Atlanta Braves (BATRA) S-1 8 Sep 23 IPO registration Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	S-1
Entity Registrant Name	Atlanta Braves Holdings, Inc.
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Central Index Key	0001958140
Amendment Flag	false

Condensed Combined Balance Shee

Condensed Combined Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 130,537	$ 150,664
Restricted cash	52,033	22,149
Accounts receivable and contract assets, net of allowance for credit losses	54,491	70,234
Other current assets	27,068	24,331
Total current assets	264,129	267,378
Property and equipment, at cost (note 3)	1,037,399	1,007,776
Accumulated depreciation	(298,542)	(277,979)
Property and equipment, net	738,857	729,797
Investments in affiliates, accounted for using the equity method (note 4)	98,890	94,564
Intangible assets not subject to amortization:
Goodwill	175,764	175,764
Franchise rights	123,703	123,703
Intangible assets, Total	299,467	299,467
Other assets, net	107,759	99,455
Total assets	1,509,102	1,490,661
Current liabilities:
Accounts payable and accrued liabilities	65,426	54,748
Deferred revenue and refundable tickets	142,010	104,996
Current portion of debt (note 5)	7,205	74,806
Other current liabilities	5,524	6,361
Total current liabilities	220,165	240,911
Long-term debt (note 5)	531,490	467,160
Redeemable intergroup interests	340,889	278,103
Finance lease liabilities	106,014	107,220
Deferred income tax liabilities	46,965	54,099
Pension liability	10,450	15,405
Other noncurrent liabilities	31,247	28,253
Total liabilities	1,287,220	1,191,151
Equity:
Parent's investment	730,620	732,350
Retained earnings (deficit)	(515,971)	(429,082)
Accumulated other comprehensive earnings (loss), net of taxes	(4,056)	(3,758)
Total parent's investment	210,593	299,510
Noncontrolling interests in equity of subsidiaries	11,289
Total equity	221,882	299,510
Total liabilities and equity	$ 1,509,102	$ 1,490,661

Condensed Combined Statements o

Condensed Combined Statements of Operations - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Revenue		$ 270,123	$ 250,325	$ 301,095	$ 271,855	$ 588,561	$ 563,717
Operating costs and expenses:
Selling, general and administrative, including stock-based compensation		33,443	32,995	59,993	55,019	105,512	97,104
Impairment of long-lived assets and other related costs		232		530		4,811
Depreciation and amortization		19,250	17,617	33,929	35,394	71,697	71,024
Total operating costs		250,656	222,764	330,885	290,534	619,142	544,474
Operating income (loss)		19,467	27,561	(29,790)	(18,679)	(30,581)	19,243
Other income (expense):
Interest expense		(9,448)	(6,402)	(18,360)	(12,529)	(29,582)	(24,471)
Share of earnings (losses) of affiliates, net (note 4)		11,462	15,022	10,659	12,143	28,927	31,008
Unrealized gains (losses) on intergroup interests		(49,409)	34,881	(62,786)	36,103	(35,154)	(30,766)
Realized and unrealized gains (losses) on financial instruments, net		3,840	1,659	3,079	6,460	13,067	2,849
Gains (losses) on dispositions, net (note 1)	$ 20,200	2,503	28	2,503	20,215	20,132	(606)
Other, net		813	143	1,654	168	1,674	(571)
Earnings (loss) before income taxes		(20,772)	72,892	(93,041)	43,881	(31,517)	(3,314)
Income tax benefit (expense)		(8,141)	(9,193)	6,152	(3,217)	(2,655)	(9,692)
Net earnings (loss)		$ (28,913)	63,699	$ (86,889)	40,664	$ (34,172)	(13,006)
Unaudited Pro Forma basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)		$ 0.33		$ (0.39)		$ 0.02
Baseball
Revenue:
Revenue		$ 254,935	236,918	$ 272,496	246,758	$ 534,984	522,397
Operating costs and expenses:
Operating costs		195,458	169,585	232,229	195,811	427,832	369,743
Mixed-Use Development
Revenue:
Revenue		15,188	13,407	28,599	25,097	53,577	41,320
Operating costs and expenses:
Operating costs		$ 2,273	$ 2,567	$ 4,204	$ 4,310	$ 8,674	$ 6,603

Condensed Combined Statements_2

Condensed Combined Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Condensed Combined Statements of Comprehensive Earnings (Loss)
Net Income (Loss)	$ (28,913)	$ 63,699	$ (86,889)	$ 40,664	$ (34,172)	$ (13,006)
Other comprehensive earnings (loss), net of tax:
Unrealized holdings gains (losses) arising during the period	(190)	(2)	(190)	(2)	13,965	3,988
Share of other comprehensive earnings (loss) of affiliates	(108)		(108)		1,186	(393)
Other comprehensive earnings (loss), net of tax	(298)	(2)	(298)	(2)	15,151	3,595
Comprehensive earnings (loss)	$ (29,211)	$ 63,697	$ (87,187)	$ 40,662	$ (19,021)	$ (9,411)

Condensed Combined Statements_3

Condensed Combined Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net earnings (loss)	$ (86,889)	$ 40,664	$ (34,172)	$ (13,006)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	33,929	35,394	71,697	71,024
Stock-based compensation	6,344	6,126	12,233	12,358
Share of (earnings) losses of affiliates, net	(10,659)	(12,143)	(28,927)	(31,008)
Unrealized (gains) losses on intergroup interests, net	62,786	(36,103)	35,154	30,766
Realized and unrealized (gains) losses on financial instruments, net	(3,079)	(6,460)	(13,067)	(2,849)
(Gains) losses on dispositions, net	(2,503)	(20,215)	(20,132)	606
Deferred income tax expense (benefit)	(7,014)	(9,454)	(10,413)	9,283
Noncash interest expense			2,014	3,123
Cash receipts from returns on equity method investments	6,225	7,550	21,700	13,724
Other charges (credits), net	949	1,687	315	61
Net change in operating assets and liabilities:
Current and other assets	(14,338)	21,184
Current and other assets			9,912	(40,619)
Payables and other liabilities	50,141	69,798	2,224	23,842
Net cash provided by (used in) operating activities	35,892	98,028	53,349	77,305
Cash flows from investing activities:
Capital expended for property and equipment	(29,700)	(7,638)	(17,669)	(35,356)
Cash proceeds from dispositions		47,175	48,008
Investments in equity method affiliates and equity securities		(5,273)
Other investing activities, net	110		(5,273)	(135)
Proceeds from insurance recoveries				1,633
Net cash provided by (used in) investing activities	(29,590)	34,264	52,566	(33,858)
Cash flows from financing activities:
Borrowings of debt	15,815	39,753	154,753	117,384
Repayments of debt	(18,893)	(138,113)	(309,612)	(93,336)
Contributions from noncontrolling interest	11,289
Issuance of Liberty Braves stock upon exercise of stock options			693	5,661
Payments on deferred obligations to players and other baseball personnel			(328)	(8,000)
Other financing activities, net	(4,756)	(6,074)	(8,893)	(6,303)
Net cash provided by (used in) financing activities	3,455	(104,434)	(177,215)	15,406
Net increase (decrease) in cash, cash equivalents and restricted cash	9,757	27,858	(71,300)	58,853
Cash, cash equivalents and restricted cash at beginning of period	172,813	244,113	244,113	185,260
Cash, cash equivalents and restricted cash at end of period	182,570	271,971	172,813	244,113
Supplemental disclosure to the condensed combined statements of cash flows:
Property and equipment expenditures incurred but not yet paid	$ 15,300	$ 9,972	$ 9,830	$ 14,403

Condensed Combined Statements_4

Condensed Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Combined Statements of Cash Flows
Cash and cash equivalents	$ 130,537	$ 150,664		$ 142,281
Restricted cash	52,033	22,149		87,858
Restricted cash included in other assets, net				13,974
Total cash, cash equivalents and restricted cash at end of period	$ 182,570	$ 172,813	$ 271,971	$ 244,113	$ 185,260

Condensed Combined Statements_5

Condensed Combined Statements of Equity - USD ($) $ in Thousands	Parent's investment	Retained earnings (deficit)	Accumulated other comprehensive earnings (loss)	Noncontrolling interest in equity of subsidiaries	Total
Beginning Balance at Dec. 31, 2020	$ 702,442	$ (381,920)	$ (22,504)		$ 298,018
Net Income (Loss)		(13,006)			(13,006)
Other comprehensive earnings (loss)			3,595		3,595
Stock-based compensation	12,358				12,358
Withholding taxes on net share settlements of stock-based compensation	(372)				(372)
Issuance of Liberty Braves common stock upon exercise of stock options	5,661				5,661
Other	(66)	35			(31)
Ending Balance at Dec. 31, 2021	720,023	(394,891)	(18,909)		306,223
Net Income (Loss)		40,664			40,664
Other comprehensive earnings (loss)			(2)		(2)
Stock-based compensation	6,126				6,126
Other	151	(18)			133
Ending Balance at Jun. 30, 2022	726,300	(354,245)	(18,911)		353,144
Beginning Balance at Dec. 31, 2021	720,023	(394,891)	(18,909)		306,223
Net Income (Loss)		(34,172)			(34,172)
Other comprehensive earnings (loss)			15,151		15,151
Stock-based compensation	12,233				12,233
Withholding taxes on net share settlements of stock-based compensation	(600)				(600)
Issuance of Liberty Braves common stock upon exercise of stock options	693				693
Other	1	(19)			(18)
Ending Balance at Dec. 31, 2022	732,350	(429,082)	(3,758)		299,510
Beginning Balance at Mar. 31, 2022	723,157	(417,944)	(18,909)		286,304
Net Income (Loss)		63,699			63,699
Other comprehensive earnings (loss)			(2)		(2)
Stock-based compensation	3,063				3,063
Other	80				80
Ending Balance at Jun. 30, 2022	726,300	(354,245)	(18,911)		353,144
Beginning Balance at Dec. 31, 2022	732,350	(429,082)	(3,758)		299,510
Net Income (Loss)		(86,889)			(86,889)
Other comprehensive earnings (loss)			(298)		(298)
Stock-based compensation	6,294				6,294
Tax sharing adjustment with Parent	(7,354)				(7,354)
Contribution from noncontrolling interest				$ 11,289	11,289
Other	(670)				(670)
Ending Balance at Jun. 30, 2023	730,620	(515,971)	(4,056)	11,289	221,882
Beginning Balance at Mar. 31, 2023	727,287	(487,058)	(3,758)	6,645	243,116
Net Income (Loss)		(28,913)			(28,913)
Other comprehensive earnings (loss)			(298)		(298)
Stock-based compensation	3,153				3,153
Contribution from noncontrolling interest				4,644	4,644
Other	180				180
Ending Balance at Jun. 30, 2023	$ 730,620	$ (515,971)	$ (4,056)	$ 11,289	$ 221,882

Basis of Presentation

Basis of Presentation	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Basis of Presentation
Basis of Presentation	(1) During November 2022, the board of directors of Liberty Media Corporation (“Liberty” or “Parent”) authorized Liberty management to pursue a plan to redeem each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) is comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (“Braves Group”), which, as of June 30, 2023, included Liberty’s wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”), corporate cash and intergroup interests in the Braves Group held by the Liberty Formula One Group (the “Formula One Group”) and the Liberty SiriusXM Group. The Split-Off was completed on July 18, 2023 and was intended to be tax-free to holders of Liberty Braves common stock. The intergroup interests in the Braves Group remaining immediately prior to the Split-Off were settled and extinguished in connection with the Split-Off through the attribution, to the respective tracking stock group, of Atlanta Braves Holdings Series C common stock on a one-for-one basis equal to the number of notional shares representing the intergroup interest. The intergroup interests represented quasi-equity interests which were not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group had attributed interests in the Braves Group, which were generally stated in terms of a number of shares of Liberty Braves common stock. Historically, Liberty assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock and that the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock were used for the mark-to-market adjustment for the intergroup interests held by the Formula One Group and the Liberty SiriusXM Group, respectively, through the condensed combined statements of operations. During the second quarter of 2023, Liberty determined that, in connection with the Split-Off, shares of Atlanta Braves Holdings Series C common stock would be used to settle and extinguish the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group. Accordingly, as of June 30, 2023, the market price of Series C Liberty Braves common stock was used for the mark-to market adjustment for the intergroup interest held by the Liberty SiriusXM Group. As of June 30, 2023, 6,792,903 notional shares represented an 11.0% intergroup interest in the Braves Group held by the Formula One Group and 1,811,066 notional shares represented a 2.9% intergroup interest in the Braves Group held by the Liberty SiriusXM Group. The accompanying condensed combined financial statements The accompanying (a) condensed combined balance sheet as of December 31, 2022, which has been derived from audited combined financial statements, and (b) the interim unaudited condensed combined financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information 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 combined financial statements should be read in conjunction with the combined financial statements and notes thereto for the year ended December 31, 2022 as presented in Amendment No. 5 to the Registration Statement on Form S-4 (File No. 333-268922) filed on June 8, 2023. The preparation of condensed combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed combined 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 measurements of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates. Description of Business Braves Holdings indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”). In addition, Braves Holdings indirectly owned and operated three Professional Development League clubs (the Gwinnett Stripers, Mississippi Braves and Rome Braves) until they were sold in January 2022. ANLBC’s ballpark (“Truist Park” or the “Stadium”), is located in Cobb County, a suburb of Atlanta, and is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority. Braves Holdings, through affiliated entities and third party development partners, has developed a significant portion of the land around Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”). The Braves and 29 other Major League baseball clubs are collectively referred to as the Clubs. The Office of the Commissioner of Baseball (the “BOC”) is an unincorporated association also doing business as Major League Baseball (“MLB”) and has as its members the Clubs. The Clubs are bound by the terms and provisions of the Major League Constitution and all rules and regulations promulgated thereunder as well as a series of other agreements and arrangements that govern the operation and management of a Club, which among other things, require each Club to comply with limitations on the amount of debt a Club can incur, revenue sharing arrangements with the other Clubs, commercial arrangements with regard to the national broadcasting of its games and other programming and commercial arrangements relating to the use of its intellectual property. In January 2022, Braves Holdings sold the three Professional Development League clubs to a third party and recognized a gain of approximately $20.2 million, which was allocated entirely to the baseball reportable segment. Each of the three clubs will remain affiliated with Braves Holdings via player development license agreements with MLB Professional Development Leagues, LLC. Additionally, Braves Holdings granted an exclusive, royalty free, sub-licensable, and irrevocable license to use various tradenames and logos. The license fee is included within the total purchase price of approximately $49.4 million. Split-Off of Atlanta Braves Holdings from Liberty A portion of Liberty’s general and administrative expenses, including legal, tax, accounting, treasury and investor relations support was allocated to the Braves Group each reporting period based on an estimate of time spent. The Braves Group paid $2.6 million and $1.4 million during the three months ended June 30, 2023 and 2022, respectively, and $4.5 million and $2.5 million during the six months ended June 30, 2023 and 2022, respectively, for such expenses. Following the Split-Off, Liberty and Atlanta Braves Holdings operate as separate, publicly traded companies and Liberty owns 1,811,066 shares of Atlanta Braves Holdings Series C common stock. Within one year following the Split-Off, Liberty intends to either exchange the shares of Atlanta Braves Holdings Series C common stock with one or more third party lenders to satisfy certain of Liberty’s debt obligations or dispose of such shares in one or more public or private sale transactions. Following the exchange or disposal of such shares, neither Liberty or Atlanta Braves Holdings is expected to have any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty and Atlanta Braves Holdings entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement. The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Atlanta Braves Holdings and Liberty with respect to and resulting from the Split-Off. The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and Atlanta Braves Holdings and other agreements related to tax matters. Pursuant to the services agreement, Liberty provides Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury and investor relations support. Atlanta Braves Holdings will reimburse Liberty for direct, out-of-pocket expenses and will pay a services fee to Liberty under the services agreement that is subject to adjustment quarterly, as necessary. Under the facilities sharing agreement, Atlanta Braves Holdings shares office space with Liberty and related amenities at Liberty’s corporate headquarters. The aircraft time sharing agreements provide for Liberty to lease certain aircraft that it or its subsidiaries own to Atlanta Braves Holdings for use on a periodic, non-exclusive time sharing basis. Pursuant to the registration rights agreement with Liberty, upon request of Liberty, Atlanta Braves Holdings will use reasonable best efforts to effect the registration of shares of Atlanta Braves Holdings’ Series C common stock that were issued to Liberty in settlement and extinguishment of the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group. Seasonality Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.	(1) During November 2022, the board of directors of Liberty Media Corporation (“Liberty Media” or “Parent”) authorized Liberty Media management to pursue a plan to redeem each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) will be comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (“Braves Group”), which, as of December 31, 2022, include Liberty Media’s wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”), corporate cash and intergroup interests in the Braves Group held by the Liberty Formula One Group (the “Formula One Group”) and the Liberty SiriusXM Group. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock. Liberty Media has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the combined statements of operations. In September 2022, the Braves Group paid the Liberty SiriusXM Group approximately $13.8 million of cash, resulting in a partial settlement of the intergroup interest in the Braves Group held by the Liberty SiriusXM Group. As of December 31, 2022, 6,792,903 notional shares represent an 11.0% intergroup interest in the Braves Group held by the Formula One Group and 1,811,066 notional shares represent a 2.9% intergroup interest in the Braves Group held by the Liberty SiriusXM Group. The intergroup interests remaining immediately prior to the Split-Off are expected to be settled in connection with the Split-Off through the transfer of Atlanta Braves Holdings’ securities to the respective tracking stock group. The Split-Off is intended to be tax-free to holders of Liberty Braves common stock and the completion of the Split-Off will be subject to various conditions, including the receipt of an opinion of tax counsel. The accompanying combined financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and represent a combination of the historical financial information of the Braves Group. These combined financial statements refer to the combination of Braves Holdings, the aforementioned intergroup interests in the Braves Group and cash as "Atlanta Braves Holdings," "the Company," "us," "we" and "our" in the notes to the combined financial statements. The Split-Off will be accounted for at historical cost due to the pro rata nature of the distribution to holders of Liberty Braves common stock. All significant intercompany accounts and transactions have been eliminated in the combined financial statements. Description of Business Braves Holdings indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”). In addition, Braves Holdings indirectly owned and operated three Professional Development League clubs (the Gwinnett Stripers, Mississippi Braves and Rome Braves) until they were sold in January 2022. ANLBC’s ballpark (“Truist Park” or the “Stadium”), is located in Cobb County, a suburb of Atlanta, and is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority. Braves Holdings, through affiliated entities and third party development partners, has developed a significant portion of the land around Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”). The Braves and 29 other Major League baseball clubs are collectively referred to as the Clubs. The Office of the Commissioner of Baseball (the “BOC”) is an unincorporated association also doing business as Major League Baseball (“MLB”) and has as its members the Clubs. The Clubs are bound by the terms and provisions of the Major League Constitution and all rules and regulations promulgated thereunder as well as a series of other agreements and arrangements that govern the operation and management of a Club, which among other things, require each Club to comply with limitations on the amount of debt a Club can incur, revenue sharing arrangements with the other Clubs, commercial arrangements with regard to the national broadcasting of its games and other programming and commercial arrangements relating to the use of its intellectual property. Split-Off of Atlanta Braves Holdings from Liberty Media A portion of Liberty Media’s general and administrative expenses, including legal, tax, accounting, treasury and investor relations support is allocated to the Braves Group each reporting period based on an estimate of time spent. The Braves Group paid $9.0 million and $5.2 million during the years ended December 31, 2022 and 2021, respectively, for such expenses. Following the Split-Off and the completion of certain other related transactions, Liberty Media and Atlanta Braves Holdings will operate as separate, publicly traded companies, and neither is expected to have any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty Media and Atlanta Braves Holdings will enter into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement. The reorganization agreement will provide for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Atlanta Braves Holdings and Liberty Media with respect to and resulting from the Split-Off. The tax sharing agreement will provide for the allocation and indemnification of tax liabilities and benefits between Liberty Media and Atlanta Braves Holdings and other agreements related to tax matters. Pursuant to the services agreement, Liberty Media will provide Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury and investor relations support. Atlanta Braves Holdings will reimburse Liberty Media for direct, out-of-pocket expenses, and will pay a services fee to Liberty Media under the services agreement that is subject to quarterly adjustments, as necessary. Under the facilities sharing agreement, Atlanta Braves Holdings will share office space with Liberty Media and related amenities at Liberty Media’s corporate headquarters. The aircraft time sharing agreements will provide for Liberty Media to lease certain aircraft that it or its subsidiaries own to Atlanta Braves Holdings for use on a periodic, non-exclusive time sharing basis. Pursuant to the registration rights agreement with Liberty Media, upon request of Liberty Media, Atlanta Braves Holdings will use reasonable best efforts to effect the registration of shares of Atlanta Braves Holdings’ Series A common stock that may be issued to Liberty Media in settlement and extinguishment of the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group.

Pro Forma Earnings (Loss) per s

Pro Forma Earnings (Loss) per share	12 Months Ended
	Dec. 31, 2023
Pro Forma Earnings (Loss) per share
Pro Forma Earnings (Loss) per share	(2) Unaudited pro forma earnings (loss) per common share is computed by dividing net earnings (loss), excluding any unrealized gains (losses) on intergroup interests, as detailed in the table below, by 61.7 million common shares, which is the aggregate number of shares of Series A, Series B and Series C common stock that were issued on July 18, 2023 in connection with the Split-Off. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ June 30, 2023 June 30, 2023 ​ ​ amounts in thousands Net earnings (loss) ​ $ (28,913) (86,889) Less: Unrealized gains (losses) on intergroup interests ​ (49,409) (62,786) Unaudited pro forma net earnings (loss) ​ $ 20,496 (24,103) ​

Property and Equipment

Property and Equipment	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Property and Equipment
Property and Equipment	(3) Property and Equipment Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ Estimated ​ ​ ​ ​ assets ​ ​ ​ ​ ​ assets ​ ​ ​ ​ Useful ​ Owned ​ available to ​ ​ ​ Owned ​ available to ​ ​ ​ Life assets be leased Total assets be leased Total ​ ​ in years ​ amounts in thousands Land NA ​ $ 19,643 ​ 21,831 41,474 19,643 ​ 21,831 41,474 Buildings and improvements 15 – 39 ​ 281,450 ​ 355,244 636,694 282,314 ​ 354,959 637,273 Leasehold improvements 15 – 39 ​ 75,860 ​ 62,062 137,922 72,455 ​ 61,876 134,331 Furniture and equipment 5 – 7 ​ 178,063 ​ 8,243 186,306 176,227 ​ 8,061 184,288 Construction in progress NA ​ 292 ​ 34,711 35,003 886 ​ 9,524 10,410 Property and equipment, at cost ​ ​ ​ $ 555,308 482,091 1,037,399 551,525 456,251 1,007,776 ​ Depreciation expense was $13.3 million and $13.8 million for the three months ended June 30, 2023 and 2022, respectively, and $26.8 million and $28.7 million for the six months ended June 30, 2023 and 2022, respectively.	(3) Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ Estimated ​ ​ ​ ​ Owned ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ Useful ​ ​ ​ ​ assets ​ ​ ​ ​ ​ assets ​ ​ ​ ​ Life ​ Owned ​ available to ​ ​ ​ Owned ​ available to ​ ​ ​ in years assets be leased Total assets be leased Total ​ ​ ​ ​ amounts in thousands Land NA ​ $ 19,643 ​ 21,831 41,474 19,643 21,831 41,474 Buildings and improvements 15 – 39 ​ 282,314 ​ 354,959 637,273 283,781 353,507 637,288 Leasehold improvements 15 – 39 ​ 72,455 ​ 61,876 134,331 69,854 59,492 129,346 Furniture and equipment 5 – 7 ​ 176,227 ​ 8,061 184,288 174,483 7,469 181,952 Construction in progress NA ​ 886 ​ 9,524 10,410 3,774 4,605 8,379 Property and equipment, at cost ​ ​ ​ $ 551,525 456,251 1,007,776 551,535 446,904 998,439 ​ Included within property and equipment is capitalized interest of $18.2 million as of December 31, 2022 and 2021. Capitalized interest is recorded as part of an asset’s cost and depreciated over the asset’s useful life. Depreciation expense for the years ended December 31, 2022 and 2021 was $55.7 million and $56.8 million, respectively. During the year ended December 31, 2022, the Company recognized approximately $4.8 million of property and equipment impairment losses, allocated entirely to the baseball reportable segment, as a result of hurricane damage at the Braves’ spring training facility located in North Port, Florida.

Investments in Affiliates Accou

Investments in Affiliates Accounted for Using the Equity Method	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Investments in Affiliates Accounted for Using the Equity Method
Investments in Affiliates Accounted for Using the Equity Method	(4) The following table includes the Company’s carrying amount and percentage ownership of its investments in affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ Percentage ​ Carrying ​ Carrying ​ Ownership amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 50,453 ​ 45,102 BELP ​ 3.3 % 33,935 ​ 33,224 Other ​ 50.0 % 14,502 ​ 16,238 Total ​ ​ ​ $ 98,890 ​ 94,564 ​ The following table presents the Company’s share of earnings (losses) of affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ MLBAM ​ $ 10,577 13,103 ​ $ 9,334 ​ 10,585 ​ BELP ​ 514 865 ​ 711 ​ (461) ​ Other ​ 371 1,054 ​ 614 ​ 2,019 ​ Total ​ $ 11,462 15,022 ​ $ 10,659 12,143 ​ ​ MLBAM MLB Advanced Media, L.P. (“MLBAM”) was formed in January 2000 pursuant to a vote of the 30 owners of the Clubs, whereby each Club agreed to cede substantially all of its individual Club internet and interactive media rights to MLBAM for an indirect 3.33% interest in MLBAM. The Company’s investment in MLBAM is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. At the time of the acquisition of ANLBC by a predecessor of Liberty in 2007, the fair value of the MLBAM investment exceeded ANLBC’s proportionate share of MLBAM’s net assets, resulting in excess basis in the investment in MLBAM. The excess basis as of June 30, 2023 and December 31, 2022 was indefinite lived and aggregated approximately $10.3 million. BELP Baseball Endowment L.P. (“BELP”) is an investment fund formed by the Clubs principally for the purpose of investing, on a long-term basis, assets on their behalf intended to provide a competitive market rate investment return while minimizing investment volatility. The Company’s investment in BELP is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. The Company records its share of BELP’s earnings (losses) on a one month lag. Other Affiliates Braves Holdings has 50% interests in two joint ventures that were formed to develop, own and operate hotels in the Mixed-Use Development. The equity method of accounting is applied to these investments as Braves Holdings does not have the ability to direct the most significant activities that impact their economic performance. In addition, Braves Holdings records its share of the earnings (losses) of these investments on a three month lag.	(4) The following table includes the Company’s carrying amount and percentage ownership of its investments in affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Percentage ​ ​ Carrying ​ Carrying ​ Ownership ​ amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 45,102 ​ 58,613 BELP ​ 3.3 % 33,224 ​ 35,502 Other ​ 50.0 % 16,238 ​ 18,846 Total ​ ​ ​ $ 94,564 ​ 112,961 ​ The following table presents the Company’s share of earnings (losses) of affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands MLBAM ​ $ 24,386 23,230 BELP ​ (1,928) 6,779 Other ​ 6,469 999 Total ​ $ 28,927 31,008 ​ MLBAM MLB Advanced Media, L.P. (“MLBAM”) was formed in January 2000 pursuant to a vote of the 30 owners of the Clubs, whereby each Club agreed to cede substantially all of its individual Club internet and interactive media rights to MLBAM for an indirect 3.33% interest in MLBAM. The Company’s investment in MLBAM is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. At the time of the acquisition of ANLBC by a predecessor of Liberty Media in 2007, the fair value of the MLBAM investment exceeded ANLBC’s proportionate share of MLBAM’s net assets, resulting in excess basis in the investment in MLBAM. The excess basis as of December 31, 2022 and 2021 was indefinite lived and aggregated approximately $10.3 million. BELP Baseball Endowment L.P. (“BELP”) is an investment fund formed by the Clubs principally for the purpose of investing, on a long-term basis, assets on their behalf intended to provide a competitive market rate investment return while minimizing investment volatility. The Company’s investment in BELP is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. The Company records its share of BELP’s earnings (losses) on a one month lag. The investments held by BELP are recorded at fair value. Investments in open-end mutual funds are valued at such fund’s closing net asset value per share on the date of valuation. The investments in investment funds represent BELP’s proportionate share of the investment funds’ partners’ capital, or net asset value, as reported by the underlying investment fund managers. The net asset values (NAV), or their equivalents were used, as a practical expedient under GAAP, in determining the fair values of these investments. Investments in common stock and exchange-traded funds, which are traded on a securities exchange, are generally valued at the last reported sales price on the day of valuation. Investments in fixed-income securities are valued at quoted prices provided by independent pricing vendors. In the absence of readily determinable market prices or in the absence of a formal securities exchange, investments are valued at their fair value as determined by management. If a readily determinable market price or a formal securities exchange was available, these fair values could be materially different. In determining the fair value of such an investment, BELP management considers recent transactions in the investment, if available, and the investment prospects for the future, which include an analysis of the financial condition, cash flows and capital structure of the investment. As required by GAAP, investments are classified within the level of the lowest significant input considered in determining fair value. In evaluating the level at which BELP’s investments have been classified, BELP management has assessed factors, including, but not limited to, price transparency, and the existence or absence of certain restrictions at the measurement date. BELP management generally classifies investments in exchange-traded equities, mutual funds, and exchange-traded funds as Level 1 investments and fixed-income securities as Level 2 investments, and classifies other investments without a readily determinable market price as Level 3 investments. Historically, BELP management has maintained less than 5% of the underlying investments in Level 3. Other Affiliates Braves Holdings has 50% interests in two joint ventures that were formed to develop, own and operate hotels in the Mixed-Use Development. The equity method of accounting is applied to these investments as Braves Holdings does not have the ability to direct the most significant activities that impact their economic performance. In addition, Braves Holdings records its share of the earnings (losses) of these investments on a three month lag. Summary Financial Information In accordance with the Securities and Exchange Commission (“SEC”) rules, we must determine which, if any, of our equity method investments is a "significant subsidiary." The rules mandate the use of three different tests to determine if any of our equity securities are significant subsidiaries: the investment test, the asset test and the income test. The table below provides the summarized financial information Balance Sheets ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Current assets ​ $ 812,884 ​ 758,942 Noncurrent assets ​ $ 2,237,854 ​ 2,475,250 Current liabilities ​ $ 401,562 ​ 469,311 Noncurrent liabilities ​ $ 626,474 ​ 254,374 Equity ​ $ 2,022,702 ​ 2,510,507 ​ Statements of Operations ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Revenue ​ $ 1,334,785 ​ 1,229,751 Earnings (loss) before income taxes ​ $ 729,472 ​ 862,076 Net earnings (loss) ​ $ 722,292 ​ 856,198 ​ ​ ​ ​ ​ ​ ​ As disclosed above, the Company records its share of the earnings (losses) of BELP and the other two joint ventures in which it holds a 50% interest on a lag. The aggregated amounts in the tables above include financial information for these affiliates based on the applicable lag.

