Liberty Live (LLYVK) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act File Number	001-35707
Entity Registrant Name	LIBERTY MEDIA CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1699499
Entity Address, Address Line One	12300 Liberty Boulevard
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	875-5400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001560385
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Liberty Formula One Group Common Class A
Document Information [Line Items]
Title of 12(b) Security	Series A Liberty Formula One Common Stock
Trading Symbol	FWONA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		23,985,441
Liberty Formula One Group Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,434,102
Liberty Formula One Group Common Class C
Document Information [Line Items]
Title of 12(b) Security	Series C Liberty Formula One Common Stock
Trading Symbol	FWONK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		222,286,598
Liberty Live Group Common Class A
Document Information [Line Items]
Title of 12(b) Security	Series A Liberty Live Common Stock
Trading Symbol	LLYVA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		25,563,295
Liberty Live Group Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,541,341
Liberty Live Group Common Class C
Document Information [Line Items]
Title of 12(b) Security	Series C Liberty Live Common Stock
Trading Symbol	LLYVK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		63,633,585

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,054	$ 1,713
Trade and other receivables, net	122	123
Other current assets	503	180
Current assets of discontinued operations		1,361
Total current assets	3,679	3,377
Investments in affiliates, accounted for using the equity method	483	374
Property and equipment, at cost	1,010	973
Accumulated depreciation	(183)	(135)
Property and equipment, net	827	838
Intangible assets not subject to amortization:
Goodwill	4,192	3,956
Intangible assets subject to amortization, net	2,757	2,858
Other assets	1,270	1,384
Noncurrent assets of discontinued operations		28,540
Total assets	13,208	41,327
Current liabilities:
Accounts payable and accrued liabilities	404	474
Current portion of debt	76	106
Deferred revenue	756	247
Other current liabilities	37	40
Current liabilities of discontinued operations		3,876
Total current liabilities	1,273	4,743
Long-term debt	4,289	4,117
Other liabilities	187	188
Noncurrent liabilities of discontinued operations		12,834
Total liabilities	5,749	21,882
Stockholders' equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued
Additional paid-in capital		1,317
Accumulated other comprehensive earnings (loss), net of taxes	(87)	12
Retained earnings	7,520	15,061
Total stockholders' equity	7,436	16,396
Noncontrolling interests in equity of subsidiaries	23	3,049
Total equity	7,459	19,445
Commitments and contingencies
Total liabilities and equity	13,208	41,327
Liberty Live Group Common Class A
Stockholders' equity:
Common stock value
Liberty Sirius XM Group Common Class A
Stockholders' equity:
Common stock value		1
Liberty Formula One Group Common Class B
Stockholders' equity:
Common stock value
Liberty Live Group Common Class B
Stockholders' equity:
Common stock value
Liberty Sirius XM Group Common Class B
Stockholders' equity:
Common stock value
Liberty Formula One Group Common Class C
Stockholders' equity:
Common stock value	2	2
Liberty Live Group Common Class C
Stockholders' equity:
Common stock value	1	1
Liberty Sirius Xm Group Common Class C
Stockholders' equity:
Common stock value		$ 2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current portion of debt, measured at fair value	$ 55	$ 69
Long-term debt, measured at fair value	$ 1,902	$ 1,728
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Liberty Sirius XM Group Common Class A
Common stock, par value (in dollars per share)		$ 0.01
Common stock, shares authorized		2,000,000,000
Common stock, shares issued		98,134,522
Common stock, shares outstanding		98,134,522
Liberty Formula One Group Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	23,985,441	23,981,960
Common stock, shares outstanding	23,985,441	23,981,960
Liberty Live Group Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	521,400,000	521,400,000
Common stock, shares issued	25,561,195	25,558,577
Common stock, shares outstanding	25,561,195	25,558,577
Liberty Sirius XM Group Common Class B
Common stock, par value (in dollars per share)		$ 0.01
Common stock, shares authorized		75,000,000
Common stock, shares issued		9,761,336
Common stock, shares outstanding		9,761,336
Liberty Formula One Group Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	18,750,000	18,750,000
Common stock, shares issued	2,434,102	2,437,583
Common stock, shares outstanding	2,434,102	2,437,583
Liberty Live Group Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	19,552,500	19,552,500
Common stock, shares issued	2,543,441	2,546,146
Common stock, shares outstanding	2,543,441	2,546,146
Liberty Sirius Xm Group Common Class C
Common stock, par value (in dollars per share)		$ 0.01
Common stock, shares authorized		2,000,000,000
Common stock, shares issued		218,692,718
Common stock, shares outstanding		218,692,718
Liberty Formula One Group Common Class C
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	222,236,393	208,196,119
Common stock, shares outstanding	222,236,393	208,196,119
Liberty Live Group Common Class C
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	521,400,000	521,400,000
Common stock, shares issued	63,631,315	63,589,030
Common stock, shares outstanding	63,631,315	63,589,030

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 911	$ 936	$ 2,486	$ 2,342
Operating costs and expenses:
Other operating expense	2	38	8	274
Selling, general and administrative, including stock-based compensation	116	93	302	297
Impairment and acquisition costs	3		23	1
Depreciation and amortization	88	89	263	291
Total operating costs and expenses	804	835	2,229	2,203
Operating income (loss)	107	101	257	139
Other income (expense):
Interest expense	(62)	(62)	(184)	(188)
Share of earnings (losses) of affiliates, net	116	143	175	228
Realized and unrealized gains (losses) on financial instruments, net	(55)	39	11	(45)
Unrealized gains (losses) on intergroup interests		(4)		(68)
Other, net	29	(19)	76	12
Total other income (expense)	28	97	78	(61)
Earnings (loss) from continuing operations before income taxes	135	198	335	78
Income tax (expense) benefit	(3)	(46)	(41)	(37)
Net earnings (loss) from continuing operations	132	152	294	41
Net earnings (loss) from discontinued operations	(3,002)	291	(2,412)	757
Net earnings (loss)	(2,870)	443	(2,118)	798
Less net earnings (loss) attributable to the noncontrolling interests	(502)	58	(410)	145
Net earnings (loss) attributable to Liberty stockholders	(2,368)	385	(1,708)	653
Formula One Group
Other income (expense):
Net earnings (loss) from continuing operations attributable to Liberty stockholders	$ 117	$ 118	$ 218	$ 125
Basic net earnings (loss) attributable to Liberty stockholders per common share:
Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share	$ 0.48	$ 0.50	$ 0.92	$ 0.53
Diluted net earnings (loss) attributable to Liberty stockholders per common share:
Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share	$ 0.48	$ 0.39	$ 0.90	$ 0.37
Liberty Live Group
Other income (expense):
Net earnings (loss) from continuing operations attributable to Liberty stockholders	$ 15	$ (19)	$ 76	$ (19)
Basic net earnings (loss) attributable to Liberty stockholders per common share:
Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share	$ 0.16	$ (0.21)	$ 0.83	$ (0.21)
Diluted net earnings (loss) attributable to Liberty stockholders per common share:
Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share	$ 0.16	$ (0.21)	$ 0.83	$ (0.21)
Liberty SiriusXM Group
Other income (expense):
Net earnings (loss) from continuing operations attributable to Liberty stockholders		$ 74		$ 45
Net earnings (loss) from discontinued operations attributable to Liberty stockholders	$ (2,500)	$ 233	$ (2,002)	$ 611
Basic net earnings (loss) attributable to Liberty stockholders per common share:
Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share		$ 0.23		$ 0.14
Basic net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share	$ (7.65)	0.71	$ (6.12)	1.87
Diluted net earnings (loss) attributable to Liberty stockholders per common share:
Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share		0.21		0.13
Diluted net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share	$ (7.65)	$ 0.68	$ (6.16)	$ 1.76
Braves Group
Other income (expense):
Net earnings (loss) from continuing operations attributable to Liberty stockholders		$ (21)		$ (109)
Basic net earnings (loss) attributable to Liberty stockholders per common share:
Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share		$ (0.40)		$ (2.06)
Diluted net earnings (loss) attributable to Liberty stockholders per common share:
Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share		$ (0.40)		$ (2.06)
Formula 1
Revenue:
Total revenue	$ 848	$ 887	$ 2,251	$ 1,992
Operating costs and expenses:
Cost of services	554	615	1,472	1,340
Other
Revenue:
Total revenue	63	$ 49	235	$ 350
Operating costs and expenses:
Cost of services	$ 41		$ 161

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net earnings (loss)	$ (2,870)	$ 443	$ (2,118)	$ 798
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	8	(4)	6	4
Credit risk on fair value debt instruments gains (losses)	(45)	49	(50)	30
Unrealized holding gains (losses) arising during the period		1
Share of other comprehensive earnings (loss) of equity affiliates	(13)	(11)	(48)	59
Recognition of previously unrealized (gains) losses on debt		21		(13)
Other comprehensive earnings (loss) from continuing operations	(50)	56	(92)	80
Other comprehensive earnings (loss) from discontinued operations	(11)	(22)	(40)	(52)
Comprehensive earnings (loss)	(2,931)	477	(2,250)	826
Less comprehensive earnings (loss) attributable to the noncontrolling interests	(502)	56	(410)	145
Comprehensive earnings (loss) attributable to Liberty stockholders	(2,429)	421	(1,840)	681
Formula One Group
Net earnings (loss)	117	118	218	124
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) from continuing operations attributable to Liberty stockholders	121	132	217	125
Liberty Live Group
Net earnings (loss)	15	(19)	76	(19)
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) from continuing operations attributable to Liberty stockholders	(39)	41	(15)	41
Liberty SiriusXM Group
Net earnings (loss)	(3,002)	365	(2,412)	802
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) from continuing operations attributable to Liberty stockholders		56		65
Comprehensive earnings (loss) from discontinued operations attributable to Liberty stockholders	$ (2,511)	213	$ (2,042)	559
Braves Group
Net earnings (loss)		(21)		(109)
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) from continuing operations attributable to Liberty stockholders		$ (21)		$ (109)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net earnings (loss)	$ (2,118)	$ 798
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Net (earnings) loss from discontinued operations	2,412	(757)
Depreciation and amortization	263	291
Stock-based compensation	27	22
Share of (earnings) loss of affiliates, net	(175)	(228)
Realized and unrealized (gains) losses on financial instruments, net	(11)	45
Unrealized (gains) losses on intergroup interests, net		68
Deferred income tax expense (benefit)	44	24
Intergroup tax allocation	(98)	(137)
Intergroup tax (payments) receipts	131	90
Other, net	21	50
Changes in operating assets and liabilities
Current and other assets	(71)	(166)
Payables and other liabilities	151	480
Net cash provided (used) by operating activities	576	580
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities	(10)	(173)
Cash proceeds from dispositions	107	111
Cash (paid) received for acquisitions, net of cash acquired	(205)
Capital expended for property and equipment, including internal-use software and website development	(52)	(343)
Other investing activities, net	(12)	(20)
Net cash provided (used) by investing activities	(172)	(425)
Cash flows from financing activities:
Borrowings of debt	644	1,165
Repayments of debt	(683)	(1,002)
Issuance of Series C Liberty Formula One common stock	939
Settlement of intergroup interests		(273)
Atlanta Braves Holdings, Inc. Split-Off		(188)
Other financing activities, net	43	22
Net cash provided (used) by financing activities	943	(276)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	1
Net cash provided (used) by discontinued operations:
Cash provided (used) by operating activities	879	1,301
Cash provided (used) by investing activities	(709)	(565)
Cash provided (used) by financing activities	(485)	(771)
Net cash provided (used) by discontinued operations	(315)	(35)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,033	(156)
Cash, cash equivalents and restricted cash at beginning of period	2,028	2,276
Cash, cash equivalents and restricted cash at end of period	$ 3,061	$ 2,120

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Condensed Consolidated Statements of Cash Flows
Cash and cash equivalents	$ 3,054	$ 1,713
Restricted cash included in other current assets	$ 7
Cash and cash equivalents included in current assets of discontinued operations		306
Restricted cash included in noncurrent assets of discontinued operations		$ 9
Restricted cash, current - location	Other current assets
Restricted cash, noncurrent - location		Noncurrent assets of discontinued operations
Total cash and cash equivalents and restricted cash at end of period	$ 3,061	$ 2,028

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Equity - USD ($) $ in Millions	Formula One Group Common Stock Common Class C	Formula One Group	Liberty Live Group Common Stock Common Class C	Liberty Live Group	Liberty SiriusXM Group Common Stock Common Class A	Liberty SiriusXM Group Common Stock Common Class C	Liberty SiriusXM Group	Braves Group	Additional Paid-in Capital	Accumulated Other Comprehensive Earnings	Retained Earnings	Noncontrolling Interest in Equity of Subsidiaries	Total
Balance at Dec. 31, 2022	$ 2				$ 1	$ 2			$ 1,408	$ (39)	$ 14,589	$ 3,163	$ 19,126
Stockholders' equity rollforward
Net earnings (loss)		$ 124		$ (19)			$ 802	$ (109)			653	145	798
Other comprehensive earnings (loss)										28			28
Stock-based compensation									161			25	186
Withholding taxes on net share settlements of stock-based compensation									(61)				(61)
Shares repurchased by subsidiary									46			(320)	(274)
Shares issued by subsidiary									(50)			54	4
Dividends paid by subsidiary												(48)	(48)
Split-off									(173)	1		(11)	(183)
Formula One Distribution											(289)		(289)
Reclassification			$ 1						(1)
Other, net									(32)			(16)	(48)
Balance at Sep. 30, 2023	2		1		1	2			1,298	(10)	14,953	2,992	19,239
Balance at Jun. 30, 2023	2				1	2			1,469	(47)	14,857	2,995	19,279
Stockholders' equity rollforward
Net earnings (loss)		118		(19)			365	$ (21)			385	58	443
Other comprehensive earnings (loss)										36		(2)	34
Stock-based compensation									60			9	69
Withholding taxes on net share settlements of stock-based compensation									(33)				(33)
Shares repurchased by subsidiary									6			(78)	(72)
Shares issued by subsidiary									(32)			36	4
Dividends paid by subsidiary												(15)	(15)
Split-off									(173)	1		(11)	(183)
Formula One Distribution											(289)		(289)
Reclassification			1						(1)
Other, net									2				2
Balance at Sep. 30, 2023	2		1		1	2			1,298	(10)	14,953	2,992	19,239
Balance at Dec. 31, 2023	2		1		1	2			1,317	12	15,061	3,049	19,445
Stockholders' equity rollforward
Net earnings (loss)		218		76			(2,412)				(1,708)	(410)	(2,118)
Other comprehensive earnings (loss)										(130)		(2)	(132)
Stock-based compensation									151			24	175
Withholding taxes on net share settlements of stock-based compensation									(47)				(47)
Dividends paid by subsidiary												(52)	(52)
Issuance of Series C Liberty Formula One common stock									939				939
Split-off					(1)	(2)			(8,187)	31		(2,641)	(10,800)
Reclassification to additional paid-in capital									5,832		(5,832)
Other, net									(5)		(1)	55	49
Balance at Sep. 30, 2024	2		1							(87)	7,520	23	7,459
Balance at Jun. 30, 2024	2		1		1	2			1,387	(57)	15,724	3,147	20,207
Stockholders' equity rollforward
Net earnings (loss)		$ 117		$ 15			$ (3,002)				(2,368)	(502)	(2,870)
Other comprehensive earnings (loss)										(61)			(61)
Stock-based compensation									48			7	55
Withholding taxes on net share settlements of stock-based compensation									(16)				(16)
Dividends paid by subsidiary												(18)	(18)
Issuance of Series C Liberty Formula One common stock									939				939
Split-off					$ (1)	$ (2)			(8,187)	31		(2,641)	(10,800)
Reclassification to additional paid-in capital									5,832		(5,832)
Other, net									$ (3)		(4)	30	23
Balance at Sep. 30, 2024	$ 2		$ 1							$ (87)	$ 7,520	$ 23	$ 7,459

