Atlanta Braves (BATRA) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
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	Yes
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	Q3
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		50,427,832

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 106,715	$ 150,664
Restricted cash	19,814	22,149
Accounts receivable and contract assets, net of allowance for credit losses	99,095	70,234
Other current assets	18,224	24,331
Total current assets	243,848	267,378
Property and equipment, at cost (note 3)	1,061,776	1,007,776
Accumulated depreciation	(312,286)	(277,979)
Property and equipment, net	749,490	729,797
Investments in affiliates, accounted for using the equity method (note 4)	105,614	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	120,420	99,455
Total assets	1,518,839	1,490,661
Current liabilities:
Accounts payable and accrued liabilities	68,339	54,748
Deferred revenue and refundable tickets	106,120	104,996
Current portion of debt (note 5)	7,786	74,806
Other current liabilities	7,056	6,361
Total current liabilities	189,301	240,911
Long-term debt (note 5)	547,485	467,160
Redeemable intergroup interests		278,103
Finance lease liabilities	106,751	107,220
Deferred income tax liabilities	56,682	54,099
Pension liability	10,712	15,405
Other noncurrent liabilities	32,257	28,253
Total liabilities	943,188	1,191,151
Equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at September 30, 2023 and December 31, 2022
Additional paid-in capital	1,088,517
Former parent's investment		732,350
Accumulated other comprehensive earnings (loss), net of taxes	(3,510)	(3,758)
Retained earnings (deficit)	(522,018)	(429,082)
Total stockholders' equity/former parent's investment	563,606	299,510
Noncontrolling interests in equity of subsidiaries	12,045
Total equity	575,651	299,510
Commitments and contingencies (note 7)
Total liabilities and equity	1,518,839	$ 1,490,661
Common Class A
Equity:
Common stock value	103
Common Class B
Equity:
Common stock value	10
Common Class C
Equity:
Common stock value	$ 504

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value per share	$ 0.01
Preferred stock, shares authorized	50,000,000
Preferred stock, shares issued	0	0
Common Class A
Common stock, par value per share	$ 0.01
Common stock, shares authorized	200,000,000
Common stock, shares issued	10,318,202	0
Common stock, shares outstanding	10,318,202	0
Common Class B
Common stock, par value per share	$ 0.01
Common stock, shares authorized	7,500,000
Common stock, shares issued	977,795	0
Common stock, shares outstanding	977,795	0
Common Class C
Common stock, par value per share	$ 0.01
Common stock, shares authorized	200,000,000
Common stock, shares issued	50,427,249	0
Common stock, shares outstanding	50,427,249	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Revenue	$ 271,824	$ 245,447	$ 572,919	$ 517,302
Operating costs and expenses:
Selling, general and administrative, including stock-based compensation	34,346	27,688	94,339	82,707
Impairment of long-lived assets and other related costs	34	4,811	564	4,811
Depreciation and amortization	21,286	21,335	55,215	56,729
Total operating costs	256,108	250,139	586,993	540,673
Operating income (loss)	15,716	(4,692)	(14,074)	(23,371)
Other income (expense):
Interest expense	(9,657)	(7,999)	(28,017)	(20,528)
Share of earnings (losses) of affiliates, net (note 4)	12,725	9,975	23,384	22,118
Realized and unrealized gains (losses) on intergroup interests, net	(20,392)	(30,940)	(83,178)	5,163
Realized and unrealized gains (losses) on financial instruments, net	2,593	5,778	5,672	12,238
Gains (losses) on dispositions, net (note 1)	15	68	2,518	20,283
Other, net	1,209	161	2,863	329
Earnings (loss) before income taxes	2,209	(27,649)	(90,832)	16,232
Income tax benefit (expense)	(8,256)	(2,248)	(2,104)	(5,465)
Net earnings (loss)	$ (6,047)	$ (29,897)	$ (92,936)	$ 10,767
Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2) (in dollars per share)	$ (0.10)	$ (0.48)	$ (1.51)	$ 0.17
Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2) (in dollars per share)	$ (0.10)	$ (0.48)	$ (1.51)	$ 0.17
Baseball
Revenue:
Revenue	$ 256,266	$ 231,279	$ 528,762	$ 478,037
Operating costs and expenses:
Operating costs	198,195	194,216	430,424	390,027
Mixed-Use Development
Revenue:
Revenue	15,558	14,168	44,157	39,265
Operating costs and expenses:
Operating costs	$ 2,247	$ 2,089	$ 6,451	$ 6,399

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)
Net earnings (loss)	$ (6,047)	$ (29,897)	$ (92,936)	$ 10,767
Other comprehensive earnings (loss), net of tax:
Unrealized holdings gains (losses) arising during the period	(137)	1	(327)	(1)
Share of other comprehensive earnings (loss) of affiliates	683		575
Other comprehensive earnings (loss), net of tax	546	1	248	(1)
Comprehensive earnings (loss)	$ (5,501)	$ (29,896)	$ (92,688)	$ 10,766