Debt

Debt	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt
Debt	(5) Debt is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball ​ ​ ​ ​ ​ ​ League wide credit facility ​ $ — — ​ MLB facility fund – term ​ 30,000 30,000 ​ MLB facility fund – revolver ​ 43,125 43,700 ​ TeamCo revolver ​ — — ​ Term debt ​ ​ 168,561 ​ 171,694 ​ Mixed-Use Development ​ ​ ​ ​ ​ ​ Credit facilities ​ 35,058 103,163 ​ Term debt ​ 266,069 197,334 ​ Deferred financing costs ​ (4,118) (3,925) ​ Total debt ​ 538,695 541,966 ​ Debt classified as current ​ (7,205) (74,806) ​ Total long-term debt ​ $ 531,490 467,160 ​ ​ League Wide Credit Facility In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLB’s League Wide Credit Facility (the “LWCF”). Braves Holdings also established a special purpose Delaware statutory trust, the Braves Club Trust (the “Club Trust”), and transferred, among other things, to the Club Trust its rights to receive distributions of revenue from the National Broadcasting Contracts, which secure borrowings under the LWCF. Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs. Major League Baseball Trust has granted Wells Fargo Bank, National Association, the collateral agent in respect of the LWCF, a first priority lien to secure the borrowings under the LWCF. The maximum amount available to the Club Trust under the LWCF was $125 million as of June 30, 2023. The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2026. Under the LWCF, the Club Trust can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by the Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.20% to 1.325%, based on the credit rating of Major League Baseball Trust. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime, and (z) LIBOR plus 1.00%, plus a margin of 0.200% to 0.325%, based on the credit rating of Major League Baseball Trust. Beginning in May 2022, interest based on LIBOR under the LWCF was replaced with interest based on the Secured Overnight Financing Rate (“SOFR”) plus 0.1%. MLB Facility Fund In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Braves Holdings also established a special purpose Delaware limited liability company, Braves Facility Fund LLC (“Braves Facility Fund”), and transferred to Braves Facility Fund its rights to receive distributions from the Club Trust, which secure borrowings under the MLBFF. Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations and/or new construction. Term In June 2020, Braves Facility Fund converted previous borrowings under a revolving credit advance to a $30 million term note with Major League Baseball Facility Fund, LLC (the “MLB facility fund — term”). Interest is payable on June 10 and December 10 of each year at an annual rate of 3.65%. In each of December 2029 and 2030 Revolver In May 2021, Braves Facility Fund established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund — revolver”). The maximum amount available to Braves Facility Fund under the MLB facility fund — revolver was $43.1 million as of June 30, 2023. The commitment termination date, which is the repayment date for all amounts borrowed under the revolving credit facility of the MLBFF, is July 10, 2026. Under a credit agreement, Braves Facility Fund can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.275% to 1.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime rate, and (z) LIBOR plus 1.00%, plus a margin of 0.275% to 0.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. Beginning in May 2022, interest based on LIBOR under the MLB facility fund — revolver was replaced with interest based on the SOFR plus 0.1%. Borrowings outstanding under the MLB facility fund — revolver bore interest at a rate of 6.52% per annum as of June 30, 2023. TeamCo Revolver In September 2016, a subsidiary of Braves Holdings amended a Revolving Credit Agreement (the “TeamCo Revolver”) that provided for revolving commitments of $85 million. Under the agreement, Braves Holdings can request a revolving credit loan in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Base Rate loan was the greater of (x) the prevailing Prime rate, (y) the prevailing Federal Funds rate plus 0.50%, and (z) LIBOR plus 1.00%, plus a margin of 0.25%. In August 2022, the TeamCo Revolver was amended, increasing the borrowing capacity to $150 million, extending the maturity to August 2029 and replacing the Eurodollar interest rate with SOFR. Under the TeamCo Revolver, Braves Holdings must maintain certain financial covenants, including a fixed-charge coverage ratio and total enterprise indebtedness. Baseball Term Debt In August 2016, a subsidiary of Braves Holdings entered into a senior secured permanent placement Note Purchase Agreement for $200 million. The notes bear interest at 3.77% per annum and are scheduled to mature in September 2041. Braves Holdings makes principal and interest payments of $6.4 million each March 30 and September 30. At June 30, 2023, Braves Holdings had borrowings of $167.1 million under the Note Purchase Agreement, net of unamortized debt issuance costs of $1.5 million. Additionally, Braves Holdings must maintain certain financial covenants including debt service coverage ratios. Mixed-Use Development Credit Facilities In August 2016, a subsidiary of Braves Holdings entered into a $37.5 million construction loan agreement that matures in November 2024. The proceeds were primarily used to pay the construction costs of an entertainment building adjacent to the Stadium, as well as assist with phase II construction of the Mixed-Use Development. Interest accrues monthly at 4% per annum. Beginning December 15, 2020 and on each month thereafter, Braves Holdings makes principal and interest payments of $179 thousand. At June 30, 2023, Braves Holdings had borrowings outstanding of $35.0 million. Under the construction loan, Braves Holdings must maintain certain financial covenants, including a debt yield ratio. In December 2022, a subsidiary of Braves Holdings entered into a $112 million construction loan agreement that has an initial maturity date of December 2026. The proceeds of the construction loan agreement will be used to pay the construction costs of an office building adjacent to the Stadium. Loans under the construction loan bear interest at SOFR plus 2.00% per annum (subject to a reduction to 1.80% per annum if certain conditions are met). As of June 30, 2023, there were no borrowings outstanding under the construction loan. Mixed-Use Development Term Debt In May 2018, a subsidiary of Braves Holdings refinanced a construction loan with a $95 million Term Loan Agreement. The Term Loan Agreement bears interest at one-month LIBOR plus 1.35% per annum and is scheduled to mature on May 18, 2025. The full principal amount will be due at maturity. At June 30, 2023, Braves Holdings had borrowings of $94.9 million under the Term Loan Agreement, net of unamortized debt issuance costs of $0.1 million. In April 2023, the Term Loan Agreement was amended to change the reference rate on borrowings to the SOFR. In June 2022, subsidiaries of Braves Holdings refinanced a construction loan agreement that was used to construct an office building within the Mixed-Use Development with a new term loan facility with $125 million in commitments, approximately $22.7 million of which is not available for borrowing as of June 30, 2023, but is expected to be available once certain conditions are met. The term loan agreement bears interest at one-month SOFR plus 2.10% per annum and is scheduled to mature on June 13, 2027. Borrowings outstanding under the term loan bore interest at a rate of 7.24% as of June 30, 2023. Approximately $2 million of annual principal payments commence in July 2024. At June 30, 2023, Braves Holdings had borrowings outstanding of $101.4 million under the term loan facility, net of unamortized debt issuance costs of $0.9 million. In May 2023, a subsidiary of Braves Holdings refinanced an $80 million construction loan agreement that was used to construct the retail portion of the Mixed-Use Development with a new term loan with $80 million in commitments, approximately $11.3 million of which is not available for borrowing as of June 30, 2023, but is expected to be available once certain conditions are met. The term loan agreement bears interest at daily simple SOFR plus 2.50% per annum and is scheduled to mature on May 18, 2028. Monthly principal payments commence in June 2026. At June 30, 2023, Braves Holdings had borrowings outstanding of $68.1 million, net of unamortized debt issuance costs of $0.6 million. Fair Value of Debt Due to the variable rate nature of the LWCF, MLB facility fund — revolver, TeamCo Revolver and the Mixed-Use Development term debt, the Company believes that the carrying amount of such debt approximates fair value at June 30, 2023. Debt Covenants As of June 30, 2023, Braves Holdings was in compliance with all financial debt covenants. Interest Rate Swaps (Level 2) In May 2018, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $95 million, maturing on May 5, 2025. As of June 30, 2023 and December 31, 2022, the fair value of the interest rate swap was $3.6 million and $3.4 million, respectively. In August 2019, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million, maturing on March 8, 2023. Effective April 1, 2020, the notional amount began at $25 million and increased over time to $100 million as of August 1, 2020. As of December 31, 2022, the fair value of the interest rate swap was $855 thousand. In May 2022, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million maturing on June 1, 2025. The interest rate swap became effective in March 2023. As of June 30, 2023 and December 31, 2022, the fair value of the interest rate swap was $3.8 million and $2.9 million, respectively. In June 2023, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $64 million maturing on May 18, 2028. The interest rate swap became effective in June 2023. As of June 30, 2023, the fair value of the interest rate swap was $0.6 million. Interest rate swaps are included within other assets as of June 30, 2023 and other current assets and other assets as of December 31, 2022 in the condensed combined balance sheets and changes in the fair value of the interest rate swaps are recorded to realized and unrealized gains (losses) on financial instruments, net in the condensed combined statements of operations.	(5) Debt is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Baseball ​ ​ ​ ​ ​ League wide credit facility ​ $ — 100,000 MLB facility fund – term ​ 30,000 30,000 MLB facility fund – revolver ​ 43,700 46,000 TeamCo revolver ​ — 20,000 Term debt ​ ​ 171,694 ​ 233,286 Mixed-Use Development ​ ​ ​ ​ ​ Credit facilities ​ 103,163 175,618 Term debt ​ 197,334 95,000 Deferred financing costs ​ (3,925) (3,201) Total debt ​ 541,966 696,703 Debt classified as current ​ (74,806) (11,685) Total long-term debt ​ $ 467,160 685,018 ​ League Wide Credit Facility In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLB’s League Wide Credit Facility (the “LWCF”). Braves Holdings also established a special purpose Delaware statutory trust, the Braves Club Trust (the “Club Trust”), and transferred, among other things, to the Club Trust its rights to receive distributions of revenue from the National Broadcasting Contracts, which secure borrowings under the LWCF. Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs. Major League Baseball Trust has granted Wells Fargo Bank, National Association, the collateral agent in respect of the LWCF, a first priority lien to secure the borrowings under the LWCF. The maximum amount available to the Club Trust under the LWCF was $125 million as of December 31, 2022. The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2026. Under the LWCF, the Club Trust can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by the Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.20% to 1.325%, based on the credit rating of Major League Baseball Trust. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime, and (z) LIBOR plus 1.00%, plus a margin of 0.200% to 0.325%, based on the credit rating of Major League Baseball Trust. Beginning in May 2022, interest based on LIBOR under the LWCF was replaced with interest based on the Secured Overnight Financing Rate (“SOFR”) plus 0.1%. Borrowings outstanding under the LWCF bore interest at a rate of 5.7% and 1.3% per annum as of December 31, 2022 and 2021, respectively. MLB Facility Fund In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Braves Holdings also established a special purpose Delaware limited liability company, Braves Facility Fund LLC (“Braves Facility Fund”), and transferred to Braves Facility Fund its rights to receive distributions from the Club Trust, which secure borrowings under the MLBFF. Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations, and/or new construction. Term In June 2020, Braves Facility Fund converted previous borrowings under a revolving credit advance to a $30 million term note with Major League Baseball Facility Fund, LLC (the “MLB facility fund — term”). Interest is payable on June 10 and December 10 of each year at an annual rate of 3.65%. In each of December 2029 and 2030 Revolver In May 2021, Braves Facility Fund established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund — revolver”). The maximum amount available to Braves Facility Fund, LLC under the MLB facility fund — revolver was $43.7 million as of December 31, 2022. The commitment termination date, which is the repayment date for all amounts borrowed under the revolving credit facility of the MLBFF, is July 10, 2026. Under a credit agreement, Braves Facility Fund can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.275% to 1.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds TeamCo Revolver In July 2014, a subsidiary of Braves Holdings entered into a Revolving Credit Agreement (the “TeamCo Revolver”). In September 2016, Braves Holdings amended the TeamCo Revolver to provide for revolving commitments of $85 million. In March 2018, Braves Holdings amended the agreement to extend the commitment termination date to March 27, 2023. Under the agreement, Braves Holdings can request a revolving credit loan in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Base Rate loan was the greater of (x) the prevailing Prime rate, (y) the prevailing Federal Funds rate plus 0.50%, and (z) LIBOR plus 1.00%, plus a margin of 0.25%. In August 2022, the TeamCo Revolver was amended, increasing the borrowing capacity to $150 million, extending the maturity to August 2029 and replacing the Eurodollar interest rate with SOFR. Borrowings outstanding under the TeamCo Revolver bore interest at a rate of 5.73% and 1.35% and per annum as of December 31, 2022 and 2021, respectively. Under the TeamCo Revolver, Braves Holdings must maintain certain financial covenants, including a fixed-charge coverage ratio and total enterprise indebtedness. Baseball Term Debt In August 2016, a subsidiary of Braves Holdings entered into a senior secured permanent placement Note Purchase Agreement for $200 million. The notes bear interest at 3.77% per annum and are scheduled to mature in September 2041. Braves Holdings makes principal and interest payments of $6.4 million each March 30 and September 30. At December 31, 2022 and 2021, Braves Holdings had borrowings of $170.1 million and $176.1 million under the Note Purchase Agreement, net of unamortized debt issuance costs of $1.6 million and $1.7 million, respectively. Additionally, Braves Holdings must maintain certain financial covenants, including debt service coverage ratios. In October 2017, a subsidiary of Braves Holdings entered into a senior secured Floating Rate Note Purchase Agreement for $75 million. The floating rate notes bear interest at three-month LIBOR plus 1.70% per annum and are scheduled to mature in September 2029. On each calendar quarter-end, Braves Holdings repays $1.2 million of principal, with the remaining balance due at maturity. At December 31, 2021, Braves Holdings had borrowings of $55.1 million under the Floating Rate Note Purchase Agreement, net of unamortized debt issuance costs of $357 thousand. During August 2022, the Floating Rate Note Purchase Agreement was repaid in full with borrowings under the TeamCo Revolver. Mixed-Use Development Credit Facilities In March 2019, a subsidiary of Braves Holdings amended a construction loan agreement, increasing the principal available to $81 million. The increased availability was primarily used to construct phase II of the retail portion of the Mixed-Use Development. Interest accrues monthly at one-month LIBOR plus 2.50% per annum. If rental income results in a debt service coverage ratio of 1.30:1.00, the rate drops to one-month LIBOR plus 2.35% per annum. The loan was scheduled to mature in March 2023. At December 31, 2022 and 2021, Braves Holdings had borrowings outstanding of $67.7 million and $67.5 million, net of unamortized debt issuance costs of $33 thousand and $229 thousand, respectively. Beginning in March 2023, interest based on LIBOR under the construction loan agreement was replaced with interest based on the SOFR. Additionally, in March 2023, the maturity of the loan was extended to June 2023. In August 2016, a subsidiary of Braves Holdings entered into a $37.5 million construction loan agreement that matures in November 2024. The proceeds were primarily used to pay the construction costs of an entertainment building adjacent to the Stadium, as well as assist with phase II construction of the Mixed-Use Development. Interest accrues monthly at 4% per annum. Beginning December 15, 2020 and on each month thereafter, Braves Holdings makes principal and interest payments of $179 thousand. At December 31, 2022 and 2021, Braves Holdings had borrowings outstanding of $35.3 million and $36.0 million, net of unamortized debt issuance costs of $88 thousand and $137 thousand, respectively. Under the construction loans, Braves Holdings must maintain certain financial covenants, including a debt yield ratio. Mixed-Use Development Term Debt In May 2018, a subsidiary of Braves Holdings refinanced a construction loan with a new $95 million Term Loan Agreement. The Term Loan Agreement bears interest at one-month LIBOR plus 1.35% per annum and is scheduled to mature on May 18, 2025. The full principal amount will be due at maturity. At December 31, 2022 and 2021, Braves Holdings had borrowings of $94.9 million and $94.8 million under the Term Loan Agreement, net of unamortized debt issuance costs of $133 thousand and $189 thousand, respectively. In June 2022, subsidiaries of Braves Holdings refinanced a construction loan agreement that was used to construct an office building within the Mixed-Use Development with a new term loan facility with $125 million in commitments, approximately $22.7 million of which is not available for borrowing as of December 31, 2022, but is expected to be available once certain conditions are met. The term loan agreement bears interest at one-month SOFR plus 2.10% per annum and is scheduled to mature on June 13, 2027. Approximately $2 million of annual principal payments commence in July 2024. At December 31, 2022 and 2021, Braves Holdings had borrowings outstanding of $101.3 million and $71.4 million, net of unamortized debt issuance costs of $1.0 million and $305 thousand, respectively. Five Year Maturities As of December 31, 2022, the principal maturities of outstanding debt obligations for each of the next five years are as follows (amounts in thousands): ​ ​ ​ ​ 2023 $ 74,806 2024 ​ $ 42,647 2025 ​ $ 104,282 2026 ​ $ 53,325 2027 ​ $ 103,256 ​ Fair Value of Debt Due to the variable rate nature of the LWCF, MLB facility fund — revolver, TeamCo revolver and Mixed-Use Development Credit Facilities, the Company believes that the carrying amount of such debt approximates fair value at December 31, 2022. Based on U.S. treasury rates for a matched maturity, the Company believes the carrying amount of the notes outstanding under the senior secured permanent placement Note Purchase Agreement approximates fair value as of December 31, 2022. Debt Covenants As of December 31, 2022, Braves Holdings was in compliance with all financial debt covenants. Interest Rate Swaps (Level 2) In May 2018, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $95 million, maturing on May 5, 2025. As of December 31, 2022 and 2021, the fair value of the interest rate swap was an asset liability In August 2019, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million, maturing on March 8, 2023. Effective April 1, 2020, the notional amount began at $25 million and increased over time to $100 million as of August 1, 2020. As of December 31, 2022 and 2021, the fair value of the interest rate swap was an asset of $855 thousand and a liability of $934 thousand, respectively. In May 2022, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million maturing on June 1, 2025. The interest rate swap becomes effective in March 2023. As of December 31, 2022, the fair value of the interest rate swap was an asset of $2.9 million. Interest rate swaps are included within other current assets and other assets, net as of December 31, 2022 and other noncurrent liabilities as of December 31, 2021, in the combined balance sheets and changes in the fair value of the interest rate swaps are recorded to realized and unrealized gains (losses) on financial instruments, net in the combined statements of operations.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	(6) The Company recorded stock-based compensation expense of $3.2 million and $3.1 million during the three months ended June 30, 2023 and 2022, respectively, and $6.3 million and $6.1 million during the six months ended June 30, 2023 and 2022, respectively. These amounts are included in selling, general and administrative expense in the condensed combined statements of operations. Liberty — Incentive Plans Liberty grants, to certain of its directors, employees and employees of Braves Holdings, restricted stock (“RSAs”), restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Braves common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options, RSAs and RSUs) 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. Pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan (the “2022 Plan”), Liberty may grant Awards in respect of a maximum of 20.0 million shares of Series A, Series B and Series C Liberty Media Corporation common stock plus the shares remaining available for Awards under the prior Liberty Media Corporation 2017 Omnibus Incentive Plan (the “2017 Plan”), as of close of business on May 24, 2022, the effective date of the 2022 Plan. Any forfeited shares from the 2017 Plan shall also be available again under the 2022 Plan. Awards generally vest over 1 7 At the time of the Split-Off, the Awards were exchanged into RSAs, RSUs and stock options to purchase shares of Atlanta Braves Holdings common stock. Liberty Braves — Grants of Awards Liberty did not grant any options to purchase shares of Series A or Series B Liberty Braves common stock during the six months ended June 30, 2023. In connection with his employment agreement, during the six months ended June 30, 2023, Liberty granted 31 thousand performance-based RSUs of Series C Liberty Braves common stock to its CEO. Such RSUs had a GDFV of $34.44 per share and cliff vest one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by Liberty’s compensation committee. Performance objectives, which are subjective, are considered in determining the timing and amount of compensation expense recognized. The Company assesses the probability of achieving the performance objectives each reporting period and as satisfaction of the performance objectives is deemed probable, the Company records the associated compensation expense. The Company has calculated the GDFV for all of its equity classified awards using the Black-Scholes valuation model. The Company 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 Braves common stock and the implied volatility of publicly traded Liberty Braves options. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. Liberty Braves — Outstanding Awards The following table presents the number and weighted average exercise price (“WAEP”) of options to purchase Liberty Braves common stock granted to certain officers, employees and directors, as well as the weighted average remaining life and aggregate intrinsic value of the options. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series C ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Liberty Braves ​ ​ ​ ​ remaining ​ value ​ options (000’s) WAEP life (in millions) Outstanding at January 1, 2023 3,108 $ 26.17 ​ ​ ​ ​ ​ ​ Granted 3 $ 37.50 ​ ​ ​ ​ ​ ​ Exercised (151) $ 18.42 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled (4) $ 22.75 ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2023 2,956 $ 26.59 4.1 years $ 39 Exercisable at June 30, 2023 1,356 $ 25.69 3.9 years $ 19 ​ As of June 30, 2023, there were no outstanding Series A or Series B options to purchase shares of Series A or Series B Liberty Braves common stock. As of June 30, 2023, the total unrecognized compensation cost related to unvested Liberty Braves Awards was approximately $6.0 million. Such amount will be recognized in the Company’s condensed combined statements of operations over a weighted average period of approximately 1.2 years. As of June 30, 2023, 3.0 million shares of Series C Liberty Braves common stock were reserved by Liberty for issuance under exercise privileges of outstanding stock options. Liberty Braves — Exercises The aggregate intrinsic value of all Series C Liberty Braves options exercised during the six months ended June 30, 2023 and 2022 was $2.3 million and $415 thousand, respectively. Liberty Braves — RSAs and RSUs Liberty had approximately 203 thousand unvested RSAs and RSUs of Liberty Braves common stock held by certain directors, officers and employees of Liberty as of June 30, 2023 . These Series A and Series C unvested RSAs and RSUs of Liberty Braves common stock had a weighted average GDFV of The aggregate fair value of all RSAs and RSUs of Liberty Braves common stock that vested during the six months ended June 30, 2023 and 2022 was $753 thousand and $1.3 million, respectively.	(9) Liberty Media — Incentive Plans Liberty Media grants, to certain of its directors, employees and employees of Braves Holdings, restricted stock (“RSAs”), restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Braves 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. Pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan (the “2022 Plan”), Liberty Media may grant Awards in respect of a maximum of 20.0 million shares of Series A, Series B and Series C Liberty Media Corporation common stock plus the shares remaining available for Awards under the prior Liberty Media Corporation 2017 Omnibus Incentive Plan (the “2017 Plan”), as of close of business on May 24, 2022, the effective date of the 2022 Plan. Any forfeited shares from the 2017 Plan shall also be available again under the 2022 Plan. Awards generally vest over 1 7 At the time of the Split-Off, the Awards are expected to be exchanged into RSAs, RSUs and stock options to purchase shares of Atlanta Braves Holdings common stock. Liberty Braves — Grants of Awards Options granted in 2022 and 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ ​ Options ​ Weighted ​ Options ​ Weighted ​ ​ granted ​ average ​ granted ​ average ​ ​ (000’s) GDFV (000’s) GDFV Series C Liberty Braves common stock, Liberty Media employees and directors (1) ​ 10 $ 12.40 23 $ 9.93 Series C Liberty Braves common stock, Liberty Media CEO (2) ​ 95 $ 9.16 — $ — (1) Mainly vests between two and three years for employees and in one year for directors. (2) Grant made in March 2022 cliff vested in December 2022. In addition to the stock option grant to the Liberty Media CEO, and in connection with his employment agreement, during the year ended December 31, 2021, Liberty Media granted 31 thousand performance-based RSUs of Series C Liberty Braves common stock to its CEO. Such RSUs had a GDFV of $31.24 per share. These performance-based RSUs cliff vested one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by the compensation committee. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. The Company assesses the probability of achieving the performance objectives each reporting period and as satisfaction of the performance objectives is deemed probable, the Company records the associated compensation expense. During the years ended December 31, 2022 and 2021, Liberty Media granted 138 thousand and 149 thousand RSUs, respectively, to employees of Braves Holdings. Such RSUs had a GDFV of $32.76 per share and $27.89 per share, respectively, and cliff vested one year from the month of grant. Liberty Media did not grant any options to purchase shares of Series A or Series B Liberty Braves common stock during the years ended December 31, 2022 and 2021. The Company has calculated the GDFV for all of its equity classified awards using the Black-Scholes valuation model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. For grants made in 2022 and 2021, the range of expected terms was 5.5 to 5.6 years. The volatility used in the calculation for Awards is based on the historical volatility of Liberty Braves common stock and the implied volatility of publicly traded Liberty Braves options. For grants made in 2022 and 2021, the range of volatilities was 33.3% to 35.0%. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. Liberty Braves — Outstanding Awards The following table presents the number and weighted average exercise price (“WAEP”) of options to purchase Liberty Braves common stock granted to certain officers, employees and directors, as well as the weighted average remaining life and aggregate intrinsic value of the options. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series C ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Liberty Braves ​ ​ ​ ​ remaining ​ value ​ Options (000’s) WAEP life (in millions) Outstanding at January 1, 2022 3,125 $ 25.86 ​ ​ ​ ​ ​ ​ Granted 105 $ 26.20 ​ ​ ​ ​ ​ ​ Exercised (122) $ 18.12 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled — $ — ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 3,108 $ 26.17 4.4 years $ 19 Exercisable at December 31, 2022 1,493 $ 24.92 3.9 years $ 11 ​ As of December 31, 2022, there were no outstanding Series A or Series B options to purchase shares of Series A or Series B Liberty Braves common stock. As of December 31, 2022, the total unrecognized compensation cost related to unvested Liberty Braves Awards was approximately $11.7 million. Such amount will be recognized in the Company’s combined statements of operations over a weighted average period of approximately 1.5 years. As of December 31, 2022, 3.1 million shares of Series C Liberty Braves common stock were reserved by Liberty Media for issuance under exercise privileges of outstanding stock options. Liberty Braves — Exercises The aggregate intrinsic value of all Series A and Series C Liberty Braves options exercised during the years ended December 31, 2022 and 2021 was $1.2 million and $4.2 million, respectively. Liberty Braves — Restricted Stock and Restricted Stock Units Liberty Media had approximately 178 thousand unvested RSAs and RSUs of Liberty Braves common stock held by certain directors, officers and employees as of December 31, 2022. These Series A and Series C unvested RSAs and RSUs of Liberty Braves common stock had a weighted average GDFV of The aggregate fair value of all RSAs and RSUs of Liberty Braves common stock that vested during the years ended December 31, 2022 and 2021 was $6.4 million and $5.5 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	(7) Collective Bargaining Agreement In March 2022, the Major League Baseball Players Association (“MLBPA”) and the Clubs entered into a new collective bargaining agreement that covers the 2022-2026 MLB seasons (“CBA”). The start of the 2022 regular season was delayed as a result of the related negotiations, but a full season was completed. There are two components of the revenue sharing plan that each Club is subject to under the CBA: a straight base revenue pool (the “Pool”) and the Commissioner Discretionary Fund. The size of the Pool is equal to the total amount transferred if each Club contributed 48% of its prior years’ net defined local revenue (“NDLR”). The contributions per Club are based on a composite of the prior three years’ NDLR and funds are distributed equally to all Clubs. Certain Clubs are disqualified from revenue sharing from the Pool based on market size. Also, each season, the Clubs are required to equally fund a Commissioner’s Discretionary Fund up to $15 million. Club submissions of NDLR are subject to audit by the MLB Revenue Sharing Administrator and are subject to rules issued by the MLB Revenue Sharing Definitions Committee. During the six months ended June 30, 2023 and 2022, Braves Holdings incurred $16.4 million and $9.5 million, respectively, in revenue sharing, which is included as an expense within baseball operating costs in the condensed combined statements of operations. Employment Contracts Long-term employment contracts provide for, among other items, annual compensation for certain players (current and former) and other employees. Amounts due under such contracts as of June 30, 2023 aggregated $1,017.6 million, which is payable annually as follows: $225.8 million in 2023, $149.8 million in 2024, $143.4 million in 2025, $136.3 million in 2026, $111.2 million in 2027 and $251.1 million thereafter. Additionally, these contracts may include incentive compensation (although certain incentive compensation awards cannot be earned by more than one player per season). Subsequent to June 30, 2023, Braves Holdings entered into long-term employment contracts with certain players, pursuant to which approximately $12.4 million is anticipated to be paid through 2024 according to the terms of such contracts, excluding any incentive compensation. Certain employment contracts with players include salary and bonus payments earned but not yet paid and, in certain situations, related accrued interest specified contractually that is due in varying installments through the year 2023. The present value of these obligations, including accrued interest, is calculated at Braves Holdings’ incremental borrowing rate at the time the contractual obligation arose using an interest rate of 5%. Diamond Sports Group Bankruptcy ANLBC has a long-term local broadcasting agreement with Sportsouth Network II, LLC, a subsidiary of Diamond Sports Group, granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves. In March 2023, Diamond Sports Group filed for chapter 11 protection. As a result of the chapter 11 proceeding, ANLBC may be required to repay up to $34.2 million, the amount remitted to ANLBC during the 90- day preference period preceding the filing. In addition, if the broadcasting agreement is rejected in the bankruptcy proceeding, ANLBC will not receive any revenue from Sportsouth Network II, LLC during the remaining contract term and ANLBC would be required to write-down accounts receivable and contract assets of approximately $24.4 million recorded in the condensed combined balance sheet as of June 30, 2023. Litigation Braves Holdings, along with the BOC and other MLB affiliates, has been named in a number of lawsuits arising in the normal course of business. We record a liability when we believe that it is both probable that a liability will be incurred and the amount of loss can be reasonably estimated. We evaluate developments in legal matters that could affect the amount of the liability accrual and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss. We may be unable to reasonably estimate the reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because: (i) the damages sought are indeterminate; (ii) the proceedings are in the relative early stages; (iii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals); (iv) there is uncertainty as to the likelihood of settlement and the outcome of any negotiations with respect thereto; (v) there remain significant factual issues to be determined or resolved; (vi) the relevant law is unsettled; or (vii) the proceedings involve novel or untested legal theories. In such instances, there may be considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. 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 combined financial statements.	(12) Collective Bargaining Agreement On November 30, 2016, the MLBPA and the Clubs entered into a collective bargaining agreement for the 2017 through 2021 seasons (the “2016 Agreement”). The 2016 Agreement contained provisions surrounding revenue sharing among the Clubs, a competitive balance tax on Club payrolls that exceed specified thresholds, minimum player salary levels and other provisions impacting Braves Holdings’ operations and its relationships with members of the MLBPA. There are two components of the revenue sharing plan that each Club was subject to under the 2016 Agreement: a straight base revenue pool (the “Pool”) and the Commissioner Discretionary Fund. The size of the Pool was equal to the total amount transferred if each Club contributed 48% of its prior years’ net defined local revenue (“NDLR”). The contributions per Club were based on a composite of the prior three years’ NDLR and funds were distributed equally to all Clubs. Certain Clubs were disqualified from revenue sharing from the Pool based on market size. Also, each season, the Clubs are required to equally fund a Commissioner’s Discretionary Fund up to $15 million. Club submissions of NDLR are subject to audit by the MLB Revenue Sharing Administrator and are subject to rules issued by the MLB Revenue Sharing Definitions Committee. On March 11, 2020, the World Health Organization assessed COVID-19 as a global pandemic, causing travel restrictions and stay-at-home orders, closing public attractions and restaurants and mandating social distancing practices. On March 26, 2020, the MLBPA and the Clubs entered in an agreement regarding the 2020 season (the “March Agreement”) as a result of COVID-19. The March Agreement amended various provisions within the 2016 Agreement, including modifying player salary and service time considerations and providing various other rights to the BOC. Based on rights established by the March Agreement, the BOC delayed 2021 season payments until a future date. For the years ended December 31, 2022 and 2021, Braves Holdings incurred $16.0 million and $10.5 million, respectively, in revenue sharing, which is included as an expense within baseball operating costs in the combined statements of operations. On March 10, 2022, the MLBPA and the Clubs entered into a Memorandum of Understanding that summarized a tentative agreement on a new collective bargaining agreement commencing with the 2022 season. The new collective bargaining agreement covers the 2022-2026 MLB seasons. Less than 5% of the Company’s labor force is covered by the collective bargaining agreement. The agreement provides for an expanded playoff schedule, an annual increase to the previous competitive balance tax threshold on Club payrolls, an annual increase in the minimum player salary each year beginning in 2022 and other provisions impacting Braves Holdings’ operations and its relationships with members of the MLBPA. Additionally, it contains provisions surrounding revenue sharing among the Clubs as described above. Employment Contracts Long-term employment contracts provide for, among other items, annual compensation for certain players (current and former) and other employees. Amounts due under such contracts as of December 31, 2022 aggregated $867.5 million, which is payable as follows: $183.8 million in 2023, $131.7 million in 2024, $115.0 million in 2025, $114.0 million in 2026, $90.0 million in 2027 and $233.0 million thereafter. Additionally, these contracts may include incentive compensation (although certain incentive compensation awards cannot be earned by more than one player per season). Subsequent to December 31, 2022, Braves Holdings entered into long-term employment contracts with certain executives and other employees, pursuant to which approximately $98.2 million is anticipated to be paid through 2030 according to the terms of such contracts, excluding any incentive compensation. Certain employment contracts with players include salary and bonus payments earned but not yet paid and, in certain situations, related accrued interest specified contractually that is due in varying installments through the year 2023. The present value of these obligations, including accrued interest, is calculated at Braves Holdings’ incremental borrowing rate at the time the contractual obligation arose using an interest rate of 5% . Impact of COVID-19 The business operations of Braves Holdings initially were largely, if not completely, suspended at the outset of COVID-19. In 2020, the regular baseball season was comprised of 60 games. The 2021 regular baseball season was comprised of 161 games. Braves Holdings had limitations on the number of fans in attendance at certain games in 2021, thereby reducing revenue associated with fan attendance. In 2022, the Atlanta Braves played a full regular season schedule. Although Braves Holdings experienced a return to normal business operations in 2022, it is unclear whether and to what extent COVID-19 concerns, or a future pandemic or epidemic, will impact the use of and/or demand for the entertainment, events and services provided by Braves Holdings and demand for sponsorship and advertising assets. If Braves Holdings faces cancelled events and reduced attendance, the impact may substantially decrease SplitCo’s revenue. Diamond Sports Group Bankruptcy As disclosed in note 2, ANLBC has a long-term local broadcasting agreement with Sportsouth Network II, LLC, a subsidiary of Diamond Sports Group, granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves. In March 2023, Diamond Sports Group filed for chapter 11 protection. As a result of the chapter 11 proceeding, ANLBC may be required to repay up to $34.2 million, the amount remitted to ANLBC during the 90-day preference period preceding the filing. In addition, if the broadcasting agreement is rejected in the bankruptcy proceeding, ANLBC may not receive any revenue from Sportsouth Network II, LLC during the remaining contract term and ANLBC would be required to write-down contract asset amounts of approximately $45.7 million recorded in the combined balance sheet as of December 31, 2022. Litigation Braves Holdings, along with the BOC and other MLB affiliates, has been named in a number of lawsuits arising in the normal course of business. We record a liability when we believe that it is both probable that a liability will be incurred and the amount of loss can be reasonably estimated. We evaluate developments in legal matters that could affect the amount of the liability accrual and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss. We may be unable to reasonably estimate the reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because: (i) the damages sought are indeterminate; (ii) the proceedings are in the relative early stages; (iii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals); (iv) there is uncertainty as to the likelihood of settlement and the outcome of any negotiations with respect thereto; (v) there remain significant factual issues to be determined or resolved; (vi) the relevant law is unsettled; or (vii) the proceedings involve novel or untested legal theories. In such instances, there may be considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. 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 combined financial statements.

Segment Information

Segment Information	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Segment Information
Segment Information	(8) The Company, through its ownership of Braves Holdings, is primarily engaged in the entertainment and real estate industries. The Company identifies its reportable segments as those operating segments that represent 10% or more of its combined annual revenue, annual Adjusted OIBDA (as defined below) or total assets. The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as attendance, viewership and social media. The Company has identified the following as its reportable segments: ● Baseball — operations relating to Braves baseball and Truist Park and includes ticket sales, concessions, advertising sponsorships, suites and premium seat fees, broadcasting rights, retail and licensing. ● Mixed-Use Development — includes retail, office, hotel and entertainment operations within the Battery Atlanta. 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. Performance Measures The following table disaggregates revenue by segment and by source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 ​ ​ amounts in thousands Baseball: ​ ​ ​ ​ ​ Baseball event $ 162,368 ​ 145,116 ​ $ 163,486 ​ 146,203 Broadcasting 68,558 ​ 63,745 ​ 69,449 ​ 63,745 Retail and licensing 19,747 ​ 17,755 ​ 24,122 ​ 21,610 Other 4,262 ​ 10,302 ​ 15,439 ​ 15,200 Total Baseball 254,935 ​ 236,918 ​ 272,496 ​ 246,758 Mixed-Use Development 15,188 ​ 13,407 ​ 28,599 ​ 25,097 Total revenue $ 270,123 ​ 250,325 ​ $ 301,095 ​ 271,855 ​ When consideration is received from a customer prior to transferring services to the customer under the terms of a contract, deferred revenue is recorded. The primary source of the Company’s deferred revenue relates to suite and season ticket arrangements, as well as certain sponsorship arrangements. Deferred revenue is recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. The Company had long-term deferred revenue of $16.1 million and $14.3 million as of June 30, 2023 and December 31, 2022, respectively, which were included in other noncurrent liabilities in the condensed combined balance sheets. During the six months ended June 30, 2023 and 2022, the Company recognized $49.7 million and $22.2 million, respectively, of revenue that was included in deferred revenue at the beginning of the respective year. Significant portions of the transaction prices for Braves Holdings 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 $159.6 million for the remainder of 2023 2024 2025 2026 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, 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 (loss), net earnings (loss), cash flows provided by operating activities and other measures of financial performance prepared in accordance with GAAP. Adjusted OIBDA is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball $ 37,415 41,685 ​ $ 1,878 10,581 ​ Mixed-Use Development ​ ​ 10,166 8,480 ​ ​ 19,319 16,397 ​ Corporate and Other ​ ​ (5,479) (1,924) ​ ​ (10,184) (4,137) ​ Total $ 42,102 48,241 ​ $ 11,013 22,841 ​ ​ Other Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 977,905 84,388 ​ 8,292 ​ 953,016 78,326 ​ 6,853 Mixed-Use Development ​ ​ 526,142 14,502 ​ 21,408 ​ 516,498 16,238 ​ 10,816 Corporate and other ​ ​ 59,830 — — 69,531 — — Elimination (1) ​ ​ (54,775) ​ — ​ — ​ (48,384) ​ — ​ — Total $ 1,509,102 98,890 29,700 1,490,661 94,564 17,669 (1) This amount relates to income taxes payable that partially offset income taxes receivable in the condensed combined balance sheets. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Adjusted OIBDA $ 42,102 48,241 ​ $ 11,013 22,841 ​ Impairment of long-lived assets and other related costs ​ ​ (232) ​ — ​ ​ (530) — ​ Stock-based compensation ​ ​ (3,153) (3,063) ​ ​ (6,344) (6,126) ​ Depreciation and amortization ​ ​ (19,250) (17,617) ​ ​ (33,929) (35,394) ​ Operating income (loss) ​ ​ 19,467 27,561 ​ ​ (29,790) (18,679) ​ Interest expense ​ ​ (9,448) (6,402) ​ ​ (18,360) (12,529) ​ Share of earnings (losses) of affiliates, net ​ ​ 11,462 15,022 ​ ​ 10,659 12,143 ​ Unrealized gains (losses) on intergroup interests ​ ​ (49,409) ​ 34,881 ​ ​ (62,786) ​ 36,103 ​ Realized and unrealized gains (losses) on financial instruments, net ​ ​ 3,840 1,659 ​ ​ 3,079 6,460 ​ Gains (losses) on dispositions, net ​ ​ 2,503 ​ 28 ​ ​ 2,503 20,215 ​ Other, net ​ ​ 813 143 ​ ​ 1,654 168 ​ Earnings (loss) before income taxes $ (20,772) 72,892 ​ $ (93,041) 43,881 ​ ​	(13) The Company, through its ownership of Braves Holdings, is primarily engaged in the entertainment and real estate industries. The Company identifies its reportable segments as those operating segments that represent 10% or more of its combined annual revenue, annual Adjusted OIBDA (as defined below) or total assets. The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as attendance, viewership and social media. 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, 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 earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company has identified the following as its reportable segments: ● Baseball — includes baseball operations (ticket sales, concessions, advertising sponsorships, suites and premium seat fees), broadcasting rights and licensing. ● Mixed-Use Development — includes retail, office, hotel and entertainment operations within the Battery Atlanta. 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. Performance Measures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ Revenue Adjusted OIBDA Revenue Adjusted OIBDA ​ ​ amounts in thousands Baseball ​ $ 534,984 ​ 33,259 522,397 ​ 83,712 Mixed-Use Development ​ ​ 53,577 ​ 35,433 41,320 ​ 26,546 Corporate and Other ​ ​ — ​ (9,916) — ​ (7,633) Total ​ $ 588,561 58,776 563,717 102,625 ​ Other Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 953,016 78,326 ​ 6,853 ​ 1,139,662 94,115 ​ 8,149 Mixed-Use Development ​ ​ 516,498 16,238 ​ 10,816 ​ 484,850 18,846 ​ 27,207 Corporate and other ​ ​ 69,531 — — 83,985 — — Elimination (1) ​ ​ (48,384) ​ — ​ — ​ (42,616) ​ — ​ — Total $ 1,490,661 94,564 17,669 1,665,881 112,961 35,356 (1) This amount relates to income taxes payable that partially offsets income taxes receivable in the combined balance sheets. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Adjusted OIBDA ​ $ 58,776 102,625 Impairment of long-lived assets and other related costs ​ ​ (5,427) ​ — Stock-based compensation ​ ​ (12,233) (12,358) Depreciation and amortization ​ ​ (71,697) (71,024) Operating income (loss) ​ ​ (30,581) 19,243 Interest expense ​ ​ (29,582) (24,471) Share of earnings (losses) of affiliates, net ​ ​ 28,927 31,008 Unrealized gains (losses) on intergroup interests ​ ​ (35,154) ​ (30,766) Realized and unrealized gains (losses) on financial instruments, net ​ ​ 13,067 2,849 Gains (losses) on dispositions, net ​ ​ 20,132 ​ (606) Other, net ​ ​ 1,674 (571) Earnings (loss) before income taxes ​ $ (31,517) (3,314) ​

Pro Forma Earnings (Loss) per_2

Pro Forma Earnings (Loss) per share (Tables)	6 Months Ended
	Jun. 30, 2023
Pro Forma Earnings (Loss) per share
Schedule of pro forma earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ June 30, 2023 June 30, 2023 ​ ​ amounts in thousands Net earnings (loss) ​ $ (28,913) (86,889) Less: Unrealized gains (losses) on intergroup interests ​ (49,409) (62,786) Unaudited pro forma net earnings (loss) ​ $ 20,496 (24,103)