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Basis of Presentation
Basis of Presentation	(1) Basis of Presentation The accompanying condensed consolidated financial statements include all the accounts of Liberty Media Corporation and its controlled subsidiaries (“Liberty,” the “Company,” “we,” “us,” or “our” unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated. Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries primarily in North America and the United Kingdom. Liberty’s most significant subsidiary is Delta Topco Limited (the parent company of Formula 1). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. (“Live Nation”). Braves Holdings, LLC (“Braves Holdings”) was a subsidiary of the Company until the Atlanta Braves Holdings Split-Off (as defined in note 3) on July 18, 2023. Braves Holdings is not presented as a discontinued operation in the Company’s condensed consolidated financial statements as the Atlanta Braves Holdings Split-Off did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Sirius XM Holdings Inc. (“Sirius XM Holdings”) was a subsidiary of the Company until the Liberty Sirius XM Holdings Split-Off (as defined in note 2) on September 9, 2024. Liberty Sirius XM Holdings Inc. (“Liberty Sirius XM Holdings”), which includes Sirius XM Holdings, is presented as a discontinued operation in the Company’s condensed consolidated financial statements. See note 2 for details of the Liberty Sirius XM Holdings Split-Off. The accompanying (a) condensed consolidated balance sheet as of December 31, 2023, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Liberty's Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurement of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates . Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates’ independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements. On January 2, 2024, the Company purchased QuintEvents, LLC (“QuintEvents”) for total consideration of approximately $277 million, comprised of $205 million of cash, net of cash acquired of $66 million, and a $6 million settlement of a pre-existing condition. The Company recorded $235 million of goodwill, $113 million of intangible assets subject to amortization, net and $121 million of deferred revenue as a result of the acquisition. The acquisition price allocation is preliminary and subject to revision as of September 30, 2024. On March 29, 2024, the Company agreed, subject to certain conditions, to acquire approximately 86% of the equity interests in Dorna Sports, S.L., (“Dorna”) for a purchase price of approximately €3.0 billion, to be funded with cash. The Company entered into foreign currency forward contracts related to the acquisition. On August 22, 2024, the Company issued approximately 12.2 million shares of Series C Liberty Formula One common stock at an offering price of $77.50 per share, resulting in gross proceeds of approximately $949 million. The Company expects to use the net proceeds of the offering to partially fund the acquisition of Dorna and for general corporate purposes. Liberty has entered into certain agreements with Qurate Retail, Inc. (“Qurate Retail”), Liberty TripAdvisor Holdings, Inc. (“TripCo”), Liberty Broadband Corporation (“Liberty Broadband”) and Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”), all of which are separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others. These agreements include Reorganization Agreements (in the case of Qurate Retail, Liberty Broadband and Atlanta Braves Holdings only), Services Agreements, Facilities Sharing Agreements, Tax Sharing Agreements (in the case of Liberty Broadband and Atlanta Braves Holdings only) and Aircraft Time Sharing Agreements. In addition, as a result of certain corporate transactions, Liberty and Qurate Retail may have obligations to each other for certain tax related matters. Effective August 31, 2024, the Facilities Sharing Agreement and the Aircraft Time Sharing Agreement with Atlanta Braves Holdings was terminated and members of Liberty management that served as officers of Atlanta Braves Holdings stepped down from their positions with Atlanta Braves Holdings (with limited exceptions), even though they may continue to provide services on an as-needed basis. The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and each of Qurate Retail, Liberty Broadband and Atlanta Braves Holdings, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Qurate Retail, TripCo, Liberty Broadband and Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support. Qurate Retail, TripCo, Liberty Broadband and Atlanta Braves Holdings reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services and, in the case of Qurate Retail, Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. TripCo, Liberty Broadband and Atlanta Braves Holdings reimburse Liberty for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities at its corporate headquarters with Qurate Retail, TripCo, Liberty Broadband and, until August 31, 2024, Atlanta Braves Holdings. Under these various agreements, approximately $7 million and $12 million of these allocated expenses were reimbursed to Liberty during the three months ended September 30, 2024 and 2023, respectively, and approximately $18 million and $20 million were reimbursed to Liberty during the nine months ended September 30, 2024 and 2023, respectively. In connection with Liberty’s employment arrangement with Gregory B. Maffei, Liberty’s President and Chief Executive Officer, pursuant to the Services Agreements between Liberty and each of TripCo, Liberty Broadband, Qurate Retail and Atlanta Braves Holdings (collectively, the “Service Companies”), components of Mr. Maffei's compensation are either paid directly to him by each Service Company or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the respective services agreement, which are subject to adjustment on an annual basis and upon the occurrence of certain events. Effective August 31, 2024, upon the effectiveness of Mr. Maffei’s resignation as an officer of Atlanta Braves Holdings, Mr. Maffei no longer receives compensation from Atlanta Braves Holdings. Seasonality Formula 1 recognizes the majority of its revenue and expenses in connection with World Championship race events (“Events”) that take place in different countries around the world throughout the year. The Events in the past have generally taken place between March and December each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year. QuintEvents’ revenue is seasonal around its largest events, which are generally during the second and fourth quarters. Braves Holdings revenue was seasonal, for the periods included herein, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.

Discontinued Operations

Discontinued Operations	9 Months Ended
Discontinued Operations	Sep. 30, 2024
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 is 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 is 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 presents a reconciliation of the carrying amounts of the major classes of assets and liabilities of discontinued operations to the total assets and liabilities of discontinued operations as presented in the condensed consolidated balance sheet. December 31, 2023 amounts in millions Assets Current assets $ 1,361 Investments in affiliates, accounted for using the equity method 715 Property and equipment, net 1,245 Intangible assets not subject to amortization 25,051 Intangible assets subject to amortization, net 1,014 Other assets 515 Total assets $ 29,901 Liabilities Accounts payable and accrued liabilities $ 1,536 Current portion of debt 1,074 Other current liabilities 1,266 Long-term debt 10,063 Deferred income tax liabilities 2,245 Other liabilities 526 Total liabilities $ 16,710 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 Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Revenue $ 1,664 2,271 6,004 6,665 Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below) 792 1,057 2,852 3,144 Operating expense 122 159 461 504 Selling, general and administrative 297 376 1,030 1,148 Impairment, restructuring and acquisition costs 3,322 6 3,339 56 Depreciation and amortization 110 145 421 460 4,643 1,743 8,103 5,312 Operating income (loss) (2,979) 528 (2,099) 1,353 Other income (expense): Interest expense (94) (134) (349) (404) Other, net 8 (24) 122 10 (86) (158) (227) (394) Earnings (loss) from discontinued operations before income taxes (3,065) 370 (2,326) 959 Income tax (expense) benefit 63 (79) (86) (202) Net earnings (loss) from discontinued operations (3,002) 291 (2,412) 757 Less net earnings (loss) from discontinued operations attributable to the noncontrolling interests (502) 58 (410) 146 Net earnings (loss) from discontinued operations attributable to Liberty stockholders $ (2,500) 233 (2,002) 611

Tracking Stocks

Tracking Stocks	9 Months Ended
Tracking Stocks	Sep. 30, 2024
Tracking Stocks
Tracking Stocks	(3) Tracking Stocks A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. On July 18, 2023, the Company completed the split-off of its wholly owned subsidiary, Atlanta Braves Holdings (the “Atlanta Braves Holdings Split-Off”). The Atlanta Braves Holdings Split-Off was accomplished by a redemption by the Company of each outstanding share of Liberty Braves common stock in exchange for one share of the corresponding series of Atlanta Braves Holdings common stock. Atlanta Braves Holdings is comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (the “Braves Group”) immediately prior to the Atlanta Braves Holdings Split-Off, except for the intergroup interests in the Braves Group attributed to the Liberty SiriusXM Group and Liberty Formula One Group (the “Formula One Group”), which were settled and extinguished in connection with the Atlanta Braves Holdings Split-Off. On August 3, 2023, the Company reclassified its then-outstanding shares of common stock into three new tracking stocks — connection therewith, provided for the attribution of the businesses, assets and liabilities of the Company’s remaining tracking stock groups among its newly created Liberty SiriusXM Group, Formula One Group and Liberty Live Group (the “Reclassification”). As a result of the Reclassification, each then-outstanding share of Liberty SiriusXM common stock was reclassified into one share of the corresponding series of new Liberty SiriusXM common stock and 0.2500 of a share of the corresponding series of Liberty Live common stock and each outstanding share of Liberty Formula One common stock was reclassified into one share of the corresponding series of new Liberty Formula One common stock and 0.0428 of a share of the corresponding series of Liberty Live common stock. Each of the Atlanta Braves Holdings Split-Off and the Reclassification were intended to be tax-free to stockholders of the Company, except with respect to the receipt of cash in lieu of fractional shares. In July 2024, the IRS completed its review of the Reclassification and notified the Company that it agreed with the nontaxable characterization of the transaction. In September 2024, the IRS completed its review of the Atlanta Braves Holdings Split-Off and notified the Company that it agreed with the nontaxable characterization of the transaction. The Atlanta Braves Holdings Split-Off and the Reclassification are reflected in the Company’s consolidated financial statements on a prospective basis. While the Formula One Group and the Liberty Live Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as Live Nation, in which Liberty holds an interest that is attributed to a Liberty tracking stock group, the Liberty Live Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. The Liberty Formula One common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Formula One Group, which as of September 30, 2024, include Liberty’s interests in Formula 1 and QuintEvents, cash and Liberty’s 2.25% Convertible Senior Notes due 2027. As of September 30, 2024, the Formula One Group had cash and cash equivalents of approximately $2,666 million, which included $1,449 million of subsidiary cash. The Liberty Live common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty Live Group. As of September 30, 2024, the Liberty Live Group is comprised of Liberty’s interest in Live Nation, cash, other minority investments , Prior to the Liberty Sirius XM Holdings Split-Off, the Liberty SiriusXM common stock was intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group. At the time of the Liberty Sirius XM Holdings Split-Off, the Liberty SiriusXM Group was comprised of Liberty’s interest in Sirius XM Holdings, corporate cash, Liberty’s 3.75% Convertible Senior Notes due 2028, Liberty’s 2.75% Exchangeable Senior Debentures due 2049 and a margin loan obligation incurred by a wholly-owned special purpose subsidiary of Liberty. As disclosed in note 1, Liberty Sirius XM Holdings is presented as a discontinued operation in the Company’s condensed consolidated financial statements. Prior to the Reclassification, Liberty’s interest in Live Nation, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and a margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”) were attributed to the Liberty SiriusXM Group and are presented as continuing operations in the Company’s condensed consolidated financial statements. Prior to the Atlanta Braves Holdings Split-Off, the Liberty Braves common stock was intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Braves Group. The Braves Group was comprised primarily of Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”), certain assets and liabilities associated with ANLBC’s stadium (the “Stadium”) and a mixed-use development around the Stadium that features retail, office, hotel and entertainment opportunities and corporate cash. See Exhibit 99.1 to this Quarterly Report on Form 10-Q for unaudited attributed financial information for Liberty's tracking stock groups.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Stock-Based Compensation
Stock-Based Compensation	(4) Stock-Based Compensation Liberty grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units (“RSUs”) and stock options to purchase shares of its common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Stock-based compensation expense, included in selling, general and administrative expense in the accompanying condensed consolidated statements of operations, was $7 million and $6 million for the three months ended September 30, 2024 and 2023, respectively, and $27 million and $22 million for the nine months ended September 30, 2024 and 2023, respectively. Liberty—Grants of Awards Options granted during the nine months ended September 30, 2024 are summarized as follows: Nine Months Ended September 30, 2024 Options Weighted granted average (000's) GDFV Series C Liberty Formula One common stock, Liberty employees and directors (1) 4 $ 30.41 Series C Liberty Formula One common stock, subsidiary employees (2) 83 $ 29.77 Series C Liberty Live common stock, Liberty employees and directors (1) 1 $ 14.92 Series C Liberty Live common stock, Liberty CEO (3) 70 $ 16.07 (1) Grants vest equally over three years . (2) Grants mainly vest in equal installments over 2024. (3) Grant cliff vests on December 31, 2024. Grant was made in connection with the CEO’s employment agreement. The Company did not grant any options Liberty Live Also during the nine months ended September 30, 2024, the Company granted 88 thousand performance-based RSUs of Series C common stock of Liberty Formula One to our CEO. The RSUs had a GDFV of $72.05 per share and cliff vest one year from the month of grant, subject to the satisfaction of certain performance objectives. Performance objectives, which are subjective, are considered in determining the timing and amount of compensation expense recognized. When the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The probability of satisfying the performance objectives is assessed at the end of each reporting period. Liberty calculates the GDFV for all of its equity classified options and the subsequent remeasurement of its liability classified options using the Black-Scholes Model. Liberty estimates the expected term of the options based on historical exercise and forfeiture data. The volatility used in the calculation for options is based on the historical volatility of Liberty common stock and, when available, the implied volatility of publicly traded Liberty options. Liberty uses a zero-dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. Liberty—Outstanding Awards The following tables present the number and weighted average exercise price ("WAEP") of options to purchase Liberty common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the options. Liberty Formula One Series C Weighted Aggregate average intrinsic Liberty remaining value options (000's) WAEP life (millions) Outstanding at January 1, 2024 6,599 $ 37.62 Granted 87 $ 72.53 Exercised (1,904) $ 34.13 Forfeited/Cancelled — $ — Outstanding at September 30, 2024 4,782 $ 39.64 2.7 years $ 181 Exercisable at September 30, 2024 3,904 $ 37.37 2.4 years $ 156 Liberty Live Series C Weighted Aggregate average intrinsic Liberty remaining value options (000's) WAEP life (millions) Outstanding at January 1, 2024 1,652 $ 42.36 Granted 71 $ 40.00 Exercised (264) $ 38.95 Forfeited/Cancelled (10) $ 42.29 Outstanding at September 30, 2024 1,449 $ 42.86 3.0 years $ 12 Exercisable at September 30, 2024 1,085 $ 43.77 2.4 years $ 8 As of September 30, 2024, there were no outstanding A B As of September 30, 2024, the total unrecognized compensation cost related to unvested Awards was approximately $15 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.1 years. As of September 30, 2024, Liberty reserved 4.8 million shares and 1.4 million shares of Series C common stock of Liberty Formula One and Liberty Live, respectively, for issuance under exercise privileges of outstanding stock options.