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net earnings (loss)	$ (92,936)	$ 10,767
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	55,215	56,729
Stock-based compensation	9,653	9,188
Impairment of long-lived assets		4,811
Share of (earnings) losses of affiliates, net	(23,384)	(22,118)
Realized and unrealized gains (losses) on intergroup interests, net	83,178	(5,163)
Realized and unrealized (gains) losses on financial instruments, net	(5,672)	(12,238)
(Gains) losses on dispositions, net	(2,518)	(20,283)
Deferred income tax expense (benefit)	(6,086)	(2,111)
Cash receipts from returns on equity method investments	12,350	14,850
Other charges (credits), net	4,856	2,041
Net change in operating assets and liabilities:
Current and other assets	(67,475)	(22,628)
Payables and other liabilities	11,513	5,543
Net cash provided by (used in) operating activities	(21,306)	19,388
Cash flows from investing activities:
Capital expended for property and equipment	(45,313)	(13,174)
Cash proceeds from dispositions		47,840
Investments in equity method affiliates and equity securities	(125)	(5,273)
Other investing activities, net	110
Net cash provided by (used in) investing activities	(45,328)	29,393
Cash flows from financing activities:
Borrowings of debt	52,248	134,753
Repayments of debt	(38,997)	(235,368)
Payments to settle intergroup interests		(13,828)
Contribution from noncontrolling interest	12,045
Other financing activities, net	(4,946)	(5,135)
Net cash provided by (used in) financing activities	20,350	(119,578)
Net increase (decrease) in cash, cash equivalents and restricted cash	(46,284)	(70,797)
Cash, cash equivalents and restricted cash at beginning of period	172,813	244,113
Cash, cash equivalents and restricted cash at end of period	126,529	173,316
Supplemental disclosure to the condensed consolidated statements of cash flows:
Property and equipment expenditures incurred but not yet paid	$ 20,540	$ 6,250

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Condensed Consolidated Statements of Cash Flows (unaudited)
Cash and cash equivalents	$ 106,715	$ 150,664
Restricted cash	19,814	22,149
Total cash, cash equivalents and restricted cash at end of period	$ 126,529	$ 172,813

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (unaudited) - USD ($) $ in Thousands	Common Stock Common Class A	Common Stock Common Class B	Common Stock Common Class C	Former parent's investment	Additional paid-in capital	Accumulated other comprehensive earnings (loss)	Retained earnings (deficit)	Noncontrolling interest in equity of subsidiaries	Total
Beginning Balance at Dec. 31, 2021				$ 720,023		$ (18,909)	$ (394,891)		$ 306,223
Stockholders' equity rollforward
Net Income (Loss)							10,767		10,767
Other comprehensive earnings (loss)						(1)			(1)
Stock-based compensation				9,188					9,188
Other				169			(18)		151
Ending Balance at Sep. 30, 2022				729,380		(18,910)	(384,142)		326,328
Beginning Balance at Jun. 30, 2022				726,300		(18,911)	(354,245)		353,144
Stockholders' equity rollforward
Net Income (Loss)							(29,897)		(29,897)
Other comprehensive earnings (loss)						1			1
Stock-based compensation				3,062					3,062
Other				18					18
Ending Balance at Sep. 30, 2022				729,380		(18,910)	(384,142)		326,328
Beginning Balance at Dec. 31, 2022				732,350		(3,758)	(429,082)		299,510
Stockholders' equity rollforward
Net Income (Loss)							(92,936)		(92,936)
Other comprehensive earnings (loss)						248			248
Stock-based compensation				6,294	$ 3,309				9,603
Change in capitalization in connection with Atlanta Braves Holdings split-off	$ 103	$ 10	$ 418	(724,115)	723,584
Tax sharing adjustment with Parent				(7,354)					(7,354)
Contribution from noncontrolling interest								$ 12,045	12,045
Settlement of intergroup interest			86		361,195				361,281
Other				(7,175)	429				(6,746)
Ending Balance at Sep. 30, 2023	103	10	504		1,088,517	(3,510)	(522,018)	12,045	575,651
Beginning Balance at Jun. 30, 2023				730,620		(4,056)	(515,971)	11,289	221,882
Stockholders' equity rollforward
Net Income (Loss)							(6,047)		(6,047)
Other comprehensive earnings (loss)						546			546
Stock-based compensation					3,309				3,309
Change in capitalization in connection with Atlanta Braves Holdings split-off	103	10	418	(724,115)	723,584
Contribution from noncontrolling interest								756	756
Settlement of intergroup interest			86		361,195				361,281
Other				$ (6,505)	429				(6,076)
Ending Balance at Sep. 30, 2023	$ 103	$ 10	$ 504		$ 1,088,517	$ (3,510)	$ (522,018)	$ 12,045	$ 575,651

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Basis of Presentation
Basis of Presentation	(1) During November 2022, the board of directors of Liberty Media Corporation (“Liberty” or “Former 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”). The Split-Off was completed on July 18, 2023 and was intended to be tax-free to holders of Liberty Braves common stock. Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings” or the “Company”) is comprised of the businesses, assets and liabilities previously attributed to the Liberty Braves Group (“Braves Group”), which, as of September 30, 2023, included Atlanta Braves Holdings’ wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”) and corporate cash. The accompanying condensed consolidated financial statements The accompanying (a) condensed consolidated balance sheet as of December 31, 2022, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated 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 consolidated 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 consolidated 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 consolidated 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 $20.3 million, which was allocated entirely to the baseball reportable segment. Each of the three clubs 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 Prior to the Split-Off, 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 $4.5 million during 2023 prior to the Split-Off and paid $3.5 million and $6.0 million during the three and nine months ended September 30, 2022, respectively, for such expenses. Prior to the Split-Off, the Liberty Formula One Group (the “Formula One Group”) and the Liberty SiriusXM Group held intergroup interests in the Braves Group. 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. As of December 31, 2022, 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. 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 consolidated 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, effective as of June 30, 2023 and through the Split-Off date, 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. 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. 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 nor 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. Additionally, pursuant to the services agreement with Liberty, in connection with Liberty’s employment arrangement with Gregory B. Maffei, the Company’s Chairman, President and Chief Executive Officer, components of Mr. Maffei’s compensation will either be paid directly to him by each of the Company, Liberty TripAdvisor Holdings, Inc., Liberty Broadband Corporation and Qurate Retail, Inc. (collectively, the “Service Companies”) or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the amended services agreement, currently set at 7% for the Company but subject to adjustment on an annual basis and upon the occurrence of certain events. 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, Atlanta Braves Holdings has commenced a registration process 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. Under these various agreements, amounts reimbursable to Liberty aggregated $0.8 million for the three months ended September 30, 2023. Seasonality Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.