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Property and Equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ Estimated ​ ​ ​ ​ assets ​ ​ ​ ​ ​ assets ​ ​ ​ ​ Useful ​ Owned ​ available to ​ ​ ​ Owned ​ available to ​ ​ ​ Life assets be leased Total assets be leased Total ​ ​ in years ​ amounts in thousands Land NA ​ $ 19,643 ​ 21,831 41,474 19,643 ​ 21,831 41,474 Buildings and improvements 15 – 39 ​ 281,450 ​ 355,244 636,694 282,314 ​ 354,959 637,273 Leasehold improvements 15 – 39 ​ 75,860 ​ 62,062 137,922 72,455 ​ 61,876 134,331 Furniture and equipment 5 – 7 ​ 178,063 ​ 8,243 186,306 176,227 ​ 8,061 184,288 Construction in progress NA ​ 292 ​ 34,711 35,003 886 ​ 9,524 10,410 Property and equipment, at cost ​ ​ ​ $ 555,308 482,091 1,037,399 551,525 456,251 1,007,776	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ Estimated ​ ​ ​ ​ Owned ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ Useful ​ ​ ​ ​ assets ​ ​ ​ ​ ​ assets ​ ​ ​ ​ Life ​ Owned ​ available to ​ ​ ​ Owned ​ available to ​ ​ ​ in years assets be leased Total assets be leased Total ​ ​ ​ ​ amounts in thousands Land NA ​ $ 19,643 ​ 21,831 41,474 19,643 21,831 41,474 Buildings and improvements 15 – 39 ​ 282,314 ​ 354,959 637,273 283,781 353,507 637,288 Leasehold improvements 15 – 39 ​ 72,455 ​ 61,876 134,331 69,854 59,492 129,346 Furniture and equipment 5 – 7 ​ 176,227 ​ 8,061 184,288 174,483 7,469 181,952 Construction in progress NA ​ 886 ​ 9,524 10,410 3,774 4,605 8,379 Property and equipment, at cost ​ ​ ​ $ 551,525 456,251 1,007,776 551,535 446,904 998,439

Investments in Affiliates Acc_2

Investments in Affiliates Accounted for Using the Equity Method (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Investments in Affiliates Accounted for Using the Equity Method
Schedule of carrying amount and percentage ownership of investments in affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ Percentage ​ Carrying ​ Carrying ​ Ownership amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 50,453 ​ 45,102 BELP ​ 3.3 % 33,935 ​ 33,224 Other ​ 50.0 % 14,502 ​ 16,238 Total ​ ​ ​ $ 98,890 ​ 94,564	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Percentage ​ ​ Carrying ​ Carrying ​ Ownership ​ amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 45,102 ​ 58,613 BELP ​ 3.3 % 33,224 ​ 35,502 Other ​ 50.0 % 16,238 ​ 18,846 Total ​ ​ ​ $ 94,564 ​ 112,961
Schedule of share of earnings (losses) of affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ MLBAM ​ $ 10,577 13,103 ​ $ 9,334 ​ 10,585 ​ BELP ​ 514 865 ​ 711 ​ (461) ​ Other ​ 371 1,054 ​ 614 ​ 2,019 ​ Total ​ $ 11,462 15,022 ​ $ 10,659 12,143 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands MLBAM ​ $ 24,386 23,230 BELP ​ (1,928) 6,779 Other ​ 6,469 999 Total ​ $ 28,927 31,008

Debt (Tables)

Debt (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball ​ ​ ​ ​ ​ ​ League wide credit facility ​ $ — — ​ MLB facility fund – term ​ 30,000 30,000 ​ MLB facility fund – revolver ​ 43,125 43,700 ​ TeamCo revolver ​ — — ​ Term debt ​ ​ 168,561 ​ 171,694 ​ Mixed-Use Development ​ ​ ​ ​ ​ ​ Credit facilities ​ 35,058 103,163 ​ Term debt ​ 266,069 197,334 ​ Deferred financing costs ​ (4,118) (3,925) ​ Total debt ​ 538,695 541,966 ​ Debt classified as current ​ (7,205) (74,806) ​ Total long-term debt ​ $ 531,490 467,160 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Baseball ​ ​ ​ ​ ​ League wide credit facility ​ $ — 100,000 MLB facility fund – term ​ 30,000 30,000 MLB facility fund – revolver ​ 43,700 46,000 TeamCo revolver ​ — 20,000 Term debt ​ ​ 171,694 ​ 233,286 Mixed-Use Development ​ ​ ​ ​ ​ Credit facilities ​ 103,163 175,618 Term debt ​ 197,334 95,000 Deferred financing costs ​ (3,925) (3,201) Total debt ​ 541,966 696,703 Debt classified as current ​ (74,806) (11,685) Total long-term debt ​ $ 467,160 685,018

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stock-Based Compensation
Schedule of stock based compensation activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series C ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Liberty Braves ​ ​ ​ ​ remaining ​ value ​ options (000’s) WAEP life (in millions) Outstanding at January 1, 2023 3,108 $ 26.17 ​ ​ ​ ​ ​ ​ Granted 3 $ 37.50 ​ ​ ​ ​ ​ ​ Exercised (151) $ 18.42 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled (4) $ 22.75 ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2023 2,956 $ 26.59 4.1 years $ 39 Exercisable at June 30, 2023 1,356 $ 25.69 3.9 years $ 19	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series C ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Liberty Braves ​ ​ ​ ​ remaining ​ value ​ Options (000’s) WAEP life (in millions) Outstanding at January 1, 2022 3,125 $ 25.86 ​ ​ ​ ​ ​ ​ Granted 105 $ 26.20 ​ ​ ​ ​ ​ ​ Exercised (122) $ 18.12 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled — $ — ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 3,108 $ 26.17 4.4 years $ 19 Exercisable at December 31, 2022 1,493 $ 24.92 3.9 years $ 11

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Segment Information
Schedule of disaggregates revenue by segment and by source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 ​ ​ amounts in thousands Baseball: ​ ​ ​ ​ ​ Baseball event $ 162,368 ​ 145,116 ​ $ 163,486 ​ 146,203 Broadcasting 68,558 ​ 63,745 ​ 69,449 ​ 63,745 Retail and licensing 19,747 ​ 17,755 ​ 24,122 ​ 21,610 Other 4,262 ​ 10,302 ​ 15,439 ​ 15,200 Total Baseball 254,935 ​ 236,918 ​ 272,496 ​ 246,758 Mixed-Use Development 15,188 ​ 13,407 ​ 28,599 ​ 25,097 Total revenue $ 270,123 ​ 250,325 ​ $ 301,095 ​ 271,855
Schedule of adjusted OIBDA	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball $ 37,415 41,685 ​ $ 1,878 10,581 ​ Mixed-Use Development ​ ​ 10,166 8,480 ​ ​ 19,319 16,397 ​ Corporate and Other ​ ​ (5,479) (1,924) ​ ​ (10,184) (4,137) ​ Total $ 42,102 48,241 ​ $ 11,013 22,841 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ Revenue Adjusted OIBDA Revenue Adjusted OIBDA ​ ​ amounts in thousands Baseball ​ $ 534,984 ​ 33,259 522,397 ​ 83,712 Mixed-Use Development ​ ​ 53,577 ​ 35,433 41,320 ​ 26,546 Corporate and Other ​ ​ — ​ (9,916) — ​ (7,633) Total ​ $ 588,561 58,776 563,717 102,625
Schedule of other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 977,905 84,388 ​ 8,292 ​ 953,016 78,326 ​ 6,853 Mixed-Use Development ​ ​ 526,142 14,502 ​ 21,408 ​ 516,498 16,238 ​ 10,816 Corporate and other ​ ​ 59,830 — — 69,531 — — Elimination (1) ​ ​ (54,775) ​ — ​ — ​ (48,384) ​ — ​ — Total $ 1,509,102 98,890 29,700 1,490,661 94,564 17,669 (1) This amount relates to income taxes payable that partially offset income taxes receivable in the condensed combined balance sheets.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 953,016 78,326 ​ 6,853 ​ 1,139,662 94,115 ​ 8,149 Mixed-Use Development ​ ​ 516,498 16,238 ​ 10,816 ​ 484,850 18,846 ​ 27,207 Corporate and other ​ ​ 69,531 — — 83,985 — — Elimination (1) ​ ​ (48,384) ​ — ​ — ​ (42,616) ​ — ​ — Total $ 1,490,661 94,564 17,669 1,665,881 112,961 35,356 (1) This amount relates to income taxes payable that partially offsets income taxes receivable in the combined balance sheets.
Reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Adjusted OIBDA $ 42,102 48,241 ​ $ 11,013 22,841 ​ Impairment of long-lived assets and other related costs ​ ​ (232) ​ — ​ ​ (530) — ​ Stock-based compensation ​ ​ (3,153) (3,063) ​ ​ (6,344) (6,126) ​ Depreciation and amortization ​ ​ (19,250) (17,617) ​ ​ (33,929) (35,394) ​ Operating income (loss) ​ ​ 19,467 27,561 ​ ​ (29,790) (18,679) ​ Interest expense ​ ​ (9,448) (6,402) ​ ​ (18,360) (12,529) ​ Share of earnings (losses) of affiliates, net ​ ​ 11,462 15,022 ​ ​ 10,659 12,143 ​ Unrealized gains (losses) on intergroup interests ​ ​ (49,409) ​ 34,881 ​ ​ (62,786) ​ 36,103 ​ Realized and unrealized gains (losses) on financial instruments, net ​ ​ 3,840 1,659 ​ ​ 3,079 6,460 ​ Gains (losses) on dispositions, net ​ ​ 2,503 ​ 28 ​ ​ 2,503 20,215 ​ Other, net ​ ​ 813 143 ​ ​ 1,654 168 ​ Earnings (loss) before income taxes $ (20,772) 72,892 ​ $ (93,041) 43,881 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Adjusted OIBDA ​ $ 58,776 102,625 Impairment of long-lived assets and other related costs ​ ​ (5,427) ​ — Stock-based compensation ​ ​ (12,233) (12,358) Depreciation and amortization ​ ​ (71,697) (71,024) Operating income (loss) ​ ​ (30,581) 19,243 Interest expense ​ ​ (29,582) (24,471) Share of earnings (losses) of affiliates, net ​ ​ 28,927 31,008 Unrealized gains (losses) on intergroup interests ​ ​ (35,154) ​ (30,766) Realized and unrealized gains (losses) on financial instruments, net ​ ​ 13,067 2,849 Gains (losses) on dispositions, net ​ ​ 20,132 ​ (606) Other, net ​ ​ 1,674 (571) Earnings (loss) before income taxes ​ $ (31,517) (3,314)

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2022	Jan. 31, 2022 USD ($) item	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) item shares	Dec. 31, 2021 USD ($)
Basis of Presentation
Number of league clubs owned and operated | item					3		3
Number of other league baseball clubs | item					29		29
Number of league clubs sold | item		3
Gain on disposition of assets		$ 20,200	$ 2,503	$ 28	$ 2,503	$ 20,215	$ 20,132	$ (606)
Purchase consideration, including license fee		$ 49,400
Selling, general and administrative, including stock-based compensation			33,443	32,995	$ 59,993	55,019	105,512	97,104
Liberty Media Corporation
Basis of Presentation
Number of shares owned | shares					1,811,066
Period from split off in which exchange of Shares is Intended					1 year
Affiliated Entity | Liberty Media Corporation
Basis of Presentation
Selling, general and administrative, including stock-based compensation			$ 2,600	$ 1,400	$ 4,500	$ 2,500	$ 9,000	$ 5,200
Liberty Formula One Group | Liberty Braves Group
Basis of Presentation
Shares owned | shares			6,792,903		6,792,903		6,792,903
Intergroup Interest Percentage			11%		11%		11%
Liberty Sirius XM Group | Liberty Braves Group
Basis of Presentation
Shares owned | shares			1,811,066		1,811,066		1,811,066
Intergroup Interest Percentage			2.90%		2.90%		2.90%
Liberty Braves Group
Basis of Presentation
Split-off ratio	1				1

Pro Forma Earnings (Loss) per_3

Pro Forma Earnings (Loss) per share (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 18, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Pro Forma Earnings (Loss) per share
Net earnings (loss)		$ (28,913)	$ 63,699	$ (86,889)	$ 40,664	$ (34,172)	$ (13,006)
Unrealized gains (losses) on intergroup interests		(49,409)	$ 34,881	(62,786)	$ 36,103	(35,154)	$ (30,766)
Unaudited pro forma net earnings (loss)		$ 20,496		$ (24,103)		$ 982
Number of common shares outstanding	61.7					61.6

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment
Owned assets	$ 555,308		$ 555,308		$ 551,525
Owned assets available to be leased	482,091		482,091		456,251	$ 446,904
Total	1,037,399		1,037,399		1,007,776
Depreciation expense	13,300	$ 13,800	26,800	$ 28,700	55,700	56,800
Land
Property and Equipment
Owned assets	19,643		19,643		19,643
Owned assets available to be leased	21,831		21,831		21,831	21,831
Total	41,474		41,474		41,474
Building and Building Improvements
Property and Equipment
Owned assets	281,450		281,450		282,314
Owned assets available to be leased	355,244		355,244		354,959	$ 353,507
Total	$ 636,694		$ 636,694		$ 637,273
Building and Building Improvements | Minimum
Property and Equipment
Estimated useful life	15 years		15 years		15 years	15 years
Building and Building Improvements | Maximum
Property and Equipment
Estimated useful life	39 years		39 years		39 years	39 years
Leasehold Improvements
Property and Equipment
Owned assets	$ 75,860		$ 75,860		$ 72,455
Owned assets available to be leased	62,062		62,062		61,876	$ 59,492
Total	$ 137,922		$ 137,922		$ 134,331
Leasehold Improvements | Minimum
Property and Equipment
Estimated useful life	15 years		15 years		15 years
Leasehold Improvements | Maximum
Property and Equipment
Estimated useful life	39 years		39 years		39 years
Furniture and Fixtures
Property and Equipment
Owned assets	$ 178,063		$ 178,063		$ 176,227
Owned assets available to be leased	8,243		8,243		8,061	7,469
Total	$ 186,306		$ 186,306		$ 184,288
Furniture and Fixtures | Minimum
Property and Equipment
Estimated useful life	5 years		5 years		5 years
Furniture and Fixtures | Maximum
Property and Equipment
Estimated useful life	7 years		7 years		7 years
Construction in Progress
Property and Equipment
Owned assets	$ 292		$ 292		$ 886
Owned assets available to be leased	34,711		34,711		9,524	$ 4,605
Total	$ 35,003		$ 35,003		$ 10,410

Investments in Affiliates Acc_3

Investments in Affiliates Accounted for Using the Equity Method (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2000
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates, accounted for using the equity method (note 4)	$ 98,890	$ 94,564	$ 112,961
MLBAM
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	3.30%	3.33%		3.33%
Investments in affiliates, accounted for using the equity method (note 4)	$ 50,453	$ 45,102	58,613
BELP
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	3.30%	3.30%
Investments in affiliates, accounted for using the equity method (note 4)	$ 33,935	$ 33,224	35,502
Other
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	50%	50%
Investments in affiliates, accounted for using the equity method (note 4)	$ 14,502	$ 16,238	$ 18,846

Investments in Affiliates Acc_4

Investments in Affiliates Accounted for Using the Equity Method - Share of earnings (losses) of affiliates (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2000 item	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) item Owner	Dec. 31, 2021 USD ($)
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 11,462	$ 15,022	$ 10,659	$ 12,143	$ 28,927	$ 31,008
MLBAM
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 10,577	13,103	$ 9,334	10,585	$ 24,386	23,230
Number of owners	30					30
Percentage ownership	3.33%	3.30%		3.30%		3.33%
Excess basis		$ 10,300		$ 10,300		$ 10,300	10,300
BELP
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 514	865	$ 711	(461)	$ (1,928)	6,779
Percentage ownership		3.30%		3.30%		3.30%
Term of lag				1 month		1 month
Other
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 371	$ 1,054	$ 614	$ 2,019	$ 6,469	$ 999
Percentage ownership		50%		50%		50%
Term of lag				3 months		3 months
Number of joint ventures | item				2		2

Debt - Summary of debt (Details

Debt - Summary of debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt
Deferred financing costs	$ (4,118)	$ (3,925)	$ (3,201)
Total debt	538,695	541,966	696,703
Debt classified as current	(7,205)	(74,806)	(11,685)
Total long-term debt	531,490	467,160	685,018
Baseball League Wide Credit Facility
Debt
Carrying amount of debt			100,000
MLB Facility Fund - Term
Debt
Carrying amount of debt	30,000	30,000	30,000
MLB Facility Fund - Revolver
Debt
Carrying amount of debt	43,125	43,700	46,000
Teamco Revolver
Debt
Carrying amount of debt			20,000
Term debt
Debt
Carrying amount of debt	168,561	171,694	233,286
Mixed Use Development Credit Facilities
Debt
Carrying amount of debt	35,058	103,163	175,618
Mixed Use Development Term Debt
Debt
Carrying amount of debt	$ 266,069	$ 197,334	$ 95,000

Debt - League wide credit facil

Debt - League wide credit facility (Details) - Baseball league wide credit facility - USD ($) $ in Millions	1 Months Ended
	May 31, 2022	Dec. 31, 2013	Jun. 30, 2023	Dec. 31, 2022
Debt
Maximum borrowings			$ 125	$ 125
One month LIBOR
Debt
Interest rate basis		one-month LIBOR
One month LIBOR | Minimum
Debt
Margin/spread on interest rate (in percent)		1.20%
One month LIBOR | Maximum
Debt
Margin/spread on interest rate (in percent)		1.325%
LIBOR
Debt
Interest rate basis		LIBOR
Margin/spread on interest rate (in percent)		1%
Federal Funds rate
Debt
Interest rate basis		Federal Funds rate
Margin/spread on interest rate (in percent)		0.50%
Federal Funds Rate
Debt
Interest rate basis		Federal Funds
Margin/spread on interest rate (in percent)		0.50%
Base Rate
Debt
Interest rate basis		Base Rate
Base Rate | Minimum
Debt
Margin/spread on interest rate (in percent)		0.20%
Base Rate | Maximum
Debt
Margin/spread on interest rate (in percent)		0.325%
SOFR
Debt
Interest rate basis	Secured Overnight Financing Rate
Margin/spread on interest rate (in percent)	0.10%

Debt - MLB facility fund term a

Debt - MLB facility fund term and revolver (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Baseball MLB facility fund - term
Debt
Carrying amount of debt						$ 30
Interest rate (in percent)						3.65%
Maturity amount 2029						$ 15
Maturity amount 2030						$ 15
Baseball MLB facility fund - revolver
Debt
Interest rate (in percent)				5.73%	1.38%
Maximum borrowings			$ 43.1	$ 43.7
Line of credit interest rate (in percent)			6.52%
Baseball MLB facility fund - revolver | One month LIBOR
Debt
Interest rate basis		one-month LIBOR
Baseball MLB facility fund - revolver | One month LIBOR | Minimum
Debt
Margin/spread on interest rate (in percent)		1.275%
Baseball MLB facility fund - revolver | One month LIBOR | Maximum
Debt
Margin/spread on interest rate (in percent)		1.40%
Baseball MLB facility fund - revolver | LIBOR
Debt
Interest rate basis		LIBOR
Margin/spread on interest rate (in percent)		1%
Baseball MLB facility fund - revolver | Federal Funds Rate
Debt
Interest rate basis		Federal Funds rate
Margin/spread on interest rate (in percent)		0.50%
Baseball MLB facility fund - revolver | Base Rate
Debt
Interest rate basis		Base Rate
Baseball MLB facility fund - revolver | Base Rate | Minimum
Debt
Margin/spread on interest rate (in percent)		0.275%
Baseball MLB facility fund - revolver | Base Rate | Maximum
Debt
Margin/spread on interest rate (in percent)		0.40%
Baseball MLB facility fund - revolver | SOFR
Debt
Interest rate basis	SOFR
Margin/spread on interest rate (in percent)	0.10%

Debt - TeamCo revolver (Details

Debt - TeamCo revolver (Details) - Teamco Revolver - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2016	Jul. 31, 2014	Aug. 31, 2022
Debt
Maximum borrowings	$ 85	$ 85	$ 150
Federal Funds Rate
Debt
Interest rate basis	Federal Funds rate	Federal Funds
Margin/spread on interest rate (in percent)	0.50%	0.50%
LIBOR
Debt
Interest rate basis	LIBOR	LIBOR
Margin/spread on interest rate (in percent)	1%	1%
Base Rate
Debt
Interest rate basis	Base Rate	Base Rate
Margin/spread on interest rate (in percent)	0.25%	0.25%

Debt - Baseball term debt (Deta

Debt - Baseball term debt (Details) - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2017	Aug. 31, 2016	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt
Outstanding borrowings			$ 538,695	$ 541,966	$ 696,703
Unamortized debt issuance costs			4,118	3,925	3,201
Permanent Placement Note
Debt
Carrying amount of debt		$ 200,000
Interest rate (in percent)		3.77%
Principal and Interest payment		$ 6,400
Outstanding borrowings			167,100	170,100	176,100
Unamortized debt issuance costs			$ 1,500	$ 1,600	1,700
Floating Rate Note
Debt
Carrying amount of debt	$ 75,000
Outstanding borrowings					55,100
Unamortized debt issuance costs					$ 357
Floating Rate Note | Three Month LIBOR
Debt
Interest rate basis	three-month LIBOR
Margin/spread on interest rate (in percent)	1.70%

Debt - Mixed-use development cr

Debt - Mixed-use development credit facilities (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2022	Mar. 31, 2019	Aug. 31, 2016	Jun. 30, 2023	Dec. 31, 2021
Debt
Outstanding borrowings	$ 541,966			$ 538,695	$ 696,703
Unamortized debt issuance costs	3,925			4,118	3,201
Mixed Use Development Amended Construction Loan Facility
Debt
Carrying amount of debt		$ 81,000
Debt service coverage ratio		1.30%
Outstanding borrowings	67,700				67,500
Unamortized debt issuance costs	33				229
Mixed Use Development Amended Construction Loan Facility | One month LIBOR
Debt
Interest rate basis		one-month LIBOR
Margin/spread on interest rate (in percent)		2.50%
Mixed Use Development Amended Construction Loan Facility | One month LIBOR | Debt Service Coverage Ratio 1.30
Debt
Interest rate basis		one-month LIBOR
Debt instrument conditional basis spread on variable rate		2.35%
Mixed Use Development Construction Loan Facility Maturing November 2024
Debt
Carrying amount of debt			$ 37,500
Outstanding borrowings	35,300			35,000	36,000
Unamortized debt issuance costs	88				$ 137
Interest rate (in percent)			4%
Principal and Interest payment			$ 179
Mixed Use Development Construction Loan Facility Maturing December 2026
Debt
Carrying amount of debt	$ 112,000
Outstanding borrowings				$ 0
Debt instrument conditional basis spread on variable rate	1.80%
Mixed Use Development Construction Loan Facility Maturing December 2026 | SOFR
Debt
Interest rate basis	SOFR
Margin/spread on interest rate (in percent)	2%

Debt - Mixed-use development te

Debt - Mixed-use development term debt, Fair value of debt (Details) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2023	Jun. 30, 2022	May 31, 2018	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2016
Debt
Outstanding borrowings				$ 538,695	$ 541,966	$ 696,703
Unamortized debt issuance costs				4,118	3,925	3,201
Term Loan Maturing On May 18, 2025
Debt
Carrying amount of debt			$ 95,000
Outstanding borrowings				94,900	94,900	94,800
Unamortized debt issuance costs				100	133	189
Term Loan Maturing On May 18, 2025 | One month LIBOR
Debt
Interest rate basis			one-month LIBOR
Margin/spread on interest rate (in percent)			1.35%
Term Loan Maturing On June 13, 2027
Debt
Carrying amount of debt		$ 125,000
Outstanding borrowings				101,400	101,300	71,400
Unamortized debt issuance costs				900	1,000	305
Annual principal payments		$ 2,000
Amount unavailable until conditions are met				$ 22,700	22,700
Interest rate (in percent)				7.24%
Term Loan Maturing On June 13, 2027 | SOFR
Debt
Interest rate basis		one-month SOFR
Margin/spread on interest rate (in percent)		2.10%
Term Loan Maturing On May 18, 2028
Debt
Carrying amount of debt	$ 80,000			$ 80,000
Outstanding borrowings				68,100
Unamortized debt issuance costs				600
Amount unavailable until conditions are met				11,300
Term Loan Maturing On May 18, 2028 | SOFR
Debt
Interest rate basis	SOFR
Margin/spread on interest rate (in percent)	2.50%
Permanent Placement Note
Debt
Carrying amount of debt							$ 200,000
Outstanding borrowings				167,100	170,100	176,100
Unamortized debt issuance costs				1,500	$ 1,600	$ 1,700
Interest rate (in percent)							3.77%
Debt Instrument, Fair Value Disclosure				$ 145,400

Debt - Interest rate swaps (Det

Debt - Interest rate swaps (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	May 31, 2022	Aug. 01, 2020	Apr. 01, 2020	Aug. 31, 2019	May 31, 2018
Debt
Derivative assets	Other current assets, Other assets, net	Other current assets, Other assets, net
Interest Rate Swap Maturing On May 5, 2025
Debt
Notional amount							$ 95,000
Fair value of interest rate swap	$ 3,600	$ 3,400
Interest Rate Swap Maturing On March 8, 2023
Debt
Notional amount				$ 100,000	$ 25,000	$ 100,000
Fair value of interest rate swap		855
Interest Rate Swap Maturing On June 1, 2025
Debt
Notional amount			$ 100,000
Fair value of interest rate swap	3,800	$ 2,900
Interest Rate Swap Maturing On May 18, 2028
Debt
Notional amount	64,000
Fair value of interest rate swap	$ 600

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Stock based compensation expense	$ 3.2	$ 3.1	$ 6.3	$ 6.1	$ 12.2	$ 12.4
Number of authorized shares					20,000
Dividend rate			0%		0%
CEO | Performance Shares
Stock-Based Compensation
Vesting period			1 year
Shares granted			31
Grant date fair value	$ 34.44		$ 34.44
2022 Plan
Stock-Based Compensation
Number of authorized shares					20,000
2022 Plan | Minimum
Stock-Based Compensation
Vesting period			1 year		1 year
Term of awards			7 years		7 years
2022 Plan | Maximum
Stock-Based Compensation
Vesting period			5 years		5 years
Term of awards			10 years		10 years

Stock-Based Compensation - Libe

Stock-Based Compensation - Liberty Braves-Outstanding Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Exercise price rollforward
Unrecognized compensation cost			$ 11,700
Weighted average period of unrecognized compensation cost			1 year 6 months
Common Class C
Options outstanding rollforward
Outstanding beginning balance	3,108,000	3,125,000	3,125,000
Granted	3,000		105,000
Exercised	(151,000)		(122,000)
Forfeited/Cancelled	(4,000)
Outstanding ending balance	2,956,000		3,108,000	3,125,000
Exercisable	1,356,000		1,493,000
Exercise price rollforward
Outstanding beginning balance	$ 26.17	$ 25.86	$ 25.86
Granted	37.50		26.20
Exercised	18.42		18.12
Forfeited/Cancelled	22.75
Outstanding ending balance	26.59		26.17	$ 25.86
Exercisable	$ 25.69		$ 24.92
Weighted average remaining life outstanding	4 years 1 month 6 days		4 years 4 months 24 days
Weighted average remaining life exercisable	3 years 10 months 24 days		3 years 10 months 24 days
Aggregate intrinsic value outstanding	$ 39,000		$ 19,000
Aggregate intrinsic value exercisable	19,000		$ 11,000
Unrecognized compensation cost	$ 6,000
Weighted average period of unrecognized compensation cost	1 year 2 months 12 days
Shares reserved for issuance	3,000,000		3,100,000
Aggregate intrinsic value	$ 2,300	$ 415
Common Class A and B
Options outstanding rollforward
Outstanding ending balance	0
Common Class A and C
Exercise price rollforward
Aggregate intrinsic value			$ 1,200	$ 4,200
Employee Stock Option [Member] | Common Class A and B
Options outstanding rollforward
Outstanding beginning balance	0
Outstanding ending balance			0
Restricted Stock And Restricted Stock Units
Exercise price rollforward
Number of unvested shares			178,000
Aggregate fair value			$ 6,400	$ 5,500
Restricted Stock And Restricted Stock Units | Common Class A and C
Exercise price rollforward
Number of unvested shares	203,000
Grant date fair value	$ 32.94		$ 31.55
Aggregate fair value	$ 753	$ 1,300

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) plan	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) plan	Dec. 31, 2021 USD ($)	Jul. 01, 2023 USD ($)	Jan. 01, 2023 USD ($)	Mar. 10, 2022
Diamond Sports Group Bankruptcy
Commitments and Contingencies
Potential maximum amount that could be required to be repaid		$ 34.2		$ 34.2
Preference period		90 days		90 days
Potential amount that could be required to be written-down		$ 24.4		$ 45.7
Employment Contracts
Commitments and Contingencies
Amount due under employee contracts		1,017.6		867.5
Amount payable under employee contracts in 2023		225.8
Amount payable under employee contracts in 2024		149.8		183.8
Amount payable under employee contracts in 2025		143.4		131.7
Amount payable under employee contracts in 2026		136.3		115
Amount payable under employee contracts in 2027		111.2		$ 114
Amount payable under employee contracts thereafter		$ 251.1
Interest rate (in percent)		5%		5%
Employment Contracts | Subsequent Event
Commitments and Contingencies
Amount due under employee contracts						$ 12.4	$ 98.2
Collective Bargaining Agreement
Commitments and Contingencies
Number of components of revenue sharing plan | plan	2			2
Revenue pool, contribution, percent of prior years net defined local revenue	48%			48%
Revenue pool, contribution, net defined local revenue, period	3 years			3 years
Amount funded to commissioner's discretionary fund	$ 15			$ 15
Amount incurred in revenue sharing		$ 16.4	$ 9.5	$ 16	$ 10.5
Collective Bargaining Agreement | Maximum
Commitments and Contingencies
Percentage of labor force covered		10%						5%

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Revenue	$ 270,123	$ 250,325	$ 301,095	$ 271,855	$ 588,561	$ 563,717
Baseball Event
Segment Information
Revenue					298,364	287,348
Broadcasting
Segment Information
Revenue					154,185	163,188
Retail And Licensing
Segment Information
Revenue					47,792	44,089
Operating Segments
Segment Information
Revenue	270,123	250,325	301,095	271,855
Operating Segments | Baseball
Segment Information
Revenue	254,935	236,918	272,496	246,758
Operating Segments | Baseball | Baseball Event
Segment Information
Revenue	162,368	145,116	163,486	146,203
Operating Segments | Baseball | Broadcasting
Segment Information
Revenue	68,558	63,745	69,449	63,745
Operating Segments | Baseball | Retail And Licensing
Segment Information
Revenue	19,747	17,755	24,122	21,610
Operating Segments | Baseball | Other
Segment Information
Revenue	4,262	10,302	15,439	15,200
Operating Segments | Mixed Use Development
Segment Information
Revenue	$ 15,188	$ 13,407	$ 28,599	$ 25,097	$ 53,577	$ 41,320

Segment Information - Performan

Segment Information - Performance measures (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Long term deferred revenue	$ 16.1		$ 14.3	$ 10.7
Revenue recognized	49.7	$ 22.2	81.6	$ 77.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Segment Information
Remaining performance obligation, revenue expected to be recognized			$ 283.1
Expected timing of satisfaction period			12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 159.6
Expected timing of satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 302.7		$ 264.1
Expected timing of satisfaction period	1 year		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 287.4		$ 817
Expected timing of satisfaction period	1 year		72 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 654.2
Expected timing of satisfaction period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 146.1		$ 146.1
Expected timing of satisfaction period			60 months

Segment Information - Adjusted

Segment Information - Adjusted OIBDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Adjusted OIBDA	$ 42,102	$ 48,241	$ 11,013	$ 22,841	$ 58,776	$ 102,625
Operating segment | Baseball
Segment Information
Adjusted OIBDA	37,415	41,685	1,878	10,581
Operating segment | Mixed-Use Development
Segment Information
Adjusted OIBDA	10,166	8,480	19,319	16,397	35,433	26,546
Corporate and other
Segment Information
Adjusted OIBDA	$ (5,479)	$ (1,924)	$ (10,184)	$ (4,137)	$ (9,916)	$ (7,633)

Segment Information - Other inf

Segment Information - Other information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Total assets	$ 1,509,102	$ 1,490,661	$ 1,665,881
Investments in affiliates	98,890	94,564	112,961
Capital expenditures	29,700	17,669	35,356
Operating segment | Baseball
Segment Information
Total assets	977,905	953,016
Investments in affiliates	84,388	78,326
Capital expenditures	8,292	6,853
Operating segment | Mixed-Use Development
Segment Information
Total assets	526,142	516,498	484,850
Investments in affiliates	14,502	16,238	18,846
Capital expenditures	21,408	10,816	27,207
Corporate and other
Segment Information
Total assets	59,830	69,531	83,985
Elimination
Segment Information
Total assets	$ (54,775)	$ (48,384)	$ (42,616)

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Adjusted OIBDA		$ 42,102	$ 48,241	$ 11,013	$ 22,841	$ 58,776	$ 102,625
Impairment of long-lived assets and other related costs		(232)		(530)		(4,811)
Stock-based compensation		(3,153)	(3,063)	(6,344)	(6,126)	(12,233)	(12,358)
Depreciation and amortization		(19,250)	(17,617)	(33,929)	(35,394)	(71,697)	(71,024)
Operating income (loss)		19,467	27,561	(29,790)	(18,679)	(30,581)	19,243
Interest expense		(9,448)	(6,402)	(18,360)	(12,529)	(29,582)	(24,471)
Share of (earnings) losses of affiliates, net		11,462	15,022	10,659	12,143	28,927	31,008
Unrealized gains (losses) on intergroup interests		(49,409)	34,881	(62,786)	36,103	(35,154)	(30,766)
Realized and unrealized gains (losses) on financial instruments, net		3,840	1,659	3,079	6,460	13,067	2,849
Gains (losses) on dispositions, net	$ 20,200	2,503	28	2,503	20,215	20,132	(606)
Other, net		813	143	1,654	168	1,674	(571)
Earnings (loss) before income taxes		$ (20,772)	$ 72,892	$ (93,041)	$ 43,881	$ (31,517)	$ (3,314)

Combined Balance Sheets

Combined Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 130,537		$ 150,664			$ 142,281
Restricted cash	52,033		22,149			87,858
Accounts receivable and contract assets, net of allowance for credit losses	54,491		70,234			72,244
Other current assets	27,068		24,331			41,971
Assets held for sale (note 11)						36,716
Total current assets	264,129		267,378			381,070
Property and equipment, at cost (note 3)			1,007,776			998,439
Accumulated depreciation			(277,979)			(225,285)
Property and equipment, net			729,797			773,154
Investments in affiliates, accounted for using the equity method (note 4)	98,890		94,564			112,961
Intangible assets not subject to amortization:
Goodwill	175,764		175,764			175,764
Franchise rights	123,703		123,703			123,703
Intangible assets, Total	299,467		299,467			299,467
Other assets, net	107,759		99,455			99,229
Total assets	1,509,102		1,490,661			1,665,881
Current liabilities:
Accounts payable and accrued liabilities	65,426		54,748			65,291
Deferred revenue and refundable tickets	142,010		104,996			82,050
Current portion of debt (note 5)	7,205		74,806			11,685
Other current liabilities	5,524		6,361			7,030
Liabilities related to assets held for sale (note 11)						9,853
Total current liabilities	220,165		240,911			175,909
Long-term debt (note 5)	531,490		467,160			685,018
Redeemable intergroup interests	340,889		278,103			256,777
Finance lease liabilities	106,014		107,220			110,929
Pension liability (note 7)	10,450		15,405			34,850
Deferred income tax liabilities (note 8)	46,965		54,099			59,188
Other noncurrent liabilities	31,247		28,253			36,987
Total liabilities	1,287,220		1,191,151			1,359,658
Equity:
Parent's investment	730,620		732,350			720,023
Retained earnings (deficit)	(515,971)		(429,082)			(394,891)
Accumulated other comprehensive earnings (loss), net of taxes	(4,056)		(3,758)			(18,909)
Total equity	221,882	$ 243,116	299,510	$ 353,144	$ 286,304	306,223	$ 298,018
Total liabilities and equity	$ 1,509,102		$ 1,490,661			$ 1,665,881