Earnings Attributable to Libert

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share	9 Months Ended
	Sep. 30, 2024
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share	(5) Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders. Excluded from diluted EPS for the three and nine months ended September 30, 2024 are approximately 6 million and 4 million potentially dilutive shares of Series A and Series C Liberty Formula One common stock, respectively, 1 million potentially dilutive shares of Series A and Series C Liberty Live common stock, and 51 million and 18 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, respectively, because their inclusion would be antidilutive. Excluded from diluted EPS for the three and nine months ended September 30, 2023 are approximately 1 million and 3 million potentially dilutive shares of Series A and Series C Liberty Formula One common stock, respectively, 2 million potentially dilutive shares of Series A and C Liberty Live common stock, 24 million and 25 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, respectively, and 2 million and 7 million potentially dilutive shares of Series A and Series C Liberty Braves common stock, respectively, primarily due to warrants issued in connection with a bond hedge transaction (prior to settlement) and shares of Series A Liberty Braves common stock and Series A Liberty Formula One common stock underlying the intergroup interests (prior to settlement / extinguishment), because their inclusion would be antidilutive. Series A, Series B and Series C Liberty Formula One Common Stock The basic and diluted EPS calculations are based on the following WASO. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 numbers of shares in millions Basic WASO 242 235 237 234 Potentially dilutive shares (a) 2 9 5 7 Diluted WASO (b) 244 244 242 241 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) The Liberty SiriusXM Group’s intergroup interest in the Formula One Group was settled and extinguished on July 12, 2023. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group had an attributed value in the Formula One Group which was generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Liberty Formula One common stock was underlying the 1.375% Cash Convertible Senior Notes due 2023. Therefore, the market price of Series A Liberty Formula One common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest were included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interest was dilutive, an adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period. For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. Additionally, an adjustment was also made to the numerator for a hypothetical mark-to-market adjustment on the shares of Series A Liberty Formula One common stock underlying the warrants in periods in which cash settlement would have been more dilutive than share settlement. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 amounts in millions Basic earnings (loss) attributable to Liberty Formula One stockholders $ 117 118 218 125 Adjustments — (23) — (37) Diluted earnings (loss) attributable to Liberty Formula One stockholders $ 117 95 218 88 Series A, Series B and Series C Liberty Live Common Stock The basic and diluted EPS calculations are based on the following WASO. Three months ended August 4, 2023 to Nine months ended August 4, 2023 to September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 numbers of shares in millions Basic WASO 92 92 92 92 Potentially dilutive shares (a) — — — — Diluted WASO 92 92 92 92 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. Series A, Series B and Series C Liberty SiriusXM Common Stock The basic and diluted EPS calculations are based on the following WASO. July 1, 2024 to Three months ended January 1, 2024 to Nine months ended September 9, 2024 September 30, 2023 September 9, 2024 September 30, 2023 numbers of shares in millions Basic WASO 327 327 327 327 Potentially dilutive shares (a) — 25 13 21 Diluted WASO (b) 327 352 340 348 (a) Potentially dilutive shares are excluded from the computation of EPS during periods in which net losses are reported since the result would be antidilutive. (b) For periods in which share settlement of the 2.125% Exchangeable Senior Debentures due 2048 and 2.75% Exchangeable Senior Debentures due 2049, which could have been settled in shares of Series C Liberty SiriusXM common stock, and 3.75% Convertible Senior Notes due 2028, which could have been settled in shares of Series A Liberty SiriusXM common stock, are dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. The settlement of the 2.125% Exchangeable Senior Debentures due 2048 changed to solely cash, pursuant to a supplemental indenture entered into during February 2023. Accordingly, the impact of share settlement of the 2.125% Exchangeable Senior Debentures due 2048 was considered for purposes of calculating diluted WASO prior to the execution of the supplemental indenture. Additionally, a hypothetical mark-to-market adjustment on the shares of Series A Liberty SiriusXM common stock underlying the warrants was included in the numerator adjustment in periods in which cash settlement of the warrants would have been more dilutive than share settlement. July 1, 2024 to Three months ended January 1, 2024 to Nine months ended September 9, 2024 September 30, 2023 September 9, 2024 September 30, 2023 amounts in millions Basic earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders $ (2,500) 233 (2,002) 611 Adjustments — 6 (93) 1 Diluted earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders $ (2,500) 239 (2,095) 612 Series A, Series B and Series C Liberty Braves Common Stock The basic and diluted EPS calculations are based on the following WASO. Three months ended July 1, 2023 to Nine months ended January 1, 2023 to September 30, 2024 July 18, 2023 September 30, 2024 July 18, 2023 numbers of shares in millions Basic WASO NA 53 NA 53 Potentially dilutive shares (a) NA — NA 1 Diluted WASO NA 53 NA 54 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive .

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	9 Months Ended
Assets and Liabilities Measured at Fair Value	Sep. 30, 2024
Assets and Liabilities Measured at Fair Value
Assets and Liabilities Measured at Fair Value	(6) Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Liberty does not have any assets or liabilities required to be measured at fair value considered to be Level 3. Liberty's assets and liabilities measured at fair value are as follows: Fair Value Measurements at Fair Value Measurements at September 30, 2024 December 31, 2023 Quoted Quoted prices prices in active Significant in active Significant markets other markets other for identical observable for identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 2,677 2,677 — 1,053 1,053 — Debt and equity securities $ — — — 113 113 — Financial instrument assets $ 185 86 99 88 64 24 Debt $ 1,957 — 1,957 1,797 — 1,797 The majority of Liberty's Level 2 financial instruments are debt related instruments and derivative instruments, which include foreign currency forward contracts and interest rate swaps. These assets and liabilities are not always traded publicly or not considered to be traded on "active markets," as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs or a trading price of a similar asset or liability is utilized. Accordingly, those debt securities, financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. As of December 31, 2023, debt and equity securities included in the table above are included in the Other assets line item in the condensed consolidated balance sheet. As of September 30, 2024, $95 million and $90 million of financial instrument assets included in the table above are included in the Other current assets and Other assets line items, respectively, in the condensed consolidated balance sheet. As of December 31, 2023, financial instrument assets included in the table above are included in the Other assets line item in the condensed consolidated balance sheet. Realized and Unrealized Gains (Losses) on Financial Instruments, net Realized and unrealized gains (losses) on financial instruments, net is comprised of changes in the fair value of the following: Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Debt and equity securities $ — 3 16 19 Foreign currency forward contracts 85 — 93 — Debt measured at fair value (a) (106) 8 (109) (132) Other (34) 28 11 68 $ (55) 39 11 (45) (a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 8) using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the condensed consolidated statements of operations are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and convertible notes attributable to changes in the instrument specific credit risk was a loss of $56 million and gain of $56 million for the three months ended September 30, 2024 and 2023, respectively, and a loss of $64 million and gain of $38 million for the nine months ended September 30, 2024 and 2023, respectively. The cumulative change since issuance was a gain of $70 million as of September 30, 2024, net of the recognition of previously unrecognized gains and losses.

Investments In Affiliates Accou

Investments In Affiliates Accounted For Using The Equity Method	9 Months Ended
	Sep. 30, 2024
Investments in Affiliates Accounted for Using the Equity Method
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 September 30, 2024 and the carrying amount at December 31, 2023: September 30, 2024 December 31, 2023 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Formula One Group Other various NA $ 35 41 Total Formula One Group 35 41 Liberty Live Group Live Nation 30 % $ 7,625 422 307 Other NA 26 26 Total Liberty Live Group 448 333 Consolidated Liberty $ 483 374 The following table presents the Company's share of earnings (losses) of affiliates: Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Formula One Group Other (a) $ (1) 2 (6) (1) Total Formula One Group (1) 2 (6) (1) Liberty Live Group Live Nation (a) 117 90 180 90 Other (a) — — 1 — Total Liberty Live Group 117 90 181 90 Liberty SiriusXM Group Live Nation (a) NA 50 NA 127 Total Liberty Sirius XM Group NA 50 NA 127 Braves Group Other NA 1 NA 12 Total Braves Group NA 1 NA 12 Consolidated Liberty $ 116 143 175 228 (a) Liberty’s interests in Live Nation and certain other equity affiliates were reattributed to the Liberty Live Group effective August 3, 2023. 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 as of September 30, 2024 pursuant to the Live Nation Margin Loan. Summarized financial information for Live Nation is as follows: Balance Sheets September 30, 2024 December 31, 2023 amounts in millions Current assets $ 9,775 9,533 Property, plant and equipment, net 2,376 2,101 Intangible assets 1,428 1,539 Goodwill 2,670 2,691 Investments in affiliates 515 448 Other assets 2,983 2,718 Total assets $ 19,747 19,030 Current liabilities $ 9,681 9,984 Long-term debt, net 5,673 5,459 Other liabilities 2,439 2,175 Redeemable noncontrolling interests 1,024 860 Equity 930 552 Total liabilities and equity $ 19,747 19,030 Statements of Operations Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Revenue $ 7,651 8,155 17,474 16,907 Operating expenses: Direct operating expenses 5,780 6,298 12,840 12,590 Selling, general and administrative expenses 1,005 974 2,913 2,533 Depreciation and amortization 137 131 407 382 Other operating expenses 89 98 250 236 7,011 7,501 16,410 15,741 Operating income (loss) 640 654 1,064 1,166 Interest expense (88) (86) (249) (257) Other income (expense), net 34 64 226 147 Earnings (loss) before income taxes 586 632 1,041 1,056 Income tax (expense) benefit (70) (51) (192) (127) Net earnings (loss) 516 581 849 929 Less net earnings (loss) attributable to noncontrolling interests 64 60 154 139 Net earnings (loss) attributable to Live Nation stockholders $ 452 521 695 790

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2024
Long-Term Debt
Long-Term Debt	(8) Long-Term Debt Debt is summarized as follows: Outstanding Carrying value Principal September 30, December 31, September 30, 2024 2024 2023 amounts in millions Formula One Group Corporate level notes and loans: 2.25% Convertible Senior Notes due 2027 (1) 475 520 480 Other 54 54 58 Subsidiary notes and loans: Formula 1 Senior Loan Facilities 2,384 2,360 2,377 Deferred financing costs (6) (9) Total Formula One Group 2,913 2,928 2,906 Liberty Live Group Corporate level notes and loans: 0.5% Exchangeable Senior Debentures due 2050 (1) 50 55 69 2.375% Exchangeable Senior Debentures due 2053 (1) 1,150 1,382 1,248 Live Nation Margin Loan — — — Total Liberty Live Group 1,200 1,437 1,317 Total debt $ 4,113 4,365 4,223 Debt classified as current (76) (106) Total long-term debt $ 4,289 4,117 (1) Measured at fair value 2.25% Convertible Senior Notes due 2027 On August 12, 2022, Liberty issued $475 million convertible notes at an interest rate of 2.25% per annum, which, at Liberty’s election, are convertible into cash, shares of Series C Liberty Formula One common stock or a combination of cash and shares of Series C Liberty Formula One common stock and mature on August 15, 2027. As of September 30, 2024, the conversion rate for the notes is approximately 12.0505 shares of Series C Liberty Formula One common stock per $1,000 principal amount of notes, equivalent to a conversion price of approximately $82.98 per share of Series C Liberty Formula One common stock. The notes are attributed to the Formula One Group. Liberty has elected to account for the notes using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. 0.5% Exchangeable Senior Debe ntures due 2050 In November 2020, Liberty closed a private offering of approximately $920 million aggregate principal amount of its 0.5% exchangeable senior debentures due 2050 (the “0.5% Exchangeable Senior Debentures due 2050”). Upon an exchange of debentures, pursuant to a supplemental indenture entered into in July 2024, Liberty delivered solely cash to satisfy its exchange obligations. The number of shares of Live Nation common stock attributable to a debenture represented an initial exchange price of approximately $90.10 per share. Initially, a total of approximately 10 million shares of Live Nation common stock were attributable to the debentures. Interest was payable quarterly on March 1, June 1, September 1 and December 1 of each year. Holders of the debentures had the right to require Liberty to purchase their debentures on September 1, 2024. Accordingly, the 0.5% Exchangeable Senior Debentures due 2050 are classified as a current liability in the condensed consolidated balance sheet. In August 2024, Liberty issued a redemption notice for all of its 0.5% Exchangeable Senior Debentures due 2050. Any were redeemed in full on September 1, 2024. Settlement of any debentures properly surrendered for exchange was completed in October 2024. 2.375% Exchangeable Senior Debentures due 2053 In September 2023, Liberty closed a private offering of approximately $1.15 billion aggregate principal amount of its 2.375% exchangeable senior debentures due 2053 (the “2.375% Exchangeable Senior Debentures due 2053”). Upon an exchange of debentures, Liberty, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and/or cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $104.91 per share. A total of approximately 11 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The debentures may be redeemed by Liberty, in whole or in part, on or after September 30, 2028. Holders of the debentures also have the right to require Liberty to purchase their debentures on September 30, 2028. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures are attributed to the Liberty Live Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. Live Nation Margin Loan On May 9, 2022, the Live Nation Margin Loan agreement was amended, replacing a delayed draw term loan with a $400 million revolving line of credit, changing the interest rate to the Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus Term SOFR Term SOFR pledged as collateral Formula 1 Senior Loan Facilities On November 23, 2022, Formula 1 refinanced its previous Term Loan B and revolving credit facility with a new $725 million first lien Term Loan A, a refinanced $1.7 billion Term Loan B and a new $500 million revolving credit facility. On September 19, 2024, Formula 1 refinanced the Term Loan B with a new $1.7 billion Term Loan B and extended the maturities of the approximately $689 million Term Loan A and the $500 million revolving credit facility (collectively, the “Senior Loan Facilities”). The Term Loan A and revolving credit facility mature on September 30, 2029 and the Term Loan B matures on September 30, 2031. As of September 30, 2024, there were no outstanding borrowings under the $500 million revolving credit facility. The margin for the Term Loan B, originally set at 3.25%, stepped down to 3.00% effective May 5, 2023, after a certain leverage test was met as of March 31, 2023. Formula 1 repriced the Term Loan B on October 4, 2023, reducing the margin to 2.25%. On September 19, 2024, the margin for the Term Loan B was reduced to 2.0%, with the potential to permanently step down to 1.75% if a certain leverage test is met on or after the earlier of the acquisition of Dorna or the termination of the Dorna acquisition. The margin for the Term Loan A and revolving credit facility is between 1.50% and 2.25% depending on leverage ratios, amongst other things, and was fixed at 1.75% for the first year and reduced to 1.5% effective November 24, 2023. The reference rate for the Term Loan A, Term Loan B and dollar borrowings under the revolving credit facility is Term SOFR In connection with the September 19, 2024 refinancing, Formula 1 also marketed an incremental $850 million of Term Loan B funding, which is in addition to an incremental $150 million of commitments to the newly extended Term Loan A obtained in April 2024 (collectively, the “Incremental Term Loans”). The Incremental Term loans will be used to fund a portion of the Dorna acquisition, as described in note 1. The funding of the Incremental Term Loans are conditioned upon the scheduled consummation of the Dorna acquisition. Debt Covenants The Formula 1 Senior Loan Facilities contain certain financial covenants, including a leverage ratio. Additionally, Formula 1’s debt and other borrowings contain certain non-financial covenants. Fair Value of Debt Due to the variable rate nature of the Live Nation Margin Loan and other debt, the Company believes that the carrying amount approximates fair value at September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	(9) Commitments and Contingencies Guarantees In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification obligations may extend for a number of years. The Company is unable to estimate the maximum potential liability for these types of indemnification obligations as the sale agreements may not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying condensed consolidated financial statements with respect to these indemnification guarantees. Litigation The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements.