Earnings Attributable to Atlant

Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share	9 Months Ended
	Sep. 30, 2023
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share	(2) Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) attributable to Atlanta Braves Holdings shareholders by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. Excluded from diluted EPS for both the three and nine months ended September 30, 2023 are 3 thousand potential common shares because their inclusion would have been antidilutive. The Company issued 61.7 million common shares, which is the aggregate number of shares of Series A, Series B and Series C common stock issued in connection with the Split-Off on July 18, 2023. The number of shares issued upon completion of the Split-Off was used to determine both basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2022, as no Company equity awards were outstanding prior to the completion of the Split-Off. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, ​ ​ 2023 2023 ​ ​ (numbers of shares in thousands) ​ Basic WASO 61,720 ​ 61,720 ​ Potentially dilutive shares (1) 868 ​ 868 ​ Diluted WASO 62,588 ​ 62,588 ​ (1) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2023
Property and Equipment
Property and Equipment	(3) Property and Equipment Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ $ 18,583 ​ 22,891 41,474 19,643 ​ 21,831 41,474 Buildings and improvements 15-39 ​ 281,450 ​ 355,272 636,722 282,314 ​ 354,959 637,273 Leasehold improvements 15-39 ​ 76,088 ​ 62,062 138,150 72,455 ​ 61,876 134,331 Furniture and equipment 5-7 ​ 179,845 ​ 8,265 188,110 176,227 ​ 8,061 184,288 Construction in progress NA ​ 313 ​ 57,007 57,320 886 ​ 9,524 10,410 Property and equipment, at cost ​ ​ ​ $ 556,279 505,497 1,061,776 551,525 456,251 1,007,776 ​ Depreciation expense was $13.7 million and $13.6 million for the three months ended September 30, 2023 and 2022, respectively, and $40.5 million and $42.3 million for the nine months ended September 30, 2023 and 2022, respectively.