Combined Statements of Operatio

Combined Statements of Operations - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Total revenue		$ 270,123	$ 250,325	$ 301,095	$ 271,855	$ 588,561	$ 563,717
Operating costs and expenses:
Selling, general and administrative, including stock-based compensation		33,443	32,995	59,993	55,019	105,512	97,104
Impairment of long-lived assets and other related costs						5,427
Depreciation and amortization		19,250	17,617	33,929	35,394	71,697	71,024
Total operating costs		250,656	222,764	330,885	290,534	619,142	544,474
Operating income (loss)		19,467	27,561	(29,790)	(18,679)	(30,581)	19,243
Other income (expense):
Interest expense		(9,448)	(6,402)	(18,360)	(12,529)	(29,582)	(24,471)
Share of earnings (losses) of affiliates, net (note 4)		11,462	15,022	10,659	12,143	28,927	31,008
Unrealized gains (losses) on intergroup interests		(49,409)	34,881	(62,786)	36,103	(35,154)	(30,766)
Realized and unrealized gains (losses) on financial instruments, net		3,840	1,659	3,079	6,460	13,067	2,849
Gains (losses) on dispositions, net (note 1)	$ 20,200	2,503	28	2,503	20,215	20,132	(606)
Other, net		813	143	1,654	168	1,674	(571)
Earnings (loss) before income taxes		(20,772)	72,892	(93,041)	43,881	(31,517)	(3,314)
Income tax benefit (expense) (note 8)		(8,141)	(9,193)	6,152	(3,217)	(2,655)	(9,692)
Net earnings (loss)		$ (28,913)	63,699	$ (86,889)	40,664	$ (34,172)	(13,006)
Unaudited Pro Forma basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)		$ 0.33		$ (0.39)		$ 0.02
Baseball
Revenue:
Total revenue		$ 254,935	236,918	$ 272,496	246,758	$ 534,984	522,397
Operating costs and expenses:
Operating costs		195,458	169,585	232,229	195,811	427,832	369,743
Mixed-Use Development
Revenue:
Total revenue		15,188	13,407	28,599	25,097	53,577	41,320
Operating costs and expenses:
Operating costs		$ 2,273	$ 2,567	$ 4,204	$ 4,310	$ 8,674	$ 6,603

Combined Statements of Comprehe

Combined Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Condensed Combined Statements of Comprehensive Earnings (Loss)
Net Income (Loss)	$ (28,913)	$ 63,699	$ (86,889)	$ 40,664	$ (34,172)	$ (13,006)
Other comprehensive earnings (loss), net of taxes:
Unrealized holding gains (losses) arising during the period	(190)	(2)	(190)	(2)	13,965	3,988
Share of other comprehensive earnings (loss) of affiliates	(108)		(108)		1,186	(393)
Other comprehensive earnings (loss), net of tax	(298)	(2)	(298)	(2)	15,151	3,595
Comprehensive earnings (loss)	$ (29,211)	$ 63,697	$ (87,187)	$ 40,662	$ (19,021)	$ (9,411)

Combined Statements of Cash Flo

Combined Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net earnings (loss)	$ (34,172)	$ (13,006)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	71,697	71,024
Stock-based compensation	12,233	12,358
Impairment of long-lived assets	4,811
Share of (earnings) losses of affiliates, net	(28,927)	(31,008)
Unrealized (gains) losses on intergroup interests, net	35,154	30,766
Realized and unrealized (gains) losses on financial instruments, net	(13,067)	(2,849)
(Gains) losses on dispositions, net	(20,132)	606
Deferred income tax expense (benefit)	(10,413)	9,283
Noncash interest expense	2,014	3,123
Cash receipts from returns on equity method investments	21,700	13,724
Other charges (credits), net	315	61
Net change in operating assets and liabilities:
Current and other assets	9,912	(40,619)
Payables and other liabilities	2,224	23,842
Net cash provided by (used in) operating activities	53,349	77,305
Cash flows from investing activities:
Capital expended for property and equipment	(17,669)	(35,356)
Cash proceeds from dispositions	48,008
Return of investment in equity method affiliates	27,500
Proceeds from insurance recoveries		1,633
Other investing activities, net	(5,273)	(135)
Net cash provided by (used in) investing activities	52,566	(33,858)
Cash flows from financing activities:
Borrowings of debt	154,753	117,384
Repayments of debt	(309,612)	(93,336)
Payments to settle intergroup interests	(13,828)
Issuance of Liberty Braves stock upon exercise of stock options	693	5,661
Payments on deferred obligations to players and other baseball personnel	(328)	(8,000)
Other financing activities, net	(8,893)	(6,303)
Net cash provided by (used in) financing activities	(177,215)	15,406
Net increase (decrease) in cash, cash equivalents and restricted cash	(71,300)	58,853
Cash, cash equivalents and restricted cash at beginning of period	244,113	185,260
Cash, cash equivalents and restricted cash at end of period	172,813	244,113
Supplemental disclosures to the combined statements of cash flows:
Cash paid for interest	25,343	23,737
Cash paid (refunds received) for income taxes	(7,470)	(7,326)
Non cash activity:
Property and equipment expenditures incurred but not yet paid	$ 9,830	$ 14,403

Combined Statements of Cash F_2

Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Combined Statements of Cash Flows
Cash and cash equivalents	$ 130,537	$ 150,664		$ 142,281
Restricted cash	52,033	22,149		87,858
Restricted cash included in other assets, net				13,974
Total cash, cash equivalents and restricted cash at end of period	$ 182,570	$ 172,813	$ 271,971	$ 244,113	$ 185,260

Combined Statements of Equity

Combined Statements of Equity - USD ($) $ in Thousands	Parent's investment	Retained earnings (deficit)	Accumulated other comprehensive earnings (loss)	Noncontrolling interest in equity of subsidiaries	Total
Beginning Balance at Dec. 31, 2020	$ 702,442	$ (381,920)	$ (22,504)		$ 298,018
Net Income (Loss)		(13,006)			(13,006)
Other comprehensive earnings (loss)			3,595		3,595
Stock-based compensation	12,358				12,358
Withholding taxes on net share settlements of stock-based compensation	(372)				(372)
Issuance of Liberty Braves common stock upon exercise of stock options	5,661				5,661
Other	(66)	35			(31)
Ending Balance at Dec. 31, 2021	720,023	(394,891)	(18,909)		306,223
Net Income (Loss)		40,664			40,664
Other comprehensive earnings (loss)			(2)		(2)
Stock-based compensation	6,126				6,126
Other	151	(18)			133
Ending Balance at Jun. 30, 2022	726,300	(354,245)	(18,911)		353,144
Beginning Balance at Dec. 31, 2021	720,023	(394,891)	(18,909)		306,223
Net Income (Loss)		(34,172)			(34,172)
Other comprehensive earnings (loss)			15,151		15,151
Stock-based compensation	12,233				12,233
Withholding taxes on net share settlements of stock-based compensation	(600)				(600)
Issuance of Liberty Braves common stock upon exercise of stock options	693				693
Other	1	(19)			(18)
Ending Balance at Dec. 31, 2022	732,350	(429,082)	(3,758)		299,510
Beginning Balance at Mar. 31, 2022	723,157	(417,944)	(18,909)		286,304
Net Income (Loss)		63,699			63,699
Other comprehensive earnings (loss)			(2)		(2)
Stock-based compensation	3,063				3,063
Other	80				80
Ending Balance at Jun. 30, 2022	726,300	(354,245)	(18,911)		353,144
Beginning Balance at Dec. 31, 2022	732,350	(429,082)	(3,758)		299,510
Net Income (Loss)		(86,889)			(86,889)
Other comprehensive earnings (loss)			(298)		(298)
Stock-based compensation	6,294				6,294
Tax sharing adjustment with Parent	(7,354)				(7,354)
Contribution from noncontrolling interest				$ 11,289	11,289
Other	(670)				(670)
Ending Balance at Jun. 30, 2023	730,620	(515,971)	(4,056)	11,289	221,882
Beginning Balance at Mar. 31, 2023	727,287	(487,058)	(3,758)	6,645	243,116
Net Income (Loss)		(28,913)			(28,913)
Other comprehensive earnings (loss)			(298)		(298)
Stock-based compensation	3,153				3,153
Contribution from noncontrolling interest				4,644	4,644
Other	180				180
Ending Balance at Jun. 30, 2023	$ 730,620	$ (515,971)	$ (4,056)	$ 11,289	$ 221,882

Basis of Presentation_2

Basis of Presentation	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Basis of Presentation
Basis of Presentation	(1) During November 2022, the board of directors of Liberty Media Corporation (“Liberty” or “Parent”) authorized Liberty management to pursue a plan to redeem each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) is comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (“Braves Group”), which, as of June 30, 2023, included Liberty’s wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”), corporate cash and intergroup interests in the Braves Group held by the Liberty Formula One Group (the “Formula One Group”) and the Liberty SiriusXM Group. The Split-Off was completed on July 18, 2023 and was intended to be tax-free to holders of Liberty Braves common stock. The intergroup interests in the Braves Group remaining immediately prior to the Split-Off were settled and extinguished in connection with the Split-Off through the attribution, to the respective tracking stock group, of Atlanta Braves Holdings Series C common stock on a one-for-one basis equal to the number of notional shares representing the intergroup interest. The intergroup interests represented quasi-equity interests which were not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group had attributed interests in the Braves Group, which were generally stated in terms of a number of shares of Liberty Braves common stock. Historically, Liberty assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock and that the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock were used for the mark-to-market adjustment for the intergroup interests held by the Formula One Group and the Liberty SiriusXM Group, respectively, through the condensed combined statements of operations. During the second quarter of 2023, Liberty determined that, in connection with the Split-Off, shares of Atlanta Braves Holdings Series C common stock would be used to settle and extinguish the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group. Accordingly, as of June 30, 2023, the market price of Series C Liberty Braves common stock was used for the mark-to market adjustment for the intergroup interest held by the Liberty SiriusXM Group. As of June 30, 2023, 6,792,903 notional shares represented an 11.0% intergroup interest in the Braves Group held by the Formula One Group and 1,811,066 notional shares represented a 2.9% intergroup interest in the Braves Group held by the Liberty SiriusXM Group. The accompanying condensed combined financial statements The accompanying (a) condensed combined balance sheet as of December 31, 2022, which has been derived from audited combined financial statements, and (b) the interim unaudited condensed combined financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information 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 combined financial statements should be read in conjunction with the combined financial statements and notes thereto for the year ended December 31, 2022 as presented in Amendment No. 5 to the Registration Statement on Form S-4 (File No. 333-268922) filed on June 8, 2023. The preparation of condensed combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed combined 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 measurements of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates. Description of Business Braves Holdings indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”). In addition, Braves Holdings indirectly owned and operated three Professional Development League clubs (the Gwinnett Stripers, Mississippi Braves and Rome Braves) until they were sold in January 2022. ANLBC’s ballpark (“Truist Park” or the “Stadium”), is located in Cobb County, a suburb of Atlanta, and is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority. Braves Holdings, through affiliated entities and third party development partners, has developed a significant portion of the land around Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”). The Braves and 29 other Major League baseball clubs are collectively referred to as the Clubs. The Office of the Commissioner of Baseball (the “BOC”) is an unincorporated association also doing business as Major League Baseball (“MLB”) and has as its members the Clubs. The Clubs are bound by the terms and provisions of the Major League Constitution and all rules and regulations promulgated thereunder as well as a series of other agreements and arrangements that govern the operation and management of a Club, which among other things, require each Club to comply with limitations on the amount of debt a Club can incur, revenue sharing arrangements with the other Clubs, commercial arrangements with regard to the national broadcasting of its games and other programming and commercial arrangements relating to the use of its intellectual property. In January 2022, Braves Holdings sold the three Professional Development League clubs to a third party and recognized a gain of approximately $20.2 million, which was allocated entirely to the baseball reportable segment. Each of the three clubs will remain affiliated with Braves Holdings via player development license agreements with MLB Professional Development Leagues, LLC. Additionally, Braves Holdings granted an exclusive, royalty free, sub-licensable, and irrevocable license to use various tradenames and logos. The license fee is included within the total purchase price of approximately $49.4 million. Split-Off of Atlanta Braves Holdings from Liberty A portion of Liberty’s general and administrative expenses, including legal, tax, accounting, treasury and investor relations support was allocated to the Braves Group each reporting period based on an estimate of time spent. The Braves Group paid $2.6 million and $1.4 million during the three months ended June 30, 2023 and 2022, respectively, and $4.5 million and $2.5 million during the six months ended June 30, 2023 and 2022, respectively, for such expenses. Following the Split-Off, Liberty and Atlanta Braves Holdings operate as separate, publicly traded companies and Liberty owns 1,811,066 shares of Atlanta Braves Holdings Series C common stock. Within one year following the Split-Off, Liberty intends to either exchange the shares of Atlanta Braves Holdings Series C common stock with one or more third party lenders to satisfy certain of Liberty’s debt obligations or dispose of such shares in one or more public or private sale transactions. Following the exchange or disposal of such shares, neither Liberty or Atlanta Braves Holdings is expected to have any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty and Atlanta Braves Holdings entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement. The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Atlanta Braves Holdings and Liberty with respect to and resulting from the Split-Off. The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and Atlanta Braves Holdings and other agreements related to tax matters. Pursuant to the services agreement, Liberty provides Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury and investor relations support. Atlanta Braves Holdings will reimburse Liberty for direct, out-of-pocket expenses and will pay a services fee to Liberty under the services agreement that is subject to adjustment quarterly, as necessary. Under the facilities sharing agreement, Atlanta Braves Holdings shares office space with Liberty and related amenities at Liberty’s corporate headquarters. The aircraft time sharing agreements provide for Liberty to lease certain aircraft that it or its subsidiaries own to Atlanta Braves Holdings for use on a periodic, non-exclusive time sharing basis. Pursuant to the registration rights agreement with Liberty, upon request of Liberty, Atlanta Braves Holdings will use reasonable best efforts to effect the registration of shares of Atlanta Braves Holdings’ Series C common stock that were issued to Liberty in settlement and extinguishment of the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group. Seasonality Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.	(1) During November 2022, the board of directors of Liberty Media Corporation (“Liberty Media” or “Parent”) authorized Liberty Media management to pursue a plan to redeem each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) will be comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (“Braves Group”), which, as of December 31, 2022, include Liberty Media’s wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”), corporate cash and intergroup interests in the Braves Group held by the Liberty Formula One Group (the “Formula One Group”) and the Liberty SiriusXM Group. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock. Liberty Media has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the combined statements of operations. In September 2022, the Braves Group paid the Liberty SiriusXM Group approximately $13.8 million of cash, resulting in a partial settlement of the intergroup interest in the Braves Group held by the Liberty SiriusXM Group. As of December 31, 2022, 6,792,903 notional shares represent an 11.0% intergroup interest in the Braves Group held by the Formula One Group and 1,811,066 notional shares represent a 2.9% intergroup interest in the Braves Group held by the Liberty SiriusXM Group. The intergroup interests remaining immediately prior to the Split-Off are expected to be settled in connection with the Split-Off through the transfer of Atlanta Braves Holdings’ securities to the respective tracking stock group. The Split-Off is intended to be tax-free to holders of Liberty Braves common stock and the completion of the Split-Off will be subject to various conditions, including the receipt of an opinion of tax counsel. The accompanying combined financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and represent a combination of the historical financial information of the Braves Group. These combined financial statements refer to the combination of Braves Holdings, the aforementioned intergroup interests in the Braves Group and cash as "Atlanta Braves Holdings," "the Company," "us," "we" and "our" in the notes to the combined financial statements. The Split-Off will be accounted for at historical cost due to the pro rata nature of the distribution to holders of Liberty Braves common stock. All significant intercompany accounts and transactions have been eliminated in the combined financial statements. Description of Business Braves Holdings indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”). In addition, Braves Holdings indirectly owned and operated three Professional Development League clubs (the Gwinnett Stripers, Mississippi Braves and Rome Braves) until they were sold in January 2022. ANLBC’s ballpark (“Truist Park” or the “Stadium”), is located in Cobb County, a suburb of Atlanta, and is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority. Braves Holdings, through affiliated entities and third party development partners, has developed a significant portion of the land around Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”). The Braves and 29 other Major League baseball clubs are collectively referred to as the Clubs. The Office of the Commissioner of Baseball (the “BOC”) is an unincorporated association also doing business as Major League Baseball (“MLB”) and has as its members the Clubs. The Clubs are bound by the terms and provisions of the Major League Constitution and all rules and regulations promulgated thereunder as well as a series of other agreements and arrangements that govern the operation and management of a Club, which among other things, require each Club to comply with limitations on the amount of debt a Club can incur, revenue sharing arrangements with the other Clubs, commercial arrangements with regard to the national broadcasting of its games and other programming and commercial arrangements relating to the use of its intellectual property. Split-Off of Atlanta Braves Holdings from Liberty Media A portion of Liberty Media’s general and administrative expenses, including legal, tax, accounting, treasury and investor relations support is allocated to the Braves Group each reporting period based on an estimate of time spent. The Braves Group paid $9.0 million and $5.2 million during the years ended December 31, 2022 and 2021, respectively, for such expenses. Following the Split-Off and the completion of certain other related transactions, Liberty Media and Atlanta Braves Holdings will operate as separate, publicly traded companies, and neither is expected to have any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty Media and Atlanta Braves Holdings will enter into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement. The reorganization agreement will provide for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Atlanta Braves Holdings and Liberty Media with respect to and resulting from the Split-Off. The tax sharing agreement will provide for the allocation and indemnification of tax liabilities and benefits between Liberty Media and Atlanta Braves Holdings and other agreements related to tax matters. Pursuant to the services agreement, Liberty Media will provide Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury and investor relations support. Atlanta Braves Holdings will reimburse Liberty Media for direct, out-of-pocket expenses, and will pay a services fee to Liberty Media under the services agreement that is subject to quarterly adjustments, as necessary. Under the facilities sharing agreement, Atlanta Braves Holdings will share office space with Liberty Media and related amenities at Liberty Media’s corporate headquarters. The aircraft time sharing agreements will provide for Liberty Media to lease certain aircraft that it or its subsidiaries own to Atlanta Braves Holdings for use on a periodic, non-exclusive time sharing basis. Pursuant to the registration rights agreement with Liberty Media, upon request of Liberty Media, Atlanta Braves Holdings will use reasonable best efforts to effect the registration of shares of Atlanta Braves Holdings’ Series A common stock that may be issued to Liberty Media in settlement and extinguishment of the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) 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. Cash and Cash Equivalents Cash equivalents (Level 1) consist of highly liquid investments purchased with original maturities of three months or less. Cash equivalents aggregated $69.1 million and $81.2 million as of December 31, 2022 and 2021, respectively. Restricted Cash Restricted cash consists of cash on deposit that is restricted for the payment of certain debt and interest obligations, debt reserves, Stadium repair and maintenance reserves and Stadium lease payments. Accounts Receivable and Contract Assets, net of Allowance for Credit Losses An account receivable is recorded when there is an unconditional right to consideration based on a contract with a customer. For certain types of contracts with customers, the Company may recognize revenue in advance of the contractual right to invoice the customer, resulting in an amount recorded to contract assets as required by Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ amounts in thousands Accounts receivable ​ $ 23,980 26,935 Contract assets ​ 46,254 45,309 Total accounts receivable and contract assets, net of allowance for credit losses ​ $ 70,234 72,244 ​ Accounts receivable and contract assets are reflected net of an allowance for credit losses. A summary of activity in the allowance for credit losses is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of Charges (credits) to ​ End of year ​ year balance expense Write-Offs balance ​ ​ amounts in thousands 2022 ​ $ 406 ​ (86) ​ (7) ​ 313 2021 ​ $ 478 114 (186) 406 ​ The Company applies the “expected credit loss” methodology in estimating its allowance for credit losses by first considering historical losses and adding consideration of current market conditions, the customers’ financial condition, the amount of receivables in dispute, the current receivables aging and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. Property and Equipment Property and equipment are recorded at cost, less impairments, if any. Expenditures for improvements that add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are expensed when incurred. When depreciable properties are retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts, and the resulting gain or loss is included in the combined statements of operations. Depreciation is recognized over the estimated useful lives of the assets using the straight-line method. Investments Braves Holdings or certain of its subsidiaries maintain investments in various entities, including certain MLB affiliates, Georgia Ballpark Hotel Company, LLC and Battery Hotel Group, LLC. Investments in entities in which Braves Holdings or its subsidiaries have significant influence, but less than a controlling voting interest, are accounted for using the equity method. Significant influence is generally presumed to exist when the Company (i) owns between 20% and 50% of a voting interest in the investee, (ii) holds substantial management rights, or (iii) holds an interest greater than 3% to 5% in an investee that is a limited partnership. The presumption that exists for interests in the ranges stated above is overcome in limited circumstances if it is readily apparent based on the facts and circumstances that the investor does not have the ability to influence the financial and operating policies over the investee. Under the equity method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the investment as they occur rather than as dividends or other distributions as they are received. Losses are limited to the extent of the Company’s investment in, advances to and commitments for the investee. The Company 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, the Company relies on audit reports that are provided by the affiliates’ independent auditors on the financial statements of such affiliates. In the event the Company is unable to obtain accurate financial information from an equity affiliate in a timely manner, the Company records its share of earnings or losses on a lag. The Company is not aware of any errors in, or possible misstatements of, the financial information provided by its equity affiliates that would have a material effect on the Company’s combined financial statements. The Company periodically reviews the carrying amounts of its investments to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, the Company considers the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; changes in valuation subsequent to the balance sheet date; and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. If the decline in fair value is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value. In situations where the fair value of an investment is not evident due to a lack of a public market price or other factors, the Company uses its best estimates and assumptions to arrive at the estimated fair value of such investment. The Company’s assessment of the foregoing factors involves judgment and accordingly, actual results may differ materially from the Company’s estimates and judgments. Write-downs for equity method investments are included in share of earnings (losses) of affiliates. Intangible Assets Intangible assets subject to amortization, comprised of broadcast rights, are amortized straight-line over their estimated useful lives to their estimated residual values and are included in other assets, net in the combined balance sheets. Amortization of broadcast rights was approximately $3.0 million for each of the years ended December 31, 2022 and 2021, and was included in depreciation and amortization expense in the combined statements of operations. Goodwill and franchise rights (collectively, “indefinite-lived intangible assets”) are not amortized, but instead are tested for impairment at least annually. The annual impairment assessment of the Company’s indefinite-lived intangible assets is performed during the fourth quarter of each year, or more frequently if events and circumstances indicate impairment may have occurred. The Company’s goodwill is allocated entirely to its baseball reportable segment. The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current and prior years for other purposes. The Company performed a qualitative analysis during the fourth quarter of 2022 and concluded it was not more likely than not that an impairment existed. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in the Company’s valuation analysis are based on management’s best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company’s indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Impairment of Long-Lived Assets Long-lived assets, such as property and equipment and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or an asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. Amateur Player Acquisition Rights Amateur player acquisition rights consist of upfront payments to players that are capitalized and amortized using the straight-line method over their estimated useful lives. Such amounts are included in other assets, net in the combined balance sheets. Amortization of amateur player acquisition rights was approximately $11.0 million and $9.6 million for the years ended December 31, 2022 and 2021, respectively, and was included in depreciation and amortization expense in the combined statements of operations. Derivative Instruments and Hedging Activities All of the Company’s derivatives, whether designated as hedging relationships or not, are recorded on the combined balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings or losses. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings (loss) and are recognized in the combined statement of operations when the hedged item affects earnings or losses. Ineffective portions of changes in the fair value of cash flow hedges are recognized in net earnings (loss). If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in net earnings (loss). None of the Company’s derivatives are currently designated as hedges. Pension Plans Braves Holdings’ current and former players as well as certain coaches, managers, trainers and assistant trainers participate in a multi-employer defined-benefit pension plan in which all of the Clubs participate and equally fund. A certain population of Braves Holdings’ non-uniformed personnel participate in a defined-benefit pension plan sponsored by Braves Holdings. The Company records amounts relating to its Braves Holdings-sponsored plan based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return and compensation increases. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The Company believes that the assumptions utilized in recording its obligations under its plan are reasonable based on its experience and market conditions. The Company recognizes the funded status of the Braves Holdings-sponsored defined-benefit pension plan as a net asset or liability and recognizes changes in that funded status in the year in which the changes occur through other comprehensive earnings (loss) to the extent those changes are not included in net periodic cost. The funded status reported on the Company’s combined balance sheets as of December 31, 2022 and 2021 was measured as the difference between the fair value of plan assets and the projected benefit obligation. Revenue Recognition ASC 606 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services are transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer (transaction price). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative stand-alone selling prices of the promised products or services underlying each performance obligation. The Company determines stand-alone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the stand-alone selling price considering available information, such as market conditions and internal pricing guidelines related to the performance obligations. Significant portions of the transaction prices for Braves Holdings 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 $283.1 million in 2023 2024 2025 thereafter Sales, value add, and other taxes when collected concurrently with revenue producing activities are excluded from revenue. If, at contract inception, the Company determines the time period between when the Company transfers a promised good or service to a customer and when the customer pays the Company for that good or service is one year or less, the Company does not adjust the promised amount of consideration for the effects of a significant financing component. When consideration is received from a customer prior to transferring services to the customer under the terms of a contract, deferred revenue is recorded. The primary source of the Company’s deferred revenue relates to suite and season ticket arrangements, as well as certain sponsorship arrangements. Deferred revenue is recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. At December 31, 2022 and 2021, the Company had long-term deferred revenue of $14.3 million and $10.7 million, respectively, which were included in other noncurrent liabilities in the combined balance sheets. During the years ended December 31, 2022 and 2021, the Company recognized $81.6 million and $77.4 million, respectively, of revenue that was included in deferred revenue at the beginning of the respective year. The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service. The following table disaggregates Braves Holdings’ revenue by source: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Baseball revenue: ​ ​ ​ Baseball event ​ $ 298,364 ​ 287,348 Broadcasting ​ 154,185 ​ 163,188 Retail and licensing ​ 47,792 ​ 44,089 Other ​ 34,643 ​ 27,772 Baseball revenue ​ 534,984 ​ 522,397 Mixed-Use Development revenue ​ 53,577 ​ 41,320 Total revenue ​ $ 588,561 ​ 563,717 ​ The Company’s revenue recognition policies summarizing the nature, amount, timing and uncertainty associated with each major source of revenue from contracts with customers are described below. Baseball Event Revenue The Company derives event-related revenue from gameday tickets, concessions and parking. These arrangements have limited performance obligations for single or mini multigame ticket packages and include a fixed-fee transaction price. The Company’s performance obligations are satisfied as the related benefits are delivered to each customer. In addition, the Company derives event related revenue from suite arrangements, season tickets and advertising sponsorships (in the form of Stadium signage and other sponsorship elements). These arrangements may be multiyear fee arrangements and include annual market increases. Payment terms for these arrangements can vary by contract, but payments are generally due in installments prior to each regular season. The Company’s performance obligations under such arrangements are to provide the customer with certain benefits during each regular season. The transaction price of the arrangement is allocated to each performance obligation based on the relative standalone selling price of each obligation. In determining the stand-alone selling price, the Company considers the contractually agreed-upon fees, as compared to other arrangements. The Company’s performance obligations are satisfied as the related benefits are delivered to each customer. Revenue is recognized on a per game basis during the regular season based on a pro rata share of total revenue allocated to the entire regular season to the total number of home games during the regular season. Broadcasting Revenue The Company derives revenue from the sale of local broadcasting rights and national broadcasting rights negotiated by the BOC on behalf of the Clubs. Each Club has the right to authorize the television broadcast, within its home television territory, of games in which it participates, subject to certain exceptions. ANLBC has a long-term local broadcasting agreement with Sportsouth Network II, LLC, the owner and operator of the SportSouth and FS South video programming services (“Bally Sport South” and “Bally Sports Southeast,” formerly known as Fox Sports South and Fox Sports Southeast, respectively), granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves by national broadcast partners for the 2013 through 2027 seasons. Over the 15-year term of the agreement, ANLBC is entitled to receive payments, subject to the actual number of games broadcast during the term. Pursuant to the terms of the agreement, ANLBC receives such rights fees in monthly installments from January through August of each year. The transaction price under the local television broadcast arrangement is variable in nature as certain provisions exist as to the consideration received in certain years. The Company estimates the entire transaction price of the contractual arrangements and recognizes revenue allocated to each of the performance obligations within the contractual arrangements as those performance obligations are satisfied. In estimating the transaction price, the Company considers the contractually agreed-upon fees as well as qualitative considerations with respect to the number of games expected to be broadcast. The resulting transaction price is allocated entirely to each contract year as stated in the contractual agreement and revenue is recognized using an output measure of progress toward satisfaction of the Company’s performance obligations within the contract year, as the underlying benefits are provided. During the year ended December 31, 2021, the Company recognized $13.4 million in revenue from performance obligations satisfied in prior periods. The cumulative catch-up adjustment resulted from a change in the estimated variable transaction price that was constrained in prior periods. The Company also participates in the revenue generated from national television and radio broadcast arrangements negotiated by the BOC on behalf of the Clubs with ESPN Inc., Turner Broadcasting System, Inc., Fox Broadcasting Company, Sirius XM Satellite Radio and others (the “National Broadcast Rights”). Under the rules and regulations adopted by MLB, as well as a series of other agreements and arrangements that govern the operation and management of a Club, the BOC has the authority, acting as the agent on behalf of the Clubs, to enter into and administer all contracts for the sale of National Broadcast Rights. The transaction prices under national broadcasting rights arrangements are typically fixed and are allocated to each performance obligation within the contractual arrangements. The fixed license fees are allocated to each of the performance obligations within the contractual arrangements, based on the stand-alone selling price of the intellectual property. The resulting transaction price is allocated entirely to the rights provided for the related contract year, and revenue is recognized using an output measure of progress toward satisfaction of the Company’s performance obligations within the contract year, which is generally as games are made available for use under license agreement. Retail and Licensing Revenue The Company has retail merchandise sales at the Stadium. Sales of merchandise are recorded at the point of sale, net of returns. The Company has elected to present sales taxes on a net basis. The Company participates in an agency arrangement along with the other 29 Clubs whereby net revenue generated from licensing arrangements with third parties is divided equally among the Clubs. The transaction price is based upon the expected distribution values as communicated by MLB. The timing of revenue recognition and receipt of this revenue is dependent on the nature of the underlying performance obligation, which is generally over time. Mixed-Use Development Revenue The Company receives lease income as the lessor for certain buildings and land in the Mixed-Use Development. Revenue from minimum rents are recognized on a straight-line basis over the terms of their respective lease agreements. Some retail tenants are required to pay overage rents based on sales over a stated base amount during the lease term. Overage rents are only recognized when each tenant’s sales exceed the applicable sales threshold. Tenants reimburse the Company for a substantial portion of the Company’s operating expenses, including common area maintenance, real estate taxes and property insurance. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. Parking and sponsorship revenue comprise a relatively small portion of Mixed-Use Development revenue. Sponsorship revenue is recognized on a straight-line basis over each annual period. Parking revenue is recognized daily based on actual usage. Compensation to Players and Other Baseball Personnel Player and other baseball personnel contracts are expensed based on a systematic and rational method where the expense typically follows the annual contractual amounts payable for each season. If compensation is earned currently but is to be paid in future periods, the earned amount, net of imputed interest based on the expected payout period, is charged to expense, and amounts not paid are reflected as either a current or noncurrent liability in the combined balance sheets. Interest imputed on these obligations is amortized and charged to expense using the effective interest method and reflected in the combined statements of operations as interest expense. Interest income for these investments is recognized when earned. I n the event the Club terminates a player’s contract where the reason for the player’s failure is not based on an act of the player that is proscribed by the contract, the Club may be required to make minimum payments to the player for the balance of the contract’s term. With respect to such payments, the present value of the remaining unpaid balance of that contract, including unamortized capitalized signing bonuses, is expensed in the year the person is released, and any unpaid amounts are included in accounts payable and accrued liabilities in the combined balance sheets. If it is probable that an injury will prevent a player from playing in future periods, the present value of compensation to be earned during those periods, net of any insurance proceeds, is expensed in the period in which the injury was determined to prevent future play. Advertising Costs Advertising costs are expensed as incurred. Advertising costs aggregated $5.2 million and $6.2 million for the years ended December 31, 2022 and 2021, respectively, and were recorded in the selling, general and administrative expenses line in the combined statements of operations. Stock-Based Compensation As more fully described in note 9, Liberty Media has granted to its directors, employees and employees of Braves Holdings, certain equity-classified awards (collectively, “Awards”). The Company measures the cost of employee services received in exchange for Awards based on the grant date fair value 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 Awards). The Company estimates grant date fair value using the Black-Scholes valuation model. During the years ended December 31, 2022 and 2021, the Company recorded stock-based compensation expense of $12.2 million and $12.4 million, respectively. These amounts are included in selling, general and administrative expense in the combined statements of operations. Income Taxes Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it is more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Pro Forma Earnings per Share Unaudited pro forma earnings (loss) per common share is computed by dividing net earnings (loss), excluding any unrealized gains (losses) on intergroup interests, as detailed in the table below, by 61.6 million common shares, which is the aggregate number of shares of Series A, Series B and Series C common stock that would have been issued if the Split-Off had occurred on December 31, 2022, assuming a one for one distribution ratio on Series A, Series B and Series C for every share of Series A, Series B or Series C Liberty Braves common stock outstanding and assuming settlement and extinguishment of the intergroup interests, as described in note 1. ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2022 ​ ​ ​ amounts in thousands ​ Net earnings (loss) ​ $ (34,172) Less: Unrealized gains (losses) on intergroup interests ​ (35,154) Unaudited pro forma net earnings (loss) ​ $ 982 ​ Re

Property and Equipment_2

Property and Equipment	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Property and Equipment
Property and Equipment	(3) Property and Equipment Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ Estimated ​ ​ ​ ​ assets ​ ​ ​ ​ ​ assets ​ ​ ​ ​ Useful ​ Owned ​ available to ​ ​ ​ Owned ​ available to ​ ​ ​ Life assets be leased Total assets be leased Total ​ ​ in years ​ amounts in thousands Land NA ​ $ 19,643 ​ 21,831 41,474 19,643 ​ 21,831 41,474 Buildings and improvements 15 – 39 ​ 281,450 ​ 355,244 636,694 282,314 ​ 354,959 637,273 Leasehold improvements 15 – 39 ​ 75,860 ​ 62,062 137,922 72,455 ​ 61,876 134,331 Furniture and equipment 5 – 7 ​ 178,063 ​ 8,243 186,306 176,227 ​ 8,061 184,288 Construction in progress NA ​ 292 ​ 34,711 35,003 886 ​ 9,524 10,410 Property and equipment, at cost ​ ​ ​ $ 555,308 482,091 1,037,399 551,525 456,251 1,007,776 ​ Depreciation expense was $13.3 million and $13.8 million for the three months ended June 30, 2023 and 2022, respectively, and $26.8 million and $28.7 million for the six months ended June 30, 2023 and 2022, respectively.	(3) Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ Estimated ​ ​ ​ ​ Owned ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ Useful ​ ​ ​ ​ assets ​ ​ ​ ​ ​ assets ​ ​ ​ ​ Life ​ Owned ​ available to ​ ​ ​ Owned ​ available to ​ ​ ​ in years assets be leased Total assets be leased Total ​ ​ ​ ​ amounts in thousands Land NA ​ $ 19,643 ​ 21,831 41,474 19,643 21,831 41,474 Buildings and improvements 15 – 39 ​ 282,314 ​ 354,959 637,273 283,781 353,507 637,288 Leasehold improvements 15 – 39 ​ 72,455 ​ 61,876 134,331 69,854 59,492 129,346 Furniture and equipment 5 – 7 ​ 176,227 ​ 8,061 184,288 174,483 7,469 181,952 Construction in progress NA ​ 886 ​ 9,524 10,410 3,774 4,605 8,379 Property and equipment, at cost ​ ​ ​ $ 551,525 456,251 1,007,776 551,535 446,904 998,439 ​ Included within property and equipment is capitalized interest of $18.2 million as of December 31, 2022 and 2021. Capitalized interest is recorded as part of an asset’s cost and depreciated over the asset’s useful life. Depreciation expense for the years ended December 31, 2022 and 2021 was $55.7 million and $56.8 million, respectively. During the year ended December 31, 2022, the Company recognized approximately $4.8 million of property and equipment impairment losses, allocated entirely to the baseball reportable segment, as a result of hurricane damage at the Braves’ spring training facility located in North Port, Florida.