Information About Liberty's Ope

Information About Liberty's Operating Segments	9 Months Ended
Information About Liberty's Operating Segments	Sep. 30, 2024
Information About Liberty's Operating Segments
Information About Liberty's Operating Segments	(10) Information About Liberty's Operating Segments The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of the Company's annual pre-tax earnings. Liberty’s chief operating decision maker evaluates performance and makes decisions about allocating resources to the Company’s reportable segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as subscriber growth, churn and penetration. For the nine months ended September 30, 2024, the Company identified Formula 1 as a reportable segment. Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The World Championship takes place on various circuits with a varying number of Events taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration. As of December 31, 2023, Live Nation met the Company’s reportable segment threshold for equity method affiliates. See note 7 for segment disclosures related to Live Nation. The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company's summary of significant policies in the Company's annual financial statements filed on Form 10-K. Performance Measures The following table disaggregates revenue by segment and by source: Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Formula One Group Formula 1: Primary $ 758 790 1,960 1,722 Other 103 97 325 270 Corporate and other 70 — 255 — Intergroup elimination (20) — (54) — Total Formula One Group 911 887 2,486 1,992 Braves Group Corporate and other: Baseball NA 46 NA 318 Mixed-Use Development NA 3 NA 32 Total Braves Group NA 49 NA 350 Consolidated Liberty $ 911 936 2,486 2,342 Our subsidiaries’ customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our unaudited condensed consolidated statement of operations as the services are provided. The opening and closing balances for our deferred revenue related to Formula 1 and other subsidiaries for the nine months ended September 30, 2024 were approximately $247 million and $756 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations. Significant portions of the transaction prices for Formula 1 and other subsidiaries are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $673 million for the remainder of 2024 2025 2026 2027 For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring, acquisition and impairment charges. The Company believes this measure 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. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. Adjusted OIBDA is summarized as follows: Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Formula One Group Formula 1 $ 221 215 589 487 Corporate and other (14) (18) (15) (44) Total Formula One Group 207 197 574 443 Liberty Live Group Corporate and other (2) (4) (4) (4) Total Liberty Live Group (2) (4) (4) (4) Braves Group Corporate and other NA 3 NA 14 Total Braves Group NA 3 NA 14 Consolidated Liberty $ 205 196 570 453 Other Information September 30, 2024 Total Investments assets in affiliates amounts in millions Formula One Group Formula 1 $ 9,324 1 Corporate and other 2,798 34 Intergroup elimination (142) — Total Formula One Group 11,980 35 Liberty Live Group Corporate and other 1,255 448 Total Liberty Live Group 1,255 448 Elimination (27) — Consolidated Liberty $ 13,208 483 The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) from continuing operations before income taxes: Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Adjusted OIBDA $ 205 196 570 453 Impairment and acquisition costs (3) — (23) (1) Stock-based compensation (7) (6) (27) (22) Depreciation and amortization (88) (89) (263) (291) Operating income (loss) 107 101 257 139 Interest expense (62) (62) (184) (188) Share of earnings (losses) of affiliates, net 116 143 175 228 Realized and unrealized gains (losses) on financial instruments, net (55) 39 11 (45) Unrealized gains (losses) on intergroup interests — (4) — (68) Other, net 29 (19) 76 12 Earnings (loss) from continuing operations before income taxes $ 135 198 335 78

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,368)	$ 385	$ (1,708)	$ 653

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
Discontinued Operations (Tables)	Sep. 30, 2024
Discontinued Operations
Schedule of balance sheet and income statement of discontinued operations	December 31, 2023 amounts in millions Assets Current assets $ 1,361 Investments in affiliates, accounted for using the equity method 715 Property and equipment, net 1,245 Intangible assets not subject to amortization 25,051 Intangible assets subject to amortization, net 1,014 Other assets 515 Total assets $ 29,901 Liabilities Accounts payable and accrued liabilities $ 1,536 Current portion of debt 1,074 Other current liabilities 1,266 Long-term debt 10,063 Deferred income tax liabilities 2,245 Other liabilities 526 Total liabilities $ 16,710 Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Revenue $ 1,664 2,271 6,004 6,665 Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below) 792 1,057 2,852 3,144 Operating expense 122 159 461 504 Selling, general and administrative 297 376 1,030 1,148 Impairment, restructuring and acquisition costs 3,322 6 3,339 56 Depreciation and amortization 110 145 421 460 4,643 1,743 8,103 5,312 Operating income (loss) (2,979) 528 (2,099) 1,353 Other income (expense): Interest expense (94) (134) (349) (404) Other, net 8 (24) 122 10 (86) (158) (227) (394) Earnings (loss) from discontinued operations before income taxes (3,065) 370 (2,326) 959 Income tax (expense) benefit 63 (79) (86) (202) Net earnings (loss) from discontinued operations (3,002) 291 (2,412) 757 Less net earnings (loss) from discontinued operations attributable to the noncontrolling interests (502) 58 (410) 146 Net earnings (loss) from discontinued operations attributable to Liberty stockholders $ (2,500) 233 (2,002) 611

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
Schedule of options granted and weighted average grant date fair value	Options granted during the nine months ended September 30, 2024 are summarized as follows: Nine Months Ended September 30, 2024 Options Weighted granted average (000's) GDFV Series C Liberty Formula One common stock, Liberty employees and directors (1) 4 $ 30.41 Series C Liberty Formula One common stock, subsidiary employees (2) 83 $ 29.77 Series C Liberty Live common stock, Liberty employees and directors (1) 1 $ 14.92 Series C Liberty Live common stock, Liberty CEO (3) 70 $ 16.07 (1) Grants vest equally over three years . (2) Grants mainly vest in equal installments over 2024. (3) Grant cliff vests on December 31, 2024. Grant was made in connection with the CEO’s employment agreement.
Formula One Group
Schedule of outstanding options to purchase liberty common stock	Series C Weighted Aggregate average intrinsic Liberty remaining value options (000's) WAEP life (millions) Outstanding at January 1, 2024 6,599 $ 37.62 Granted 87 $ 72.53 Exercised (1,904) $ 34.13 Forfeited/Cancelled — $ — Outstanding at September 30, 2024 4,782 $ 39.64 2.7 years $ 181 Exercisable at September 30, 2024 3,904 $ 37.37 2.4 years $ 156
Liberty Live Group
Schedule of outstanding options to purchase liberty common stock	Series C Weighted Aggregate average intrinsic Liberty remaining value options (000's) WAEP life (millions) Outstanding at January 1, 2024 1,652 $ 42.36 Granted 71 $ 40.00 Exercised (264) $ 38.95 Forfeited/Cancelled (10) $ 42.29 Outstanding at September 30, 2024 1,449 $ 42.86 3.0 years $ 12 Exercisable at September 30, 2024 1,085 $ 43.77 2.4 years $ 8

Earnings Attributable to Libe_2

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Liberty SiriusXM Group
Schedule for Reconciliation of Basic and Diluted Weighted Average Shares	The basic and diluted EPS calculations are based on the following WASO. July 1, 2024 to Three months ended January 1, 2024 to Nine months ended September 9, 2024 September 30, 2023 September 9, 2024 September 30, 2023 numbers of shares in millions Basic WASO 327 327 327 327 Potentially dilutive shares (a) — 25 13 21 Diluted WASO (b) 327 352 340 348 (a) Potentially dilutive shares are excluded from the computation of EPS during periods in which net losses are reported since the result would be antidilutive. (b) For periods in which share settlement of the 2.125% Exchangeable Senior Debentures due 2048 and 2.75% Exchangeable Senior Debentures due 2049, which could have been settled in shares of Series C Liberty SiriusXM common stock, and 3.75% Convertible Senior Notes due 2028, which could have been settled in shares of Series A Liberty SiriusXM common stock, are dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. The settlement of the 2.125% Exchangeable Senior Debentures due 2048 changed to solely cash, pursuant to a supplemental indenture entered into during February 2023. Accordingly, the impact of share settlement of the 2.125% Exchangeable Senior Debentures due 2048 was considered for purposes of calculating diluted WASO prior to the execution of the supplemental indenture. Additionally, a hypothetical mark-to-market adjustment on the shares of Series A Liberty SiriusXM common stock underlying the warrants was included in the numerator adjustment in periods in which cash settlement of the warrants would have been more dilutive than share settlement. July 1, 2024 to Three months ended January 1, 2024 to Nine months ended September 9, 2024 September 30, 2023 September 9, 2024 September 30, 2023 amounts in millions Basic earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders $ (2,500) 233 (2,002) 611 Adjustments — 6 (93) 1 Diluted earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders $ (2,500) 239 (2,095) 612
Formula One Group
Schedule for Reconciliation of Basic and Diluted Weighted Average Shares	The basic and diluted EPS calculations are based on the following WASO. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 numbers of shares in millions Basic WASO 242 235 237 234 Potentially dilutive shares (a) 2 9 5 7 Diluted WASO (b) 244 244 242 241 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) The Liberty SiriusXM Group’s intergroup interest in the Formula One Group was settled and extinguished on July 12, 2023. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group had an attributed value in the Formula One Group which was generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Liberty Formula One common stock was underlying the 1.375% Cash Convertible Senior Notes due 2023. Therefore, the market price of Series A Liberty Formula One common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest were included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interest was dilutive, an adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period. For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. Additionally, an adjustment was also made to the numerator for a hypothetical mark-to-market adjustment on the shares of Series A Liberty Formula One common stock underlying the warrants in periods in which cash settlement would have been more dilutive than share settlement. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 amounts in millions Basic earnings (loss) attributable to Liberty Formula One stockholders $ 117 118 218 125 Adjustments — (23) — (37) Diluted earnings (loss) attributable to Liberty Formula One stockholders $ 117 95 218 88
Liberty Live Group
Schedule for Reconciliation of Basic and Diluted Weighted Average Shares	The basic and diluted EPS calculations are based on the following WASO. Three months ended August 4, 2023 to Nine months ended August 4, 2023 to September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 numbers of shares in millions Basic WASO 92 92 92 92 Potentially dilutive shares (a) — — — — Diluted WASO 92 92 92 92 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.
Braves Group
Schedule for Reconciliation of Basic and Diluted Weighted Average Shares	The basic and diluted EPS calculations are based on the following WASO. Three months ended July 1, 2023 to Nine months ended January 1, 2023 to September 30, 2024 July 18, 2023 September 30, 2024 July 18, 2023 numbers of shares in millions Basic WASO NA 53 NA 53 Potentially dilutive shares (a) NA — NA 1 Diluted WASO NA 53 NA 54 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive .

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value (Tables)	9 Months Ended
Assets and Liabilities Measured at Fair Value (Tables)	Sep. 30, 2024
Assets and Liabilities Measured at Fair Value
Schedule of assets and liabilities measured at fair value	Fair Value Measurements at Fair Value Measurements at September 30, 2024 December 31, 2023 Quoted Quoted prices prices in active Significant in active Significant markets other markets other for identical observable for identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 2,677 2,677 — 1,053 1,053 — Debt and equity securities $ — — — 113 113 — Financial instrument assets $ 185 86 99 88 64 24 Debt $ 1,957 — 1,957 1,797 — 1,797
Schedule of realized and unrealized gains (losses) on financial instruments	Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Debt and equity securities $ — 3 16 19 Foreign currency forward contracts 85 — 93 — Debt measured at fair value (a) (106) 8 (109) (132) Other (34) 28 11 68 $ (55) 39 11 (45) (a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 8) using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the condensed consolidated statements of operations are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and convertible notes attributable to changes in the instrument specific credit risk was a loss of $56 million and gain of $56 million for the three months ended September 30, 2024 and 2023, respectively, and a loss of $64 million and gain of $38 million for the nine months ended September 30, 2024 and 2023, respectively. The cumulative change since issuance was a gain of $70 million as of September 30, 2024, net of the recognition of previously unrecognized gains and losses.