Investments in Affiliates Accou

Investments in Affiliates Accounted for Using the Equity Method	9 Months Ended
	Sep. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ ​ Percentage ​ Carrying ​ Carrying ​ Ownership amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 56,375 ​ 45,102 BELP ​ 3.3 % 34,674 ​ 33,224 Other ​ 50.0 % 14,565 ​ 16,238 Total ​ ​ ​ $ 105,614 ​ 94,564 ​ The following table presents the Company’s share of earnings (losses) of affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ MLBAM ​ $ 9,797 9,723 ​ $ 19,131 ​ 20,308 ​ BELP ​ 739 (1,942) ​ 1,450 ​ (2,403) ​ Other ​ 2,189 2,194 ​ 2,803 ​ 4,213 ​ Total ​ $ 12,725 9,975 ​ $ 23,384 22,118 ​ ​ 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 3.3% 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 September 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 three 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	9 Months Ended
	Sep. 30, 2023
Debt
Debt	(5) Debt is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ 41,400 43,700 ​ TeamCo revolver ​ 10,000 — ​ Term debt ​ ​ 165,370 ​ 171,694 ​ Mixed-Use Development ​ ​ ​ ​ ​ ​ Credit facilities ​ 46,329 103,163 ​ Term debt ​ 266,070 197,334 ​ Deferred financing costs ​ (3,898) (3,925) ​ Total debt ​ 555,271 541,966 ​ Debt classified as current ​ (7,786) (74,806) ​ Total long-term debt ​ $ 547,485 467,160 ​ ​ 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 September 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 $41.4 million as of September 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 6.69% per annum as of September 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. Borrowings outstanding under the TeamCo Revolver bore interest at a rate of 6.57% and the maximum amount available was $140 million as of September 30, 2023. 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 “Note Purchase Agreement”). 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 September 30, 2023, Braves Holdings had borrowings of $163.9 million under the Note Purchase Agreement, net of unamortized debt issuance costs of $1.4 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 September 30, 2023, Braves Holdings had borrowings outstanding of $34.8 million, net of unamortized debt issuance costs of $0.1 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 $112.5 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). Borrowings outstanding under the construction loan bore interest at a rate of 7.32% as of September 30, 2023. As of September 30, 2023, Braves Holdings had borrowings outstanding of $10.7 million under the construction loan, net of unamortized debt issuance costs of $0.7 million. 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”). 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 September 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 daily simple 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 September 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 7.42% as of September 30, 2023. Approximately $1.9 million of annual principal payments commence in July 2024. At September 30, 2023, Braves Holdings had borrowings outstanding of $101.5 million under the term loan facility, net of unamortized debt issuance costs of $0.8 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 September 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. Approximately $1.0 million of annual principal payments commence in June 2026. At September 30, 2023, Braves Holdings had borrowings outstanding of $68.2 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 September 30, 2023. Debt Covenants As of September 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 September 30, 2023 and December 31, 2022, the fair value of the interest rate swap was $3.5 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, that matured 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 September 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 September 30, 2023, the fair value of the interest rate swap was $1.8 million. Interest rate swaps are included within other assets as of September 30, 2023 and other current assets and other assets as of December 31, 2022 in the condensed consolidated 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 consolidated statements of operations.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	(6) The Company recorded stock-based compensation expense of $3.3 million and $3.1 million during the three months ended September 30, 2023 and 2022, respectively, and $9.7 million and $9.2 million during the nine months ended September 30, 2023 and 2022, respectively. These amounts are included in selling, general and administrative expense in the condensed consolidated statements of operations. Atlanta Braves Holdings—Incentive Plans Prior to the Split-Off and pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan, Liberty granted to certain of its directors, employees and employees of its subsidiaries, restricted stock (“RSAs”), restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Braves common stock (collectively, “Awards”). 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. Subsequent to the Split-Off, the Company can grant, to certain of its directors, employees and employees of its subsidiaries, RSAs, RSUs and stock options to purchase shares of its common stock, under the Atlanta Braves Holdings 2023 Omnibus Incentive Plan (the “2023 Plan”) and may grant Awards in respect of a maximum of 7.25 million shares of Atlanta Braves Holdings common stock. Awards generally vest over 1-5 years and have a term of 7-10 years. The Company issues new shares upon exercise of equity awards. The Company measures the cost of employee services received in exchange for an equity classified Award (such as RSAs, RSUs and stock options) 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. Atlanta Braves Holdings—Grants of Awards The Company did not grant any options to purchase shares of Series A or Series B Atlanta Braves Holdings common stock during the nine months ended September 30, 2023. In connection with the CEO’s employment agreement, during the nine months ended September 30, 2023, Liberty granted 31 thousand performance-based RSUs of Atlanta Braves Holdings Series C 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 the Company’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 Atlanta Braves Holdings common stock (and previously, Liberty Braves common stock) and the implied volatility of publicly traded Atlanta Braves Holdings options (and previously, 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. Atlanta Braves Holdings—Outstanding Awards The following table presents the number and weighted average exercise price (“WAEP”) of options to purchase Atlanta Braves Holdings common stock granted to certain officers, employees and directors, as well as the weighted average remaining life and aggregate intrinsic value of the options. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Series C ​ ​ ​ ​ remaining ​ value ​ (000's) WAEP life (in millions) Outstanding at January 1, 2023 3,108 $ 26.17 ​ ​ ​ ​ ​ ​ Granted 8 $ 36.73 ​ ​ ​ ​ ​ ​ Exercised (156) $ 18.40 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled (4) $ 22.75 ​ ​ ​ ​ ​ ​ Outstanding at September 30, 2023 2,956 $ 26.62 3.8 years $ 27 Exercisable at September 30, 2023 1,379 $ 25.69 3.6 years $ 14 ​ As of September 30, 2023, there were no outstanding Series A or Series B options to purchase shares of Series A or Series B Atlanta Braves Holdings common stock. As of September 30, 2023, the total unrecognized compensation cost related to unvested Atlanta Braves Holdings Awards was approximately $6.8 million. Such amount will be recognized in the Company’s condensed consolidated statements of operations over a weighted average period of approximately 2.0 years. As of September 30, 2023, 3.0 million shares of Atlanta Braves Holdings Series C common stock were reserved by the Company for issuance under exercise privileges of outstanding stock options. Atlanta Braves Holdings—Exercises The aggregate intrinsic value of all Atlanta Braves Holdings Series C common stock options exercised during the nine months ended September 30, 2023 and 2022 was $2.3 million and $490 thousand, respectively. Atlanta Braves Holdings—RSAs and RSUs The Company had approximately 302 thousand unvested RSAs and RSUs of Atlanta Braves Holdings common stock held by certain directors, officers and employees of the Company as of September 30, 2023. These Series A and Series C unvested RSAs and RSUs of Atlanta Braves Holdings common stock had a weighted average GDFV of $33.99 per share. The aggregate fair value of all RSAs and RSUs of Atlanta Braves Holdings common stock that vested during the nine months ended September 30, 2023 and 2022 was $753 thousand and $1.3 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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. surrounding revenue sharing among the Clubs, a competitive balance tax on Club payrolls that exceed specified thresholds, minimum player salary levels, an expanded postseason schedule and other provisions impacting Braves Holdings’ operations and its relationships with members of the MLBPA. Braves Holdings’ minor league players are also parties to a collective bargaining agreement. Approximately 10% of the Company’s labor force is covered by collective bargaining agreements. 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 nine months ended September 30, 2023 and 2022, Braves Holdings incurred $31.8 million and $19.4 million, respectively, in revenue sharing, which is included as an expense within baseball operating costs in the condensed consolidated 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. As of September 30, 2023, amounts payable annually under such contracts aggregated $231.9 million in 2023, $157.6 million in 2024, $143.5 million in 2025, $136.4 million in 2026, $111.2 million in 2027 and $251.2 million, combined, 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 September 30, 2023, Braves Holdings entered into long-term employment contracts with certain players, pursuant to which approximately $40.3 million is anticipated to be paid through 2026 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 $45.9 million recorded in the condensed consolidated balance sheet as of September 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 consolidated financial statements.