Investments in Affiliates Acc_5

Investments in Affiliates Accounted for Using the Equity Method	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Investments in Affiliates Accounted for Using the Equity Method
Investments in Affiliates Accounted for Using the Equity Method	(4) The following table includes the Company’s carrying amount and percentage ownership of its investments in affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ Percentage ​ Carrying ​ Carrying ​ Ownership amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 50,453 ​ 45,102 BELP ​ 3.3 % 33,935 ​ 33,224 Other ​ 50.0 % 14,502 ​ 16,238 Total ​ ​ ​ $ 98,890 ​ 94,564 ​ The following table presents the Company’s share of earnings (losses) of affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ MLBAM ​ $ 10,577 13,103 ​ $ 9,334 ​ 10,585 ​ BELP ​ 514 865 ​ 711 ​ (461) ​ Other ​ 371 1,054 ​ 614 ​ 2,019 ​ Total ​ $ 11,462 15,022 ​ $ 10,659 12,143 ​ ​ MLBAM MLB Advanced Media, L.P. (“MLBAM”) was formed in January 2000 pursuant to a vote of the 30 owners of the Clubs, whereby each Club agreed to cede substantially all of its individual Club internet and interactive media rights to MLBAM for an indirect 3.33% interest in MLBAM. The Company’s investment in MLBAM is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. At the time of the acquisition of ANLBC by a predecessor of Liberty in 2007, the fair value of the MLBAM investment exceeded ANLBC’s proportionate share of MLBAM’s net assets, resulting in excess basis in the investment in MLBAM. The excess basis as of June 30, 2023 and December 31, 2022 was indefinite lived and aggregated approximately $10.3 million. BELP Baseball Endowment L.P. (“BELP”) is an investment fund formed by the Clubs principally for the purpose of investing, on a long-term basis, assets on their behalf intended to provide a competitive market rate investment return while minimizing investment volatility. The Company’s investment in BELP is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. The Company records its share of BELP’s earnings (losses) on a one month lag. Other Affiliates Braves Holdings has 50% interests in two joint ventures that were formed to develop, own and operate hotels in the Mixed-Use Development. The equity method of accounting is applied to these investments as Braves Holdings does not have the ability to direct the most significant activities that impact their economic performance. In addition, Braves Holdings records its share of the earnings (losses) of these investments on a three month lag.	(4) The following table includes the Company’s carrying amount and percentage ownership of its investments in affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Percentage ​ ​ Carrying ​ Carrying ​ Ownership ​ amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 45,102 ​ 58,613 BELP ​ 3.3 % 33,224 ​ 35,502 Other ​ 50.0 % 16,238 ​ 18,846 Total ​ ​ ​ $ 94,564 ​ 112,961 ​ The following table presents the Company’s share of earnings (losses) of affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands MLBAM ​ $ 24,386 23,230 BELP ​ (1,928) 6,779 Other ​ 6,469 999 Total ​ $ 28,927 31,008 ​ MLBAM MLB Advanced Media, L.P. (“MLBAM”) was formed in January 2000 pursuant to a vote of the 30 owners of the Clubs, whereby each Club agreed to cede substantially all of its individual Club internet and interactive media rights to MLBAM for an indirect 3.33% interest in MLBAM. The Company’s investment in MLBAM is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. At the time of the acquisition of ANLBC by a predecessor of Liberty Media in 2007, the fair value of the MLBAM investment exceeded ANLBC’s proportionate share of MLBAM’s net assets, resulting in excess basis in the investment in MLBAM. The excess basis as of December 31, 2022 and 2021 was indefinite lived and aggregated approximately $10.3 million. BELP Baseball Endowment L.P. (“BELP”) is an investment fund formed by the Clubs principally for the purpose of investing, on a long-term basis, assets on their behalf intended to provide a competitive market rate investment return while minimizing investment volatility. The Company’s investment in BELP is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. The Company records its share of BELP’s earnings (losses) on a one month lag. The investments held by BELP are recorded at fair value. Investments in open-end mutual funds are valued at such fund’s closing net asset value per share on the date of valuation. The investments in investment funds represent BELP’s proportionate share of the investment funds’ partners’ capital, or net asset value, as reported by the underlying investment fund managers. The net asset values (NAV), or their equivalents were used, as a practical expedient under GAAP, in determining the fair values of these investments. Investments in common stock and exchange-traded funds, which are traded on a securities exchange, are generally valued at the last reported sales price on the day of valuation. Investments in fixed-income securities are valued at quoted prices provided by independent pricing vendors. In the absence of readily determinable market prices or in the absence of a formal securities exchange, investments are valued at their fair value as determined by management. If a readily determinable market price or a formal securities exchange was available, these fair values could be materially different. In determining the fair value of such an investment, BELP management considers recent transactions in the investment, if available, and the investment prospects for the future, which include an analysis of the financial condition, cash flows and capital structure of the investment. As required by GAAP, investments are classified within the level of the lowest significant input considered in determining fair value. In evaluating the level at which BELP’s investments have been classified, BELP management has assessed factors, including, but not limited to, price transparency, and the existence or absence of certain restrictions at the measurement date. BELP management generally classifies investments in exchange-traded equities, mutual funds, and exchange-traded funds as Level 1 investments and fixed-income securities as Level 2 investments, and classifies other investments without a readily determinable market price as Level 3 investments. Historically, BELP management has maintained less than 5% of the underlying investments in Level 3. Other Affiliates Braves Holdings has 50% interests in two joint ventures that were formed to develop, own and operate hotels in the Mixed-Use Development. The equity method of accounting is applied to these investments as Braves Holdings does not have the ability to direct the most significant activities that impact their economic performance. In addition, Braves Holdings records its share of the earnings (losses) of these investments on a three month lag. Summary Financial Information In accordance with the Securities and Exchange Commission (“SEC”) rules, we must determine which, if any, of our equity method investments is a "significant subsidiary." The rules mandate the use of three different tests to determine if any of our equity securities are significant subsidiaries: the investment test, the asset test and the income test. The table below provides the summarized financial information Balance Sheets ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Current assets ​ $ 812,884 ​ 758,942 Noncurrent assets ​ $ 2,237,854 ​ 2,475,250 Current liabilities ​ $ 401,562 ​ 469,311 Noncurrent liabilities ​ $ 626,474 ​ 254,374 Equity ​ $ 2,022,702 ​ 2,510,507 ​ Statements of Operations ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Revenue ​ $ 1,334,785 ​ 1,229,751 Earnings (loss) before income taxes ​ $ 729,472 ​ 862,076 Net earnings (loss) ​ $ 722,292 ​ 856,198 ​ ​ ​ ​ ​ ​ ​ As disclosed above, the Company records its share of the earnings (losses) of BELP and the other two joint ventures in which it holds a 50% interest on a lag. The aggregated amounts in the tables above include financial information for these affiliates based on the applicable lag.

Debt_2

Debt	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt
Debt	(5) Debt is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball ​ ​ ​ ​ ​ ​ League wide credit facility ​ $ — — ​ MLB facility fund – term ​ 30,000 30,000 ​ MLB facility fund – revolver ​ 43,125 43,700 ​ TeamCo revolver ​ — — ​ Term debt ​ ​ 168,561 ​ 171,694 ​ Mixed-Use Development ​ ​ ​ ​ ​ ​ Credit facilities ​ 35,058 103,163 ​ Term debt ​ 266,069 197,334 ​ Deferred financing costs ​ (4,118) (3,925) ​ Total debt ​ 538,695 541,966 ​ Debt classified as current ​ (7,205) (74,806) ​ Total long-term debt ​ $ 531,490 467,160 ​ ​ League Wide Credit Facility In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLB’s League Wide Credit Facility (the “LWCF”). Braves Holdings also established a special purpose Delaware statutory trust, the Braves Club Trust (the “Club Trust”), and transferred, among other things, to the Club Trust its rights to receive distributions of revenue from the National Broadcasting Contracts, which secure borrowings under the LWCF. Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs. Major League Baseball Trust has granted Wells Fargo Bank, National Association, the collateral agent in respect of the LWCF, a first priority lien to secure the borrowings under the LWCF. The maximum amount available to the Club Trust under the LWCF was $125 million as of June 30, 2023. The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2026. Under the LWCF, the Club Trust can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by the Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.20% to 1.325%, based on the credit rating of Major League Baseball Trust. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime, and (z) LIBOR plus 1.00%, plus a margin of 0.200% to 0.325%, based on the credit rating of Major League Baseball Trust. Beginning in May 2022, interest based on LIBOR under the LWCF was replaced with interest based on the Secured Overnight Financing Rate (“SOFR”) plus 0.1%. MLB Facility Fund In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Braves Holdings also established a special purpose Delaware limited liability company, Braves Facility Fund LLC (“Braves Facility Fund”), and transferred to Braves Facility Fund its rights to receive distributions from the Club Trust, which secure borrowings under the MLBFF. Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations and/or new construction. Term In June 2020, Braves Facility Fund converted previous borrowings under a revolving credit advance to a $30 million term note with Major League Baseball Facility Fund, LLC (the “MLB facility fund — term”). Interest is payable on June 10 and December 10 of each year at an annual rate of 3.65%. In each of December 2029 and 2030 Revolver In May 2021, Braves Facility Fund established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund — revolver”). The maximum amount available to Braves Facility Fund under the MLB facility fund — revolver was $43.1 million as of June 30, 2023. The commitment termination date, which is the repayment date for all amounts borrowed under the revolving credit facility of the MLBFF, is July 10, 2026. Under a credit agreement, Braves Facility Fund can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.275% to 1.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime rate, and (z) LIBOR plus 1.00%, plus a margin of 0.275% to 0.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. Beginning in May 2022, interest based on LIBOR under the MLB facility fund — revolver was replaced with interest based on the SOFR plus 0.1%. Borrowings outstanding under the MLB facility fund — revolver bore interest at a rate of 6.52% per annum as of June 30, 2023. TeamCo Revolver In September 2016, a subsidiary of Braves Holdings amended a Revolving Credit Agreement (the “TeamCo Revolver”) that provided for revolving commitments of $85 million. Under the agreement, Braves Holdings can request a revolving credit loan in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Base Rate loan was the greater of (x) the prevailing Prime rate, (y) the prevailing Federal Funds rate plus 0.50%, and (z) LIBOR plus 1.00%, plus a margin of 0.25%. In August 2022, the TeamCo Revolver was amended, increasing the borrowing capacity to $150 million, extending the maturity to August 2029 and replacing the Eurodollar interest rate with SOFR. Under the TeamCo Revolver, Braves Holdings must maintain certain financial covenants, including a fixed-charge coverage ratio and total enterprise indebtedness. Baseball Term Debt In August 2016, a subsidiary of Braves Holdings entered into a senior secured permanent placement Note Purchase Agreement for $200 million. The notes bear interest at 3.77% per annum and are scheduled to mature in September 2041. Braves Holdings makes principal and interest payments of $6.4 million each March 30 and September 30. At June 30, 2023, Braves Holdings had borrowings of $167.1 million under the Note Purchase Agreement, net of unamortized debt issuance costs of $1.5 million. Additionally, Braves Holdings must maintain certain financial covenants including debt service coverage ratios. Mixed-Use Development Credit Facilities In August 2016, a subsidiary of Braves Holdings entered into a $37.5 million construction loan agreement that matures in November 2024. The proceeds were primarily used to pay the construction costs of an entertainment building adjacent to the Stadium, as well as assist with phase II construction of the Mixed-Use Development. Interest accrues monthly at 4% per annum. Beginning December 15, 2020 and on each month thereafter, Braves Holdings makes principal and interest payments of $179 thousand. At June 30, 2023, Braves Holdings had borrowings outstanding of $35.0 million. Under the construction loan, Braves Holdings must maintain certain financial covenants, including a debt yield ratio. In December 2022, a subsidiary of Braves Holdings entered into a $112 million construction loan agreement that has an initial maturity date of December 2026. The proceeds of the construction loan agreement will be used to pay the construction costs of an office building adjacent to the Stadium. Loans under the construction loan bear interest at SOFR plus 2.00% per annum (subject to a reduction to 1.80% per annum if certain conditions are met). As of June 30, 2023, there were no borrowings outstanding under the construction loan. Mixed-Use Development Term Debt In May 2018, a subsidiary of Braves Holdings refinanced a construction loan with a $95 million Term Loan Agreement. The Term Loan Agreement bears interest at one-month LIBOR plus 1.35% per annum and is scheduled to mature on May 18, 2025. The full principal amount will be due at maturity. At June 30, 2023, Braves Holdings had borrowings of $94.9 million under the Term Loan Agreement, net of unamortized debt issuance costs of $0.1 million. In April 2023, the Term Loan Agreement was amended to change the reference rate on borrowings to the SOFR. In June 2022, subsidiaries of Braves Holdings refinanced a construction loan agreement that was used to construct an office building within the Mixed-Use Development with a new term loan facility with $125 million in commitments, approximately $22.7 million of which is not available for borrowing as of June 30, 2023, but is expected to be available once certain conditions are met. The term loan agreement bears interest at one-month SOFR plus 2.10% per annum and is scheduled to mature on June 13, 2027. Borrowings outstanding under the term loan bore interest at a rate of 7.24% as of June 30, 2023. Approximately $2 million of annual principal payments commence in July 2024. At June 30, 2023, Braves Holdings had borrowings outstanding of $101.4 million under the term loan facility, net of unamortized debt issuance costs of $0.9 million. In May 2023, a subsidiary of Braves Holdings refinanced an $80 million construction loan agreement that was used to construct the retail portion of the Mixed-Use Development with a new term loan with $80 million in commitments, approximately $11.3 million of which is not available for borrowing as of June 30, 2023, but is expected to be available once certain conditions are met. The term loan agreement bears interest at daily simple SOFR plus 2.50% per annum and is scheduled to mature on May 18, 2028. Monthly principal payments commence in June 2026. At June 30, 2023, Braves Holdings had borrowings outstanding of $68.1 million, net of unamortized debt issuance costs of $0.6 million. Fair Value of Debt Due to the variable rate nature of the LWCF, MLB facility fund — revolver, TeamCo Revolver and the Mixed-Use Development term debt, the Company believes that the carrying amount of such debt approximates fair value at June 30, 2023. Debt Covenants As of June 30, 2023, Braves Holdings was in compliance with all financial debt covenants. Interest Rate Swaps (Level 2) In May 2018, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $95 million, maturing on May 5, 2025. As of June 30, 2023 and December 31, 2022, the fair value of the interest rate swap was $3.6 million and $3.4 million, respectively. In August 2019, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million, maturing on March 8, 2023. Effective April 1, 2020, the notional amount began at $25 million and increased over time to $100 million as of August 1, 2020. As of December 31, 2022, the fair value of the interest rate swap was $855 thousand. In May 2022, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million maturing on June 1, 2025. The interest rate swap became effective in March 2023. As of June 30, 2023 and December 31, 2022, the fair value of the interest rate swap was $3.8 million and $2.9 million, respectively. In June 2023, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $64 million maturing on May 18, 2028. The interest rate swap became effective in June 2023. As of June 30, 2023, the fair value of the interest rate swap was $0.6 million. Interest rate swaps are included within other assets as of June 30, 2023 and other current assets and other assets as of December 31, 2022 in the condensed combined balance sheets and changes in the fair value of the interest rate swaps are recorded to realized and unrealized gains (losses) on financial instruments, net in the condensed combined statements of operations.	(5) Debt is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Baseball ​ ​ ​ ​ ​ League wide credit facility ​ $ — 100,000 MLB facility fund – term ​ 30,000 30,000 MLB facility fund – revolver ​ 43,700 46,000 TeamCo revolver ​ — 20,000 Term debt ​ ​ 171,694 ​ 233,286 Mixed-Use Development ​ ​ ​ ​ ​ Credit facilities ​ 103,163 175,618 Term debt ​ 197,334 95,000 Deferred financing costs ​ (3,925) (3,201) Total debt ​ 541,966 696,703 Debt classified as current ​ (74,806) (11,685) Total long-term debt ​ $ 467,160 685,018 ​ League Wide Credit Facility In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLB’s League Wide Credit Facility (the “LWCF”). Braves Holdings also established a special purpose Delaware statutory trust, the Braves Club Trust (the “Club Trust”), and transferred, among other things, to the Club Trust its rights to receive distributions of revenue from the National Broadcasting Contracts, which secure borrowings under the LWCF. Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs. Major League Baseball Trust has granted Wells Fargo Bank, National Association, the collateral agent in respect of the LWCF, a first priority lien to secure the borrowings under the LWCF. The maximum amount available to the Club Trust under the LWCF was $125 million as of December 31, 2022. The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2026. Under the LWCF, the Club Trust can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by the Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.20% to 1.325%, based on the credit rating of Major League Baseball Trust. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime, and (z) LIBOR plus 1.00%, plus a margin of 0.200% to 0.325%, based on the credit rating of Major League Baseball Trust. Beginning in May 2022, interest based on LIBOR under the LWCF was replaced with interest based on the Secured Overnight Financing Rate (“SOFR”) plus 0.1%. Borrowings outstanding under the LWCF bore interest at a rate of 5.7% and 1.3% per annum as of December 31, 2022 and 2021, respectively. MLB Facility Fund In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Braves Holdings also established a special purpose Delaware limited liability company, Braves Facility Fund LLC (“Braves Facility Fund”), and transferred to Braves Facility Fund its rights to receive distributions from the Club Trust, which secure borrowings under the MLBFF. Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations, and/or new construction. Term In June 2020, Braves Facility Fund converted previous borrowings under a revolving credit advance to a $30 million term note with Major League Baseball Facility Fund, LLC (the “MLB facility fund — term”). Interest is payable on June 10 and December 10 of each year at an annual rate of 3.65%. In each of December 2029 and 2030 Revolver In May 2021, Braves Facility Fund established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund — revolver”). The maximum amount available to Braves Facility Fund, LLC under the MLB facility fund — revolver was $43.7 million as of December 31, 2022. The commitment termination date, which is the repayment date for all amounts borrowed under the revolving credit facility of the MLBFF, is July 10, 2026. Under a credit agreement, Braves Facility Fund can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.275% to 1.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds TeamCo Revolver In July 2014, a subsidiary of Braves Holdings entered into a Revolving Credit Agreement (the “TeamCo Revolver”). In September 2016, Braves Holdings amended the TeamCo Revolver to provide for revolving commitments of $85 million. In March 2018, Braves Holdings amended the agreement to extend the commitment termination date to March 27, 2023. Under the agreement, Braves Holdings can request a revolving credit loan in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Base Rate loan was the greater of (x) the prevailing Prime rate, (y) the prevailing Federal Funds rate plus 0.50%, and (z) LIBOR plus 1.00%, plus a margin of 0.25%. In August 2022, the TeamCo Revolver was amended, increasing the borrowing capacity to $150 million, extending the maturity to August 2029 and replacing the Eurodollar interest rate with SOFR. Borrowings outstanding under the TeamCo Revolver bore interest at a rate of 5.73% and 1.35% and per annum as of December 31, 2022 and 2021, respectively. Under the TeamCo Revolver, Braves Holdings must maintain certain financial covenants, including a fixed-charge coverage ratio and total enterprise indebtedness. Baseball Term Debt In August 2016, a subsidiary of Braves Holdings entered into a senior secured permanent placement Note Purchase Agreement for $200 million. The notes bear interest at 3.77% per annum and are scheduled to mature in September 2041. Braves Holdings makes principal and interest payments of $6.4 million each March 30 and September 30. At December 31, 2022 and 2021, Braves Holdings had borrowings of $170.1 million and $176.1 million under the Note Purchase Agreement, net of unamortized debt issuance costs of $1.6 million and $1.7 million, respectively. Additionally, Braves Holdings must maintain certain financial covenants, including debt service coverage ratios. In October 2017, a subsidiary of Braves Holdings entered into a senior secured Floating Rate Note Purchase Agreement for $75 million. The floating rate notes bear interest at three-month LIBOR plus 1.70% per annum and are scheduled to mature in September 2029. On each calendar quarter-end, Braves Holdings repays $1.2 million of principal, with the remaining balance due at maturity. At December 31, 2021, Braves Holdings had borrowings of $55.1 million under the Floating Rate Note Purchase Agreement, net of unamortized debt issuance costs of $357 thousand. During August 2022, the Floating Rate Note Purchase Agreement was repaid in full with borrowings under the TeamCo Revolver. Mixed-Use Development Credit Facilities In March 2019, a subsidiary of Braves Holdings amended a construction loan agreement, increasing the principal available to $81 million. The increased availability was primarily used to construct phase II of the retail portion of the Mixed-Use Development. Interest accrues monthly at one-month LIBOR plus 2.50% per annum. If rental income results in a debt service coverage ratio of 1.30:1.00, the rate drops to one-month LIBOR plus 2.35% per annum. The loan was scheduled to mature in March 2023. At December 31, 2022 and 2021, Braves Holdings had borrowings outstanding of $67.7 million and $67.5 million, net of unamortized debt issuance costs of $33 thousand and $229 thousand, respectively. Beginning in March 2023, interest based on LIBOR under the construction loan agreement was replaced with interest based on the SOFR. Additionally, in March 2023, the maturity of the loan was extended to June 2023. In August 2016, a subsidiary of Braves Holdings entered into a $37.5 million construction loan agreement that matures in November 2024. The proceeds were primarily used to pay the construction costs of an entertainment building adjacent to the Stadium, as well as assist with phase II construction of the Mixed-Use Development. Interest accrues monthly at 4% per annum. Beginning December 15, 2020 and on each month thereafter, Braves Holdings makes principal and interest payments of $179 thousand. At December 31, 2022 and 2021, Braves Holdings had borrowings outstanding of $35.3 million and $36.0 million, net of unamortized debt issuance costs of $88 thousand and $137 thousand, respectively. Under the construction loans, Braves Holdings must maintain certain financial covenants, including a debt yield ratio. Mixed-Use Development Term Debt In May 2018, a subsidiary of Braves Holdings refinanced a construction loan with a new $95 million Term Loan Agreement. The Term Loan Agreement bears interest at one-month LIBOR plus 1.35% per annum and is scheduled to mature on May 18, 2025. The full principal amount will be due at maturity. At December 31, 2022 and 2021, Braves Holdings had borrowings of $94.9 million and $94.8 million under the Term Loan Agreement, net of unamortized debt issuance costs of $133 thousand and $189 thousand, respectively. In June 2022, subsidiaries of Braves Holdings refinanced a construction loan agreement that was used to construct an office building within the Mixed-Use Development with a new term loan facility with $125 million in commitments, approximately $22.7 million of which is not available for borrowing as of December 31, 2022, but is expected to be available once certain conditions are met. The term loan agreement bears interest at one-month SOFR plus 2.10% per annum and is scheduled to mature on June 13, 2027. Approximately $2 million of annual principal payments commence in July 2024. At December 31, 2022 and 2021, Braves Holdings had borrowings outstanding of $101.3 million and $71.4 million, net of unamortized debt issuance costs of $1.0 million and $305 thousand, respectively. Five Year Maturities As of December 31, 2022, the principal maturities of outstanding debt obligations for each of the next five years are as follows (amounts in thousands): ​ ​ ​ ​ 2023 $ 74,806 2024 ​ $ 42,647 2025 ​ $ 104,282 2026 ​ $ 53,325 2027 ​ $ 103,256 ​ Fair Value of Debt Due to the variable rate nature of the LWCF, MLB facility fund — revolver, TeamCo revolver and Mixed-Use Development Credit Facilities, the Company believes that the carrying amount of such debt approximates fair value at December 31, 2022. Based on U.S. treasury rates for a matched maturity, the Company believes the carrying amount of the notes outstanding under the senior secured permanent placement Note Purchase Agreement approximates fair value as of December 31, 2022. Debt Covenants As of December 31, 2022, Braves Holdings was in compliance with all financial debt covenants. Interest Rate Swaps (Level 2) In May 2018, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $95 million, maturing on May 5, 2025. As of December 31, 2022 and 2021, the fair value of the interest rate swap was an asset liability In August 2019, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million, maturing on March 8, 2023. Effective April 1, 2020, the notional amount began at $25 million and increased over time to $100 million as of August 1, 2020. As of December 31, 2022 and 2021, the fair value of the interest rate swap was an asset of $855 thousand and a liability of $934 thousand, respectively. In May 2022, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million maturing on June 1, 2025. The interest rate swap becomes effective in March 2023. As of December 31, 2022, the fair value of the interest rate swap was an asset of $2.9 million. Interest rate swaps are included within other current assets and other assets, net as of December 31, 2022 and other noncurrent liabilities as of December 31, 2021, in the combined balance sheets and changes in the fair value of the interest rate swaps are recorded to realized and unrealized gains (losses) on financial instruments, net in the combined statements of operations.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	(6) The Company determines if an arrangement is a lease (operating or finance) at inception. Braves Holdings primarily leases baseball stadiums and facilities, parking decks and surface lots, storage facilities and equipment. Leased assets represent the Company’s right to use an underlying asset for the lease term and the lease liabilities represent the Company’s obligation to make lease payments arising from the lease. In 2013, Braves Holdings entered into an agreement with Cobb County and the Exhibit Hall Authority to lease the Stadium. The agreement obligates Braves Holdings to play all home games in this facility beginning in 2017 through the 2046 season, with a 5-year extension option to 2051. In 2017, Braves Holdings entered into an agreement with Sarasota County, Florida to lease a spring training facility and stadium. The agreement obligates Braves Holdings to play all spring training home games in this facility beginning in 2020 through the 2049 season. Both leases are classified as finance leases and are recognized based on the present value of the remaining lease payments using Braves Holdings’ incremental borrowing rate. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using Braves Holdings’ incremental borrowing rate at the commencement date of the lease. Variable lease payments not based on an index or rate are not included in the operating lease liability as they cannot be reasonably estimated and are recognized in the period in which the obligation for those payments is incurred. The Company accounts for the lease and nonlease components as a single component. Leases that have a term of 12 months or less upon commencement date are considered short-term in nature. Accordingly, short-term leases are not included on the combined balance sheets and are expensed on a straight-line basis over the lease term. The Company’s leases have remaining lease terms of one The following table presents the components of lease expense: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 2021 ​ amounts in thousands Operating lease cost: ​ ​ Long-term (fixed) ​ $ 812 1,730 Long-term (variable) ​ 2,751 2,352 Short-term ​ 3,680 949 Finance lease costs: ​ Depreciation of leased assets ​ 31,334 34,500 Interest on lease liabilities ​ 5,365 5,561 Net lease expense ​ $ 43,942 45,092 ​ The remaining weighted average lease term and the weighted average discount rate were as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Weighted average remaining lease term (years): ​ ​ Operating leases ​ 4.3 13.2 ​ Finance leases ​ 26.7 27.6 ​ Weighted average discount rate: ​ ​ Operating leases ​ 3.3 % 3.4 % Finance leases ​ 4.7 % 4.7 % ​ Supplemental combined balance sheet information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ amounts in thousands Operating leases: ​ ​ Operating lease right-of-use assets (1) ​ $ 2,669 3,849 Held for sale operating lease right-of-use assets (2) ​ — 8,684 ​ ​ $ 2,669 12,533 Current operating lease liabilities (3) ​ $ 634 758 Operating lease liabilities (4) ​ 2,035 3,091 Held for sale operating lease liabilities (5) ​ — 8,459 Total operating lease liabilities ​ $ 2,669 12,308 Finance leases: ​ Property and equipment, at cost ​ $ 469,335 479,586 Accumulated depreciation ​ (172,826) (146,971) Property and equipment, net ​ $ 296,509 332,615 Current finance lease liabilities (3) ​ $ 4,426 5,058 Finance lease liabilities ​ 107,220 110,929 Total finance lease liabilities ​ $ 111,646 115,987 (1) Included in other assets, net in the combined balance sheet. (2) Included in assets held for sale in the combined balance sheet. (3) Included in other current liabilities in the combined balance sheet. (4) Included in other noncurrent liabilities in the combined balance sheet. (5) Included in liabilities related to assets held for sale in the combined balance sheet. Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 2021 ​ ​ amounts in thousands Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 688 1,670 Operating cash flows from finance leases ​ $ 4,564 5,546 Financing cash flows from finance leases ​ $ 5,574 4,985 Right-of-use assets obtained in exchange for lease obligations: ​ Operating leases ​ $ 88 120 Finance leases ​ $ 441 — ​ Future minimum payments under noncancelable operating leases and finance leases with initial terms of one year or more at December 31, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ Operating leases Finance leases ​ ​ amounts in thousands 2023 ​ $ 714 9,601 2024 ​ 659 8,871 2025 ​ 634 8,902 2026 ​ 635 8,895 2027 ​ 232 8,895 Thereafter ​ — 135,425 Total lease payments ​ 2,874 180,589 Less: implied interest ​ 205 68,943 Present value of lease liabilities ​ $ 2,669 111,646 ​ Lessor Arrangements Braves Holdings receives lease income as the lessor for certain buildings and land in the Mixed-Use Development. Lease income is generally fixed over the duration of the contract and each lease contract contains clauses permitting extension or termination. Braves Holdings assesses the probability of payments at commencement of the lease contract and subsequently recognizes lease income over the lease term on a straight-line basis. Lease options for purchase of the leased asset by the lessee are generally not included. Some retail tenants are required to pay overage rents based on sales over a stated base amount during the lease term. Lease income is included within Mixed-Use Development revenue in the combined statements of operations. Braves Holdings is a party primarily to operating leases and currently does not have significant sales-type or direct financing leases. Braves Holdings continues to measure and disclose the underlying assets subject to operating leases as property and equipment. Deferred leasing costs consist primarily of capitalized third-party expenses in connection with lease originations. The Company records amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Deferred lease costs are included in other noncurrent assets in the Company’s combined balance sheets. Amortization of deferred leasing costs was approximately $1.6 million and $1.4 million for the years ended December 31, 2022 and 2021, respectively, and was recorded in depreciation and amortization expense in the combined statements of operations. Future minimum rentals to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and overage rent based on tenant sales volume as of December 31, 2022, are as follows (amounts in thousands): ​ ​ ​ ​ ​ 2023 $ 30,622 2024 ​ 32,034 2025 ​ 32,531 2026 ​ 33,043 2027 ​ 31,859 Thereafter ​ 182,225 ​ ​ $ 342,314 ​

Pension and Other Benefit Plans

Pension and Other Benefit Plans	12 Months Ended
	Dec. 31, 2022
Pension and Other Benefit Plans
Pension and Other Benefit Plans	(7) Braves Holdings participates in the Major League Baseball Players Pension Plan (the “Players’ Pension Plan”) which is a multiemployer defined-benefit pension plan covering players as well as certain coaches, managers, trainers and assistant trainers of the Clubs. The plan provides retirement, disability and death benefits for eligible participants based on specific eligibility/participation requirements, vesting periods and benefit formulas. The Players’ Pension Plan is identified by Employer Identification Number 51-0185287 green zone ● Contributions to the plan made by one employer may be used to provide benefits to employees of other participating Clubs. ● Under certain conditions, if a participating Club stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. ● If Braves Holdings chose to stop participating in the plan, it may be required to pay the plan an amount based on the unfunded vested liabilities of the plan, which is known as a withdrawal liability. Additionally, Braves Holdings participates in the Major League Baseball Players Welfare Plan (the “Players’ Welfare Plan”), which provides healthcare, dental, vision and life insurance benefits to current and former players, coaches, managers, trainers, assistant trainers and their surviving spouses and employees of the Major League Baseball Players Association (the “MLBPA”) who meet certain eligibility requirements. The aggregate contribution to the Players’ Pension Plan and Players’ Welfare Plan is specified in the 2016 Agreement (as defined in note 12) and divided equally among the Clubs so that each Club’s contribution is 3.33% of the total amount contributed each year. The total annual contribution is allocated between the Players’ Pension Plan and the Players’ Welfare Plan at the discretion of MLB’s Pension Committee and the MLBPA. Braves Holdings contributed approximately $6.5 million and $6.6 million during the years ended December 31, 2022 and 2021, respectively, to the Players’ Pension Plan and the Players’ Welfare Plan, which is included as an expense within baseball operating costs in the combined statements of operations. Certain of Braves Holdings’ non-uniformed personnel participate in a defined-benefit pension plan (the “Non-Uniformed Personnel Pension Plan”). Benefits under the Non-Uniformed Personnel Pension Plan generally are based on an employee’s years of service and compensation during the years immediately preceding retirement. Braves Holdings’ funding policy is to contribute amounts deductible for federal income tax purposes, which may vary from pension costs for financial reporting purposes. Braves Holdings uses a December 31 measurement date for the Non-Uniformed Personnel Pension Plan. During October 2020, Braves Holdings amended the Non-Uniformed Personnel Pension Plan, which included the following changes: ● Employees hired or re-hired on or after October 1, 2020 are not eligible to participate in the Non- Uniformed Personnel Pension Plan. ● All other employees were required to make an election on whether to continue accruing benefits in the Non- Uniformed Personnel Pension Plan or cease benefit accruals and instead participate in an enhanced defined-contribution plan, which is sponsored by Liberty Media. The election period took place in November and December 2020, and the elections were effective January 1, 2021. For participants who elected to continue to accrue benefits, the Non-Uniformed Personnel Pension Plan will be permanently frozen to future benefit accruals as of December 31, 2030. The following table sets forth the Non-Uniformed Personnel Pension Plan’s benefit obligations, fair value of plan assets and funded status: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Projected benefit obligation: ​ ​ ​ ​ ​ Beginning of measurement period ​ $ 132,237 128,422 Service cost ​ 5,558 5,730 Interest cost ​ ​ 4,190 3,792 Actual (gain) loss ​ ​ (42,279) (2,118) Benefits paid ​ ​ (2,980) (2,920) Other adjustments ​ ​ (841) (669) End of measurement period ​ ​ 95,885 ​ 132,237 ​ ​ ​ ​ ​ ​ Fair value of plan assets: ​ ​ ​ ​ ​ Beginning of measurement period ​ ​ 97,387 86,272 Actual return on plan assets ​ ​ (18,576) ​ 6,504 Employer contributions ​ ​ 5,490 ​ 8,200 Benefits paid ​ ​ (2,980) ​ (2,920) Other adjustments ​ ​ (841) ​ (669) End of measurement period ​ ​ 80,480 ​ 97,387 ​ ​ ​ ​ ​ ​ Funded status ​ $ (15,405) ​ (34,850) ​ For the years ended December 31, 2022 and 2021, the net gain was primarily due to an increase in the discount rate, partially offset by the loss due to changes in the plan’s population. Amounts recognized in the combined balance sheets consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Noncurrent liabilities ​ $ (15,405) ​ (34,850) Accumulated other comprehensive (earnings) loss ​ ​ 4,779 ​ 23,652 Net amount recognized ​ $ (10,626) ​ (11,198) ​ Amounts recognized in accumulated other comprehensive (earnings) loss consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Net actuarial loss ​ $ 4,498 23,337 Prior service cost ​ 281 315 Accumulated other comprehensive (earnings) loss ​ $ 4,779 23,652 ​ The accumulated benefit obligation for the Non-Uniformed Personnel Pension Plan was $91.3 million and $124.2 million at December 31, 2022 and 2021, respectively. Net periodic benefit cost recognized was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Components of net periodic benefit cost: ​ ​ Service cost ​ $ 5,558 5,730 Interest cost ​ 4,190 3,792 Expected return on plan assets ​ (6,820) (5,898) Amortization of: ​ Prior service cost ​ 34 34 Actuarial loss ​ 1,955 2,631 ​ ​ $ 4,917 6,289 ​ Braves Holdings expects to contribute $11.6 million to the Non-Uniformed Personnel Pension Plan in 2023. The benefits expected to be paid from the plan in each year 2023 through 2027 are $3.7 million, $4.1 million, $4.5 million, $4.8 million and $5.8 million, respectively. The aggregate benefits expected to be paid in the five years from 2028 through 2032 are $30.1 million. The expected benefits are based on the same assumptions used to measure Braves Holdings’ benefit obligation at December 31, 2022 and include estimated future employee service. Weighted average assumptions used to determine benefit obligations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Discount rate ​ 5.50 % 3.05 % Rate of compensation increase ​ 5.09 % 4.00 % ​ Weighted average assumptions used to determine net benefit cost are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 Discount rate ​ 3.05 % 2.80 % Expected long-term rate of return on plan assets ​ 7.50 % 7.50 % Rate of compensation increase ​ 4.00 % 4.00 % ​ The discount rate assumptions reflect the rates at which Braves Holdings believes the benefit obligations could be effectively settled. The discount rates were determined based on the yield for a portfolio of high-quality corporate bonds with maturity dates matched to the estimated future payments of the plans’ benefit obligations. The expected return on plan assets assumption is intended to be a long-term rate and relates to earnings expected on funds invested or to be invested to provide for benefits reflected in the projected benefit obligation. In developing the expected long-term rate of return on plan assets assumption, Braves Holdings evaluated input from actuaries and from pension fund investment advisers, including such advisers’ review of the plan’s historical actual returns. The assets of the Non-Uniformed Personnel Pension Plan are invested in shares of the Major League Baseball Pension Master Trust. The following is the asset allocation for the underlying assets held by the master trust: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Domestic equities ​ 18 % 23 % Fixed income ​ 43 48 ​ International equities ​ 11 13 ​ Hedge funds ​ 25 15 ​ Cash equivalents ​ 3 1 ​ Total ​ 100 % 100 % ​ ​ ​ ​ ​ ​ Target asset ​ ​ allocation Domestic equities 22 % Fixed income 50 ​ International equities 13 ​ Hedge funds 15 ​ Cash equivalents — ​ Total 100 % ​ The assets held by the Major League Baseball Pension Master Trust are reported at fair value. All assets, except for hedge funds and certain investments in equities and fixed-income securities made through common and collective trusts, are Level 1 assets that are actively traded and valued using quoted prices for identical securities from the market exchanges. As of December 31, 2022 and 2021, the fair value of Level 1 master trust assets attributable to Braves Holdings’ sponsored plan was $6.8 million and $6.4 million, respectively. As of December 31, 2022 and 2021, the fair value of Level 2 master trust assets attributable to Braves Holdings’ sponsored plan was $53.8 million and $76.5 million, respectively. Investments in hedge funds of $19.8 million and $14.5 million as of December 31, 2022 and 2021, respectively, are measured at NAV. Certain employees of Braves Holdings participate in the Liberty Media 401(k) Savings Plan (the “Liberty 401(k) Plan”). Braves Holdings makes matching contributions to the Liberty 401(k) Plan based on a percentage of the amount contributed by its employees. Braves Holdings’ contributions to the Liberty 401(k) Plan aggregated $2.2 million for each of the years ended December 31, 2022 and 2021.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	(8) Certain entities and activities attributed to the Braves Group were included in the federal combined income tax returns of Liberty Media during the periods presented. The tax provision included in these combined financial statements has been prepared on a stand-alone basis, as if Atlanta Braves Holdings was not part of the consolidated Liberty Media tax group. To the extent tax benefits attributed to the Braves Group are utilized by Liberty Media’s other tracking stock groups, tax sharing payments are credited by Liberty Media to the Braves Group in accordance with Liberty Media’s tax sharing policies. As of December 31, 2022, Atlanta Braves Holdings had a tax sharing receivable of $13.5 million included in other current assets in the combined balance sheet, which represents the amount of tax benefits attributed to the Braves Group that have not been utilized by Liberty Media. A portion of these tax benefits are expected to be utilized by the Braves Group or Liberty Media’s other tracking stock groups prior to the Split-Off. Any remaining balance of the tax sharing receivable at the Split-Off date is expected to be settled through the allocation of unused tax loss carryforwards from Liberty Media to Atlanta Braves Holdings. Income tax benefit (expense) consists of: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ amounts in thousands Current: ​ ​ ​ ​ ​ Federal ​ $ (12,976) (239) State ​ ​ — — Foreign ​ (92) (170) ​ ​ (13,068) (409) ​ ​ ​ ​ ​ ​ Deferred: ​ ​ ​ Federal ​ 10,446 (4,787) State ​ (33) (4,496) Foreign ​ — — ​ ​ ​ 10,413 (9,283) Income tax benefit (expense) ​ $ (2,655) ​ (9,692) ​ Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal statutory rate of 21% as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31 ​ ​ 2022 ​ 2021 ​ amounts in thousands Computed expected tax benefit (expense) ​ $ 6,619 696 State tax benefit (expense), net of federal benefit (expense) ​ ​ (26) (3,551) Intergroup interest ​ ​ (7,382) ​ (6,461) Nondeductible goodwill reduction from sale of Professional Development League Clubs ​ ​ (849) ​ — Nondeductible premiums, net of proceeds, from player disability insurance policies ​ ​ (184) (207) Deductible stock-based compensation ​ ​ 147 ​ 526 Nondeductible meals and entertainment ​ ​ (320) (295) Other ​ ​ (660) (400) Income tax benefit (expense) ​ $ (2,655) (9,692) ​ During the year ended December 31, 2022, the Company recognized additional tax expense related to intergroup interest losses that are not deductible for tax purposes and the reduction of goodwill as a result of the sale of the Professional Development League Clubs that is not deductible for tax purposes. During the year ended December 31, 2021, the Company recognized additional tax expense related to intergroup interest losses that are not deductible for tax purposes and the effect of state income taxes. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ amounts in thousands Deferred tax assets: ​ ​ ​ ​ ​ Finance lease obligation ​ $ 29,000 30,097 Tax loss and credit carryforwards ​ ​ 18,185 19,010 Accrued compensation ​ 2,152 11,242 Stock compensation ​ ​ 1,615 ​ 1,749 Deferred compensation ​ 255 314 Other ​ 6,694 8,041 Deferred tax assets ​ 57,901 70,453 Valuation allowance ​ — — Net deferred tax assets ​ 57,901 70,453 Deferred tax liabilities: ​ Property and equipment, net ​ 53,252 60,468 Intangible assets ​ 35,467 41,457 Investments ​ 8,531 15,098 Contract assets ​ 11,864 11,570 Other ​ 2,886 1,048 Total deferred tax liabilities ​ 112,000 129,641 Net deferred tax liabilities ​ $ (54,099) (59,188) ​ In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods) in making this assessment. The Company believes that it is more likely than not that the Company will realize the benefits of these deductible differences based upon the Company’s ability to carry forward net operating losses generated by the reversal of the deferred tax assets to the years in which the deferred tax liabilities will reverse and the generation of future taxable income exclusive of reversing temporary differences and carryforwards. At December 31, 2022, the Company had a deferred tax asset of $18.2 million for state net operating losses (“NOLs”) and interest expense carryforwards. The Company has $11.3 million of state NOLs and $1.3 million of interest expense that may be carried forward indefinitely and $5.6 million of state NOLs that will expire on various dates through 2037. These carryforwards are expected to be utilized in future periods. As of December 31, 2022 and 2021, no unrecognized tax benefits existed. As of December 31, 2022, Liberty Media’s tax years prior to 2019 are closed for federal income tax purposes, and the Internal Revenue Service (the “IRS”) has completed its examination of Liberty Media’s 2019 and 2020 tax years. Liberty Media’s 2021 tax year is not under IRS examination and its 2022 tax year is currently under examination by the IRS. Various states are currently examining Liberty Media’s prior years’ state income tax returns. The Company does not expect the ultimate disposition of these audits to have a material adverse effect on the Company’s financial position or results of operations.