Investments In Affiliates Acc_2

Investments In Affiliates Accounted For Using The Equity Method (Tables)	9 Months Ended
	Sep. 30, 2024
Schedule Of Equity Ownership And Carrying Amount	September 30, 2024 December 31, 2023 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Formula One Group Other various NA $ 35 41 Total Formula One Group 35 41 Liberty Live Group Live Nation 30 % $ 7,625 422 307 Other NA 26 26 Total Liberty Live Group 448 333 Consolidated Liberty $ 483 374
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates	Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Formula One Group Other (a) $ (1) 2 (6) (1) Total Formula One Group (1) 2 (6) (1) Liberty Live Group Live Nation (a) 117 90 180 90 Other (a) — — 1 — Total Liberty Live Group 117 90 181 90 Liberty SiriusXM Group Live Nation (a) NA 50 NA 127 Total Liberty Sirius XM Group NA 50 NA 127 Braves Group Other NA 1 NA 12 Total Braves Group NA 1 NA 12 Consolidated Liberty $ 116 143 175 228 (a) Liberty’s interests in Live Nation and certain other equity affiliates were reattributed to the Liberty Live Group effective August 3, 2023.
Live Nation
Summarized financial information	September 30, 2024 December 31, 2023 amounts in millions Current assets $ 9,775 9,533 Property, plant and equipment, net 2,376 2,101 Intangible assets 1,428 1,539 Goodwill 2,670 2,691 Investments in affiliates 515 448 Other assets 2,983 2,718 Total assets $ 19,747 19,030 Current liabilities $ 9,681 9,984 Long-term debt, net 5,673 5,459 Other liabilities 2,439 2,175 Redeemable noncontrolling interests 1,024 860 Equity 930 552 Total liabilities and equity $ 19,747 19,030 Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Revenue $ 7,651 8,155 17,474 16,907 Operating expenses: Direct operating expenses 5,780 6,298 12,840 12,590 Selling, general and administrative expenses 1,005 974 2,913 2,533 Depreciation and amortization 137 131 407 382 Other operating expenses 89 98 250 236 7,011 7,501 16,410 15,741 Operating income (loss) 640 654 1,064 1,166 Interest expense (88) (86) (249) (257) Other income (expense), net 34 64 226 147 Earnings (loss) before income taxes 586 632 1,041 1,056 Income tax (expense) benefit (70) (51) (192) (127) Net earnings (loss) 516 581 849 929 Less net earnings (loss) attributable to noncontrolling interests 64 60 154 139 Net earnings (loss) attributable to Live Nation stockholders $ 452 521 695 790

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Sep. 30, 2024
Long-Term Debt
Schedule of debt instruments	Outstanding Carrying value Principal September 30, December 31, September 30, 2024 2024 2023 amounts in millions Formula One Group Corporate level notes and loans: 2.25% Convertible Senior Notes due 2027 (1) 475 520 480 Other 54 54 58 Subsidiary notes and loans: Formula 1 Senior Loan Facilities 2,384 2,360 2,377 Deferred financing costs (6) (9) Total Formula One Group 2,913 2,928 2,906 Liberty Live Group Corporate level notes and loans: 0.5% Exchangeable Senior Debentures due 2050 (1) 50 55 69 2.375% Exchangeable Senior Debentures due 2053 (1) 1,150 1,382 1,248 Live Nation Margin Loan — — — Total Liberty Live Group 1,200 1,437 1,317 Total debt $ 4,113 4,365 4,223 Debt classified as current (76) (106) Total long-term debt $ 4,289 4,117 (1) Measured at fair value

Information About Liberty's O_2

Information About Liberty's Operating Segments (Tables)	9 Months Ended
Information About Liberty's Operating Segments (Tables)	Sep. 30, 2024
Information About Liberty's Operating Segments
Schedule of revenue disaggregated by segment and by source	Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Formula One Group Formula 1: Primary $ 758 790 1,960 1,722 Other 103 97 325 270 Corporate and other 70 — 255 — Intergroup elimination (20) — (54) — Total Formula One Group 911 887 2,486 1,992 Braves Group Corporate and other: Baseball NA 46 NA 318 Mixed-Use Development NA 3 NA 32 Total Braves Group NA 49 NA 350 Consolidated Liberty $ 911 936 2,486 2,342
Schedule of adjusted OIBDA	Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Formula One Group Formula 1 $ 221 215 589 487 Corporate and other (14) (18) (15) (44) Total Formula One Group 207 197 574 443 Liberty Live Group Corporate and other (2) (4) (4) (4) Total Liberty Live Group (2) (4) (4) (4) Braves Group Corporate and other NA 3 NA 14 Total Braves Group NA 3 NA 14 Consolidated Liberty $ 205 196 570 453
Schedule of other information by segment	September 30, 2024 Total Investments assets in affiliates amounts in millions Formula One Group Formula 1 $ 9,324 1 Corporate and other 2,798 34 Intergroup elimination (142) — Total Formula One Group 11,980 35 Liberty Live Group Corporate and other 1,255 448 Total Liberty Live Group 1,255 448 Elimination (27) — Consolidated Liberty $ 13,208 483
Schedule Of reconciliation of adjusted OIBDA to operating income (loss) and earnings (loss) before income taxes	Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 amounts in millions Adjusted OIBDA $ 205 196 570 453 Impairment and acquisition costs (3) — (23) (1) Stock-based compensation (7) (6) (27) (22) Depreciation and amortization (88) (89) (263) (291) Operating income (loss) 107 101 257 139 Interest expense (62) (62) (184) (188) Share of earnings (losses) of affiliates, net 116 143 175 228 Realized and unrealized gains (losses) on financial instruments, net (55) 39 11 (45) Unrealized gains (losses) on intergroup interests — (4) — (68) Other, net 29 (19) 76 12 Earnings (loss) from continuing operations before income taxes $ 135 198 335 78

Financial Information for Track

Financial Information for Tracking Stock Groups (Tables)	9 Months Ended
Financial Information for Tracking Stock Groups (Tables)	Sep. 30, 2024
Financial Information for Tracking Stock Groups
Condensed Balance Sheets	BALANCE SHEET INFORMATION September 30, 2024 (unaudited) Attributed (note 1) Liberty Formula One Live Inter-Group Consolidated Group Group Eliminations Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 2,666 388 — 3,054 Trade and other receivables, net 122 — — 122 Other current assets 503 — — 503 Total current assets 3,291 388 — 3,679 Investments in affiliates, accounted for using the equity method (note 1) 35 448 — 483 Property and equipment, at cost 1,010 — — 1,010 Accumulated depreciation (183) — — (183) 827 — — 827 Goodwill 4,192 — — 4,192 Intangible assets subject to amortization, net 2,757 — — 2,757 Other assets 878 419 (27) 1,270 Total assets $ 11,980 1,255 (27) 13,208 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 404 — — 404 Current portion of debt 21 55 — 76 Deferred revenue 756 — — 756 Other current liabilities 37 — — 37 Total current liabilities 1,218 55 — 1,273 Long-term debt (note 1) 2,907 1,382 — 4,289 Deferred income tax liabilities 27 — (27) — Other liabilities 186 1 — 187 Total liabilities 4,338 1,438 (27) 5,749 Equity / Attributed net assets 7,642 (206) — 7,436 Noncontrolling interests in equity of subsidiaries — 23 — 23 Total liabilities and equity $ 11,980 1,255 (27) 13,208
Condensed Statement of Operations	STATEMENT OF OPERATIONS INFORMATION Three months ended September 30, 2024 (unaudited) Attributed (note 1) Liberty Liberty Formula One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 848 — — 848 Other revenue 63 — — 63 Total revenue 911 — — 911 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 554 — — 554 Other cost of sales 41 — — 41 Other operating expenses 2 — — 2 Selling, general and administrative, including stock-based compensation (note 2) 113 3 — 116 Impairment and acquisition costs 3 — — 3 Depreciation and amortization 88 — — 88 801 3 — 804 Operating income (loss) 110 (3) — 107 Other income (expense): Interest expense (54) (8) — (62) Share of earnings (losses) of affiliates, net (1) 117 — 116 Realized and unrealized gains (losses) on financial instruments, net 39 (94) — (55) Other, net 21 8 — 29 5 23 — 28 Earnings (loss) from continuing operations before income taxes 115 20 — 135 Income tax (expense) benefit 2 (5) — (3) Net earnings (loss) from continuing operations 117 15 — 132 Net earnings (loss) from discontinued operations — — (3,002) (3,002) Net earnings (loss) 117 15 (3,002) (2,870) Less net earnings (loss) attributable to the noncontrolling interests — — (502) (502) Net earnings (loss) attributable to Liberty stockholders $ 117 15 (2,500) (2,368) STATEMENT OF OPERATIONS INFORMATION Nine months ended September 30, 2024 (unaudited) Attributed (note 1) Liberty Liberty Formula One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 2,251 — — 2,251 Other revenue 235 — — 235 Total revenue 2,486 — — 2,486 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 1,472 — — 1,472 Other cost of sales 161 — — 161 Other operating expenses 8 — — 8 Selling, general and administrative, including stock-based compensation (note 2) 295 7 — 302 Impairment and acquisition costs 23 — — 23 Depreciation and amortization 263 — — 263 2,222 7 — 2,229 Operating income (loss) 264 (7) — 257 Other income (expense): Interest expense (162) (22) — (184) Share of earnings (losses) of affiliates, net (6) 181 — 175 Realized and unrealized gains (losses) on financial instruments, net 86 (75) — 11 Other, net 56 20 — 76 (26) 104 — 78 Earnings (loss) from continuing operations before income taxes 238 97 — 335 Income tax (expense) benefit (20) (21) — (41) Net earnings (loss) from continuing operations 218 76 — 294 Net earnings (loss) from discontinued operations — — (2,412) (2,412) Net earnings (loss) 218 76 (2,412) (2,118) Less net earnings (loss) attributable to the noncontrolling interests — — (410) (410) Net earnings (loss) attributable to Liberty stockholders $ 218 76 (2,002) (1,708) STATEMENT OF OPERATIONS INFORMATION Three months ended September 30, 2023 (unaudited) Attributed (note 1) Liberty Liberty Formula One Live SiriusXM Braves Consolidated Group Group Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 887 — — — 887 Other revenue — — — 49 49 Total revenue 887 — — 49 936 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 615 — — — 615 Other operating expenses — — — 38 38 Selling, general and administrative, including stock-based compensation (note 2) 79 5 — 9 93 Depreciation and amortization 86 — — 3 89 780 5 — 50 835 Operating income (loss) 107 (5) — (1) 101 Other income (expense): Interest expense (56) (2) (1) (3) (62) Share of earnings (losses) of affiliates, net 2 90 50 1 143 Realized and unrealized gains (losses) on financial instruments, net 66 (72) 45 — 39 Unrealized gains (losses) on intergroup interests (note 1) 16 — — (20) (4) Other, net 14 (35) 1 1 (19) 42 (19) 95 (21) 97 Earnings (loss) from continuing operations before income taxes 149 (24) 95 (22) 198 Income tax (expense) benefit (31) 5 (21) 1 (46) Net earnings (loss) from continuing operations 118 (19) 74 (21) 152 Net earnings (loss) from discontinued operations — — 291 — 291 Net earnings (loss) 118 (19) 365 (21) 443 Less net earnings (loss) attributable to the noncontrolling interests — — 58 — 58 Net earnings (loss) attributable to Liberty stockholders $ 118 (19) 307 (21) 385 STATEMENT OF OPERATIONS INFORMATION Nine months ended September 30, 2023 (unaudited) Attributed (note 1) Liberty Liberty Formula One Live SiriusXM Braves Consolidated Group Group Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 1,992 — — — 1,992 Other revenue — — — 350 350 Total revenue 1,992 — — 350 2,342 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 1,340 — — — 1,340 Other operating expenses — — — 274 274 Selling, general and administrative, including stock-based compensation (note 2) 223 5 — 69 297 Impairment and acquisition costs — — — 1 1 Depreciation and amortization 254 — — 37 291 1,817 5 — 381 2,203 Operating income (loss) 175 (5) — (31) 139 Other income (expense): Interest expense (161) (2) (4) (21) (188) Share of earnings (losses) of affiliates, net (1) 90 127 12 228 Realized and unrealized gains (losses) on financial instruments, net 83 (72) (59) 3 (45) Unrealized gains (losses) on intergroup interests (note 1) 15 — — (83) (68) Other, net 48 (35) (6) 5 12 (16) (19) 58 (84) (61) Earnings (loss) from continuing operations before income taxes 159 (24) 58 (115) 78 Income tax (expense) benefit (35) 5 (13) 6 (37) Net earnings (loss) from continuing operations 124 (19) 45 (109) 41 Net earnings (loss) from discontinued operations — — 757 — 757 Net earnings (loss) 124 (19) 802 (109) 798 Less net earnings (loss) attributable to the noncontrolling interests (1) — 146 — 145 Net earnings (loss) attributable to Liberty stockholders $ 125 (19) 656 (109) 653
Condensed Statement of Cash Flows	STATEMENT OF CASH FLOWS INFORMATION Nine months ended September 30, 2024 (unaudited) Attributed (note 1) Liberty Liberty Formula One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 218 76 (2,412) (2,118) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Net (earnings) loss from discontinued operations — — 2,412 2,412 Depreciation and amortization 263 — — 263 Stock-based compensation 24 3 — 27 Share of (earnings) loss of affiliates, net 6 (181) — (175) Realized and unrealized (gains) losses on financial instruments, net (86) 75 — (11) Deferred income tax expense (benefit) 22 22 — 44 Intergroup tax allocation (97) (1) — (98) Intergroup tax (payments) receipts 128 3 — 131 Other, net 25 (4) — 21 Changes in operating assets and liabilities Current and other assets (71) — — (71) Payables and other liabilities 155 (4) — 151 Net cash provided (used) by operating activities 587 (11) — 576 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (7) (3) — (10) Cash proceeds from dispositions — 107 — 107 Cash (paid) received for acquisitions, net of cash acquired (205) — — (205) Capital expended for property and equipment, including internal-use software and website development (52) — — (52) Other investing activities, net (13) 1 — (12) Net cash provided (used) by investing activities (277) 105 — (172) Cash flows from financing activities: Borrowings of debt 644 — — 644 Repayments of debt (671) (12) — (683) Issuance of Series C Liberty Formula One common stock 939 — — 939 Other financing activities, net 42 1 — 43 Net cash provided (used) by financing activities 954 (11) — 943 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 1 — — 1 Net cash provided (used) by discontinued operations: Cash provided (used) by operating activities — — 879 879 Cash provided (used) by investing activities — — (709) (709) Cash provided (used) by financing activities — — (485) (485) Net cash provided (used) by discontinued operations — — (315) (315) Net increase (decrease) in cash, cash equivalents and restricted cash 1,265 83 (315) 1,033 Cash, cash equivalents and restricted cash at beginning of period 1,408 305 315 2,028 Cash, cash equivalents and restricted cash at end of period $ 2,673 388 — 3,061 STATEMENT OF CASH FLOWS INFORMATION Nine months ended September 30, 2023 (unaudited) Attributed (note 1) Liberty Liberty Formula One Live SiriusXM Braves Consolidated Group Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 124 (19) 802 (109) 798 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Net (earnings) loss from discontinued operations — — (757) — (757) Depreciation and amortization 254 — — 37 291 Stock-based compensation 14 1 — 7 22 Share of (earnings) loss of affiliates, net 1 (90) (127) (12) (228) Realized and unrealized (gains) losses on financial instruments, net (83) 72 59 (3) 45 Unrealized (gains) losses on intergroup interests, net (15) — — 83 68 Deferred income tax expense (benefit) 19 (4) 14 (5) 24 Intergroup tax allocation (135) (1) (1) — (137) Intergroup tax (payments) receipts 91 — — (1) 90 Other, net 6 34 6 4 50 Changes in operating assets and liabilities Current and other assets (122) (10) — (34) (166) Payables and other liabilities 400 14 1 65 480 Net cash provided (used) by operating activities 554 (3) (3) 32 580 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (173) — — — (173) Cash proceeds from dispositions 110 1 — — 111 Capital expended for property and equipment, including internal-use software and website development (308) — — (35) (343) Other investing activities, net (20) — — — (20) Net cash provided (used) by investing activities (391) 1 — (35) (425) Cash flows from financing activities: Borrowings of debt — 1,135 — 30 1,165 Repayments of debt (64) (918) — (20) (1,002) Settlement of intergroup interests (273) — — — (273) Atlanta Braves Holdings, Inc. Split-Off — — — (188) (188) Reclassification (100) 100 — — — Other financing activities, net 11 — 3 8 22 Net cash provided (used) by financing activities (426) 317 3 (170) (276) Net cash provided (used) by discontinued operations: Cash provided (used) by operating activities — — 1,301 — 1,301 Cash provided (used) by investing activities — — (565) — (565) Cash provided (used) by financing activities — — (771) — (771) Net cash provided (used) by discontinued operations — — (35) — (35) Net increase (decrease) in cash, cash equivalents and restricted cash (263) 315 (35) (173) (156) Cash, cash equivalents and restricted cash at beginning of period 1,733 NA 370 173 2,276 Cash, cash equivalents and restricted cash at end of period $ 1,470 315 335 — 2,120