Segment Information

Segment Information	9 Months Ended
	Sep. 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 consolidated 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 ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2023 2022 ​ 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball: ​ ​ ​ ​ ​ ​ Baseball event $ 160,794 ​ 134,941 ​ $ 324,280 ​ 281,144 ​ Broadcasting 69,337 ​ 66,901 ​ 138,786 ​ 130,646 ​ Retail and licensing 20,904 ​ 17,590 ​ 45,026 ​ 39,200 ​ Other 5,231 ​ 11,847 ​ 20,670 ​ 27,047 ​ Total Baseball 256,266 ​ 231,279 ​ 528,762 ​ 478,037 ​ Mixed-Use Development 15,558 ​ 14,168 ​ 44,157 ​ 39,265 ​ Total revenue $ 271,824 ​ 245,447 ​ $ 572,919 ​ 517,302 ​ ​ 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 $16.6 million and $14.3 million as of September 30, 2023 and December 31, 2022, respectively, which were included in other noncurrent liabilities in the condensed consolidated balance sheets. During the nine months ended September 30, 2023 and 2022, the Company recognized $88.2 million and $71.8 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 $26.0 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 (used in) operating activities and other measures of financial performance prepared in accordance with GAAP. ​ ​ ​ ​ Adjusted OIBDA is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2023 ​ 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball $ 36,918 18,072 ​ $ 38,796 28,653 ​ Mixed-Use Development ​ ​ 10,661 9,696 ​ ​ 29,980 26,093 ​ Corporate and Other ​ ​ (7,234) (3,252) ​ ​ (17,418) (7,389) ​ Total $ 40,345 24,516 ​ $ 51,358 47,357 ​ ​ Other Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 915,068 91,049 ​ 10,081 ​ 953,016 78,326 ​ 6,853 Mixed-Use Development ​ ​ 544,854 14,565 ​ 35,232 ​ 516,498 16,238 ​ 10,816 Corporate and other ​ ​ 64,777 — — 69,531 — — Elimination (1) ​ ​ (5,860) ​ — ​ — ​ (48,384) ​ — ​ — Total $ 1,518,839 105,614 45,313 1,490,661 94,564 17,669 (1) This amount relates to income taxes payable that partially offset income taxes receivable in the condensed consolidated balance sheets. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Adjusted OIBDA $ 40,345 24,516 ​ $ 51,358 47,357 ​ Impairment of long-lived assets and other related costs ​ ​ (34) ​ (4,811) ​ ​ (564) (4,811) ​ Stock-based compensation ​ ​ (3,309) (3,062) ​ ​ (9,653) (9,188) ​ Depreciation and amortization ​ ​ (21,286) (21,335) ​ ​ (55,215) (56,729) ​ Operating income (loss) ​ ​ 15,716 (4,692) ​ ​ (14,074) (23,371) ​ Interest expense ​ ​ (9,657) (7,999) ​ ​ (28,017) (20,528) ​ Share of earnings (losses) of affiliates, net ​ ​ 12,725 9,975 ​ ​ 23,384 22,118 ​ Realized and unrealized gains (losses) on intergroup interests, net ​ ​ (20,392) ​ (30,940) ​ ​ (83,178) ​ 5,163 ​ Realized and unrealized gains (losses) on financial instruments, net ​ ​ 2,593 5,778 ​ ​ 5,672 12,238 ​ Gains (losses) on dispositions, net ​ ​ 15 ​ 68 ​ ​ 2,518 20,283 ​ Other, net ​ ​ 1,209 161 ​ ​ 2,863 329 ​ Earnings (loss) before income taxes $ 2,209 (27,649) ​ $ (90,832) 16,232 ​ ​

Earnings Attributable to Atla_2

Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share
Schedule of weighted average number of common shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, ​ ​ 2023 2023 ​ ​ (numbers of shares in thousands) ​ Basic WASO 61,720 ​ 61,720 ​ Potentially dilutive shares (1) 868 ​ 868 ​ Diluted WASO 62,588 ​ 62,588 ​ (1) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property and Equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ $ 18,583 ​ 22,891 41,474 19,643 ​ 21,831 41,474 Buildings and improvements 15-39 ​ 281,450 ​ 355,272 636,722 282,314 ​ 354,959 637,273 Leasehold improvements 15-39 ​ 76,088 ​ 62,062 138,150 72,455 ​ 61,876 134,331 Furniture and equipment 5-7 ​ 179,845 ​ 8,265 188,110 176,227 ​ 8,061 184,288 Construction in progress NA ​ 313 ​ 57,007 57,320 886 ​ 9,524 10,410 Property and equipment, at cost ​ ​ ​ $ 556,279 505,497 1,061,776 551,525 456,251 1,007,776

Investments in Affiliates Acc_2

Investments in Affiliates Accounted for Using the Equity Method (Tables)	9 Months Ended
	Sep. 30, 2023
Investments in Affiliates Accounted for Using the Equity Method
Schedule of carrying amount and percentage ownership of investments in affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ ​ Percentage ​ Carrying ​ Carrying ​ Ownership amount amount ​ ​ ​ ​ amounts in thousands MLBAM ​ 3.3 % $ 56,375 ​ 45,102 BELP ​ 3.3 % 34,674 ​ 33,224 Other ​ 50.0 % 14,565 ​ 16,238 Total ​ ​ ​ $ 105,614 ​ 94,564
Schedule of share of earnings (losses) of affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ MLBAM ​ $ 9,797 9,723 ​ $ 19,131 ​ 20,308 ​ BELP ​ 739 (1,942) ​ 1,450 ​ (2,403) ​ Other ​ 2,189 2,194 ​ 2,803 ​ 4,213 ​ Total ​ $ 12,725 9,975 ​ $ 23,384 22,118 ​

