Atlanta Braves (BATRA) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	001-41746
Entity Registrant Name	ATLANTA BRAVES HOLDINGS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	92-1284827
Entity Address, Address Line One	12300 Liberty Boulevard
Entity Address, City or Town	Englewood
Entity Address State Or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	875-5500
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001958140
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Series A common stock
Trading Symbol	BATRA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		10,318,202
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		977,795
Common Class C
Document Information [Line Items]
Title of 12(b) Security	Series C common stock
Trading Symbol	BATRK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		50,423,293

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
Commitments and contingencies (note 7)
Total liabilities and equity	$ 1,509,102	$ 1,490,661

Condensed Combined Statements o

Condensed Combined Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Revenue	$ 270,123	$ 250,325	$ 301,095	$ 271,855
Operating costs and expenses:
Selling, general and administrative, including stock-based compensation	33,443	32,995	59,993	55,019
Impairment of long-lived assets and other related costs	232		530
Depreciation and amortization	19,250	17,617	33,929	35,394
Total operating costs	250,656	222,764	330,885	290,534
Operating income (loss)	19,467	27,561	(29,790)	(18,679)
Other income (expense):
Interest expense	(9,448)	(6,402)	(18,360)	(12,529)
Share of earnings (losses) of affiliates, net (note 4)	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 (note 1)	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
Income tax benefit (expense)	(8,141)	(9,193)	6,152	(3,217)
Net earnings (loss)	$ (28,913)	63,699	$ (86,889)	40,664
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)
Baseball
Revenue:
Revenue	$ 254,935	236,918	$ 272,496	246,758
Operating costs and expenses:
Operating costs	195,458	169,585	232,229	195,811
Mixed-Use Development
Revenue:
Revenue	15,188	13,407	28,599	25,097
Operating costs and expenses:
Operating costs	$ 2,273	$ 2,567	$ 4,204	$ 4,310

Condensed Combined Statements_2

Condensed Combined Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Combined Statements of Comprehensive Earnings (Loss)
Net Income (Loss)	$ (28,913)	$ 63,699	$ (86,889)	$ 40,664
Other comprehensive earnings (loss), net of tax:
Unrealized holdings gains (losses) arising during the period	(190)	(2)	(190)	(2)
Share of other comprehensive earnings (loss) of affiliates	(108)		(108)
Other comprehensive earnings (loss), net of tax	(298)	(2)	(298)	(2)
Comprehensive earnings (loss)	$ (29,211)	$ 63,697	$ (87,187)	$ 40,662

Condensed Combined Statements_3

Condensed Combined Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net earnings (loss)	$ (86,889)	$ 40,664
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	33,929	35,394
Stock-based compensation	6,344	6,126
Share of (earnings) losses of affiliates, net	(10,659)	(12,143)
Unrealized (gains) losses on intergroup interests, net	62,786	(36,103)
Realized and unrealized (gains) losses on financial instruments, net	(3,079)	(6,460)
(Gains) losses on dispositions, net	(2,503)	(20,215)
Deferred income tax expense (benefit)	(7,014)	(9,454)
Cash receipts from returns on equity method investments	6,225	7,550
Other charges (credits), net	949	1,687
Net change in operating assets and liabilities:
Current and other assets	(14,338)	21,184
Payables and other liabilities	50,141	69,798
Net cash provided by (used in) operating activities	35,892	98,028
Cash flows from investing activities:
Capital expended for property and equipment	(29,700)	(7,638)
Cash proceeds from dispositions		47,175
Investments in equity method affiliates and equity securities		(5,273)
Other investing activities, net	110
Net cash provided by (used in) investing activities	(29,590)	34,264
Cash flows from financing activities:
Borrowings of debt	15,815	39,753
Repayments of debt	(18,893)	(138,113)
Contributions from noncontrolling interest	11,289
Other financing activities, net	(4,756)	(6,074)
Net cash provided by (used in) financing activities	3,455	(104,434)
Net increase (decrease) in cash, cash equivalents and restricted cash	9,757	27,858
Cash, cash equivalents and restricted cash at beginning of period	172,813	244,113
Cash, cash equivalents and restricted cash at end of period	182,570	271,971
Supplemental disclosure to the condensed combined statements of cash flows:
Property and equipment expenditures incurred but not yet paid	$ 15,300	$ 9,972