Basis of Presentation (Details)

Basis of Presentation (Details) $ / shares in Units, shares in Millions, $ in Millions, € in Billions				3 Months Ended		9 Months Ended
	Aug. 22, 2024 USD ($) $ / shares shares	Mar. 29, 2024 EUR (€)	Jan. 02, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Basis of Presentation
Cash paid for acquisition, net of cash acquired						$ 205
Goodwill				$ 4,192		4,192		$ 3,956
Affiliated Entity \| Qurate Retail, Tripco, Liberty Broadband and ABH
Basis of Presentation
Allocated expenses				$ 7	$ 12	$ 18	$ 20
Liberty Formula One Group Common Class C
Basis of Presentation
Shares issued \| shares	12.2
Issue price per share \| $ / shares	$ 77.50
Gross proceeds from issuance of common stock	$ 949
Quint Events, LLC
Basis of Presentation
Consideration for acquisition			$ 277
Cash paid for acquisition, net of cash acquired			205
Cash received from acquisition			66
Settlement of pre-existing condition			6
Goodwill			235
Amortizable intangible assets acquired			113
Deferred revenue			$ 121
Dorna Sports L.A \| Pro Forma
Basis of Presentation
Interest acquired (as a percent)		86%
Consideration for acquisition \| €		€ 3

Discontinued Operations (Detail

Discontinued Operations (Details)	Sep. 09, 2024
Liberty Sirius XM Holdings \| Spin off
Discontinued Operations
Split-off ratio	0.8375

Discontinued Operations - Asset

Discontinued Operations - Assets and Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Assets
Current assets	$ 1,361
Liberty Sirius XM Holdings \| Spin off
Assets
Current assets	1,361
Investments in affiliates, accounted for using the equity method	715
Property and equipment, net	1,245
Intangible assets not subject to amortization	25,051
Intangible assets subject to amortization, net	1,014
Other assets	515
Total assets	29,901
Liabilities
Accounts payable and accrued liabilities	1,536
Current portion of debt	1,074
Other current liabilities	1,266
Long-term debt	10,063
Deferred income tax liabilities	2,245
Other liabilities	526
Total liabilities	$ 16,710

Discontinued Operations - Earni

Discontinued Operations - Earnings and loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings (loss) from Discontinued Operations
Net earnings (loss) from discontinued operations	$ (3,002)	$ 291	$ (2,412)	$ 757
Liberty Sirius XM Holdings \| Spin off
Earnings (loss) from Discontinued Operations
Revenue	1,664	2,271	6,004	6,665
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below)	792	1,057	2,852	3,144
Operating expense	122	159	461	504
Selling, general and administrative	297	376	1,030	1,148
Impairment, restructuring and acquisition costs	3,322	6	3,339	56
Depreciation and amortization	110	145	421	460
Total cost and operating expenses	4,643	1,743	8,103	5,312
Operating income (loss)	(2,979)	528	(2,099)	1,353
Interest expense	(94)	(134)	(349)	(404)
Other, net	8	(24)	122	10
Total non operating income and expense	(86)	(158)	(227)	(394)
Earnings (loss) from discontinued operations before income taxes	(3,065)	370	(2,326)	959
Income tax (expense) benefit	63	(79)	(86)	(202)
Net earnings (loss) from discontinued operations	(3,002)	291	(2,412)	757
Less net earnings (loss) from discontinued operations attributable to the noncontrolling interests	(502)	58	(410)	146
Net earnings (loss) from discontinued operations attributable to Liberty stockholders	$ (2,500)	$ 233	$ (2,002)	$ 611

Tracking Stocks (Details)

Tracking Stocks (Details) $ in Millions			9 Months Ended
Tracking Stocks (Details) $ in Millions	Aug. 03, 2023 item shares	Jul. 18, 2023	Sep. 30, 2024 USD ($)	Sep. 09, 2024	Dec. 31, 2023 USD ($)	Aug. 02, 2023
Tracking Stocks
Number of tracking stock groups \| item	3
Cash and cash equivalents			$ 3,054		$ 1,713
Proceeds from issuance of stock			939
Liberty SiriusXM Group \| New Liberty SiriusXM Common Stock
Tracking Stocks
Number of shares issued upon reclassification of each then-outstanding common stock share \| shares	1
Liberty SiriusXM Group \| Liberty Live Common Stock
Tracking Stocks
Number of shares issued upon reclassification of each then-outstanding common stock share \| shares	0.2500
Formula One Group
Tracking Stocks
Cash and cash equivalents			2,666
Proceeds from issuance of stock			939
Formula One Group \| Liberty Live Common Stock
Tracking Stocks
Number of shares issued upon reclassification of each then-outstanding common stock share \| shares	0.0428
Formula One Group \| New Liberty Formula One Common Stock
Tracking Stocks
Number of shares issued upon reclassification of each then-outstanding common stock share \| shares	1
Liberty Live Group
Tracking Stocks
Cash and cash equivalents			$ 388
2.75% Exchangeable Senior Debentures Due 2049 \| Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)				2.75%
3.75% Convertible Senior Notes due 2028 \| Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)				3.75%
2.25% Convertible Senior Notes due 2027 \| Formula One Group
Tracking Stocks
Debt instrument interest rate (as a percent)			2.25%
0.5% Exchangeable Senior Debentures due 2050 \| Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)						0.50%
0.5% Exchangeable Senior Debentures due 2050 \| Liberty Live Group
Tracking Stocks
Debt instrument interest rate (as a percent)			0.50%
2.375% Exchangeable Senior Debentures due 2053 \| Liberty Live Group
Tracking Stocks
Debt instrument interest rate (as a percent)			2.375%
Formula 1 and other subsidiaries \| Formula One Group
Tracking Stocks
Cash and cash equivalents			$ 1,449
Braves Holdings
Tracking Stocks
Split-off ratio		1

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation
Stock-based compensation	$ 7	$ 6	$ 27	$ 22

Stock-Based Compensation - Gran

Stock-Based Compensation - Grants of stock options (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Employee Stock Option
Stock-Based Compensation
Dividend rate	0%
Formula One Group \| Common Class A
Stock-Based Compensation
Options granted	0
Formula One Group \| Common Class B
Stock-Based Compensation
Options granted	0
Formula One Group \| Common Class C
Stock-Based Compensation
Options granted	87
Formula One Group \| Employee Stock Option \| Liberty employees and directors \| Common Class C
Stock-Based Compensation
Vesting period	3 years
Options granted	4
Weighted average GDFV \| $ / shares	$ 30.41
Formula One Group \| Employee Stock Option \| Subsidiary employees \| Common Class C
Stock-Based Compensation
Options granted	83
Weighted average GDFV \| $ / shares	$ 29.77
Formula One Group \| Performance based RSUs \| Chief Executive Officer \| Common Class C
Stock-Based Compensation
Vesting period	1 year
RSUs granted	88
Restricted stock weighted average grant-date fair value \| $ / shares	$ 72.05
Liberty Live Group \| Common Class A
Stock-Based Compensation
Options granted	0
Liberty Live Group \| Common Class B
Stock-Based Compensation
Options granted	0
Liberty Live Group \| Common Class C
Stock-Based Compensation
Options granted	71
Liberty Live Group \| Employee Stock Option \| Liberty employees and directors \| Common Class C
Stock-Based Compensation
Vesting period	3 years
Options granted	1
Weighted average GDFV \| $ / shares	$ 14.92
Liberty Live Group \| Employee Stock Option \| Chief Executive Officer \| Common Class C
Stock-Based Compensation
Options granted	70
Weighted average GDFV \| $ / shares	$ 16.07

Stock-Based Compensation - Libe

Stock-Based Compensation - Liberty - Outstanding Awards (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Additional disclosures
Total unrecognized compensation cost related to unvested equity awards \| $	$ 15
Weighted average period of recognition related to unvested equity awards (in years)	2 years 1 month 6 days
Formula One Group \| Common Class A
Number of options
Granted	0
Outstanding at end of period	0
Formula One Group \| Common Class B
Number of options
Granted	0
Outstanding at end of period	0
Formula One Group \| Common Class C
Number of options
Outstanding at beginning of period	6,599
Granted	87
Exercised	(1,904)
Outstanding at end of period	4,782
Exercisable at end of period	3,904
WAEP
Outstanding at beginning of period \| $ / shares	$ 37.62
Granted \| $ / shares	72.53
Exercised \| $ / shares	34.13
Outstanding at end of period \| $ / shares	39.64
Exercisable at end of period \| $ / shares	$ 37.37
Additional disclosures
Weighted average remaining life, outstanding	2 years 8 months 12 days
Weighted average remaining life, exercisable	2 years 4 months 24 days
Aggregate intrinsic value, outstanding \| $	$ 181
Aggregate intrinsic value, exercisable \| $	$ 156
Common stock reserved for issuance	4,800
Liberty Live Group \| Common Class A
Number of options
Granted	0
Outstanding at end of period	0
Liberty Live Group \| Common Class B
Number of options
Granted	0
Outstanding at end of period	0
Liberty Live Group \| Common Class C
Number of options
Outstanding at beginning of period	1,652
Granted	71
Exercised	(264)
Forfeited/Cancelled	(10)
Outstanding at end of period	1,449
Exercisable at end of period	1,085
WAEP
Outstanding at beginning of period \| $ / shares	$ 42.36
Granted \| $ / shares	40
Exercised \| $ / shares	38.95
Forfeited/Cancelled \| $ / shares	42.29
Outstanding at end of period \| $ / shares	42.86
Exercisable at end of period \| $ / shares	$ 43.77
Additional disclosures
Weighted average remaining life, outstanding	3 years
Weighted average remaining life, exercisable	2 years 4 months 24 days
Aggregate intrinsic value, outstanding \| $	$ 12
Aggregate intrinsic value, exercisable \| $	$ 8
Common stock reserved for issuance	1,400

Earnings Attributable to Libe_3

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	2 Months Ended		3 Months Ended		7 Months Ended	8 Months Ended	9 Months Ended
	Jul. 18, 2023	Sep. 09, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 18, 2023	Sep. 09, 2024	Sep. 30, 2024	Sep. 30, 2023
Diluted earnings per share calculation for the unrealized gain or loss
Net Income (Loss)				$ (2,368)	$ 385			$ (1,708)	$ 653
Liberty SiriusXM Group
Weighted average outstanding shares of common stock
Basic WASO		327			327		327		327
Potentially dilutive shares					25		13		21
Diluted WASO		327			352		340		348
Diluted earnings per share calculation for the unrealized gain or loss
Net Income (Loss)				$ (2,500)	$ 307			$ (2,002)	$ 656
Basic earnings (loss) attributable to stockholders		$ (2,500)			233		$ (2,002)		611
Adjustment					6		(93)		1
Diluted earnings (loss) attributable to stockholders		$ (2,500)			$ 239		$ (2,095)		$ 612
Liberty SiriusXM Group \| 2.125% Exchangeable Senior Debentures Due 2048
Investment owned shares
Debt instrument interest rate (as a percent)			2.125%		2.125%				2.125%
Liberty SiriusXM Group \| 2.75% Exchangeable Senior Debentures Due 2049
Investment owned shares
Debt instrument interest rate (as a percent)		2.75%					2.75%
Liberty SiriusXM Group \| 3.75% Convertible Senior Notes due 2028
Investment owned shares
Debt instrument interest rate (as a percent)		3.75%					3.75%
Liberty SiriusXM Group \| Common Class A and C
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				51	24			18	25
Formula One Group
Weighted average outstanding shares of common stock
Basic WASO				242	235			237	234
Potentially dilutive shares				2	9			5	7
Diluted WASO				244	244			242	241
Diluted earnings per share calculation for the unrealized gain or loss
Net Income (Loss)				$ 117	$ 118			$ 218	$ 125
Adjustment					(23)				(37)
Diluted earnings (loss) attributable to stockholders				$ 117	$ 95			$ 218	$ 88
Formula One Group \| 1.375% Convertible Bonds
Investment owned shares
Debt instrument interest rate (as a percent)			1.375%		1.375%				1.375%
Formula One Group \| 2.25% Convertible Senior Notes due 2027
Investment owned shares
Debt instrument interest rate (as a percent)				2.25%				2.25%
Formula One Group \| Common Class A and C
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				6	1			4	3
Liberty Live Group
Weighted average outstanding shares of common stock
Basic WASO			92	92				92
Diluted WASO			92	92				92
Diluted earnings per share calculation for the unrealized gain or loss
Net Income (Loss)				$ 15	$ (19)			$ 76	$ (19)
Liberty Live Group \| Common Class A and C
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				1	2			1	2
Braves Group
Weighted average outstanding shares of common stock
Basic WASO	53					53
Potentially dilutive shares						1
Diluted WASO	53					54
Diluted earnings per share calculation for the unrealized gain or loss
Net Income (Loss)					$ (21)				$ (109)
Braves Group \| Common Class A and C
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount					2				7

Assets and Liabilities Measur_3

Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Current Assets
Assets and Liabilities Measured at Fair Value
Financial instrument assets	$ 95
Other Noncurrent Assets
Assets and Liabilities Measured at Fair Value
Financial instrument assets	90
Recurring
Assets and Liabilities Measured at Fair Value
Cash equivalents	2,677	$ 1,053
Debt and equity securities		113
Financial instrument assets	185	88
Debt	1,957	1,797
Level 1 \| Recurring
Assets and Liabilities Measured at Fair Value
Cash equivalents	2,677	1,053
Debt and equity securities		113
Financial instrument assets	86	64
Level 2 \| Recurring
Assets and Liabilities Measured at Fair Value
Financial instrument assets	99	24
Debt	$ 1,957	$ 1,797

Assets and Liabilities Measur_4

Assets and Liabilities Measured at Fair Value - Realized and Unrealized Gains (Losses) on Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	$ (55)	$ 39	$ 11	$ (45)
Formula One Group
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	39	66	86	83
Liberty SiriusXM Group
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net		45		(59)
Debt and equity securities
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net		3	16	19
Foreign currency forward contracts
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	85		93
Debt measured at fair value
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	(106)	8	(109)	(132)
Gain (loss) on changes in fair value	(56)	56	(64)	38
Cumulative amount of gain (loss) in changes in fair value	70		70
Other
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	$ (34)	$ 28	$ 11	$ 68

Investments In Affiliates Acc_3

Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	$ 483	$ 374
Formula One Group
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	35	41
Formula One Group \| Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	35	41
Liberty Live Group
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	$ 448	333
Liberty Live Group \| Live Nation
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	30%
Fair value	$ 7,625
Investments in affiliates	422	307
Liberty Live Group \| Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	$ 26	$ 26