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ 41,400 43,700 ​ TeamCo revolver ​ 10,000 — ​ Term debt ​ ​ 165,370 ​ 171,694 ​ Mixed-Use Development ​ ​ ​ ​ ​ ​ Credit facilities ​ 46,329 103,163 ​ Term debt ​ 266,070 197,334 ​ Deferred financing costs ​ (3,898) (3,925) ​ Total debt ​ 555,271 541,966 ​ Debt classified as current ​ (7,786) (74,806) ​ Total long-term debt ​ $ 547,485 467,160 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Stock-Based Compensation
Schedule of stock based compensation activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ Series C ​ ​ ​ ​ remaining ​ value ​ (000's) WAEP life (in millions) Outstanding at January 1, 2023 3,108 $ 26.17 ​ ​ ​ ​ ​ ​ Granted 8 $ 36.73 ​ ​ ​ ​ ​ ​ Exercised (156) $ 18.40 ​ ​ ​ ​ ​ ​ Forfeited/Cancelled (4) $ 22.75 ​ ​ ​ ​ ​ ​ Outstanding at September 30, 2023 2,956 $ 26.62 3.8 years $ 27 Exercisable at September 30, 2023 1,379 $ 25.69 3.6 years $ 14

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Information
Schedule of disaggregates revenue by segment and by source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2023 2022 ​ 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball: ​ ​ ​ ​ ​ ​ Baseball event $ 160,794 ​ 134,941 ​ $ 324,280 ​ 281,144 ​ Broadcasting 69,337 ​ 66,901 ​ 138,786 ​ 130,646 ​ Retail and licensing 20,904 ​ 17,590 ​ 45,026 ​ 39,200 ​ Other 5,231 ​ 11,847 ​ 20,670 ​ 27,047 ​ Total Baseball 256,266 ​ 231,279 ​ 528,762 ​ 478,037 ​ Mixed-Use Development 15,558 ​ 14,168 ​ 44,157 ​ 39,265 ​ Total revenue $ 271,824 ​ 245,447 ​ $ 572,919 ​ 517,302 ​
Schedule of adjusted OIBDA	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2023 ​ 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Baseball $ 36,918 18,072 ​ $ 38,796 28,653 ​ Mixed-Use Development ​ ​ 10,661 9,696 ​ ​ 29,980 26,093 ​ Corporate and Other ​ ​ (7,234) (3,252) ​ ​ (17,418) (7,389) ​ Total $ 40,345 24,516 ​ $ 51,358 47,357 ​
Schedule of other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ Total Investments Capital Total Investments Capital ​ ​ assets ​ in affiliates ​ expenditures ​ assets ​ in affiliates ​ expenditures ​ amounts in thousands Baseball $ 915,068 91,049 ​ 10,081 ​ 953,016 78,326 ​ 6,853 Mixed-Use Development ​ ​ 544,854 14,565 ​ 35,232 ​ 516,498 16,238 ​ 10,816 Corporate and other ​ ​ 64,777 — — 69,531 — — Elimination (1) ​ ​ (5,860) ​ — ​ — ​ (48,384) ​ — ​ — Total $ 1,518,839 105,614 45,313 1,490,661 94,564 17,669 (1) This amount relates to income taxes payable that partially offset income taxes receivable in the condensed consolidated balance sheets.
Schedule of reconciliation of adjusted OIBDA to operating income (loss) and earnings (loss) before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2023 2022 2023 2022 ​ ​ ​ amounts in thousands ​ Adjusted OIBDA $ 40,345 24,516 ​ $ 51,358 47,357 ​ Impairment of long-lived assets and other related costs ​ ​ (34) ​ (4,811) ​ ​ (564) (4,811) ​ Stock-based compensation ​ ​ (3,309) (3,062) ​ ​ (9,653) (9,188) ​ Depreciation and amortization ​ ​ (21,286) (21,335) ​ ​ (55,215) (56,729) ​ Operating income (loss) ​ ​ 15,716 (4,692) ​ ​ (14,074) (23,371) ​ Interest expense ​ ​ (9,657) (7,999) ​ ​ (28,017) (20,528) ​ Share of earnings (losses) of affiliates, net ​ ​ 12,725 9,975 ​ ​ 23,384 22,118 ​ Realized and unrealized gains (losses) on intergroup interests, net ​ ​ (20,392) ​ (30,940) ​ ​ (83,178) ​ 5,163 ​ Realized and unrealized gains (losses) on financial instruments, net ​ ​ 2,593 5,778 ​ ​ 5,672 12,238 ​ Gains (losses) on dispositions, net ​ ​ 15 ​ 68 ​ ​ 2,518 20,283 ​ Other, net ​ ​ 1,209 161 ​ ​ 2,863 329 ​ Earnings (loss) before income taxes $ 2,209 (27,649) ​ $ (90,832) 16,232 ​ ​

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands	1 Months Ended		3 Months Ended		7 Months Ended	9 Months Ended
	Nov. 30, 2022	Jan. 31, 2022 USD ($) item	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jul. 18, 2023 USD ($)	Sep. 30, 2023 USD ($) item shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 shares
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		$ 20,300	$ 15	$ 68		$ 2,518	$ 20,283
Purchase consideration, including license fee		$ 49,400
Selling, general and administrative, including stock-based compensation			34,346	27,688		$ 94,339	82,707
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
Reimbursable amount			$ 800
Affiliated Entity | Liberty Media Corporation
Basis of Presentation
Selling, general and administrative, including stock-based compensation				$ 3,500	$ 4,500		$ 6,000
Affiliated Entity | Liberty Media Corporation | CEO
Basis of Presentation
CEO compensation allocation percentage			7%			7%
Liberty Formula One Group | Liberty Braves Group
Basis of Presentation
Shares owned | shares								6,792,903
Intergroup Interest Percentage								11%
Liberty Sirius XM Group | Liberty Braves Group
Basis of Presentation
Shares owned | shares								1,811,066
Intergroup Interest Percentage								2.90%
Liberty Braves Group
Basis of Presentation
Split-off ratio	1