Stock-Based Compensation_2

Stock-Based Compensation	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	(6) The Company recorded stock-based compensation expense of $3.2 million and $3.1 million during the three months ended June 30, 2023 and 2022, respectively, and $6.3 million and $6.1 million during the six months ended June 30, 2023 and 2022, respectively. These amounts are included in selling, general and administrative expense in the condensed combined statements of operations. Liberty — Incentive Plans Liberty grants, to certain of its directors, employees and employees of Braves Holdings, restricted stock (“RSAs”), restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Braves common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options, RSAs and RSUs) 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. Pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan (the “2022 Plan”), Liberty may grant Awards in respect of a maximum of 20.0 million shares of Series A, Series B and Series C Liberty Media Corporation common stock plus the shares remaining available for Awards under the prior Liberty Media Corporation 2017 Omnibus Incentive Plan (the “2017 Plan”), as of close of business on May 24, 2022, the effective date of the 2022 Plan. Any forfeited shares from the 2017 Plan shall also be available again under the 2022 Plan. Awards generally vest over 1 7 At the time of the Split-Off, the Awards were exchanged into RSAs, RSUs and stock options to purchase shares of Atlanta Braves Holdings common stock. Liberty Braves — Grants of Awards Liberty did not grant any options to purchase shares of Series A or Series B Liberty Braves common stock during the six months ended June 30, 2023. In connection with his employment agreement, during the six months ended June 30, 2023, Liberty granted 31 thousand performance-based RSUs of Series C Liberty Braves common stock to its CEO. Such RSUs had a GDFV of $34.44 per share and cliff vest one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by Liberty’s compensation committee. Performance objectives, which are subjective, are considered in determining the timing and amount of compensation expense recognized. The Company assesses the probability of achieving the performance objectives each reporting period and as satisfaction of the performance objectives is deemed probable, the Company records the associated compensation expense. The Company has calculated the GDFV for all of its equity classified awards using the Black-Scholes valuation model. The Company 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 Braves common stock and the implied volatility of publicly traded Liberty Braves options. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. Liberty Braves — Outstanding Awards The following table presents the number and weighted average exercise price (“WAEP”) of options to purchase Liberty Braves common stock granted to certain officers, employees and directors, as well as the weighted average remaining life and aggregate intrinsic value of the options. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series C ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Liberty Braves ​ ​ ​ ​ remaining ​ value ​ options (000’s) WAEP life (in millions) Outstanding at January 1, 2023 3,108 $ 26.17 ​ ​ ​ ​ ​ ​ Granted 3 $ 37.50 ​ ​ ​ ​ ​ ​ Exercised (151) $ 18.42 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled (4) $ 22.75 ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2023 2,956 $ 26.59 4.1 years $ 39 Exercisable at June 30, 2023 1,356 $ 25.69 3.9 years $ 19 ​ As of June 30, 2023, there were no outstanding Series A or Series B options to purchase shares of Series A or Series B Liberty Braves common stock. As of June 30, 2023, the total unrecognized compensation cost related to unvested Liberty Braves Awards was approximately $6.0 million. Such amount will be recognized in the Company’s condensed combined statements of operations over a weighted average period of approximately 1.2 years. As of June 30, 2023, 3.0 million shares of Series C Liberty Braves common stock were reserved by Liberty for issuance under exercise privileges of outstanding stock options. Liberty Braves — Exercises The aggregate intrinsic value of all Series C Liberty Braves options exercised during the six months ended June 30, 2023 and 2022 was $2.3 million and $415 thousand, respectively. Liberty Braves — RSAs and RSUs Liberty had approximately 203 thousand unvested RSAs and RSUs of Liberty Braves common stock held by certain directors, officers and employees of Liberty as of June 30, 2023 . These Series A and Series C unvested RSAs and RSUs of Liberty Braves common stock had a weighted average GDFV of The aggregate fair value of all RSAs and RSUs of Liberty Braves common stock that vested during the six months ended June 30, 2023 and 2022 was $753 thousand and $1.3 million, respectively.	(9) Liberty Media — Incentive Plans Liberty Media grants, to certain of its directors, employees and employees of Braves Holdings, restricted stock (“RSAs”), restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Braves 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. Pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan (the “2022 Plan”), Liberty Media may grant Awards in respect of a maximum of 20.0 million shares of Series A, Series B and Series C Liberty Media Corporation common stock plus the shares remaining available for Awards under the prior Liberty Media Corporation 2017 Omnibus Incentive Plan (the “2017 Plan”), as of close of business on May 24, 2022, the effective date of the 2022 Plan. Any forfeited shares from the 2017 Plan shall also be available again under the 2022 Plan. Awards generally vest over 1 7 At the time of the Split-Off, the Awards are expected to be exchanged into RSAs, RSUs and stock options to purchase shares of Atlanta Braves Holdings common stock. Liberty Braves — Grants of Awards Options granted in 2022 and 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ ​ Options ​ Weighted ​ Options ​ Weighted ​ ​ granted ​ average ​ granted ​ average ​ ​ (000’s) GDFV (000’s) GDFV Series C Liberty Braves common stock, Liberty Media employees and directors (1) ​ 10 $ 12.40 23 $ 9.93 Series C Liberty Braves common stock, Liberty Media CEO (2) ​ 95 $ 9.16 — $ — (1) Mainly vests between two and three years for employees and in one year for directors. (2) Grant made in March 2022 cliff vested in December 2022. In addition to the stock option grant to the Liberty Media CEO, and in connection with his employment agreement, during the year ended December 31, 2021, Liberty Media granted 31 thousand performance-based RSUs of Series C Liberty Braves common stock to its CEO. Such RSUs had a GDFV of $31.24 per share. These performance-based RSUs cliff vested one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by the compensation committee. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. The Company assesses the probability of achieving the performance objectives each reporting period and as satisfaction of the performance objectives is deemed probable, the Company records the associated compensation expense. During the years ended December 31, 2022 and 2021, Liberty Media granted 138 thousand and 149 thousand RSUs, respectively, to employees of Braves Holdings. Such RSUs had a GDFV of $32.76 per share and $27.89 per share, respectively, and cliff vested one year from the month of grant. Liberty Media did not grant any options to purchase shares of Series A or Series B Liberty Braves common stock during the years ended December 31, 2022 and 2021. The Company has calculated the GDFV for all of its equity classified awards using the Black-Scholes valuation model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. For grants made in 2022 and 2021, the range of expected terms was 5.5 to 5.6 years. The volatility used in the calculation for Awards is based on the historical volatility of Liberty Braves common stock and the implied volatility of publicly traded Liberty Braves options. For grants made in 2022 and 2021, the range of volatilities was 33.3% to 35.0%. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. Liberty Braves — Outstanding Awards The following table presents the number and weighted average exercise price (“WAEP”) of options to purchase Liberty Braves common stock granted to certain officers, employees and directors, as well as the weighted average remaining life and aggregate intrinsic value of the options. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series C ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Liberty Braves ​ ​ ​ ​ remaining ​ value ​ Options (000’s) WAEP life (in millions) Outstanding at January 1, 2022 3,125 $ 25.86 ​ ​ ​ ​ ​ ​ Granted 105 $ 26.20 ​ ​ ​ ​ ​ ​ Exercised (122) $ 18.12 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled — $ — ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 3,108 $ 26.17 4.4 years $ 19 Exercisable at December 31, 2022 1,493 $ 24.92 3.9 years $ 11 ​ As of December 31, 2022, there were no outstanding Series A or Series B options to purchase shares of Series A or Series B Liberty Braves common stock. As of December 31, 2022, the total unrecognized compensation cost related to unvested Liberty Braves Awards was approximately $11.7 million. Such amount will be recognized in the Company’s combined statements of operations over a weighted average period of approximately 1.5 years. As of December 31, 2022, 3.1 million shares of Series C Liberty Braves common stock were reserved by Liberty Media for issuance under exercise privileges of outstanding stock options. Liberty Braves — Exercises The aggregate intrinsic value of all Series A and Series C Liberty Braves options exercised during the years ended December 31, 2022 and 2021 was $1.2 million and $4.2 million, respectively. Liberty Braves — Restricted Stock and Restricted Stock Units Liberty Media had approximately 178 thousand unvested RSAs and RSUs of Liberty Braves common stock held by certain directors, officers and employees as of December 31, 2022. These Series A and Series C unvested RSAs and RSUs of Liberty Braves common stock had a weighted average GDFV of The aggregate fair value of all RSAs and RSUs of Liberty Braves common stock that vested during the years ended December 31, 2022 and 2021 was $6.4 million and $5.5 million, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions
Related Party Transactions	(10) During the years ended December 31, 2022 and 2021, Braves Holdings recognized approximately $1.6 million and $1.3 million of ticket service expenses from Ticketmaster L.L.C., a related party of Liberty Media, which was included in baseball operating costs During the years ended December 31, 2022 and 2021, the Company recognized approximately $1.2 million and $2.2 million, respectively, from BOC and MLBAM for the reimbursement of certain centralized services performed by such parties. These amounts are included in selling, general and administrative, including stock-based compensation in the combined statements of operations. During the years ended December 31, 2022 and 2021, the Company also recognized insignificant revenue and expenses related to transactions with other equity method affiliates.

Assets Held for Sale

Assets Held for Sale	12 Months Ended
	Dec. 31, 2022
Assets Held for Sale
Assets Held for Sale	(11) As of December 31, 2021, assets and liabilities classified as held for sale related to the three Professional Development League clubs owned by Braves Holdings, the Gwinnett Stripers, Mississippi Braves and Rome Braves. The Company did not classify these Professional Development League clubs, all of which are part of the baseball reportable segment, as discontinued operations, as their dispositions did not represent a strategic shift that would have a major effect on the Company’s operations and financial results. A summary of assets held for sale and liabilities associated with assets held for sale are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ amounts in thousands Assets: ​ ​ ​ Accounts receivable and contract assets, net of allowance for credit losses $ 134 Other current assets ​ ​ 258 Property and equipment, net ​ ​ 3,930 Goodwill ​ ​ 4,044 Franchise rights ​ ​ 19,666 Other assets, net ​ ​ 8,684 Assets held for sale $ 36,716 ​ ​ ​ ​ Liabilities: ​ ​ ​ Accounts payable and accrued liabilities $ 441 Deferred revenue and refundable tickets ​ ​ 953 Other current liabilities ​ ​ 403 Other noncurrent liabilities ​ ​ 8,056 Liabilities related to assets held for sale $ 9,853 ​ ​ ​ ​ Net assets held for sale $ 26,863 ​ In January 2022, Braves Holdings sold the three Professional Development League clubs to a third party. Each of the three clubs remains affiliated with Braves Holdings via player development license agreements with MLB Professional Development Leagues, LLC. Additionally, Braves Holdings granted an exclusive, royalty free, sub-licensable, and irrevocable license to use various tradenames and logos. The license fee is included within the total purchase price of approximately $49.4 million.

Commitments and Contingencies_2

Commitments and Contingencies	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	(7) Collective Bargaining Agreement In March 2022, the Major League Baseball Players Association (“MLBPA”) and the Clubs entered into a new collective bargaining agreement that covers the 2022-2026 MLB seasons (“CBA”). The start of the 2022 regular season was delayed as a result of the related negotiations, but a full season was completed. There are two components of the revenue sharing plan that each Club is subject to under the CBA: a straight base revenue pool (the “Pool”) and the Commissioner Discretionary Fund. The size of the Pool is equal to the total amount transferred if each Club contributed 48% of its prior years’ net defined local revenue (“NDLR”). The contributions per Club are based on a composite of the prior three years’ NDLR and funds are distributed equally to all Clubs. Certain Clubs are disqualified from revenue sharing from the Pool based on market size. Also, each season, the Clubs are required to equally fund a Commissioner’s Discretionary Fund up to $15 million. Club submissions of NDLR are subject to audit by the MLB Revenue Sharing Administrator and are subject to rules issued by the MLB Revenue Sharing Definitions Committee. During the six months ended June 30, 2023 and 2022, Braves Holdings incurred $16.4 million and $9.5 million, respectively, in revenue sharing, which is included as an expense within baseball operating costs in the condensed combined statements of operations. Employment Contracts Long-term employment contracts provide for, among other items, annual compensation for certain players (current and former) and other employees. Amounts due under such contracts as of June 30, 2023 aggregated $1,017.6 million, which is payable annually as follows: $225.8 million in 2023, $149.8 million in 2024, $143.4 million in 2025, $136.3 million in 2026, $111.2 million in 2027 and $251.1 million thereafter. Additionally, these contracts may include incentive compensation (although certain incentive compensation awards cannot be earned by more than one player per season). Subsequent to June 30, 2023, Braves Holdings entered into long-term employment contracts with certain players, pursuant to which approximately $12.4 million is anticipated to be paid through 2024 according to the terms of such contracts, excluding any incentive compensation. Certain employment contracts with players include salary and bonus payments earned but not yet paid and, in certain situations, related accrued interest specified contractually that is due in varying installments through the year 2023. The present value of these obligations, including accrued interest, is calculated at Braves Holdings’ incremental borrowing rate at the time the contractual obligation arose using an interest rate of 5%. Diamond Sports Group Bankruptcy ANLBC has a long-term local broadcasting agreement with Sportsouth Network II, LLC, a subsidiary of Diamond Sports Group, granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves. In March 2023, Diamond Sports Group filed for chapter 11 protection. As a result of the chapter 11 proceeding, ANLBC may be required to repay up to $34.2 million, the amount remitted to ANLBC during the 90- day preference period preceding the filing. In addition, if the broadcasting agreement is rejected in the bankruptcy proceeding, ANLBC will not receive any revenue from Sportsouth Network II, LLC during the remaining contract term and ANLBC would be required to write-down accounts receivable and contract assets of approximately $24.4 million recorded in the condensed combined balance sheet as of June 30, 2023. Litigation Braves Holdings, along with the BOC and other MLB affiliates, has been named in a number of lawsuits arising in the normal course of business. We record a liability when we believe that it is both probable that a liability will be incurred and the amount of loss can be reasonably estimated. We evaluate developments in legal matters that could affect the amount of the liability accrual and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss. We may be unable to reasonably estimate the reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because: (i) the damages sought are indeterminate; (ii) the proceedings are in the relative early stages; (iii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals); (iv) there is uncertainty as to the likelihood of settlement and the outcome of any negotiations with respect thereto; (v) there remain significant factual issues to be determined or resolved; (vi) the relevant law is unsettled; or (vii) the proceedings involve novel or untested legal theories. In such instances, there may be considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. 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 combined financial statements.	(12) Collective Bargaining Agreement On November 30, 2016, the MLBPA and the Clubs entered into a collective bargaining agreement for the 2017 through 2021 seasons (the “2016 Agreement”). The 2016 Agreement contained provisions surrounding revenue sharing among the Clubs, a competitive balance tax on Club payrolls that exceed specified thresholds, minimum player salary levels and other provisions impacting Braves Holdings’ operations and its relationships with members of the MLBPA. There are two components of the revenue sharing plan that each Club was subject to under the 2016 Agreement: a straight base revenue pool (the “Pool”) and the Commissioner Discretionary Fund. The size of the Pool was equal to the total amount transferred if each Club contributed 48% of its prior years’ net defined local revenue (“NDLR”). The contributions per Club were based on a composite of the prior three years’ NDLR and funds were distributed equally to all Clubs. Certain Clubs were disqualified from revenue sharing from the Pool based on market size. Also, each season, the Clubs are required to equally fund a Commissioner’s Discretionary Fund up to $15 million. Club submissions of NDLR are subject to audit by the MLB Revenue Sharing Administrator and are subject to rules issued by the MLB Revenue Sharing Definitions Committee. On March 11, 2020, the World Health Organization assessed COVID-19 as a global pandemic, causing travel restrictions and stay-at-home orders, closing public attractions and restaurants and mandating social distancing practices. On March 26, 2020, the MLBPA and the Clubs entered in an agreement regarding the 2020 season (the “March Agreement”) as a result of COVID-19. The March Agreement amended various provisions within the 2016 Agreement, including modifying player salary and service time considerations and providing various other rights to the BOC. Based on rights established by the March Agreement, the BOC delayed 2021 season payments until a future date. For the years ended December 31, 2022 and 2021, Braves Holdings incurred $16.0 million and $10.5 million, respectively, in revenue sharing, which is included as an expense within baseball operating costs in the combined statements of operations. On March 10, 2022, the MLBPA and the Clubs entered into a Memorandum of Understanding that summarized a tentative agreement on a new collective bargaining agreement commencing with the 2022 season. The new collective bargaining agreement covers the 2022-2026 MLB seasons. Less than 5% of the Company’s labor force is covered by the collective bargaining agreement. The agreement provides for an expanded playoff schedule, an annual increase to the previous competitive balance tax threshold on Club payrolls, an annual increase in the minimum player salary each year beginning in 2022 and other provisions impacting Braves Holdings’ operations and its relationships with members of the MLBPA. Additionally, it contains provisions surrounding revenue sharing among the Clubs as described above. Employment Contracts Long-term employment contracts provide for, among other items, annual compensation for certain players (current and former) and other employees. Amounts due under such contracts as of December 31, 2022 aggregated $867.5 million, which is payable as follows: $183.8 million in 2023, $131.7 million in 2024, $115.0 million in 2025, $114.0 million in 2026, $90.0 million in 2027 and $233.0 million thereafter. Additionally, these contracts may include incentive compensation (although certain incentive compensation awards cannot be earned by more than one player per season). Subsequent to December 31, 2022, Braves Holdings entered into long-term employment contracts with certain executives and other employees, pursuant to which approximately $98.2 million is anticipated to be paid through 2030 according to the terms of such contracts, excluding any incentive compensation. Certain employment contracts with players include salary and bonus payments earned but not yet paid and, in certain situations, related accrued interest specified contractually that is due in varying installments through the year 2023. The present value of these obligations, including accrued interest, is calculated at Braves Holdings’ incremental borrowing rate at the time the contractual obligation arose using an interest rate of 5% . Impact of COVID-19 The business operations of Braves Holdings initially were largely, if not completely, suspended at the outset of COVID-19. In 2020, the regular baseball season was comprised of 60 games. The 2021 regular baseball season was comprised of 161 games. Braves Holdings had limitations on the number of fans in attendance at certain games in 2021, thereby reducing revenue associated with fan attendance. In 2022, the Atlanta Braves played a full regular season schedule. Although Braves Holdings experienced a return to normal business operations in 2022, it is unclear whether and to what extent COVID-19 concerns, or a future pandemic or epidemic, will impact the use of and/or demand for the entertainment, events and services provided by Braves Holdings and demand for sponsorship and advertising assets. If Braves Holdings faces cancelled events and reduced attendance, the impact may substantially decrease SplitCo’s revenue. Diamond Sports Group Bankruptcy As disclosed in note 2, ANLBC has a long-term local broadcasting agreement with Sportsouth Network II, LLC, a subsidiary of Diamond Sports Group, granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves. In March 2023, Diamond Sports Group filed for chapter 11 protection. As a result of the chapter 11 proceeding, ANLBC may be required to repay up to $34.2 million, the amount remitted to ANLBC during the 90-day preference period preceding the filing. In addition, if the broadcasting agreement is rejected in the bankruptcy proceeding, ANLBC may not receive any revenue from Sportsouth Network II, LLC during the remaining contract term and ANLBC would be required to write-down contract asset amounts of approximately $45.7 million recorded in the combined balance sheet as of December 31, 2022. Litigation Braves Holdings, along with the BOC and other MLB affiliates, has been named in a number of lawsuits arising in the normal course of business. We record a liability when we believe that it is both probable that a liability will be incurred and the amount of loss can be reasonably estimated. We evaluate developments in legal matters that could affect the amount of the liability accrual and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss. We may be unable to reasonably estimate the reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because: (i) the damages sought are indeterminate; (ii) the proceedings are in the relative early stages; (iii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals); (iv) there is uncertainty as to the likelihood of settlement and the outcome of any negotiations with respect thereto; (v) there remain significant factual issues to be determined or resolved; (vi) the relevant law is unsettled; or (vii) the proceedings involve novel or untested legal theories. In such instances, there may be considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. 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 combined financial statements.