Investments In Affiliates Acc_4

Investments In Affiliates Accounted For Using The Equity Method - Share Of Earnings (Losses) Of Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	$ 116	$ 143	$ 175	$ 228
Formula One Group
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	(1)	2	(6)	(1)
Formula One Group \| Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	(1)	2	(6)	(1)
Liberty Live Group
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	117	90	181	90
Liberty Live Group \| Live Nation
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	$ 117	90	180	90
Liberty Live Group \| Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes			$ 1
Liberty SiriusXM Group
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes		50		127
Liberty SiriusXM Group \| Live Nation
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes		50		127
Braves Group
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes		1		12
Braves Group \| Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes		$ 1		$ 12

Investments In Affiliates Acc_5

Investments In Affiliates Accounted For Using The Equity Method - Live Nation - Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Current assets	$ 3,679		$ 3,377
Goodwill	4,192		3,956
Investments in affiliates	483		374
Other assets	1,270		1,384
Total assets	13,208		41,327
Current liabilities	1,273		4,743
Long-term debt, net	4,289		4,117
Other liabilities	187		188
Equity	7,459	$ 20,207	19,445	$ 19,239	$ 19,279	$ 19,126
Total liabilities and equity	13,208		41,327
Live Nation
Condensed Consolidated Balance Sheets
Current assets	9,775		9,533
Property, plant and equipment, net	2,376		2,101
Intangible assets	1,428		1,539
Goodwill	2,670		2,691
Investments in affiliates	515		448
Other assets	2,983		2,718
Total assets	19,747		19,030
Current liabilities	9,681		9,984
Long-term debt, net	5,673		5,459
Other liabilities	2,439		2,175
Redeemable noncontrolling interests in equity of subsidiary	1,024		860
Equity	930		552
Total liabilities and equity	$ 19,747		$ 19,030

Investments In Affiliates Acc_6

Investments In Affiliates Accounted For Using The Equity Method - Live Nation - Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Operations
Revenue	$ 911	$ 936	$ 2,486	$ 2,342
Operating expenses:
Selling, general and administrative expenses	116	93	302	297
Depreciation and amortization	88	89	263	291
Other operating expense	2	38	8	274
Total operating costs and expenses	804	835	2,229	2,203
Operating income (loss)	107	101	257	139
Interest expense	(62)	(62)	(184)	(188)
Other income (expense), net	28	97	78	(61)
Earnings (loss) from continuing operations before income taxes	135	198	335	78
Income tax benefit (expense)	(3)	(46)	(41)	(37)
Net earnings (loss)	(2,870)	443	(2,118)	798
Net earnings (loss) attributable to Liberty stockholders	(2,368)	385	(1,708)	653
Live Nation
Condensed Consolidated Statements of Operations
Revenue	7,651	8,155	17,474	16,907
Operating expenses:
Direct operating expenses	5,780	6,298	12,840	12,590
Selling, general and administrative expenses	1,005	974	2,913	2,533
Depreciation and amortization	137	131	407	382
Other operating expense	89	98	250	236
Total operating costs and expenses	7,011	7,501	16,410	15,741
Operating income (loss)	640	654	1,064	1,166
Interest expense	(88)	(86)	(249)	(257)
Other income (expense), net	34	64	226	147
Earnings (loss) from continuing operations before income taxes	586	632	1,041	1,056
Income tax benefit (expense)	(70)	(51)	(192)	(127)
Net earnings (loss)	516	581	849	929
Less net earnings (loss) attributable to the noncontrolling interests	64	60	154	139
Net earnings (loss) attributable to Liberty stockholders	$ 452	$ 521	$ 695	$ 790

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument
Outstanding principal	$ 4,113
Total debt	4,365	$ 4,223
Debt classified as current	(76)	(106)
Total long-term debt	4,289	4,117
Formula One Group
Debt Instrument
Outstanding principal	2,913
Deferred financing costs	(6)	(9)
Total debt	2,928	2,906
Debt classified as current	(21)
Total long-term debt	$ 2,907
Formula One Group \| 2.25% Convertible Senior Notes due 2027
Debt Instrument
Debt instrument interest rate (as a percent)	2.25%
Outstanding principal	$ 475
Long term debt	520	480
Formula One Group \| Other Debt Obligations
Debt Instrument
Outstanding principal	54
Long term debt	54	58
Formula One Group \| Formula 1 Senior Loan Facilities
Debt Instrument
Outstanding principal	2,384
Long term debt	2,360	2,377
Liberty Live Group
Debt Instrument
Outstanding principal	1,200
Long term debt	1,437	1,317
Debt classified as current	(55)
Total long-term debt	$ 1,382
Liberty Live Group \| 0.5% Exchangeable Senior Debentures due 2050
Debt Instrument
Debt instrument interest rate (as a percent)	0.50%
Outstanding principal	$ 50
Long term debt	$ 55	69
Liberty Live Group \| 2.375% Exchangeable Senior Debentures due 2053
Debt Instrument
Debt instrument interest rate (as a percent)	2.375%
Outstanding principal	$ 1,150
Long term debt	$ 1,382	$ 1,248

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) $ / shares in Units, shares in Millions			1 Months Ended		9 Months Ended
	Sep. 05, 2023	May 09, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Nov. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Aug. 12, 2022 USD ($)
Liberty Live Group \| 2.375% Exchangeable Senior Debentures due 2053
Debt Instrument
Debt instrument interest rate (as a percent)					2.375%
Principal amount			$ 1,150,000,000
Liberty Live Group \| 0.5% Exchangeable Senior Debentures due 2050
Debt Instrument
Debt instrument interest rate (as a percent)					0.50%
Principal amount				$ 920,000,000
Liberty Live Group \| Live Nation Margin Loan
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	2%	2%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt instrument, basis spread adjustment		0.10%
Line of Credit Facility, Remaining Borrowing Capacity					$ 400,000,000
Maximum borrowing capacity		$ 400,000,000
Undrawn commitment fee					0.50%
Liberty Live Group \| Live Nation \| 2.375% Exchangeable Senior Debentures due 2053
Debt Instrument
Shares underlying the debentures \| shares			11
Conversion price for exchangeable debt \| $ / shares			$ 104.91
Debt Instrument, Redemption Price, Percentage			100%
Liberty Live Group \| Live Nation \| 0.5% Exchangeable Senior Debentures due 2050
Debt Instrument
Shares underlying the debentures \| shares				10	0.6
Conversion price for exchangeable debt \| $ / shares				$ 90.10
Debt Instrument, Redemption Price, Percentage				100%
Liberty Live Group \| Live Nation \| Live Nation Margin Loan
Debt Instrument
Share value					$ 982,000,000
Financial Instrument, Owned, Pledged Status [Extensible Enumeration]					us-gaap:AssetPledgedAsCollateralMember
Financial Instruments, Owned and Pledged as Collateral , Number \| shares					9
Formula One Group \| 2.25% Convertible Senior Notes due 2027
Debt Instrument
Debt instrument interest rate (as a percent)					2.25%
Principal amount						$ 475,000,000
Formula One Group \| 2.25% Convertible Senior Notes due 2027 \| Common Class C
Debt Instrument
Debt instrument, face amount per debenture					$ 1,000
Debt Instrument, Convertible, Conversion Ratio					12.0505
Conversion price for exchangeable debt \| $ / shares					$ 82.98

Long-Term Debt - Formula 1 (Det

Long-Term Debt - Formula 1 (Details) - USD ($) $ in Millions						9 Months Ended
	Sep. 19, 2024	Nov. 24, 2023	Oct. 04, 2023	May 05, 2023	Nov. 23, 2022	Sep. 30, 2024	Nov. 12, 2024	Dec. 31, 2023
Formula 1 \| Formula 1 Senior Loan Facilities
Debt Instrument
Long term debt						$ 2,400
Effective interest rate						6.46%
Formula 1 \| Interest Rate Swap \| Formula 1 Senior Loan Facilities
Debt Instrument
Derivative, Notional Amount						$ 2,200
Formula One Group \| Revolving Credit Facility
Debt Instrument
Line of Credit Facility, Maximum Borrowing Capacity	$ 500				$ 500	500
Line of Credit						$ 0
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]						us-gaap:SecuredOvernightFinancingRateSofrMember
Formula One Group \| Formula 1 Senior Loan Facilities
Debt Instrument
Long term debt						$ 2,360		$ 2,377
Formula One Group \| First lien Term Loan A
Debt Instrument
Long term debt	689				$ 725
Debt Instrument, Basis Spread on Variable Rate		1.50%			1.75%
Formula One Group \| First lien Term Loan B
Debt Instrument
Long term debt	$ 1,700				$ 1,700
Potential percentage added to reference rate	1.75%
Debt Instrument, Basis Spread on Variable Rate	2%		2.25%	3%	3.25%
Formula One Group \| Minimum \| First lien Term Loan A
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate					1.50%
Formula One Group \| Maximum \| First lien Term Loan A
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate					2.25%
Formula One Group \| Subsequent Event \| First lien Term Loan A \| Forecast
Debt Instrument
Amount of incremental borrowing of debt							$ 150
Formula One Group \| Subsequent Event \| First lien Term Loan B \| Forecast
Debt Instrument
Amount of incremental borrowing of debt							$ 850

Information About Liberty's O_3

Information About Liberty's Operating Segments (Details)	9 Months Ended
Information About Liberty's Operating Segments (Details)	Sep. 30, 2024
Formula 1
Information About Liberty's Operating Segments
Duration of World Championship	9 months

Information About Liberty's O_4

Information About Liberty's Operating Segments - Revenue and Adjusted OIBDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Information About Liberty's Operating Segments
Revenue	$ 911	$ 936	$ 2,486	$ 2,342
Adjusted OIBDA	205	196	570	453
Formula One Group
Information About Liberty's Operating Segments
Revenue	911	887	2,486	1,992
Adjusted OIBDA	207	197	574	443
Formula One Group \| Operating Segments \| Formula 1
Information About Liberty's Operating Segments
Adjusted OIBDA	221	215	589	487
Formula One Group \| Corporate and other
Information About Liberty's Operating Segments
Adjusted OIBDA	(14)	(18)	(15)	(44)
Formula One Group \| Corporate and other \| Formula 1
Information About Liberty's Operating Segments
Revenue	70		255
Formula One Group \| Intergroup elimination
Information About Liberty's Operating Segments
Revenue	(20)		(54)
Liberty Live Group
Information About Liberty's Operating Segments
Adjusted OIBDA	(2)	(4)	(4)	(4)
Liberty Live Group \| Corporate and other
Information About Liberty's Operating Segments
Adjusted OIBDA	(2)	(4)	(4)	(4)
Braves Group
Information About Liberty's Operating Segments
Revenue		49		350
Adjusted OIBDA		3		14
Braves Group \| Corporate and other
Information About Liberty's Operating Segments
Adjusted OIBDA		3		14
Other
Information About Liberty's Operating Segments
Revenue	63	49	235	350
Other \| Formula One Group
Information About Liberty's Operating Segments
Revenue	63		235
Other \| Formula One Group \| Operating Segments \| Formula 1
Information About Liberty's Operating Segments
Revenue	103	97	325	270
Other \| Braves Group
Information About Liberty's Operating Segments
Revenue		49		350
Primary \| Formula One Group \| Operating Segments \| Formula 1
Information About Liberty's Operating Segments
Revenue	$ 758	790	$ 1,960	1,722
Baseball \| Braves Group \| Corporate and other
Information About Liberty's Operating Segments
Revenue		46		318
Mixed-Use Development \| Braves Group \| Corporate and other
Information About Liberty's Operating Segments
Revenue		$ 3		$ 32

Information About Liberty's O_5

Information About Liberty's Operating Segments - Performance obligations (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Information About Liberty's Operating Segments
Deferred revenue	$ 756	$ 247
Formula 1 and other subsidiaries
Information About Liberty's Operating Segments
Deferred revenue	756	$ 247
Formula 1 and other subsidiaries \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Remaining performance obligations
Revenue, Remaining Performance Obligation, Amount	$ 673
Expected timing of satisfaction period	3 months
Formula 1 and other subsidiaries \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Remaining performance obligations
Revenue, Remaining Performance Obligation, Amount	$ 2,593
Expected timing of satisfaction period	12 months
Formula 1 and other subsidiaries \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Remaining performance obligations
Revenue, Remaining Performance Obligation, Amount	$ 2,130
Expected timing of satisfaction period	12 months
Formula 1 and other subsidiaries \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Remaining performance obligations
Revenue, Remaining Performance Obligation, Amount	$ 5,880
Expected timing of satisfaction period	60 months
Formula 1 and other subsidiaries \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2032-01-01
Remaining performance obligations
Revenue, Remaining Performance Obligation, Amount	$ 1,870
Expected timing of satisfaction period

Information About Liberty's O_6

Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 13,208	$ 41,327
Investments in affiliates	483	374
Inter-Group Eliminations
Segment Reporting Information [Line Items]
Total assets	(27)
Eliminations
Segment Reporting Information [Line Items]
Total assets	(27)
Formula One Group
Segment Reporting Information [Line Items]
Total assets	11,980
Investments in affiliates	35	41
Formula One Group \| Corporate and other
Segment Reporting Information [Line Items]
Total assets	2,798
Investments in affiliates	34
Formula One Group \| Intergroup elimination
Segment Reporting Information [Line Items]
Total assets	(142)
Formula One Group \| Formula 1 \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	9,324
Investments in affiliates	1
Liberty Live Group
Segment Reporting Information [Line Items]
Total assets	1,255
Investments in affiliates	448	$ 333
Liberty Live Group \| Corporate and other
Segment Reporting Information [Line Items]
Total assets	1,255
Investments in affiliates	$ 448

Information About Liberty's O_7

Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Information About Liberty's Operating Segments
Adjusted OIBDA	$ 205	$ 196	$ 570	$ 453
Impairment and acquisition costs	(3)		(23)	(1)
Stock-based compensation	(7)	(6)	(27)	(22)
Depreciation and amortization	(88)	(89)	(263)	(291)
Operating income (loss)	107	101	257	139
Interest expense	(62)	(62)	(184)	(188)
Share of earnings (losses) of affiliates, net	116	143	175	228
Realized and unrealized gains (losses) on financial instruments, net	(55)	39	11	(45)
Unrealized gains (losses) on intergroup interests		(4)		(68)
Other, net	29	(19)	76	12
Earnings (loss) from continuing operations before income taxes	$ 135	$ 198	$ 335	$ 78

