the associated cash proceeds, will be attributed to the Liberty SiriusXM Group. The Notes will be senior, unsecured obligations of Liberty, and interest will be payable semi-annually in arrears. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the offering. Liberty expects to use the net proceeds of the offering, together with cash on hand and borrowings under Liberty Siri MarginCo, LLC’s margin loan that are in each case attributed to the Liberty SiriusXM Group, to make repurchases of Liberty’s existing 1.375% cash convertible notes due 2023 (the “1.375% Cash Convertible Notes”) pursuant to individually privately negotiated transactions (the cost of which is expected to be partially offset by the proceeds from the proportional termination and unwinding of the related bond hedges and warrants that Liberty entered into in connection with the issuance of such notes), to settle exchanges or repurchases of, or to redeem, Liberty’s existing 2.125% exchangeable senior debentures due 2048 (the “2.125% Exchangeable Senior Debentures”) in accordance with the terms of the indenture governing such debentures, and for general corporate purposes. Liberty expects that the number of shares of LSXMA into which the Notes would be convertible will be less than the number of shares of LSXMA underlying the outstanding 1.375% Cash Convertible Notes, based on the last reported sale price of $31.44 per share of LSXMA on the Nasdaq Global Select Market on March 6, 2023 and an aggregate principal amount of the Notes of $575 million (assuming the initial purchasers exercise their option to purchase additional Notes described above). In connection with the offer and sale of the Notes and any repurchases of the 1.375% Cash Convertible Notes due 2023, Liberty expects to proportionally terminate and unwind the related bond hedges and warrants. In connection with such termination and unwind and any repurchases of the 1.375% Cash Convertible Notes due 2023, Liberty expects certain financial intermediaries may enter into various derivative and other transactions with respect to the shares of LSXMA, FWONA and BATRA underlying such notes and related bond hedge and warrant transactions concurrently with, or shortly after, the pricing of the Notes. In addition, in connection with the settlement from time to time of certain of such derivative transactions, Liberty expects that the financial intermediaries may purchase shares of LSXMA, FWONA and BATRA subsequent to the issuance of the Notes. The net effect of these activities could cause an increase (or reduce the size of any decrease) in the market price of LSXMA (and of FWONA and BATRA) at the time of the pricing of the Notes and at such subsequent times, which may affect the trading price of the Notes. The Notes (and any shares of LSXMA issuable on conversion of the Notes) will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered by means of an offering memorandum solely to “Qualified Institutional Buyers” pursuant to, and as that term is defined in, Rule 144A of the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities nor shall there be any sale of any of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. Forward-Looking Statements This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the intended launch of a private offering of Notes, the size of the offering, the number of shares into which the Notes would be convertible, the use of proceeds therefrom, expected repurchases, exchanges or redemptions of existing indebtedness and the sources of funds therefor and expected derivative transactions (and the impact such transactions may have on the trading prices of LSXMA, FWONA and BATRA). All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. These forward-looking statements generally can be identified by phrases such as “possible,” “potential,” “intends” or “expects” or other words or phrases of similar import or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” “could,” or similar variations. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, general market conditions. These forward-looking statements speak only as of the date of this press release, and Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty, including its most recent Annual Report on Form 10-K, for additional information about Liberty and about the risks and uncertainties related to Liberty’s business which may affect the statements made in this press release. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation’s interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation’s subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation’s businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and other minority investments.

1 year ago - businesswire.com

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today announced the payment of a quarterly interest payment and an Excess Regular Additional Distribution to the holders as of February 15, 2023 of its 2.75% Exchangeable Senior Debentures due 2048 (the “Debentures”). The amount of the quarterly interest payment is $6.8750 per $1,000 original principal amount of Debentures, and the amount of the Excess Regular Additional Distribution is $1.2635 per $1,000 original principal amount of Debentures. As of March 1, 2023, the aggregate adjusted principal amount outstanding is approximately $586 million, after giving effect to today’s quarterly interest payment. Capitalized terms used but not defined herein have the meaning given to them in the Indenture for the Debentures. Under the Indenture for the Debentures, the original principal amount of the Debentures is reduced in an amount equal to each Extraordinary Additional Distribution that is made to holders of the Debentures. Thereafter, the adjusted principal amount is further reduced on each successive quarterly interest payment date to the extent necessary to cause the quarterly interest payment to represent the payment of an annualized yield of 2.75% of the adjusted principal amount. This latter adjustment, to the extent it is made by reason of a particular Extraordinary Additional Distribution that results in a reduction to the principal amount of the Debentures, takes effect on the second succeeding interest payment date after the payment of that Extraordinary Additional Distribution. To date, Liberty has made one Extraordinary Additional Distribution to holders of the Debentures. As previously announced, on March 4, 2022, Liberty made an Extraordinary Additional Distribution of $29.0057 per $1,000 original principal amount of Debentures, which was attributable to the special cash dividend paid on February 25, 2022 by Sirius XM Holdings Inc. (“SIRI”) to holders of its common stock of record as of the close of business on February 11, 2022. Reductions to the principal amount of the Debentures do not affect the amount of the quarterly interest payments received by holders of the Debentures, which will continue to be a rate equal to 2.75% per annum of the original principal amount of the Debentures. Below is a detail of the amount of the quarterly interest payment being made on the Debentures, its allocation between payment of interest and repayment of principal and the revised adjusted principal amount of the Debentures resulting from such payment, per $1,000 original principal amount of the Debentures: March 1, 2023 Beginning Adjusted Principal Payment Interest Payment of Principal March 1, 2023 Ending Adjusted Principal $970.5941 $6.8750 $6.6728 $0.2022 $970.3919 Liberty is also making an Excess Regular Additional Distribution to holders of the Debentures as of February 15, 2023 of $1.2635 per Debenture, which is attributable to the regular quarterly dividend paid by SIRI of $0.0242 per share on November 30, 2022. The payment of the Excess Regular Additional Distribution will not result in a reduction to the adjusted principal amount of the Debentures. The quarterly interest payment and Excess Regular Additional Distribution are expected to be made on March 1, 2023 to holders of record of the Debentures as of February 15, 2023. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation’s interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation’s subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation’s businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and other minority investments.

1 year ago - seekingalpha.com

Liberty Media is set to split-off MLB team Atlanta Braves into an asset-backed stock. The split-off will open the door for a potential sale of the franchise.

1 year ago - seekingalpha.com

MLB's winter meetings ended Thursday and the market for MLB free agents has been hot with six players signing 9 figure deals already this off-season. Salaries for top stars have increased from $36 million per year in 2019 to over $43 million (18% inflation). Worse yet, contracts have gotten longer and total commitments are larger.

1 year ago - seekingalpha.com

Liberty Media owns and operates the 2021 World Series Champion Atlanta Braves baseball team. It also owns the stadium and much of the land around it, including The Battery. The Atlanta Braves are publicly traded in three tracking stocks trading under the symbols BATRA, BATRB, and BATRK.