Earnings Attributable to Atla_3

Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share (Details) - shares		3 Months Ended		9 Months Ended
	Jul. 18, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share
Antidilutive securities excluded from computation of EPS		3,000		3,000
Stock Issued During Period Shares Stock Split-off	61,700,000
Equity awards outstanding			0		0

Earnings Attributable to Atla_4

Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share - Schedule of weighted average number of common shares outstanding (Details) - shares shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share
Basic WASO	61,720	61,720
Potentially dilutive shares	868	868
Diluted WASO	62,588	62,588

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property and Equipment
Owned assets	$ 556,279		$ 556,279		$ 551,525
Owned assets available to be leased	505,497		505,497		456,251
Total	1,061,776		1,061,776		1,007,776
Depreciation expense	13,700	$ 13,600	40,500	$ 42,300
Land
Property and Equipment
Owned assets	18,583		18,583		19,643
Owned assets available to be leased	22,891		22,891		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	355,272		355,272		354,959
Total	$ 636,722		$ 636,722		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	$ 76,088		$ 76,088		72,455
Owned assets available to be leased	62,062		62,062		61,876
Total	$ 138,150		$ 138,150		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	$ 179,845		$ 179,845		176,227
Owned assets available to be leased	8,265		8,265		8,061
Total	$ 188,110		$ 188,110		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	$ 313		$ 313		886
Owned assets available to be leased	57,007		57,007		9,524
Total	$ 57,320		$ 57,320		$ 10,410

Investments in Affiliates Acc_3

Investments in Affiliates Accounted for Using the Equity Method (Details) - USD ($) $ in Thousands	Sep. 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)	$ 105,614	$ 94,564
MLBAM
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)	$ 56,375	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)	$ 34,674	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)	$ 14,565	$ 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		9 Months Ended
	Jan. 31, 2000 item	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) item	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 12,725	$ 9,975	$ 23,384	$ 22,118
MLBAM
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net (note 4)		$ 9,797	9,723	$ 19,131	20,308
Number of owners | item	30
Percentage ownership	3.30%	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)		$ 739	(1,942)	$ 1,450	(2,403)
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)		$ 2,189	$ 2,194	$ 2,803	$ 4,213
Percentage ownership		50%		50%
Term of lag				3 months
Number of joint ventures | item				3

Debt - Summary of debt (Details

Debt - Summary of debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt
Deferred financing costs	$ (3,898)	$ (3,925)
Total debt	555,271	541,966
Debt classified as current	(7,786)	(74,806)
Total long-term debt	547,485	467,160
MLB Facility Fund - Term
Debt
Carrying amount of debt	30,000	30,000
MLB Facility Fund - Revolver
Debt
Carrying amount of debt	41,400	43,700
Teamco Revolver
Debt
Carrying amount of debt	10,000
Term debt
Debt
Carrying amount of debt	165,370	171,694
Mixed Use Development Credit Facilities
Debt
Carrying amount of debt	46,329	103,163
Mixed Use Development Term Debt
Debt
Carrying amount of debt	$ 266,070	$ 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	Sep. 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		9 Months Ended
	May 31, 2022	May 31, 2021	Sep. 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			$ 41.4
Line of credit interest rate (in percent)			6.69%
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	Sep. 30, 2023	Aug. 31, 2022
Debt
Maximum borrowings	$ 85		$ 150
Interest rate		6.57%
Remaining borrowing capacity		$ 140
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	Sep. 30, 2023	Dec. 31, 2022
Debt
Outstanding borrowings		$ 555,271	$ 541,966
Unamortized debt issuance costs		3,898	$ 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		163,900
Unamortized debt issuance costs		$ 1,400

Debt - Mixed-use development cr

Debt - Mixed-use development credit facilities (Details) - USD ($) $ in Thousands		1 Months Ended
	Dec. 15, 2020	Dec. 31, 2022	Sep. 30, 2023	Aug. 31, 2016
Debt
Outstanding borrowings		$ 541,966	$ 555,271
Unamortized debt issuance costs		3,925	3,898
Mixed Use Development Construction Loan Facility Maturing November 2024
Debt
Carrying amount of debt				$ 37,500
Outstanding borrowings			34,800
Unamortized debt issuance costs			100
Interest rate (in percent)				4%
Principal and Interest payment	$ 179
Mixed Use Development Construction Loan Facility Maturing December 2026
Debt
Carrying amount of debt		$ 112,500
Outstanding borrowings			10,700
Unamortized debt issuance costs			$ 700
Debt instrument conditional basis spread on variable rate		1.80%
Interest rate			7.32%
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	Sep. 30, 2023	Dec. 31, 2022	Aug. 31, 2016
Debt
Outstanding borrowings				$ 555,271	$ 541,966
Unamortized debt issuance costs				3,898	$ 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				101,500
Unamortized debt issuance costs				800
Annual principal payments		$ 1,900
Amount unavailable until conditions are met				$ 22,700
Interest rate (in percent)				7.42%
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				68,200
Unamortized debt issuance costs				600
Annual principal payments	$ 1,000
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				163,900
Unamortized debt issuance costs				1,400
Interest rate (in percent)						3.77%
Debt Instrument, Fair Value Disclosure				$ 134,400

Debt - Interest rate swaps (Det

Debt - Interest rate swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2023	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	$ 3,500		$ 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	$ 1,800