Financial Information for Tra_2

Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,054	$ 1,713
Trade and other receivables, net	122	123
Other current assets	503	180
Total current assets	3,679	3,377
Investments in affiliates, accounted for using the equity method	483	374
Property and equipment, at cost	1,010	973
Accumulated depreciation	(183)	(135)
Property and equipment, net	827	838
Goodwill	4,192	3,956
Intangible assets subject to amortization, net	2,757	2,858
Other assets	1,270	1,384
Total assets	13,208	41,327
Current liabilities:
Accounts payable and accrued liabilities	404	474
Current portion of debt	76	106
Deferred revenue	756	247
Other current liabilities	37	40
Total current liabilities	1,273	4,743
Long-term debt	4,289	4,117
Other liabilities	187	188
Total liabilities	5,749	21,882
Stockholders' equity:
Total stockholders' equity	7,436	16,396
Noncontrolling interests in equity of subsidiaries	23	3,049
Total liabilities and equity	13,208	41,327
Eliminations
Current assets:
Total assets	(27)
Inter-Group Eliminations
Current assets:
Other assets	(27)
Total assets	(27)
Current liabilities:
Deferred income tax liabilities	(27)
Total liabilities	(27)
Stockholders' equity:
Total liabilities and equity	(27)
Formula One Group
Current assets:
Cash and cash equivalents	2,666
Trade and other receivables, net	122
Other current assets	503
Total current assets	3,291
Investments in affiliates, accounted for using the equity method	35	41
Property and equipment, at cost	1,010
Accumulated depreciation	(183)
Property and equipment, net	827
Goodwill	4,192
Intangible assets subject to amortization, net	2,757
Other assets	878
Total assets	11,980
Current liabilities:
Accounts payable and accrued liabilities	404
Current portion of debt	21
Deferred revenue	756
Other current liabilities	37
Total current liabilities	1,218
Long-term debt	2,907
Deferred income tax liabilities	27
Other liabilities	186
Total liabilities	4,338
Stockholders' equity:
Total stockholders' equity	7,642
Total liabilities and equity	11,980
Liberty Live Group
Current assets:
Cash and cash equivalents	388
Total current assets	388
Investments in affiliates, accounted for using the equity method	448	$ 333
Other assets	419
Total assets	1,255
Current liabilities:
Current portion of debt	55
Total current liabilities	55
Long-term debt	1,382
Other liabilities	1
Total liabilities	1,438
Stockholders' equity:
Total stockholders' equity	(206)
Noncontrolling interests in equity of subsidiaries	23
Total liabilities and equity	$ 1,255

Financial Information for Tra_3

Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 911	$ 936	$ 2,486	$ 2,342
Operating expenses:
Other operating expense	2	38	8	274
Selling, general and administrative, including stock-based compensation	116	93	302	297
Impairment and acquisition costs	3		23	1
Depreciation and amortization	88	89	263	291
Total operating costs and expenses	804	835	2,229	2,203
Operating income (loss)	107	101	257	139
Other income (expense):
Interest expense	(62)	(62)	(184)	(188)
Share of earnings (losses) of affiliates, net	116	143	175	228
Realized and unrealized gains (losses) on financial instruments, net	(55)	39	11	(45)
Unrealized gains/( loss) on inter-group interests		(4)		(68)
Other, net	29	(19)	76	12
Total other income (expense)	28	97	78	(61)
Earnings (loss) from continuing operations before income taxes	135	198	335	78
Income tax benefit (expense)	(3)	(46)	(41)	(37)
Net earnings (loss) from continuing operations	132	152	294	41
Net earnings (loss) from discontinued operations	(3,002)	291	(2,412)	757
Net earnings (loss)	(2,870)	443	(2,118)	798
Less net earnings (loss) attributable to the noncontrolling interests	(502)	58	(410)	145
Net earnings (loss) attributable to Liberty stockholders	(2,368)	385	(1,708)	653
Formula One Group
Revenue:
Total revenue	911	887	2,486	1,992
Operating expenses:
Other operating expense	2		8
Selling, general and administrative, including stock-based compensation	113	79	295	223
Impairment and acquisition costs	3		23
Depreciation and amortization	88	86	263	254
Total operating costs and expenses	801	780	2,222	1,817
Operating income (loss)	110	107	264	175
Other income (expense):
Interest expense	(54)	(56)	(162)	(161)
Share of earnings (losses) of affiliates, net	(1)	2	(6)	(1)
Realized and unrealized gains (losses) on financial instruments, net	39	66	86	83
Unrealized gains/( loss) on inter-group interests		16		15
Other, net	21	14	56	48
Total other income (expense)	5	42	(26)	(16)
Earnings (loss) from continuing operations before income taxes	115	149	238	159
Income tax benefit (expense)	2	(31)	(20)	(35)
Net earnings (loss) from continuing operations	117	118	218	124
Net earnings (loss)	117	118	218	124
Less net earnings (loss) attributable to the noncontrolling interests				(1)
Net earnings (loss) attributable to Liberty stockholders	117	118	218	125
Liberty Live Group
Operating expenses:
Selling, general and administrative, including stock-based compensation	3	5	7	5
Total operating costs and expenses	3	5	7	5
Operating income (loss)	(3)	(5)	(7)	(5)
Other income (expense):
Interest expense	(8)	(2)	(22)	(2)
Share of earnings (losses) of affiliates, net	117	90	181	90
Realized and unrealized gains (losses) on financial instruments, net	(94)	(72)	(75)	(72)
Other, net	8	(35)	20	(35)
Total other income (expense)	23	(19)	104	(19)
Earnings (loss) from continuing operations before income taxes	20	(24)	97	(24)
Income tax benefit (expense)	(5)	5	(21)	5
Net earnings (loss) from continuing operations	15	(19)	76	(19)
Net earnings (loss)	15	(19)	76	(19)
Net earnings (loss) attributable to Liberty stockholders	15	(19)	76	(19)
Liberty SiriusXM Group
Other income (expense):
Interest expense		(1)		(4)
Share of earnings (losses) of affiliates, net		50		127
Realized and unrealized gains (losses) on financial instruments, net		45		(59)
Other, net		1		(6)
Total other income (expense)		95		58
Earnings (loss) from continuing operations before income taxes		95		58
Income tax benefit (expense)		(21)		(13)
Net earnings (loss) from continuing operations		74		45
Net earnings (loss) from discontinued operations	(3,002)	291	(2,412)	757
Net earnings (loss)	(3,002)	365	(2,412)	802
Less net earnings (loss) attributable to the noncontrolling interests	(502)	58	(410)	146
Net earnings (loss) attributable to Liberty stockholders	(2,500)	307	(2,002)	656
Braves Group
Revenue:
Total revenue		49		350
Operating expenses:
Other operating expense		38		274
Selling, general and administrative, including stock-based compensation		9		69
Impairment and acquisition costs				1
Depreciation and amortization		3		37
Total operating costs and expenses		50		381
Operating income (loss)		(1)		(31)
Other income (expense):
Interest expense		(3)		(21)
Share of earnings (losses) of affiliates, net		1		12
Realized and unrealized gains (losses) on financial instruments, net				3
Unrealized gains/( loss) on inter-group interests		(20)		(83)
Other, net		1		5
Total other income (expense)		(21)		(84)
Earnings (loss) from continuing operations before income taxes		(22)		(115)
Income tax benefit (expense)		1		6
Net earnings (loss) from continuing operations		(21)		(109)
Net earnings (loss)		(21)		(109)
Net earnings (loss) attributable to Liberty stockholders		(21)		(109)
Formula 1
Revenue:
Total revenue	848	887	2,251	1,992
Operating expenses:
Cost of services	554	615	1,472	1,340
Formula 1 \| Formula One Group
Revenue:
Total revenue	848	887	2,251	1,992
Operating expenses:
Cost of services	554	615	1,472	1,340
Other
Revenue:
Total revenue	63	49	235	350
Operating expenses:
Cost of services	41		161
Other \| Formula One Group
Revenue:
Total revenue	63		235
Operating expenses:
Cost of services	$ 41		$ 161
Other \| Braves Group
Revenue:
Total revenue		$ 49		$ 350

Financial Information for Tra_4

Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net earnings (loss)	$ (2,870)	$ 443	$ (2,118)	$ 798
Adjustments to reconcile net earnings to net cash provided by operating activities:
Net (earnings) loss from discontinued operations	3,002	(291)	2,412	(757)
Depreciation and amortization	88	89	263	291
Stock-based compensation			27	22
Share of (earnings) loss of affiliates, net	(116)	(143)	(175)	(228)
Unrealized (gains) losses on intergroup interests, net		4		68
Realized and unrealized (gains) losses on financial instruments, net	55	(39)	(11)	45
Deferred income tax expense (benefit)			44	24
Intergroup tax allocation			(98)	(137)
Intergroup tax (payments) receipts			131	90
Other, net			21	50
Increase (Decrease) in Operating Capital [Abstract]
Current and other assets			(71)	(166)
Payables and other liabilities			151	480
Net cash provided (used) by operating activities			576	580
Net Cash Provided by (Used in) Investing Activities [Abstract]
Investments in equity method affiliates and debt and equity securities			(10)	(173)
Cash proceeds from dispositions			107	111
Cash (paid) received for acquisitions, net of cash acquired			(205)
Capital expended for property and equipment, including internal-use software and website development			(52)	(343)
Other investing activities, net			(12)	(20)
Net cash provided (used) by investing activities			(172)	(425)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Borrowings of debt			644	1,165
Repayments of debt			(683)	(1,002)
Issuance of Series C Liberty Formula One common stock			939
Settlement of intergroup interests				(273)
Atlanta Braves Holdings, Inc. Split-Off				(188)
Other financing activities, net			43	22
Net cash provided (used) by financing activities			943	(276)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash			1
Net cash provided (used) by discontinued operations:
Cash provided (used) by operating activities			879	1,301
Cash provided (used) by investing activities			(709)	(565)
Cash provided (used) by financing activities			(485)	(771)
Net cash provided (used) by discontinued operations			(315)	(35)
Net increase (decrease) in cash, cash equivalents and restricted cash			1,033	(156)
Cash, cash equivalents and restricted cash at beginning of period			2,028	2,276
Cash, cash equivalents and restricted cash at end of period	3,061	2,120	3,061	2,120
Formula One Group
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net earnings (loss)	117	118	218	124
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	88	86	263	254
Stock-based compensation			24	14
Share of (earnings) loss of affiliates, net	1	(2)	6	1
Unrealized (gains) losses on intergroup interests, net		(16)		(15)
Realized and unrealized (gains) losses on financial instruments, net	(39)	(66)	(86)	(83)
Deferred income tax expense (benefit)			22	19
Intergroup tax allocation			(97)	(135)
Intergroup tax (payments) receipts			128	91
Other, net			25	6
Increase (Decrease) in Operating Capital [Abstract]
Current and other assets			(71)	(122)
Payables and other liabilities			155	400
Net cash provided (used) by operating activities			587	554
Net Cash Provided by (Used in) Investing Activities [Abstract]
Investments in equity method affiliates and debt and equity securities			(7)	(173)
Cash proceeds from dispositions				110
Cash (paid) received for acquisitions, net of cash acquired			(205)
Capital expended for property and equipment, including internal-use software and website development			(52)	(308)
Other investing activities, net			(13)	(20)
Net cash provided (used) by investing activities			(277)	(391)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Borrowings of debt			644
Repayments of debt			(671)	(64)
Issuance of Series C Liberty Formula One common stock			939
Settlement of intergroup interests				(273)
Reclassification				(100)
Other financing activities, net			42	11
Net cash provided (used) by financing activities			954	(426)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash			1
Net cash provided (used) by discontinued operations:
Net increase (decrease) in cash, cash equivalents and restricted cash			1,265	(263)
Cash, cash equivalents and restricted cash at beginning of period			1,408	1,733
Cash, cash equivalents and restricted cash at end of period	2,673	1,470	2,673	1,470
Liberty Live Group
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net earnings (loss)	15	(19)	76	(19)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Stock-based compensation			3	1
Share of (earnings) loss of affiliates, net	(117)	(90)	(181)	(90)
Realized and unrealized (gains) losses on financial instruments, net	94	72	75	72
Deferred income tax expense (benefit)			22	(4)
Intergroup tax allocation			(1)	(1)
Intergroup tax (payments) receipts			3
Other, net			(4)	34
Increase (Decrease) in Operating Capital [Abstract]
Current and other assets				(10)
Payables and other liabilities			(4)	14
Net cash provided (used) by operating activities			(11)	(3)
Net Cash Provided by (Used in) Investing Activities [Abstract]
Investments in equity method affiliates and debt and equity securities			(3)
Cash proceeds from dispositions			107	1
Other investing activities, net			1
Net cash provided (used) by investing activities			105	1
Net Cash Provided by (Used in) Financing Activities [Abstract]
Borrowings of debt				1,135
Repayments of debt			(12)	(918)
Reclassification				100
Other financing activities, net			1
Net cash provided (used) by financing activities			(11)	317
Net cash provided (used) by discontinued operations:
Net increase (decrease) in cash, cash equivalents and restricted cash			83	315
Cash, cash equivalents and restricted cash at beginning of period			305
Cash, cash equivalents and restricted cash at end of period	388	315	388	315
Liberty SiriusXM Group
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net earnings (loss)	(3,002)	365	(2,412)	802
Adjustments to reconcile net earnings to net cash provided by operating activities:
Net (earnings) loss from discontinued operations	$ 3,002	(291)	2,412	(757)
Share of (earnings) loss of affiliates, net		(50)		(127)
Realized and unrealized (gains) losses on financial instruments, net		(45)		59
Deferred income tax expense (benefit)				14
Intergroup tax allocation				(1)
Other, net				6
Increase (Decrease) in Operating Capital [Abstract]
Payables and other liabilities				1
Net cash provided (used) by operating activities				(3)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Other financing activities, net				3
Net cash provided (used) by financing activities				3
Net cash provided (used) by discontinued operations:
Cash provided (used) by operating activities			879	1,301
Cash provided (used) by investing activities			(709)	(565)
Cash provided (used) by financing activities			(485)	(771)
Net cash provided (used) by discontinued operations			(315)	(35)
Net increase (decrease) in cash, cash equivalents and restricted cash			(315)	(35)
Cash, cash equivalents and restricted cash at beginning of period			$ 315	370
Cash, cash equivalents and restricted cash at end of period		335		335
Braves Group
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net earnings (loss)		(21)		(109)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		3		37
Stock-based compensation				7
Share of (earnings) loss of affiliates, net		(1)		(12)
Unrealized (gains) losses on intergroup interests, net		$ 20		83
Realized and unrealized (gains) losses on financial instruments, net				(3)
Deferred income tax expense (benefit)				(5)
Intergroup tax (payments) receipts				(1)
Other, net				4
Increase (Decrease) in Operating Capital [Abstract]
Current and other assets				(34)
Payables and other liabilities				65
Net cash provided (used) by operating activities				32
Net Cash Provided by (Used in) Investing Activities [Abstract]
Capital expended for property and equipment, including internal-use software and website development				(35)
Net cash provided (used) by investing activities				(35)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Borrowings of debt				30
Repayments of debt				(20)
Atlanta Braves Holdings, Inc. Split-Off				(188)
Other financing activities, net				8
Net cash provided (used) by financing activities				(170)
Net cash provided (used) by discontinued operations:
Net increase (decrease) in cash, cash equivalents and restricted cash				(173)
Cash, cash equivalents and restricted cash at beginning of period				$ 173