Condensed Combined Statements_4

Condensed Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Condensed Combined Statements of Cash Flows
Cash and cash equivalents	$ 130,537	$ 150,664
Restricted cash	52,033	22,149
Total cash, cash equivalents and restricted cash at end of period	$ 182,570	$ 172,813

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, 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 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
	Jun. 30, 2023
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.

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
	Jun. 30, 2023
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.

Investments in Affiliates Accou

Investments in Affiliates Accounted for Using the Equity Method	6 Months Ended
	Jun. 30, 2023
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.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
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.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
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 $32.94 per share. 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
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 ​ ​

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
	Jun. 30, 2023
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

Investments in Affiliates Acc_2

Investments in Affiliates Accounted for Using the Equity Method (Tables)	6 Months Ended
	Jun. 30, 2023
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
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 ​

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
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 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
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

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
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 ​
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.
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 ​

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 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 ($)
Basis of Presentation
Number of league clubs owned and operated | item					3
Number of other league baseball clubs | item					29
Number of league clubs sold | item		3
Gain on disposition of assets		$ 20,200	$ 2,503	$ 28	$ 2,503	$ 20,215
Purchase consideration, including license fee		$ 49,400
Selling, general and administrative, including stock-based compensation			33,443	32,995	$ 59,993	55,019
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
Liberty Formula One Group | Liberty Braves Group
Basis of Presentation
Shares owned | shares			6,792,903		6,792,903
Intergroup Interest Percentage			11%		11%
Liberty Sirius XM Group | Liberty Braves Group
Basis of Presentation
Shares owned | shares			1,811,066		1,811,066
Intergroup Interest Percentage			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
	Jul. 18, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pro Forma Earnings (Loss) per share
Net earnings (loss)		$ (28,913)	$ 63,699	$ (86,889)	$ 40,664
Unrealized gains (losses) on intergroup interests		(49,409)	$ 34,881	(62,786)	$ 36,103
Unaudited pro forma net earnings (loss)		$ 20,496		$ (24,103)
Number of common shares outstanding	61.7

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property and Equipment
Owned assets	$ 555,308		$ 555,308		$ 551,525
Owned assets available to be leased	482,091		482,091		456,251
Total	1,037,399		1,037,399		1,007,776
Depreciation expense	13,300	$ 13,800	26,800	$ 28,700
Land
Property and Equipment
Owned assets	19,643		19,643		19,643
Owned assets available to be leased	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
Total	$ 636,694		$ 636,694		637,273
Building and Building Improvements | Minimum
Property and Equipment
Estimated useful life	15 years		15 years
Building and Building Improvements | Maximum
Property and Equipment
Estimated useful life	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
Total	$ 137,922		$ 137,922		134,331
Leasehold Improvements | Minimum
Property and Equipment
Estimated useful life	15 years		15 years
Leasehold Improvements | Maximum
Property and Equipment
Estimated useful life	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
Total	$ 186,306		$ 186,306		184,288
Furniture and Fixtures | Minimum
Property and Equipment
Estimated useful life	5 years		5 years
Furniture and Fixtures | Maximum
Property and Equipment
Estimated useful life	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
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	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
MLBAM
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	3.30%		3.33%
Investments in affiliates, accounted for using the equity method (note 4)	$ 50,453	45,102
BELP
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	3.30%
Investments in affiliates, accounted for using the equity method (note 4)	$ 33,935	33,224
Other
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	50%
Investments in affiliates, accounted for using the equity method (note 4)	$ 14,502	$ 16,238

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
	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 ($)
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
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
Number of owners | item	30
Percentage ownership	3.33%	3.30%		3.30%
Excess basis		$ 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)
Percentage ownership		3.30%		3.30%
Term of lag				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
Percentage ownership		50%		50%
Term of lag				3 months
Number of joint ventures | item				2