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-Based Compensation
Stock based compensation expense	$ 3.3	$ 3.1	$ 9.7	$ 9.2
Dividend rate			0%
CEO | Performance Shares
Stock-Based Compensation
Vesting period			1 year
Shares granted			31
Grant date fair value	$ 34.44		$ 34.44
2023 Plan | Stock compensation plan
Stock-Based Compensation
Number of authorized shares	7,250		7,250
2023 Plan | Stock compensation plan | Minimum
Stock-Based Compensation
Vesting period			1 year
Term of awards			7 years
2023 Plan | Stock compensation plan | Maximum
Stock-Based Compensation
Vesting period			5 years
Term of awards			10 years

Stock-Based Compensation - Atla

Stock-Based Compensation - Atlanta Braves Holdings-Outstanding Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Common Class C
Options outstanding rollforward
Outstanding beginning balance	3,108
Granted	8
Exercised	(156)
Forfeited/Cancelled	(4)
Outstanding ending balance	2,956
Exercisable	1,379
Exercise price rollforward
Outstanding beginning balance	$ 26.17
Granted	36.73
Exercised	18.40
Forfeited/Cancelled	22.75
Outstanding ending balance	26.62
Exercisable	$ 25.69
Weighted average remaining life outstanding	3 years 9 months 18 days
Weighted average remaining life exercisable	3 years 7 months 6 days
Aggregate intrinsic value outstanding	$ 27,000
Aggregate intrinsic value exercisable	14,000
Unrecognized compensation cost	$ 6,800
Weighted average period of unrecognized compensation cost	2 years
Shares reserved for issuance	3,000
Aggregate intrinsic value	$ 2,300	$ 490
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	302
Grant date fair value	$ 33.99
Aggregate fair value	$ 753	$ 1,300

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2022 USD ($) plan	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Oct. 01, 2023 USD ($)
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		$ 45.9
Employment Contracts
Commitments and Contingencies
Amount payable under employee contracts in 2023		231.9
Amount payable under employee contracts in 2024		157.6
Amount payable under employee contracts in 2025		143.5
Amount payable under employee contracts in 2026		136.4
Amount payable under employee contracts in 2027		111.2
Amount payable under employee contracts thereafter		$ 251.2
Interest rate (in percent)		5%
Employment Contracts | Subsequent Event
Commitments and Contingencies
Amount due under employee contracts				$ 40.3
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		$ 31.8	$ 19.4
Percentage of labor force covered		10%

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Information
Revenue	$ 271,824	$ 245,447	$ 572,919	$ 517,302
Operating segment
Segment Information
Revenue	271,824	245,447	572,919	517,302
Operating segment | Baseball
Segment Information
Revenue	256,266	231,279	528,762	478,037
Operating segment | Baseball | Baseball event
Segment Information
Revenue	160,794	134,941	324,280	281,144
Operating segment | Baseball | Broadcasting
Segment Information
Revenue	69,337	66,901	138,786	130,646
Operating segment | Baseball | Retail and licensing
Segment Information
Revenue	20,904	17,590	45,026	39,200
Operating segment | Baseball | Other
Segment Information
Revenue	5,231	11,847	20,670	27,047
Operating segment | Mixed-Use Development
Segment Information
Revenue	$ 15,558	$ 14,168	$ 44,157	$ 39,265

Segment Information - Performan

Segment Information - Performance measures (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Information
Long term deferred revenue	$ 16.6		$ 14.3
Revenue recognized	88.2	$ 71.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 26
Expected timing of satisfaction period	3 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	$ 310.4
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	$ 297.4
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	$ 672.7
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Information
Adjusted OIBDA	$ 40,345	$ 24,516	$ 51,358	$ 47,357
Operating segment | Baseball
Segment Information
Adjusted OIBDA	36,918	18,072	38,796	28,653
Operating segment | Mixed-Use Development
Segment Information
Adjusted OIBDA	10,661	9,696	29,980	26,093
Corporate and other
Segment Information
Adjusted OIBDA	$ (7,234)	$ (3,252)	$ (17,418)	$ (7,389)

Segment Information - Other inf

Segment Information - Other information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Segment Information
Total assets	$ 1,518,839	$ 1,490,661
Investments in affiliates	105,614	94,564
Capital expenditures	45,313	17,669
Operating segment | Baseball
Segment Information
Total assets	915,068	953,016
Investments in affiliates	91,049	78,326
Capital expenditures	10,081	6,853
Operating segment | Mixed-Use Development
Segment Information
Total assets	544,854	516,498
Investments in affiliates	14,565	16,238
Capital expenditures	35,232	10,816
Corporate and other
Segment Information
Total assets	64,777	69,531
Elimination
Segment Information
Total assets	$ (5,860)	$ (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		9 Months Ended
	Jan. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Information
Adjusted OIBDA		$ 40,345	$ 24,516	$ 51,358	$ 47,357
Impairment of long-lived assets and other related costs		(34)	(4,811)	(564)	(4,811)
Stock-based compensation		(3,309)	(3,062)	(9,653)	(9,188)
Depreciation and amortization		(21,286)	(21,335)	(55,215)	(56,729)
Operating income (loss)		15,716	(4,692)	(14,074)	(23,371)
Interest expense		(9,657)	(7,999)	(28,017)	(20,528)
Share of earnings (losses) of affiliates, net		12,725	9,975	23,384	22,118
Realized and unrealized gains (losses) on intergroup interests, net		(20,392)	(30,940)	(83,178)	5,163
Realized and unrealized gains (losses) on financial instruments, net		2,593	5,778	5,672	12,238
Gains (losses) on dispositions, net	$ 20,300	15	68	2,518	20,283
Other, net		1,209	161	2,863	329
Earnings (loss) before income taxes		$ 2,209	$ (27,649)	$ (90,832)	$ 16,232

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,047)	$ (29,897)	$ (92,936)	$ 10,767

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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