Segment Information_2

Segment Information	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Segment Information
Segment Information	(8) The Company, through its ownership of Braves Holdings, is primarily engaged in the entertainment and real estate industries. The Company identifies its reportable segments as those operating segments that represent 10% or more of its combined annual revenue, annual Adjusted OIBDA (as defined below) or total assets. The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as attendance, viewership and social media. The Company has identified the following as its reportable segments: ● Baseball — operations relating to Braves baseball and Truist Park and includes ticket sales, concessions, advertising sponsorships, suites and premium seat fees, broadcasting rights, retail and licensing. ● Mixed-Use Development — includes retail, office, hotel and entertainment operations within the Battery Atlanta. 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. Performance Measures The following table disaggregates revenue by segment and by source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 ​ ​ amounts in thousands Baseball: ​ ​ ​ ​ ​ Baseball event $ 162,368 ​ 145,116 ​ $ 163,486 ​ 146,203 Broadcasting 68,558 ​ 63,745 ​ 69,449 ​ 63,745 Retail and licensing 19,747 ​ 17,755 ​ 24,122 ​ 21,610 Other 4,262 ​ 10,302 ​ 15,439 ​ 15,200 Total Baseball 254,935 ​ 236,918 ​ 272,496 ​ 246,758 Mixed-Use Development 15,188 ​ 13,407 ​ 28,599 ​ 25,097 Total revenue $ 270,123 ​ 250,325 ​ $ 301,095 ​ 271,855 ​ When consideration is received from a customer prior to transferring services to the customer under the terms of a contract, deferred revenue is recorded. The primary source of the Company’s deferred revenue relates to suite and season ticket arrangements, as well as certain sponsorship arrangements. Deferred revenue is recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. The Company had long-term deferred revenue of $16.1 million and $14.3 million as of June 30, 2023 and December 31, 2022, respectively, which were included in other noncurrent liabilities in the condensed combined balance sheets. During the six months ended June 30, 2023 and 2022, the Company recognized $49.7 million and $22.2 million, respectively, of revenue that was included in deferred revenue at the beginning of the respective year. Significant portions of the transaction prices for Braves Holdings 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 $159.6 million for the remainder of 2023 2024 2025 2026 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, 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 (loss), net earnings (loss), cash flows provided by operating activities and other measures of financial performance prepared in accordance with GAAP. Adjusted OIBDA is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball $ 37,415 41,685 ​ $ 1,878 10,581 ​ Mixed-Use Development ​ ​ 10,166 8,480 ​ ​ 19,319 16,397 ​ Corporate and Other ​ ​ (5,479) (1,924) ​ ​ (10,184) (4,137) ​ Total $ 42,102 48,241 ​ $ 11,013 22,841 ​ ​ Other Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 977,905 84,388 ​ 8,292 ​ 953,016 78,326 ​ 6,853 Mixed-Use Development ​ ​ 526,142 14,502 ​ 21,408 ​ 516,498 16,238 ​ 10,816 Corporate and other ​ ​ 59,830 — — 69,531 — — Elimination (1) ​ ​ (54,775) ​ — ​ — ​ (48,384) ​ — ​ — Total $ 1,509,102 98,890 29,700 1,490,661 94,564 17,669 (1) This amount relates to income taxes payable that partially offset income taxes receivable in the condensed combined balance sheets. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Adjusted OIBDA $ 42,102 48,241 ​ $ 11,013 22,841 ​ Impairment of long-lived assets and other related costs ​ ​ (232) ​ — ​ ​ (530) — ​ Stock-based compensation ​ ​ (3,153) (3,063) ​ ​ (6,344) (6,126) ​ Depreciation and amortization ​ ​ (19,250) (17,617) ​ ​ (33,929) (35,394) ​ Operating income (loss) ​ ​ 19,467 27,561 ​ ​ (29,790) (18,679) ​ Interest expense ​ ​ (9,448) (6,402) ​ ​ (18,360) (12,529) ​ Share of earnings (losses) of affiliates, net ​ ​ 11,462 15,022 ​ ​ 10,659 12,143 ​ Unrealized gains (losses) on intergroup interests ​ ​ (49,409) ​ 34,881 ​ ​ (62,786) ​ 36,103 ​ Realized and unrealized gains (losses) on financial instruments, net ​ ​ 3,840 1,659 ​ ​ 3,079 6,460 ​ Gains (losses) on dispositions, net ​ ​ 2,503 ​ 28 ​ ​ 2,503 20,215 ​ Other, net ​ ​ 813 143 ​ ​ 1,654 168 ​ Earnings (loss) before income taxes $ (20,772) 72,892 ​ $ (93,041) 43,881 ​ ​	(13) The Company, through its ownership of Braves Holdings, is primarily engaged in the entertainment and real estate industries. The Company identifies its reportable segments as those operating segments that represent 10% or more of its combined annual revenue, annual Adjusted OIBDA (as defined below) or total assets. The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as attendance, viewership and social media. 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, 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 earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company has identified the following as its reportable segments: ● Baseball — includes baseball operations (ticket sales, concessions, advertising sponsorships, suites and premium seat fees), broadcasting rights and licensing. ● Mixed-Use Development — includes retail, office, hotel and entertainment operations within the Battery Atlanta. 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. Performance Measures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ Revenue Adjusted OIBDA Revenue Adjusted OIBDA ​ ​ amounts in thousands Baseball ​ $ 534,984 ​ 33,259 522,397 ​ 83,712 Mixed-Use Development ​ ​ 53,577 ​ 35,433 41,320 ​ 26,546 Corporate and Other ​ ​ — ​ (9,916) — ​ (7,633) Total ​ $ 588,561 58,776 563,717 102,625 ​ Other Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 953,016 78,326 ​ 6,853 ​ 1,139,662 94,115 ​ 8,149 Mixed-Use Development ​ ​ 516,498 16,238 ​ 10,816 ​ 484,850 18,846 ​ 27,207 Corporate and other ​ ​ 69,531 — — 83,985 — — Elimination (1) ​ ​ (48,384) ​ — ​ — ​ (42,616) ​ — ​ — Total $ 1,490,661 94,564 17,669 1,665,881 112,961 35,356 (1) This amount relates to income taxes payable that partially offsets income taxes receivable in the combined balance sheets. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Adjusted OIBDA ​ $ 58,776 102,625 Impairment of long-lived assets and other related costs ​ ​ (5,427) ​ — Stock-based compensation ​ ​ (12,233) (12,358) Depreciation and amortization ​ ​ (71,697) (71,024) Operating income (loss) ​ ​ (30,581) 19,243 Interest expense ​ ​ (29,582) (24,471) Share of earnings (losses) of affiliates, net ​ ​ 28,927 31,008 Unrealized gains (losses) on intergroup interests ​ ​ (35,154) ​ (30,766) Realized and unrealized gains (losses) on financial instruments, net ​ ​ 13,067 2,849 Gains (losses) on dispositions, net ​ ​ 20,132 ​ (606) Other, net ​ ​ 1,674 (571) Earnings (loss) before income taxes ​ $ (31,517) (3,314) ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Assets and Liabilities Measured at Fair Value	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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents (Level 1) consist of highly liquid investments purchased with original maturities of three months or less. Cash equivalents aggregated $69.1 million and $81.2 million as of December 31, 2022 and 2021, respectively.
Restricted Cash	Restricted Cash Restricted cash consists of cash on deposit that is restricted for the payment of certain debt and interest obligations, debt reserves, Stadium repair and maintenance reserves and Stadium lease payments.
Accounts Receivable and Contract Assets, net of Allowance for Credit Losses	Accounts Receivable and Contract Assets, net of Allowance for Credit Losses An account receivable is recorded when there is an unconditional right to consideration based on a contract with a customer. For certain types of contracts with customers, the Company may recognize revenue in advance of the contractual right to invoice the customer, resulting in an amount recorded to contract assets as required by Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ amounts in thousands Accounts receivable ​ $ 23,980 26,935 Contract assets ​ 46,254 45,309 Total accounts receivable and contract assets, net of allowance for credit losses ​ $ 70,234 72,244 ​ Accounts receivable and contract assets are reflected net of an allowance for credit losses. A summary of activity in the allowance for credit losses is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of Charges (credits) to ​ End of year ​ year balance expense Write-Offs balance ​ ​ amounts in thousands 2022 ​ $ 406 ​ (86) ​ (7) ​ 313 2021 ​ $ 478 114 (186) 406 ​ The Company applies the “expected credit loss” methodology in estimating its allowance for credit losses by first considering historical losses and adding consideration of current market conditions, the customers’ financial condition, the amount of receivables in dispute, the current receivables aging and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost, less impairments, if any. Expenditures for improvements that add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are expensed when incurred. When depreciable properties are retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts, and the resulting gain or loss is included in the combined statements of operations. Depreciation is recognized over the estimated useful lives of the assets using the straight-line method.
Investments	Investments Braves Holdings or certain of its subsidiaries maintain investments in various entities, including certain MLB affiliates, Georgia Ballpark Hotel Company, LLC and Battery Hotel Group, LLC. Investments in entities in which Braves Holdings or its subsidiaries have significant influence, but less than a controlling voting interest, are accounted for using the equity method. Significant influence is generally presumed to exist when the Company (i) owns between 20% and 50% of a voting interest in the investee, (ii) holds substantial management rights, or (iii) holds an interest greater than 3% to 5% in an investee that is a limited partnership. The presumption that exists for interests in the ranges stated above is overcome in limited circumstances if it is readily apparent based on the facts and circumstances that the investor does not have the ability to influence the financial and operating policies over the investee. Under the equity method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the investment as they occur rather than as dividends or other distributions as they are received. Losses are limited to the extent of the Company’s investment in, advances to and commitments for the investee. The Company 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, the Company relies on audit reports that are provided by the affiliates’ independent auditors on the financial statements of such affiliates. In the event the Company is unable to obtain accurate financial information from an equity affiliate in a timely manner, the Company records its share of earnings or losses on a lag. The Company is not aware of any errors in, or possible misstatements of, the financial information provided by its equity affiliates that would have a material effect on the Company’s combined financial statements. The Company periodically reviews the carrying amounts of its investments to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, the Company considers the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; changes in valuation subsequent to the balance sheet date; and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. If the decline in fair value is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value. In situations where the fair value of an investment is not evident due to a lack of a public market price or other factors, the Company uses its best estimates and assumptions to arrive at the estimated fair value of such investment. The Company’s assessment of the foregoing factors involves judgment and accordingly, actual results may differ materially from the Company’s estimates and judgments. Write-downs for equity method investments are included in share of earnings (losses) of affiliates.
Intangible Assets	Intangible Assets Intangible assets subject to amortization, comprised of broadcast rights, are amortized straight-line over their estimated useful lives to their estimated residual values and are included in other assets, net in the combined balance sheets. Amortization of broadcast rights was approximately $3.0 million for each of the years ended December 31, 2022 and 2021, and was included in depreciation and amortization expense in the combined statements of operations. Goodwill and franchise rights (collectively, “indefinite-lived intangible assets”) are not amortized, but instead are tested for impairment at least annually. The annual impairment assessment of the Company’s indefinite-lived intangible assets is performed during the fourth quarter of each year, or more frequently if events and circumstances indicate impairment may have occurred. The Company’s goodwill is allocated entirely to its baseball reportable segment. The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current and prior years for other purposes. The Company performed a qualitative analysis during the fourth quarter of 2022 and concluded it was not more likely than not that an impairment existed. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in the Company’s valuation analysis are based on management’s best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company’s indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.
Impairment of Long Lived Assets	Impairment of Long-Lived Assets Long-lived assets, such as property and equipment and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or an asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell.
Amateur Player Acquisition Rights	Amateur Player Acquisition Rights Amateur player acquisition rights consist of upfront payments to players that are capitalized and amortized using the straight-line method over their estimated useful lives. Such amounts are included in other assets, net in the combined balance sheets. Amortization of amateur player acquisition rights was approximately $11.0 million and $9.6 million for the years ended December 31, 2022 and 2021, respectively, and was included in depreciation and amortization expense in the combined statements of operations.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities All of the Company’s derivatives, whether designated as hedging relationships or not, are recorded on the combined balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings or losses. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings (loss) and are recognized in the combined statement of operations when the hedged item affects earnings or losses. Ineffective portions of changes in the fair value of cash flow hedges are recognized in net earnings (loss). If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in net earnings (loss). None of the Company’s derivatives are currently designated as hedges.
Pension Plans	Pension Plans Braves Holdings’ current and former players as well as certain coaches, managers, trainers and assistant trainers participate in a multi-employer defined-benefit pension plan in which all of the Clubs participate and equally fund. A certain population of Braves Holdings’ non-uniformed personnel participate in a defined-benefit pension plan sponsored by Braves Holdings. The Company records amounts relating to its Braves Holdings-sponsored plan based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return and compensation increases. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The Company believes that the assumptions utilized in recording its obligations under its plan are reasonable based on its experience and market conditions. The Company recognizes the funded status of the Braves Holdings-sponsored defined-benefit pension plan as a net asset or liability and recognizes changes in that funded status in the year in which the changes occur through other comprehensive earnings (loss) to the extent those changes are not included in net periodic cost. The funded status reported on the Company’s combined balance sheets as of December 31, 2022 and 2021 was measured as the difference between the fair value of plan assets and the projected benefit obligation.
Revenue Recognition	Revenue Recognition ASC 606 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services are transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer (transaction price). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative stand-alone selling prices of the promised products or services underlying each performance obligation. The Company determines stand-alone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the stand-alone selling price considering available information, such as market conditions and internal pricing guidelines related to the performance obligations. Significant portions of the transaction prices for Braves Holdings 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 $283.1 million in 2023 2024 2025 thereafter Sales, value add, and other taxes when collected concurrently with revenue producing activities are excluded from revenue. If, at contract inception, the Company determines the time period between when the Company transfers a promised good or service to a customer and when the customer pays the Company for that good or service is one year or less, the Company does not adjust the promised amount of consideration for the effects of a significant financing component. When consideration is received from a customer prior to transferring services to the customer under the terms of a contract, deferred revenue is recorded. The primary source of the Company’s deferred revenue relates to suite and season ticket arrangements, as well as certain sponsorship arrangements. Deferred revenue is recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. At December 31, 2022 and 2021, the Company had long-term deferred revenue of $14.3 million and $10.7 million, respectively, which were included in other noncurrent liabilities in the combined balance sheets. During the years ended December 31, 2022 and 2021, the Company recognized $81.6 million and $77.4 million, respectively, of revenue that was included in deferred revenue at the beginning of the respective year. The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service. The following table disaggregates Braves Holdings’ revenue by source: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Baseball revenue: ​ ​ ​ Baseball event ​ $ 298,364 ​ 287,348 Broadcasting ​ 154,185 ​ 163,188 Retail and licensing ​ 47,792 ​ 44,089 Other ​ 34,643 ​ 27,772 Baseball revenue ​ 534,984 ​ 522,397 Mixed-Use Development revenue ​ 53,577 ​ 41,320 Total revenue ​ $ 588,561 ​ 563,717 ​ The Company’s revenue recognition policies summarizing the nature, amount, timing and uncertainty associated with each major source of revenue from contracts with customers are described below. Baseball Event Revenue The Company derives event-related revenue from gameday tickets, concessions and parking. These arrangements have limited performance obligations for single or mini multigame ticket packages and include a fixed-fee transaction price. The Company’s performance obligations are satisfied as the related benefits are delivered to each customer. In addition, the Company derives event related revenue from suite arrangements, season tickets and advertising sponsorships (in the form of Stadium signage and other sponsorship elements). These arrangements may be multiyear fee arrangements and include annual market increases. Payment terms for these arrangements can vary by contract, but payments are generally due in installments prior to each regular season. The Company’s performance obligations under such arrangements are to provide the customer with certain benefits during each regular season. The transaction price of the arrangement is allocated to each performance obligation based on the relative standalone selling price of each obligation. In determining the stand-alone selling price, the Company considers the contractually agreed-upon fees, as compared to other arrangements. The Company’s performance obligations are satisfied as the related benefits are delivered to each customer. Revenue is recognized on a per game basis during the regular season based on a pro rata share of total revenue allocated to the entire regular season to the total number of home games during the regular season. Broadcasting Revenue The Company derives revenue from the sale of local broadcasting rights and national broadcasting rights negotiated by the BOC on behalf of the Clubs. Each Club has the right to authorize the television broadcast, within its home television territory, of games in which it participates, subject to certain exceptions. ANLBC has a long-term local broadcasting agreement with Sportsouth Network II, LLC, the owner and operator of the SportSouth and FS South video programming services (“Bally Sport South” and “Bally Sports Southeast,” formerly known as Fox Sports South and Fox Sports Southeast, respectively), granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves by national broadcast partners for the 2013 through 2027 seasons. Over the 15-year term of the agreement, ANLBC is entitled to receive payments, subject to the actual number of games broadcast during the term. Pursuant to the terms of the agreement, ANLBC receives such rights fees in monthly installments from January through August of each year. The transaction price under the local television broadcast arrangement is variable in nature as certain provisions exist as to the consideration received in certain years. The Company estimates the entire transaction price of the contractual arrangements and recognizes revenue allocated to each of the performance obligations within the contractual arrangements as those performance obligations are satisfied. In estimating the transaction price, the Company considers the contractually agreed-upon fees as well as qualitative considerations with respect to the number of games expected to be broadcast. The resulting transaction price is allocated entirely to each contract year as stated in the contractual agreement and revenue is recognized using an output measure of progress toward satisfaction of the Company’s performance obligations within the contract year, as the underlying benefits are provided. During the year ended December 31, 2021, the Company recognized $13.4 million in revenue from performance obligations satisfied in prior periods. The cumulative catch-up adjustment resulted from a change in the estimated variable transaction price that was constrained in prior periods. The Company also participates in the revenue generated from national television and radio broadcast arrangements negotiated by the BOC on behalf of the Clubs with ESPN Inc., Turner Broadcasting System, Inc., Fox Broadcasting Company, Sirius XM Satellite Radio and others (the “National Broadcast Rights”). Under the rules and regulations adopted by MLB, as well as a series of other agreements and arrangements that govern the operation and management of a Club, the BOC has the authority, acting as the agent on behalf of the Clubs, to enter into and administer all contracts for the sale of National Broadcast Rights. The transaction prices under national broadcasting rights arrangements are typically fixed and are allocated to each performance obligation within the contractual arrangements. The fixed license fees are allocated to each of the performance obligations within the contractual arrangements, based on the stand-alone selling price of the intellectual property. The resulting transaction price is allocated entirely to the rights provided for the related contract year, and revenue is recognized using an output measure of progress toward satisfaction of the Company’s performance obligations within the contract year, which is generally as games are made available for use under license agreement. Retail and Licensing Revenue The Company has retail merchandise sales at the Stadium. Sales of merchandise are recorded at the point of sale, net of returns. The Company has elected to present sales taxes on a net basis. The Company participates in an agency arrangement along with the other 29 Clubs whereby net revenue generated from licensing arrangements with third parties is divided equally among the Clubs. The transaction price is based upon the expected distribution values as communicated by MLB. The timing of revenue recognition and receipt of this revenue is dependent on the nature of the underlying performance obligation, which is generally over time. Mixed-Use Development Revenue The Company receives lease income as the lessor for certain buildings and land in the Mixed-Use Development. Revenue from minimum rents are recognized on a straight-line basis over the terms of their respective lease agreements. Some retail tenants are required to pay overage rents based on sales over a stated base amount during the lease term. Overage rents are only recognized when each tenant’s sales exceed the applicable sales threshold. Tenants reimburse the Company for a substantial portion of the Company’s operating expenses, including common area maintenance, real estate taxes and property insurance. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. Parking and sponsorship revenue comprise a relatively small portion of Mixed-Use Development revenue. Sponsorship revenue is recognized on a straight-line basis over each annual period. Parking revenue is recognized daily based on actual usage.
Compensation to Players and Other Baseball Personnel	Compensation to Players and Other Baseball Personnel Player and other baseball personnel contracts are expensed based on a systematic and rational method where the expense typically follows the annual contractual amounts payable for each season. If compensation is earned currently but is to be paid in future periods, the earned amount, net of imputed interest based on the expected payout period, is charged to expense, and amounts not paid are reflected as either a current or noncurrent liability in the combined balance sheets. Interest imputed on these obligations is amortized and charged to expense using the effective interest method and reflected in the combined statements of operations as interest expense. Interest income for these investments is recognized when earned. I n the event the Club terminates a player’s contract where the reason for the player’s failure is not based on an act of the player that is proscribed by the contract, the Club may be required to make minimum payments to the player for the balance of the contract’s term. With respect to such payments, the present value of the remaining unpaid balance of that contract, including unamortized capitalized signing bonuses, is expensed in the year the person is released, and any unpaid amounts are included in accounts payable and accrued liabilities in the combined balance sheets. If it is probable that an injury will prevent a player from playing in future periods, the present value of compensation to be earned during those periods, net of any insurance proceeds, is expensed in the period in which the injury was determined to prevent future play.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. Advertising costs aggregated $5.2 million and $6.2 million for the years ended December 31, 2022 and 2021, respectively, and were recorded in the selling, general and administrative expenses line in the combined statements of operations.
Stock Based Compensation	Stock-Based Compensation As more fully described in note 9, Liberty Media has granted to its directors, employees and employees of Braves Holdings, certain equity-classified awards (collectively, “Awards”). The Company measures the cost of employee services received in exchange for Awards based on the grant date fair value 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 Awards). The Company estimates grant date fair value using the Black-Scholes valuation model. During the years ended December 31, 2022 and 2021, the Company recorded stock-based compensation expense of $12.2 million and $12.4 million, respectively. These amounts are included in selling, general and administrative expense in the combined statements of operations.
Income Taxes	Income Taxes Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it is more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
Pro Forma Earnings per Share	Pro Forma Earnings per Share Unaudited pro forma earnings (loss) per common share is computed by dividing net earnings (loss), excluding any unrealized gains (losses) on intergroup interests, as detailed in the table below, by 61.6 million common shares, which is the aggregate number of shares of Series A, Series B and Series C common stock that would have been issued if the Split-Off had occurred on December 31, 2022, assuming a one for one distribution ratio on Series A, Series B and Series C for every share of Series A, Series B or Series C Liberty Braves common stock outstanding and assuming settlement and extinguishment of the intergroup interests, as described in note 1. ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2022 ​ ​ ​ amounts in thousands ​ Net earnings (loss) ​ $ (34,172) Less: Unrealized gains (losses) on intergroup interests ​ (35,154) Unaudited pro forma net earnings (loss) ​ $ 982
Reclasses and Adjustments	Reclasses and Adjustments Certain prior period amounts have been reclassified for comparability with the current year presentation.
Estimates	Estimates The preparation of combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined 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 measurements of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Schedule of opening and closing balances of accounts receivable and contract assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ amounts in thousands Accounts receivable ​ $ 23,980 26,935 Contract assets ​ 46,254 45,309 Total accounts receivable and contract assets, net of allowance for credit losses ​ $ 70,234 72,244
Schedule of activity in the allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of Charges (credits) to ​ End of year ​ year balance expense Write-Offs balance ​ ​ amounts in thousands 2022 ​ $ 406 ​ (86) ​ (7) ​ 313 2021 ​ $ 478 114 (186) 406
Schedule of disaggregation of revenue by source	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Baseball revenue: ​ ​ ​ Baseball event ​ $ 298,364 ​ 287,348 Broadcasting ​ 154,185 ​ 163,188 Retail and licensing ​ 47,792 ​ 44,089 Other ​ 34,643 ​ 27,772 Baseball revenue ​ 534,984 ​ 522,397 Mixed-Use Development revenue ​ 53,577 ​ 41,320 Total revenue ​ $ 588,561 ​ 563,717
Schedule of unaudited pro forma earnings (loss)	​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2022 ​ ​ ​ amounts in thousands ​ Net earnings (loss) ​ $ (34,172) Less: Unrealized gains (losses) on intergroup interests ​ (35,154) Unaudited pro forma net earnings (loss) ​ $ 982

Property and Equipment (Table_2

Property and Equipment (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Property and Equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ Estimated ​ ​ ​ ​ assets ​ ​ ​ ​ ​ assets ​ ​ ​ ​ Useful ​ Owned ​ available to ​ ​ ​ Owned ​ available to ​ ​ ​ Life assets be leased Total assets be leased Total ​ ​ in years ​ amounts in thousands Land NA ​ $ 19,643 ​ 21,831 41,474 19,643 ​ 21,831 41,474 Buildings and improvements 15 – 39 ​ 281,450 ​ 355,244 636,694 282,314 ​ 354,959 637,273 Leasehold improvements 15 – 39 ​ 75,860 ​ 62,062 137,922 72,455 ​ 61,876 134,331 Furniture and equipment 5 – 7 ​ 178,063 ​ 8,243 186,306 176,227 ​ 8,061 184,288 Construction in progress NA ​ 292 ​ 34,711 35,003 886 ​ 9,524 10,410 Property and equipment, at cost ​ ​ ​ $ 555,308 482,091 1,037,399 551,525 456,251 1,007,776	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ Estimated ​ ​ ​ ​ Owned ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ Useful ​ ​ ​ ​ assets ​ ​ ​ ​ ​ assets ​ ​ ​ ​ Life ​ Owned ​ available to ​ ​ ​ Owned ​ available to ​ ​ ​ in years assets be leased Total assets be leased Total ​ ​ ​ ​ amounts in thousands Land NA ​ $ 19,643 ​ 21,831 41,474 19,643 21,831 41,474 Buildings and improvements 15 – 39 ​ 282,314 ​ 354,959 637,273 283,781 353,507 637,288 Leasehold improvements 15 – 39 ​ 72,455 ​ 61,876 134,331 69,854 59,492 129,346 Furniture and equipment 5 – 7 ​ 176,227 ​ 8,061 184,288 174,483 7,469 181,952 Construction in progress NA ​ 886 ​ 9,524 10,410 3,774 4,605 8,379 Property and equipment, at cost ​ ​ ​ $ 551,525 456,251 1,007,776 551,535 446,904 998,439

Investments in Affiliates Acc_6

Investments in Affiliates Accounted for Using the Equity Method (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Investments in Affiliates Accounted for Using the Equity Method
Schedule of carrying amount and percentage ownership of investments in affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ Percentage ​ Carrying ​ Carrying ​ Ownership amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 50,453 ​ 45,102 BELP ​ 3.3 % 33,935 ​ 33,224 Other ​ 50.0 % 14,502 ​ 16,238 Total ​ ​ ​ $ 98,890 ​ 94,564	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Percentage ​ ​ Carrying ​ Carrying ​ Ownership ​ amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 45,102 ​ 58,613 BELP ​ 3.3 % 33,224 ​ 35,502 Other ​ 50.0 % 16,238 ​ 18,846 Total ​ ​ ​ $ 94,564 ​ 112,961
Schedule of share of earnings (losses) of affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ MLBAM ​ $ 10,577 13,103 ​ $ 9,334 ​ 10,585 ​ BELP ​ 514 865 ​ 711 ​ (461) ​ Other ​ 371 1,054 ​ 614 ​ 2,019 ​ Total ​ $ 11,462 15,022 ​ $ 10,659 12,143 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands MLBAM ​ $ 24,386 23,230 BELP ​ (1,928) 6,779 Other ​ 6,469 999 Total ​ $ 28,927 31,008
Schedule of equity method investments summarized financial information		Balance Sheets ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Current assets ​ $ 812,884 ​ 758,942 Noncurrent assets ​ $ 2,237,854 ​ 2,475,250 Current liabilities ​ $ 401,562 ​ 469,311 Noncurrent liabilities ​ $ 626,474 ​ 254,374 Equity ​ $ 2,022,702 ​ 2,510,507 ​ Statements of Operations ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Revenue ​ $ 1,334,785 ​ 1,229,751 Earnings (loss) before income taxes ​ $ 729,472 ​ 862,076 Net earnings (loss) ​ $ 722,292 ​ 856,198 ​ ​ ​ ​ ​ ​

Debt (Tables)_2

Debt (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball ​ ​ ​ ​ ​ ​ League wide credit facility ​ $ — — ​ MLB facility fund – term ​ 30,000 30,000 ​ MLB facility fund – revolver ​ 43,125 43,700 ​ TeamCo revolver ​ — — ​ Term debt ​ ​ 168,561 ​ 171,694 ​ Mixed-Use Development ​ ​ ​ ​ ​ ​ Credit facilities ​ 35,058 103,163 ​ Term debt ​ 266,069 197,334 ​ Deferred financing costs ​ (4,118) (3,925) ​ Total debt ​ 538,695 541,966 ​ Debt classified as current ​ (7,205) (74,806) ​ Total long-term debt ​ $ 531,490 467,160 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Baseball ​ ​ ​ ​ ​ League wide credit facility ​ $ — 100,000 MLB facility fund – term ​ 30,000 30,000 MLB facility fund – revolver ​ 43,700 46,000 TeamCo revolver ​ — 20,000 Term debt ​ ​ 171,694 ​ 233,286 Mixed-Use Development ​ ​ ​ ​ ​ Credit facilities ​ 103,163 175,618 Term debt ​ 197,334 95,000 Deferred financing costs ​ (3,925) (3,201) Total debt ​ 541,966 696,703 Debt classified as current ​ (74,806) (11,685) Total long-term debt ​ $ 467,160 685,018
Schedule of maturities of long-term debt		As of December 31, 2022, the principal maturities of outstanding debt obligations for each of the next five years are as follows (amounts in thousands): ​ ​ ​ ​ 2023 $ 74,806 2024 ​ $ 42,647 2025 ​ $ 104,282 2026 ​ $ 53,325 2027 ​ $ 103,256

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Schedule of components of lease expense	The following table presents the components of lease expense: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 2021 ​ amounts in thousands Operating lease cost: ​ ​ Long-term (fixed) ​ $ 812 1,730 Long-term (variable) ​ 2,751 2,352 Short-term ​ 3,680 949 Finance lease costs: ​ Depreciation of leased assets ​ 31,334 34,500 Interest on lease liabilities ​ 5,365 5,561 Net lease expense ​ $ 43,942 45,092
Schedule of remaining weighted average lease term and the weighted average discount rate	The remaining weighted average lease term and the weighted average discount rate were as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Weighted average remaining lease term (years): ​ ​ Operating leases ​ 4.3 13.2 ​ Finance leases ​ 26.7 27.6 ​ Weighted average discount rate: ​ ​ Operating leases ​ 3.3 % 3.4 % Finance leases ​ 4.7 % 4.7 %
Schedule of supplemental combined balance sheet information related to leases	Supplemental combined balance sheet information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ amounts in thousands Operating leases: ​ ​ Operating lease right-of-use assets (1) ​ $ 2,669 3,849 Held for sale operating lease right-of-use assets (2) ​ — 8,684 ​ ​ $ 2,669 12,533 Current operating lease liabilities (3) ​ $ 634 758 Operating lease liabilities (4) ​ 2,035 3,091 Held for sale operating lease liabilities (5) ​ — 8,459 Total operating lease liabilities ​ $ 2,669 12,308 Finance leases: ​ Property and equipment, at cost ​ $ 469,335 479,586 Accumulated depreciation ​ (172,826) (146,971) Property and equipment, net ​ $ 296,509 332,615 Current finance lease liabilities (3) ​ $ 4,426 5,058 Finance lease liabilities ​ 107,220 110,929 Total finance lease liabilities ​ $ 111,646 115,987 (1) Included in other assets, net in the combined balance sheet. (2) Included in assets held for sale in the combined balance sheet. (3) Included in other current liabilities in the combined balance sheet. (4) Included in other noncurrent liabilities in the combined balance sheet. (5) Included in liabilities related to assets held for sale in the combined balance sheet.
Schedule of supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 2021 ​ ​ amounts in thousands Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 688 1,670 Operating cash flows from finance leases ​ $ 4,564 5,546 Financing cash flows from finance leases ​ $ 5,574 4,985 Right-of-use assets obtained in exchange for lease obligations: ​ Operating leases ​ $ 88 120 Finance leases ​ $ 441 —
Schedule of future minimum payments of operating leases	​ ​ ​ ​ ​ ​ ​ ​ Operating leases Finance leases ​ ​ amounts in thousands 2023 ​ $ 714 9,601 2024 ​ 659 8,871 2025 ​ 634 8,902 2026 ​ 635 8,895 2027 ​ 232 8,895 Thereafter ​ — 135,425 Total lease payments ​ 2,874 180,589 Less: implied interest ​ 205 68,943 Present value of lease liabilities ​ $ 2,669 111,646
Schedule of future minimum payments of finance leases	​ ​ ​ ​ ​ ​ ​ ​ Operating leases Finance leases ​ ​ amounts in thousands 2023 ​ $ 714 9,601 2024 ​ 659 8,871 2025 ​ 634 8,902 2026 ​ 635 8,895 2027 ​ 232 8,895 Thereafter ​ — 135,425 Total lease payments ​ 2,874 180,589 Less: implied interest ​ 205 68,943 Present value of lease liabilities ​ $ 2,669 111,646
Schedule of future minimum rentals to be received under noncancelable tenant operating leases	​ ​ ​ ​ ​ 2023 $ 30,622 2024 ​ 32,034 2025 ​ 32,531 2026 ​ 33,043 2027 ​ 31,859 Thereafter ​ 182,225 ​ ​ $ 342,314

Pension and Other Benefit Pla_2

Pension and Other Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Pension and Other Benefit Plans
Schedule of benefit obligations, fair value of plan assets and funded status	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Projected benefit obligation: ​ ​ ​ ​ ​ Beginning of measurement period ​ $ 132,237 128,422 Service cost ​ 5,558 5,730 Interest cost ​ ​ 4,190 3,792 Actual (gain) loss ​ ​ (42,279) (2,118) Benefits paid ​ ​ (2,980) (2,920) Other adjustments ​ ​ (841) (669) End of measurement period ​ ​ 95,885 ​ 132,237 ​ ​ ​ ​ ​ ​ Fair value of plan assets: ​ ​ ​ ​ ​ Beginning of measurement period ​ ​ 97,387 86,272 Actual return on plan assets ​ ​ (18,576) ​ 6,504 Employer contributions ​ ​ 5,490 ​ 8,200 Benefits paid ​ ​ (2,980) ​ (2,920) Other adjustments ​ ​ (841) ​ (669) End of measurement period ​ ​ 80,480 ​ 97,387 ​ ​ ​ ​ ​ ​ Funded status ​ $ (15,405) ​ (34,850) ​
Schedule of mounts recognized in the combined balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Noncurrent liabilities ​ $ (15,405) ​ (34,850) Accumulated other comprehensive (earnings) loss ​ ​ 4,779 ​ 23,652 Net amount recognized ​ $ (10,626) ​ (11,198) ​
Schedule of amounts recognized in accumulated other comprehensive (earnings) loss	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ amounts in thousands Net actuarial loss ​ $ 4,498 23,337 Prior service cost ​ 281 315 Accumulated other comprehensive (earnings) loss ​ $ 4,779 23,652 ​
Schedule of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Components of net periodic benefit cost: ​ ​ Service cost ​ $ 5,558 5,730 Interest cost ​ 4,190 3,792 Expected return on plan assets ​ (6,820) (5,898) Amortization of: ​ Prior service cost ​ 34 34 Actuarial loss ​ 1,955 2,631 ​ ​ $ 4,917 6,289 ​
Schedule of weighted average assumptions used to determine benefit obligations and net benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Discount rate ​ 5.50 % 3.05 % Rate of compensation increase ​ 5.09 % 4.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 Discount rate ​ 3.05 % 2.80 % Expected long-term rate of return on plan assets ​ 7.50 % 7.50 % Rate of compensation increase ​ 4.00 % 4.00 % ​
Schedule of asset allocation for the underlying assets held by the master trust	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Domestic equities ​ 18 % 23 % Fixed income ​ 43 48 ​ International equities ​ 11 13 ​ Hedge funds ​ 25 15 ​ Cash equivalents ​ 3 1 ​ Total ​ 100 % 100 % ​ ​ ​ ​ ​ ​ Target asset ​ ​ allocation Domestic equities 22 % Fixed income 50 ​ International equities 13 ​ Hedge funds 15 ​ Cash equivalents — ​ Total 100 % ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of income tax benefit (expense)	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ amounts in thousands Current: ​ ​ ​ ​ ​ Federal ​ $ (12,976) (239) State ​ ​ — — Foreign ​ (92) (170) ​ ​ (13,068) (409) ​ ​ ​ ​ ​ ​ Deferred: ​ ​ ​ Federal ​ 10,446 (4,787) State ​ (33) (4,496) Foreign ​ — — ​ ​ ​ 10,413 (9,283) Income tax benefit (expense) ​ $ (2,655) ​ (9,692)
Schedule of income tax reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31 ​ ​ 2022 ​ 2021 ​ amounts in thousands Computed expected tax benefit (expense) ​ $ 6,619 696 State tax benefit (expense), net of federal benefit (expense) ​ ​ (26) (3,551) Intergroup interest ​ ​ (7,382) ​ (6,461) Nondeductible goodwill reduction from sale of Professional Development League Clubs ​ ​ (849) ​ — Nondeductible premiums, net of proceeds, from player disability insurance policies ​ ​ (184) (207) Deductible stock-based compensation ​ ​ 147 ​ 526 Nondeductible meals and entertainment ​ ​ (320) (295) Other ​ ​ (660) (400) Income tax benefit (expense) ​ $ (2,655) (9,692) ​
Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ amounts in thousands Deferred tax assets: ​ ​ ​ ​ ​ Finance lease obligation ​ $ 29,000 30,097 Tax loss and credit carryforwards ​ ​ 18,185 19,010 Accrued compensation ​ 2,152 11,242 Stock compensation ​ ​ 1,615 ​ 1,749 Deferred compensation ​ 255 314 Other ​ 6,694 8,041 Deferred tax assets ​ 57,901 70,453 Valuation allowance ​ — — Net deferred tax assets ​ 57,901 70,453 Deferred tax liabilities: ​ Property and equipment, net ​ 53,252 60,468 Intangible assets ​ 35,467 41,457 Investments ​ 8,531 15,098 Contract assets ​ 11,864 11,570 Other ​ 2,886 1,048 Total deferred tax liabilities ​ 112,000 129,641 Net deferred tax liabilities ​ $ (54,099) (59,188) ​

Stock-Based Compensation (Tab_2

Stock-Based Compensation (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stock-Based Compensation
Schedule of options granted and weighted average grant date fair value		​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ ​ Options ​ Weighted ​ Options ​ Weighted ​ ​ granted ​ average ​ granted ​ average ​ ​ (000’s) GDFV (000’s) GDFV Series C Liberty Braves common stock, Liberty Media employees and directors (1) ​ 10 $ 12.40 23 $ 9.93 Series C Liberty Braves common stock, Liberty Media CEO (2) ​ 95 $ 9.16 — $ — (1) Mainly vests between two and three years for employees and in one year for directors. (2) Grant made in March 2022 cliff vested in December 2022.
Schedule of stock based compensation activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series C ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Liberty Braves ​ ​ ​ ​ remaining ​ value ​ options (000’s) WAEP life (in millions) Outstanding at January 1, 2023 3,108 $ 26.17 ​ ​ ​ ​ ​ ​ Granted 3 $ 37.50 ​ ​ ​ ​ ​ ​ Exercised (151) $ 18.42 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled (4) $ 22.75 ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2023 2,956 $ 26.59 4.1 years $ 39 Exercisable at June 30, 2023 1,356 $ 25.69 3.9 years $ 19	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series C ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Liberty Braves ​ ​ ​ ​ remaining ​ value ​ Options (000’s) WAEP life (in millions) Outstanding at January 1, 2022 3,125 $ 25.86 ​ ​ ​ ​ ​ ​ Granted 105 $ 26.20 ​ ​ ​ ​ ​ ​ Exercised (122) $ 18.12 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled — $ — ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 3,108 $ 26.17 4.4 years $ 19 Exercisable at December 31, 2022 1,493 $ 24.92 3.9 years $ 11

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2022
Assets Held for Sale
Summary of assets held for sale and liabilities associated with assets held for sale	​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ amounts in thousands Assets: ​ ​ ​ Accounts receivable and contract assets, net of allowance for credit losses $ 134 Other current assets ​ ​ 258 Property and equipment, net ​ ​ 3,930 Goodwill ​ ​ 4,044 Franchise rights ​ ​ 19,666 Other assets, net ​ ​ 8,684 Assets held for sale $ 36,716 ​ ​ ​ ​ Liabilities: ​ ​ ​ Accounts payable and accrued liabilities $ 441 Deferred revenue and refundable tickets ​ ​ 953 Other current liabilities ​ ​ 403 Other noncurrent liabilities ​ ​ 8,056 Liabilities related to assets held for sale $ 9,853 ​ ​ ​ ​ Net assets held for sale $ 26,863

Segment Information (Tables)_2

Segment Information (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Segment Information
Schedule of disaggregates revenue by segment and by source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 ​ ​ amounts in thousands Baseball: ​ ​ ​ ​ ​ Baseball event $ 162,368 ​ 145,116 ​ $ 163,486 ​ 146,203 Broadcasting 68,558 ​ 63,745 ​ 69,449 ​ 63,745 Retail and licensing 19,747 ​ 17,755 ​ 24,122 ​ 21,610 Other 4,262 ​ 10,302 ​ 15,439 ​ 15,200 Total Baseball 254,935 ​ 236,918 ​ 272,496 ​ 246,758 Mixed-Use Development 15,188 ​ 13,407 ​ 28,599 ​ 25,097 Total revenue $ 270,123 ​ 250,325 ​ $ 301,095 ​ 271,855
Schedule of adjusted OIBDA	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball $ 37,415 41,685 ​ $ 1,878 10,581 ​ Mixed-Use Development ​ ​ 10,166 8,480 ​ ​ 19,319 16,397 ​ Corporate and Other ​ ​ (5,479) (1,924) ​ ​ (10,184) (4,137) ​ Total $ 42,102 48,241 ​ $ 11,013 22,841 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ Revenue Adjusted OIBDA Revenue Adjusted OIBDA ​ ​ amounts in thousands Baseball ​ $ 534,984 ​ 33,259 522,397 ​ 83,712 Mixed-Use Development ​ ​ 53,577 ​ 35,433 41,320 ​ 26,546 Corporate and Other ​ ​ — ​ (9,916) — ​ (7,633) Total ​ $ 588,561 58,776 563,717 102,625
Schedule of other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 977,905 84,388 ​ 8,292 ​ 953,016 78,326 ​ 6,853 Mixed-Use Development ​ ​ 526,142 14,502 ​ 21,408 ​ 516,498 16,238 ​ 10,816 Corporate and other ​ ​ 59,830 — — 69,531 — — Elimination (1) ​ ​ (54,775) ​ — ​ — ​ (48,384) ​ — ​ — Total $ 1,509,102 98,890 29,700 1,490,661 94,564 17,669 (1) This amount relates to income taxes payable that partially offset income taxes receivable in the condensed combined balance sheets.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 953,016 78,326 ​ 6,853 ​ 1,139,662 94,115 ​ 8,149 Mixed-Use Development ​ ​ 516,498 16,238 ​ 10,816 ​ 484,850 18,846 ​ 27,207 Corporate and other ​ ​ 69,531 — — 83,985 — — Elimination (1) ​ ​ (48,384) ​ — ​ — ​ (42,616) ​ — ​ — Total $ 1,490,661 94,564 17,669 1,665,881 112,961 35,356 (1) This amount relates to income taxes payable that partially offsets income taxes receivable in the combined balance sheets.
Reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Adjusted OIBDA $ 42,102 48,241 ​ $ 11,013 22,841 ​ Impairment of long-lived assets and other related costs ​ ​ (232) ​ — ​ ​ (530) — ​ Stock-based compensation ​ ​ (3,153) (3,063) ​ ​ (6,344) (6,126) ​ Depreciation and amortization ​ ​ (19,250) (17,617) ​ ​ (33,929) (35,394) ​ Operating income (loss) ​ ​ 19,467 27,561 ​ ​ (29,790) (18,679) ​ Interest expense ​ ​ (9,448) (6,402) ​ ​ (18,360) (12,529) ​ Share of earnings (losses) of affiliates, net ​ ​ 11,462 15,022 ​ ​ 10,659 12,143 ​ Unrealized gains (losses) on intergroup interests ​ ​ (49,409) ​ 34,881 ​ ​ (62,786) ​ 36,103 ​ Realized and unrealized gains (losses) on financial instruments, net ​ ​ 3,840 1,659 ​ ​ 3,079 6,460 ​ Gains (losses) on dispositions, net ​ ​ 2,503 ​ 28 ​ ​ 2,503 20,215 ​ Other, net ​ ​ 813 143 ​ ​ 1,654 168 ​ Earnings (loss) before income taxes $ (20,772) 72,892 ​ $ (93,041) 43,881 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 ​ ​ amounts in thousands Adjusted OIBDA ​ $ 58,776 102,625 Impairment of long-lived assets and other related costs ​ ​ (5,427) ​ — Stock-based compensation ​ ​ (12,233) (12,358) Depreciation and amortization ​ ​ (71,697) (71,024) Operating income (loss) ​ ​ (30,581) 19,243 Interest expense ​ ​ (29,582) (24,471) Share of earnings (losses) of affiliates, net ​ ​ 28,927 31,008 Unrealized gains (losses) on intergroup interests ​ ​ (35,154) ​ (30,766) Realized and unrealized gains (losses) on financial instruments, net ​ ​ 13,067 2,849 Gains (losses) on dispositions, net ​ ​ 20,132 ​ (606) Other, net ​ ​ 1,674 (571) Earnings (loss) before income taxes ​ $ (31,517) (3,314)

Basis of Presentation (Detail_2

Basis of Presentation (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2022	Sep. 30, 2022 USD ($)	Jan. 31, 2022 USD ($) item	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) item shares	Dec. 31, 2021 USD ($)
Basis of Presentation
Number of league clubs owned and operated | item						3		3
Number of other league baseball clubs | item						29		29
Number of league clubs sold | item			3
Purchase consideration, including license fee			$ 49,400
Selling, general and administrative, including stock-based compensation				$ 33,443	$ 32,995	$ 59,993	$ 55,019	$ 105,512	$ 97,104
Liberty Media Corporation
Basis of Presentation
Number of shares owned | shares						1,811,066
Period from split off in which exchange of Shares is Intended						1 year
Affiliated Entity | Liberty Media Corporation
Basis of Presentation
Selling, general and administrative, including stock-based compensation				$ 2,600	$ 1,400	$ 4,500	$ 2,500	$ 9,000	$ 5,200
Liberty Formula One Group | Liberty Braves Group
Basis of Presentation
Shares owned | shares				6,792,903		6,792,903		6,792,903
Percentage of intergroup interest				11%		11%		11%
Liberty Sirius XM Group | Liberty Braves Group
Basis of Presentation
Cash payments		$ 13,800
Shares owned | shares				1,811,066		1,811,066		1,811,066
Percentage of intergroup interest				2.90%		2.90%		2.90%
Liberty Braves Group
Basis of Presentation
Split-off ratio	1					1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Cash equivalents					$ 69.1	$ 81.2
Amortization of broadcast rights					3	3
Amortization of amateur player acquisition rights					11	9.6
Advertising costs					5.2	6.2
Stock based compensation expense	$ 3.2	$ 3.1	$ 6.3	$ 6.1	$ 12.2	$ 12.4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Accounts Receivable and Contract Assets, net of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Accounts receivable		$ 23,980	$ 26,935
Contract assets		46,254	45,309
Total accounts receivable and contract assets, net of allowance for credit losses	$ 54,491	$ 70,234	$ 72,244

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of activity in the allowance for credit losses and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Beginning of year balance	$ 406	$ 478
Charges (credits) to expense	(86)	114
Write-Offs	(7)	(186)
End of year balance	$ 313	$ 406

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Revenue, Remaining Performance Obligation and Deferred Revenue (Details) (Imported) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Long term deferred revenue	$ 16.1		$ 14.3	$ 10.7
Revenue recognized	$ 49.7	$ 22.2	$ 81.6	$ 77.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected timing of satisfaction period			12 months
Remaining performance obligation, revenue expected to be recognized			$ 283.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected timing of satisfaction period	6 months
Remaining performance obligation, revenue expected to be recognized	$ 159.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected timing of satisfaction period	1 year		12 months
Remaining performance obligation, revenue expected to be recognized	$ 302.7		$ 264.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected timing of satisfaction period	1 year		72 months
Remaining performance obligation, revenue expected to be recognized	$ 287.4		$ 817
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected timing of satisfaction period	5 years
Remaining performance obligation, revenue expected to be recognized	$ 654.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected timing of satisfaction period			60 months
Remaining performance obligation, revenue expected to be recognized	$ 146.1		$ 146.1