Debt - Summary of debt (Details

Debt - Summary of debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt
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
MLB Facility Fund - Term
Debt
Carrying amount of debt	30,000	30,000
MLB Facility Fund - Revolver
Debt
Carrying amount of debt	43,125	43,700
Term debt
Debt
Carrying amount of debt	168,561	171,694
Mixed Use Development Credit Facilities
Debt
Carrying amount of debt	35,058	103,163
Mixed Use Development Term Debt
Debt
Carrying amount of debt	$ 266,069	$ 197,334

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
Debt
Maximum borrowings			$ 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%
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	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
Maximum borrowings			$ 43.1
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	Aug. 31, 2022
Debt
Maximum borrowings	$ 85	$ 150
Federal Funds Rate
Debt
Interest rate basis	Federal Funds rate
Margin/spread on interest rate (in percent)	0.50%
LIBOR
Debt
Interest rate basis	LIBOR
Margin/spread on interest rate (in percent)	1%
Base Rate
Debt
Interest rate basis	Base Rate
Margin/spread on interest rate (in percent)	0.25%

Debt - Baseball term debt (Deta

Debt - Baseball term debt (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2016	Jun. 30, 2023	Dec. 31, 2022
Debt
Outstanding borrowings		$ 538,695	$ 541,966
Unamortized debt issuance costs		4,118	$ 3,925
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
Unamortized debt issuance costs		$ 1,500

Debt - Mixed-use development cr

Debt - Mixed-use development credit facilities (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2022	Aug. 31, 2016	Jun. 30, 2023
Debt
Outstanding borrowings	$ 541,966		$ 538,695
Unamortized debt issuance costs	3,925		4,118
Mixed Use Development Construction Loan Facility Maturing November 2024
Debt
Carrying amount of debt		$ 37,500
Outstanding borrowings			35,000
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	Aug. 31, 2016
Debt
Outstanding borrowings				$ 538,695	$ 541,966
Unamortized debt issuance costs				4,118	$ 3,925
Term Loan Maturing On May 18, 2025
Debt
Carrying amount of debt			$ 95,000
Outstanding borrowings				94,900
Unamortized debt issuance costs				100
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
Unamortized debt issuance costs				900
Annual principal payments		$ 2,000
Amount unavailable until conditions are met				$ 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
Unamortized debt issuance costs				1,500
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
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Stock-Based Compensation
Stock based compensation expense	$ 3.2	$ 3.1	$ 6.3	$ 6.1
Dividend rate			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
Term of awards			7 years
2022 Plan | Maximum
Stock-Based Compensation
Vesting period			5 years
Term of awards			10 years

Stock-Based Compensation - Libe

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

Commitments and Contingencies (

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

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Information
Revenue	$ 270,123	$ 250,325	$ 301,095	$ 271,855
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

Segment Information - Performan

Segment Information - Performance measures (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Information
Long term deferred revenue	$ 16.1		$ 14.3
Revenue recognized	49.7	$ 22.2
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
Expected timing of satisfaction period	1 year
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
Expected timing of satisfaction period	1 year
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
Expected timing of satisfaction period

Segment Information - Adjusted

Segment Information - Adjusted OIBDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Information
Adjusted OIBDA	$ 42,102	$ 48,241	$ 11,013	$ 22,841
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
Corporate and other
Segment Information
Adjusted OIBDA	$ (5,479)	$ (1,924)	$ (10,184)	$ (4,137)

Segment Information - Other inf

Segment Information - Other information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Segment Information
Total assets	$ 1,509,102	$ 1,490,661
Investments in affiliates	98,890	94,564
Capital expenditures	29,700	17,669
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
Investments in affiliates	14,502	16,238
Capital expenditures	21,408	10,816
Corporate and other
Segment Information
Total assets	59,830	69,531
Elimination
Segment Information
Total assets	$ (54,775)	$ (48,384)

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
	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Information
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	$ 20,200	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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (28,913)	$ 63,699	$ (86,889)	$ 40,664

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false