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Disaggregation of Revenue by source (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Disaggregation of Revenue by source
Total revenue	$ 270,123	$ 250,325	$ 301,095	$ 271,855	$ 588,561	$ 563,717
Baseball [Member]
Disaggregation of Revenue by source
Total revenue	254,935	236,918	272,496	246,758	534,984	522,397
Baseball Event
Disaggregation of Revenue by source
Total revenue					298,364	287,348
Broadcasting
Disaggregation of Revenue by source
Total revenue					$ 154,185	163,188
Term of ANLBC's long-term local broadcasting agreement with Sportsouth Network II, LLC					15 years
Revenue recognized from performance obligations satisfied in prior periods						13,400
Retail And Licensing
Disaggregation of Revenue by source
Total revenue					$ 47,792	44,089
Number of clubs along with whom the Company participates in an agency arrangement | item					29
Other
Disaggregation of Revenue by source
Total revenue					$ 34,643	27,772
Baseball Revenue
Disaggregation of Revenue by source
Total revenue					534,984	522,397
Mixed-Use Development [Member]
Disaggregation of Revenue by source
Total revenue	$ 15,188	$ 13,407	$ 28,599	$ 25,097	$ 53,577	$ 41,320

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Pro Forma Earnings per Share (Details) $ in Thousands, shares in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 18, 2023 shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies
Number of common shares outstanding | shares	61.7					61.6
Net Income (Loss)		$ (28,913)	$ 63,699	$ (86,889)	$ 40,664	$ (34,172)	$ (13,006)
Less: Unrealized gains (losses) on intergroup interests		(49,409)	$ 34,881	(62,786)	$ 36,103	(35,154)	$ (30,766)
Unaudited pro forma net earnings (loss)		$ 20,496		$ (24,103)		$ 982
Ratio for distribution of Series A, Series B and Series C common stock for every share of Series A, Series B or Series C Liberty Braves common stock outstanding						1

Property and Equipment (Detai_2

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment
Owned assets					$ 551,525	$ 551,535
Owned assets available to be leased	$ 482,091		$ 482,091		456,251	446,904
Total					1,007,776	998,439
Capitalized interest					18,200	18,200
Depreciation expense	13,300	$ 13,800	26,800	$ 28,700	55,700	56,800
Impairment of long-lived assets and other related costs	232		530		4,811
Land
Property and Equipment
Owned assets					19,643	19,643
Owned assets available to be leased	21,831		21,831		21,831	21,831
Total					41,474	41,474
Building and Building Improvements
Property and Equipment
Owned assets					282,314	283,781
Owned assets available to be leased	$ 355,244		$ 355,244		354,959	353,507
Total					$ 637,273	$ 637,288
Building and Building Improvements | Minimum
Property and Equipment
Estimated useful life	15 years		15 years		15 years	15 years
Building and Building Improvements | Maximum
Property and Equipment
Estimated useful life	39 years		39 years		39 years	39 years
Leasehold Improvements
Property and Equipment
Owned assets					$ 72,455	$ 69,854
Owned assets available to be leased	$ 62,062		$ 62,062		61,876	59,492
Total					$ 134,331	129,346
Leasehold Improvements | Minimum
Property and Equipment
Estimated useful life	15 years		15 years		15 years
Leasehold Improvements | Maximum
Property and Equipment
Estimated useful life	39 years		39 years		39 years
Furniture and Fixtures
Property and Equipment
Owned assets					$ 176,227	174,483
Owned assets available to be leased	$ 8,243		$ 8,243		8,061	7,469
Total					$ 184,288	181,952
Furniture and Fixtures | Minimum
Property and Equipment
Estimated useful life	5 years		5 years		5 years
Furniture and Fixtures | Maximum
Property and Equipment
Estimated useful life	7 years		7 years		7 years
Construction in Progress
Property and Equipment
Owned assets					$ 886	3,774
Owned assets available to be leased	$ 34,711		$ 34,711		9,524	4,605
Total					$ 10,410	$ 8,379

Investments in Affiliates Acc_7

Investments in Affiliates Accounted for Using the Equity Method (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2000
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates, accounted for using the equity method (note 4)	$ 98,890	$ 94,564	$ 112,961
MLBAM
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	3.30%	3.33%		3.33%
Investments in affiliates, accounted for using the equity method (note 4)	$ 50,453	$ 45,102	58,613
BELP
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	3.30%	3.30%
Investments in affiliates, accounted for using the equity method (note 4)	$ 33,935	$ 33,224	35,502
Other Affiliate
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	50%	50%
Investments in affiliates, accounted for using the equity method (note 4)	$ 14,502	$ 16,238	$ 18,846

Investments in Affiliates Acc_8

Investments in Affiliates Accounted for Using the Equity Method - Share of earnings (losses) of affiliates (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2000 item	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) item Owner	Dec. 31, 2021 USD ($)
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 11,462	$ 15,022	$ 10,659	$ 12,143	$ 28,927	$ 31,008
MLBAM
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 10,577	13,103	$ 9,334	10,585	$ 24,386	23,230
Number of owners	30					30
Percentage ownership	3.33%	3.30%		3.30%		3.33%
Excess basis		$ 10,300		$ 10,300		$ 10,300	10,300
BELP
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 514	865	$ 711	(461)	$ (1,928)	6,779
Percentage ownership		3.30%		3.30%		3.30%
Term of lag				1 month		1 month
Maximum percentage of investments in level 3						5%
Other Affiliate
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 371	$ 1,054	$ 614	$ 2,019	$ 6,469	$ 999
Percentage ownership		50%		50%		50%
Term of lag				3 months		3 months
Number of joint ventures | item				2		2

Investments in Affiliates Acc_9

Investments in Affiliates Accounted for Using the Equity Method - Summary Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Balance Sheets
Current assets	$ 264,129		$ 264,129		$ 267,378	$ 381,070
Current liabilities	220,165		220,165		240,911	175,909
Equity	210,593		210,593		299,510
Statements of Operations
Earnings (loss) before income taxes	(20,772)	$ 72,892	(93,041)	$ 43,881	(31,517)	(3,314)
Net Income (Loss)	$ (28,913)	$ 63,699	$ (86,889)	$ 40,664	(34,172)	(13,006)
Significant Subsidiary
Balance Sheets
Current assets					812,884	758,942
Noncurrent assets					2,237,854	2,475,250
Current liabilities					401,562	469,311
Noncurrent liabilities					626,474	254,374
Equity					2,022,702	2,510,507
Statements of Operations
Revenue					1,334,785	1,229,751
Earnings (loss) before income taxes					729,472	862,076
Net Income (Loss)					$ 722,292	$ 856,198

Debt - Summary of debt (Detai_2

Debt - Summary of debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt
Deferred financing costs	$ (4,118)	$ (3,925)	$ (3,201)
Total debt	538,695	541,966	696,703
Debt classified as current	(7,205)	(74,806)	(11,685)
Total long-term debt	531,490	467,160	685,018
Baseball League Wide Credit Facility
Debt
Carrying amount of debt			100,000
MLB Facility Fund - Term
Debt
Carrying amount of debt	30,000	30,000	30,000
MLB Facility Fund - Revolver
Debt
Carrying amount of debt	43,125	43,700	46,000
Teamco Revolver
Debt
Carrying amount of debt			20,000
Term debt
Debt
Carrying amount of debt	168,561	171,694	233,286
Mixed Use Development Credit Facilities
Debt
Carrying amount of debt	35,058	103,163	175,618
Mixed Use Development Term Debt
Debt
Carrying amount of debt	$ 266,069	$ 197,334	$ 95,000

Debt - League wide credit fac_2

Debt - League wide credit facility (Details) - Baseball league wide credit facility - USD ($) $ in Millions	1 Months Ended
	May 31, 2022	Dec. 31, 2013	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt
Maximum borrowings			$ 125	$ 125
Interest rate (in percent)				5.70%	1.30%
One month LIBOR
Debt
Interest rate basis		one-month LIBOR
One month LIBOR | Minimum
Debt
Margin/spread on interest rate (in percent)		1.20%
One month LIBOR | Maximum
Debt
Margin/spread on interest rate (in percent)		1.325%
LIBOR
Debt
Interest rate basis		LIBOR
Margin/spread on interest rate (in percent)		1%
Federal Funds rate
Debt
Interest rate basis		Federal Funds rate
Margin/spread on interest rate (in percent)		0.50%
Federal Funds Rate
Debt
Interest rate basis		Federal Funds
Margin/spread on interest rate (in percent)		0.50%
Base Rate
Debt
Interest rate basis		Base Rate
Base Rate | Minimum
Debt
Margin/spread on interest rate (in percent)		0.20%
Base Rate | Maximum
Debt
Margin/spread on interest rate (in percent)		0.325%
SOFR
Debt
Interest rate basis	Secured Overnight Financing Rate
Margin/spread on interest rate (in percent)	0.10%

Debt - MLB facility fund term_2

Debt - MLB facility fund term and revolver (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Baseball MLB facility fund - term
Debt
Carrying amount of debt						$ 30
Interest rate (in percent)						3.65%
Maturity amount 2029						$ 15
Maturity amount 2030						$ 15
Baseball MLB facility fund - revolver
Debt
Interest rate (in percent)				5.73%	1.38%
Maximum borrowings			$ 43.1	$ 43.7
Line of credit interest rate (in percent)			6.52%
Baseball MLB facility fund - revolver | One month LIBOR
Debt
Interest rate basis		one-month LIBOR
Baseball MLB facility fund - revolver | One month LIBOR | Minimum
Debt
Margin/spread on interest rate (in percent)		1.275%
Baseball MLB facility fund - revolver | One month LIBOR | Maximum
Debt
Margin/spread on interest rate (in percent)		1.40%
Baseball MLB facility fund - revolver | LIBOR
Debt
Interest rate basis		LIBOR
Margin/spread on interest rate (in percent)		1%
Baseball MLB facility fund - revolver | Federal Funds Rate
Debt
Interest rate basis		Federal Funds rate
Margin/spread on interest rate (in percent)		0.50%
Baseball MLB facility fund - revolver | Base Rate
Debt
Interest rate basis		Base Rate
Baseball MLB facility fund - revolver | Base Rate | Minimum
Debt
Margin/spread on interest rate (in percent)		0.275%
Baseball MLB facility fund - revolver | Base Rate | Maximum
Debt
Margin/spread on interest rate (in percent)		0.40%
Baseball MLB facility fund - revolver | SOFR
Debt
Interest rate basis	SOFR
Margin/spread on interest rate (in percent)	0.10%

Debt - TeamCo revolver (Detai_2

Debt - TeamCo revolver (Details) - Teamco Revolver - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2016	Jul. 31, 2014	Dec. 31, 2022	Aug. 31, 2022	Dec. 31, 2021
Debt
Maximum borrowings	$ 85	$ 85		$ 150
Interest rate (in percent)			5.73%		1.35%
Federal Funds Rate
Debt
Interest rate basis	Federal Funds rate	Federal Funds
Margin/spread on interest rate (in percent)	0.50%	0.50%
LIBOR
Debt
Interest rate basis	LIBOR	LIBOR
Margin/spread on interest rate (in percent)	1%	1%
Base Rate
Debt
Interest rate basis	Base Rate	Base Rate
Margin/spread on interest rate (in percent)	0.25%	0.25%

Debt - Baseball term debt (De_2

Debt - Baseball term debt (Details) - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2017	Aug. 31, 2016	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt
Outstanding borrowings			$ 538,695	$ 541,966	$ 696,703
Unamortized debt issuance costs			4,118	3,925	3,201
Permanent Placement Note
Debt
Carrying amount of debt		$ 200,000
Interest rate (in percent)		3.77%
Principal and Interest payment		$ 6,400
Outstanding borrowings			167,100	170,100	176,100
Unamortized debt issuance costs			$ 1,500	$ 1,600	1,700
Floating Rate Note
Debt
Carrying amount of debt	$ 75,000
Outstanding borrowings					55,100
Unamortized debt issuance costs					$ 357
Principal payment	$ 1,200
Floating Rate Note | Three Month LIBOR
Debt
Interest rate basis	three-month LIBOR
Margin/spread on interest rate (in percent)	1.70%

Debt - Mixed-use development _2

Debt - Mixed-use development credit facilities (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2022	Mar. 31, 2019	Aug. 31, 2016	Jun. 30, 2023	Dec. 31, 2021
Debt
Outstanding borrowings	$ 541,966			$ 538,695	$ 696,703
Unamortized debt issuance costs	3,925			4,118	3,201
Mixed Use Development Amended Construction Loan Facility
Debt
Carrying amount of debt		$ 81,000
Debt service coverage ratio		1.30%
Outstanding borrowings	67,700				67,500
Unamortized debt issuance costs	33				229
Mixed Use Development Amended Construction Loan Facility | One month LIBOR
Debt
Interest rate basis		one-month LIBOR
Margin/spread on interest rate (in percent)		2.50%
Mixed Use Development Amended Construction Loan Facility | One month LIBOR | Debt Service Coverage Ratio 1.30
Debt
Interest rate basis		one-month LIBOR
Debt instrument conditional basis spread on variable rate		2.35%
Mixed Use Development Construction Loan Facility Maturing November 2024
Debt
Carrying amount of debt			$ 37,500
Outstanding borrowings	35,300			35,000	36,000
Unamortized debt issuance costs	88				$ 137
Interest rate (in percent)			4%
Principal and Interest payment			$ 179
Mixed Use Development Construction Loan Facility Maturing December 2026
Debt
Carrying amount of debt	$ 112,000
Outstanding borrowings				$ 0
Debt instrument conditional basis spread on variable rate	1.80%

Debt - Mixed-use development _3

Debt - Mixed-use development term debt (Details) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2023	Jun. 30, 2022	May 31, 2018	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt
Outstanding borrowings				$ 538,695	$ 541,966	$ 696,703
Unamortized debt issuance costs				4,118	3,925	3,201
Term Loan Maturing On May 18, 2025
Debt
Carrying amount of debt			$ 95,000
Outstanding borrowings				94,900	94,900	94,800
Unamortized debt issuance costs				100	133	189
Term Loan Maturing On May 18, 2025 | One month LIBOR
Debt
Interest rate basis			one-month LIBOR
Margin/spread on interest rate (in percent)			1.35%
Term Loan Maturing On June 13, 2027
Debt
Carrying amount of debt		$ 125,000
Outstanding borrowings				101,400	101,300	71,400
Unamortized debt issuance costs				900	1,000	$ 305
Annual principal payments		$ 2,000
Amount unavailable until conditions are met				22,700	$ 22,700
Term Loan Maturing On June 13, 2027 | SOFR
Debt
Interest rate basis		one-month SOFR
Margin/spread on interest rate (in percent)		2.10%
Term Loan Maturing On May 18, 2028
Debt
Carrying amount of debt	$ 80,000			80,000
Outstanding borrowings				68,100
Unamortized debt issuance costs				600
Amount unavailable until conditions are met				$ 11,300
Term Loan Maturing On May 18, 2028 | SOFR
Debt
Interest rate basis	SOFR
Margin/spread on interest rate (in percent)	2.50%

Debt - Five year maturities (De

Debt - Five year maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Principal maturities of outstanding debt obligations
2023	$ 74,806
2024	42,647
2025	104,282
2026	53,325
2027	$ 103,256

Debt - Interest rate swaps (D_2

Debt - Interest rate swaps (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	May 31, 2022	Dec. 31, 2021	Aug. 01, 2020	Apr. 01, 2020	Aug. 31, 2019	May 31, 2018
Debt
Derivative assets	Other current assets, Other assets, net	Other current assets, Other assets, net
Derivative liabilities				Other noncurrent liabilities
Interest Rate Swap Maturing On May 5, 2025
Debt
Notional amount								$ 95,000
Derivative assets, fair value	$ 3,600	$ 3,400
Derivative liabilities, fair value				$ 5,600
Interest Rate Swap Maturing On March 8, 2023
Debt
Notional amount					$ 100,000	$ 25,000	$ 100,000
Derivative assets, fair value		855
Derivative liabilities, fair value				$ 934
Interest Rate Swap Maturing On June 1, 2025
Debt
Notional amount			$ 100,000
Derivative assets, fair value	3,800	$ 2,900
Interest Rate Swap Maturing On May 18, 2028
Debt
Notional amount	64,000
Derivative assets, fair value	$ 600

Leases (Details)

Leases (Details)	12 Months Ended
	Dec. 31, 2022
Leases
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Period of extension option for finance lease	5 years
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Minimum
Leases
Remaining lease terms	1 year
Period of extension option for finance lease	1 year
Maximum
Leases
Remaining lease terms	37 years
Period of extension option for finance lease	10 years

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost:
Long-term (fixed)	$ 812	$ 1,730
Long-term (variable)	2,751	2,352
Short-term	3,680	949
Finance lease costs:
Depreciation of leased assets	31,334	34,500
Interest on lease liabilities	5,365	5,561
Net lease expense	$ 43,942	$ 45,092

Leases - Remaining weighted ave

Leases - Remaining weighted average lease term and the weighted average discount rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted average remaining lease term (years):
Operating leases	4 years 3 months 18 days	13 years 2 months 12 days
Finance leases	26 years 8 months 12 days	27 years 7 months 6 days
Weighted average discount rate:
Operating leases	3.30%	3.40%
Finance leases	4.70%	4.70%

Leases - Supplemental combined

Leases - Supplemental combined balance sheet information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating leases:
Operating lease right-of-use assets		$ 2,669	$ 3,849
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other current assets	Other current assets
Held for sale operating lease right-of-use assets			$ 8,684
Operating lease right-of-use assets including held for sale		$ 2,669	12,533
Current operating lease liabilities		$ 634	$ 758
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other current liabilities	Other current liabilities
Operating lease liabilities		$ 2,035	$ 3,091
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other noncurrent liabilities	Other noncurrent liabilities
Held for sale operating lease liabilities			$ 8,459
Total operating lease liabilities		$ 2,669	12,308
Finance leases:
Property and equipment, at cost		1,007,776	998,439
Accumulated depreciation		277,979	225,285
Property and equipment, net		729,797	773,154
Current finance lease liabilities		$ 4,426	$ 5,058
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other current liabilities	Other current liabilities
Finance lease liabilities	$ 106,014	$ 107,220	$ 110,929
Total finance lease liabilities		111,646	115,987
Finance Lease ROU Assets
Finance leases:
Property and equipment, at cost		469,335	479,586
Accumulated depreciation		172,826	146,971
Property and equipment, net		$ 296,509	$ 332,615

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating cash flows from operating leases	$ 688	$ 1,670
Operating cash flows from finance leases	4,564	5,546
Financing cash flows from finance leases	5,574	4,985
Operating leases	88	$ 120
Finance leases	$ 441

Leases - Future minimum payment

Leases - Future minimum payments under noncancelable operating leases and finance leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating leases
2023	$ 714
2024	659
2025	634
2026	635
2027	232
Total lease payments	2,874
Less: implied interest	205
Total operating lease liabilities	2,669	$ 12,308
Finance leases
2023	9,601
2024	8,871
2025	8,902
2026	8,895
2027	8,895
Thereafter	135,425
Total lease payments	180,589
Less: implied interest	68,943
Total finance lease liabilities	$ 111,646	$ 115,987

Leases - Lessor Arrangements (D

Leases - Lessor Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Amortization of deferred leasing costs	$ 1,600	$ 1,400
Future minimum rentals to be received under noncancelable tenant operating leases
2023	30,622
2024	32,034
2025	32,531
2026	33,043
2027	31,859
Thereafter	182,225
Operating lease payments to be received	$ 342,314

Pension and Other Benefit Pla_3

Pension and Other Benefit Plans - General (Details) - Pension Plan - Players' Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension and Other Benefit Plans
Employer Identification Number	510185287
Plan number	001
Certified zone status	Green
Percentage of contribution	3.33%
Contribution amount	$ 6.5	$ 6.6

Pension and Other Benefit Pla_4

Pension and Other Benefit Plans - Benefit obligations, fair value of plan assets and funded status (Details) - Pension Plan - Non-Uniformed Personnel Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Projected benefit obligation:
Beginning of measurement period	$ 132,237	$ 128,422
Service cost	5,558	5,730
Interest cost	4,190	3,792
Actual (gain) loss	(42,279)	(2,118)
Benefits paid	(2,980)	(2,920)
Other adjustments	(841)	(669)
End of measurement period	95,885	132,237
Fair value of plan assets:
Beginning of measurement period	97,387	86,272
Actual return on plan assets	(18,576)	6,504
Employer contributions	5,490	8,200
Benefits paid	(2,980)	(2,920)
Other adjustments	(841)	(669)
End of measurement period	80,480	97,387
Funded status	$ (15,405)	$ (34,850)

Pension and Other Benefit Pla_5

Pension and Other Benefit Plans - Amounts recognized in the combined balance sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension and Other Benefit Plans
Noncurrent liabilities	$ (15,405)	$ (34,850)
Accumulated other comprehensive (earnings) loss	4,779	23,652
Net amount recognized	$ (10,626)	$ (11,198)

Pension and Other Benefit Pla_6

Pension and Other Benefit Plans - Amounts recognized in accumulated other comprehensive (earnings) loss (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension and Other Benefit Plans
Net actuarial loss	$ 4,498	$ 23,337
Prior service cost	281	315
Accumulated other comprehensive (earnings) loss	$ 4,779	$ 23,652

Pension and Other Benefit Pla_7

Pension and Other Benefit Plans - Net periodic benefit cost (Details) - Non-Uniformed Personnel Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension and Other Benefit Plans
Accumulated benefit obligation	$ 91,300	$ 124,200
Pension Plan
Pension and Other Benefit Plans
Service cost	5,558	5,730
Interest cost	4,190	3,792
Expected return on plan assets	(6,820)	(5,898)
Amortization of:
Prior service cost	34	34
Actuarial loss	1,955	2,631
Total	$ 4,917	$ 6,289

Pension and Other Benefit Pla_8

Pension and Other Benefit Plans - Expected payments and assumptions (Details) - Pension Plan - Non-Uniformed Personnel Pension Plan $ in Millions	Dec. 31, 2022 USD ($)
Pension and Other Benefit Plans
Amount expected to be contribute	$ 11.6
Benefits expected to be paid in year 2023	3.7
Benefits expected to be paid in year 2024	4.1
Benefits expected to be paid in year 2025	4.5
Benefits expected to be paid in year 2026	4.8
Benefits expected to be paid in year 2027	5.8
Aggregate benefits expected to be paid in the five years from 2028 through 2032	$ 30.1

Pension and Other Benefit Pla_9

Pension and Other Benefit Plans - Weighted average assumptions (Details) - Pension Plan - Non-Uniformed Personnel Pension Plan	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Weighted average assumptions used to determine benefit obligations
Discount rate	5.50%	3.05%
Rate of compensation increase	5.09%	4%
Weighted average assumptions used to determine net benefit cost
Discount rate	3.05%	2.80%
Expected long-term rate of return on plan assets	7.50%	7.50%
Rate of compensation increase	4%	4%

Pension and Other Benefit Pl_10

Pension and Other Benefit Plans - Asset allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Braves Holdings' Sponsored Plan | Level 1
Asset allocation
Fair value of plan assets	$ 6,800	$ 6,400
Braves Holdings' Sponsored Plan | Level 2
Asset allocation
Fair value of plan assets	53,800	76,500
Braves Holdings' Sponsored Plan | Hedge Funds
Asset allocation
Investments in hedge funds	$ 19,800	$ 14,500
Pension Plan | Non-Uniformed Personnel Pension Plan
Asset allocation
Actual assets allocation	100%	100%
Target asset allocation	100%
Fair value of plan assets	$ 80,480	$ 97,387	$ 86,272
Pension Plan | Non-Uniformed Personnel Pension Plan | Domestic Equities
Asset allocation
Actual assets allocation	18%	23%
Target asset allocation	22%
Pension Plan | Non-Uniformed Personnel Pension Plan | Fixed Income
Asset allocation
Actual assets allocation	43%	48%
Target asset allocation	50%
Pension Plan | Non-Uniformed Personnel Pension Plan | International Equities
Asset allocation
Actual assets allocation	11%	13%
Target asset allocation	13%
Pension Plan | Non-Uniformed Personnel Pension Plan | Hedge Funds
Asset allocation
Actual assets allocation	25%	15%
Target asset allocation	15%
Pension Plan | Non-Uniformed Personnel Pension Plan | Cash Equivalents
Asset allocation
Actual assets allocation	3%	1%

Pension and Other Benefit Pl_11

Pension and Other Benefit Plans - 401(k) Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Liberty 401(k) Plan
Pension and Other Benefit Plans
Contributions	$ 2.2	$ 2.2

Income Taxes - General (Details

Income Taxes - General (Details) $ in Millions	Dec. 31, 2022 USD ($)
Other Current Assets
Income Taxes
Tax sharing receivable	$ 13.5

Income Taxes - Income tax benef

Income Taxes - Income tax benefit (expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal					$ (12,976)	$ (239)
Foreign					(92)	(170)
Total current					(13,068)	(409)
Deferred:
Federal					10,446	(4,787)
State					(33)	(4,496)
Total deferred			$ 7,014	$ 9,454	10,413	(9,283)
Income tax benefit (expense)	$ (8,141)	$ (9,193)	$ 6,152	$ (3,217)	$ (2,655)	$ (9,692)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income tax benefit (expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
U.S. federal statutory rate					21%
Computed expected tax benefit (expense)					$ 6,619	$ 696
State tax benefit (expense), net of federal benefit (expense)					(26)	(3,551)
Intergroup interest					(7,382)	(6,461)
Nondeductible goodwill reduction from sale of Professional Development League Clubs					(849)
Nondeductible premiums, net of proceeds, from player disability insurance policies					(184)	(207)
Deductible stock-based compensation					147	526
Nondeductible meals and entertainment					(320)	(295)
Other					(660)	(400)
Income tax benefit (expense)	$ (8,141)	$ (9,193)	$ 6,152	$ (3,217)	$ (2,655)	$ (9,692)

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Finance lease obligation	$ 29,000	$ 30,097
Tax loss and credit carryforwards	18,185	19,010
Accrued compensation	2,152	11,242
Stock compensation	1,615	1,749
Deferred compensation	255	314
Other	6,694	8,041
Deferred tax assets	57,901	70,453
Net deferred tax assets	57,901	70,453
Deferred tax liabilities:
Property and equipment, net	53,252	60,468
Intangible assets	35,467	41,457
Investments	8,531	15,098
Contract assets	11,864	11,570
Other	2,886	1,048
Total deferred tax liabilities	112,000	129,641
Net deferred tax liabilities	$ (54,099)	$ (59,188)

Income Taxes - Additional infor

Income Taxes - Additional information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Deferred tax asset of NOLs	$ 18,185	$ 19,010
State NOLs that may be carried forward indefinitely	11,300
Interest expense that may be carried forward indefinitely	1,300
State NOLs subject to expire on various dates	5,600
Unrecognized tax benefits	$ 0	$ 0

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Stock based compensation expense	$ 3.2	$ 3.1	$ 6.3	$ 6.1	$ 12.2	$ 12.4
Number of authorized shares					20,000
Dividend rate			0%		0%
CEO | Performance Shares
Stock-Based Compensation
Vesting period			1 year
Shares granted			31
Grant date fair value	$ 34.44		$ 34.44
Common Class C | CEO | Performance Shares
Stock-Based Compensation
Vesting period						1 year
Shares granted						31
Grant date fair value						$ 31.24
2022 Plan
Stock-Based Compensation
Number of authorized shares					20,000
2022 Plan | Minimum
Stock-Based Compensation
Vesting period			1 year		1 year
Term of awards			7 years		7 years
2022 Plan | Maximum
Stock-Based Compensation
Vesting period			5 years		5 years
Term of awards			10 years		10 years

Stock-Based Compensation - Li_2

Stock-Based Compensation - Liberty Braves-Outstanding Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Exercise price rollforward
Unrecognized compensation cost			$ 11,700
Weighted average period of unrecognized compensation cost			1 year 6 months
Common Class C
Options outstanding rollforward
Outstanding beginning balance	3,108,000	3,125,000	3,125,000
Granted	3,000		105,000
Exercised	(151,000)		(122,000)
Forfeited/Cancelled	(4,000)
Outstanding ending balance	2,956,000		3,108,000	3,125,000
Exercisable	1,356,000		1,493,000
Exercise price rollforward
Outstanding beginning balance	$ 26.17	$ 25.86	$ 25.86
Granted	37.50		26.20
Exercised	18.42		18.12
Forfeited/Cancelled	22.75
Outstanding ending balance	26.59		26.17	$ 25.86
Exercisable	$ 25.69		$ 24.92
Outstanding shares	2,956,000		3,108,000	3,125,000
Weighted average remaining life outstanding	4 years 1 month 6 days		4 years 4 months 24 days
Weighted average remaining life exercisable	3 years 10 months 24 days		3 years 10 months 24 days
Aggregate intrinsic value outstanding	$ 39,000		$ 19,000
Aggregate intrinsic value exercisable	19,000		$ 11,000
Unrecognized compensation cost	$ 6,000
Weighted average period of unrecognized compensation cost	1 year 2 months 12 days
Shares reserved for issuance	3,000,000		3,100,000
Aggregate intrinsic value	$ 2,300	$ 415
Common Class A and B
Options outstanding rollforward
Outstanding ending balance	0
Exercise price rollforward
Outstanding shares	0
Common Class A and C
Exercise price rollforward
Aggregate intrinsic value			$ 1,200	$ 4,200
Employee Stock Option [Member] | Common Class A and B
Options outstanding rollforward
Outstanding beginning balance	0
Outstanding ending balance			0
Exercise price rollforward
Outstanding shares			0
Restricted Stock And Restricted Stock Units
Exercise price rollforward
Number of unvested shares			178,000
Aggregate fair value			$ 6,400	$ 5,500
Restricted Stock And Restricted Stock Units | Common Class A and C
Exercise price rollforward
Number of unvested shares	203,000
Grant date fair value	$ 32.94		$ 31.55
Aggregate fair value	$ 753	$ 1,300

Stock-Based Compensation - Gran

Stock-Based Compensation - Grants of Awards (Details) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Volatility, minimum		33.30%	33.30%
Volatility, maximum		35%	35%
Dividend rate	0%	0%
Minimum
Stock-Based Compensation
Expected term (in years)		5 years 6 months	5 years 6 months
Maximum
Stock-Based Compensation
Expected term (in years)		5 years 7 months 6 days	5 years 7 months 6 days
Employees and Directors | Employee Stock Option | Common Class C
Stock-Based Compensation
Options granted		10	23
Weighted average GDFV		$ 12.40	$ 9.93
Employees | RSUs
Stock-Based Compensation
Shares granted		138	149
GDFV		$ 32.76	$ 27.89
Expected term (in years)		1 year
CEO | Employee Stock Option | Common Class C
Stock-Based Compensation
Options granted		95
Weighted average GDFV		$ 9.16

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Ticketmaster L.L.C. | Operating Expense
Related Party Transactions
Expenses	$ 1.6	$ 1.3
BOC and MLBAM | Selling, General and Administrative Expenses
Related Party Transactions
Expenses	$ 1.2	$ 2.2

Assets Held for Sale (Details)

Assets Held for Sale (Details) $ in Thousands	1 Months Ended
	Jan. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Assets:
Accounts receivable and contract assets, net of allowance for credit losses		$ 134
Other current assets		258
Property and equipment, net		3,930
Goodwill		4,044
Franchise rights		19,666
Other assets, net		8,684
Assets held for sale		36,716
Liabilities:
Accounts payable and accrued liabilities		441
Deferred revenue and refundable tickets		953
Other current liabilities		403
Other noncurrent liabilities		8,056
Liabilities related to assets held for sale		9,853
Net assets held for sale		$ 26,863
Total purchase price	$ 49,400
Professional Development League Clubs
Assets Held for Sale
Number of Professional Development League clubs | item	3

Commitments and Contingencies_3

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) plan	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) plan	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 item	Jul. 01, 2023 USD ($)	Jan. 01, 2023 USD ($)	Mar. 10, 2022
Commitments and Contingencies
Number of games comprised by regular baseball season | item					161	60
Diamond Sports Group Bankruptcy
Commitments and Contingencies
Potential maximum amount that could be required to be repaid		$ 34.2		$ 34.2
Preference period		90 days		90 days
Potential amount that could be required to be written-down		$ 24.4		$ 45.7
Employment Contracts
Commitments and Contingencies
Amount due under employee contracts		1,017.6		867.5
Amount payable under employee contracts in 2023		225.8
Amount payable under employee contracts in 2023		149.8		183.8
Amount payable under employee contracts in 2024		143.4		131.7
Amount payable under employee contracts in 2025		136.3		115
Amount payable under employee contracts in 2026		111.2		114
Amount payable under employee contracts in 2027				90
Amount payable under employee contracts thereafter				$ 233
Amount payable under employee contracts thereafter		$ 251.1
Interest rate (in percent)		5%		5%
Employment Contracts | Subsequent Event [Member]
Commitments and Contingencies
Amount due under employee contracts							$ 12.4	$ 98.2
Collective Bargaining Agreement
Commitments and Contingencies
Number of components of revenue sharing plan | plan	2			2
Revenue pool, contribution, percent of prior years net defined local revenue	48%			48%
Revenue pool, contribution, net defined local revenue, period	3 years			3 years
Amount funded to commissioner's discretionary fund	$ 15			$ 15
Amount incurred in revenue sharing		$ 16.4	$ 9.5	$ 16	$ 10.5
Collective Bargaining Agreement | Maximum
Commitments and Contingencies
Percentage of labor force covered		10%							5%

Segment Information - Adjuste_2

Segment Information - Adjusted OIBDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Revenue	$ 270,123	$ 250,325	$ 301,095	$ 271,855	$ 588,561	$ 563,717
Adjusted OIBDA	42,102	48,241	11,013	22,841	58,776	102,625
Operating Segments
Segment Information
Revenue	270,123	250,325	301,095	271,855
Operating Segments | Baseball.
Segment Information
Revenue					534,984	522,397
Adjusted OIBDA					33,259	83,712
Operating Segments | Mixed Use Development
Segment Information
Revenue	15,188	13,407	28,599	25,097	53,577	41,320
Adjusted OIBDA	10,166	8,480	19,319	16,397	35,433	26,546
Corporate, Non-Segment [Member]
Segment Information
Adjusted OIBDA	$ (5,479)	$ (1,924)	$ (10,184)	$ (4,137)	$ (9,916)	$ (7,633)

Segment Information - Other i_2

Segment Information - Other information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Total assets	$ 1,509,102	$ 1,490,661	$ 1,665,881
Investments in affiliates	98,890	94,564	112,961
Capital expenditures	29,700	17,669	35,356
Operating Segments | Baseball.
Segment Information
Total assets		953,016	1,139,662
Investments in affiliates		78,326	94,115
Capital expenditures		6,853	8,149
Operating Segments | Mixed Use Development
Segment Information
Total assets	526,142	516,498	484,850
Investments in affiliates	14,502	16,238	18,846
Capital expenditures	21,408	10,816	27,207
Corporate, Non-Segment [Member]
Segment Information
Total assets	59,830	69,531	83,985
Intersegment Eliminations [Member]
Segment Information
Total assets	$ (54,775)	$ (48,384)	$ (42,616)

Segment Information - Reconci_2

Segment Information - Reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Adjusted OIBDA		$ 42,102	$ 48,241	$ 11,013	$ 22,841	$ 58,776	$ 102,625
Impairment of long-lived assets and other related costs						(5,427)
Stock-based compensation		(3,153)	(3,063)	(6,344)	(6,126)	(12,233)	(12,358)
Depreciation and amortization		(19,250)	(17,617)	(33,929)	(35,394)	(71,697)	(71,024)
Operating income (loss)		19,467	27,561	(29,790)	(18,679)	(30,581)	19,243
Interest expense		(9,448)	(6,402)	(18,360)	(12,529)	(29,582)	(24,471)
Share of (earnings) losses of affiliates, net		11,462	15,022	10,659	12,143	28,927	31,008
Unrealized gains (losses) on intergroup interests		(49,409)	34,881	(62,786)	36,103	(35,154)	(30,766)
Realized and unrealized gains (losses) on financial instruments, net		3,840	1,659	3,079	6,460	13,067	2,849
Gains (losses) on dispositions, net	$ 20,200	2,503	28	2,503	20,215	20,132	(606)
Other, net		813	143	1,654	168	1,674	(571)
Earnings (loss) before income taxes		$ (20,772)	$ 72,892	$ (93,041)	$ 43,881	$ (31,517)	$ (3,314)