10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                

Commission File Number 001-35707

LIBERTY MEDIA CORPORATION

(Exact name of Registrant as specified in its charter)

State of Delaware	37-1699499
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
12300 Liberty Boulevard Englewood, Colorado	80112
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (720) 875-5400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Series A Liberty SiriusXM Common Stock	LSXMA	The Nasdaq Stock Market LLC
Series B Liberty SiriusXM Common Stock	LSXMB	The Nasdaq Stock Market LLC
Series C Liberty SiriusXM Common Stock	LSXMK	The Nasdaq Stock Market LLC
Series A Liberty Braves Common Stock	BATRA	The Nasdaq Stock Market LLC
Series C Liberty Braves Common Stock	BATRK	The Nasdaq Stock Market LLC
Series A Liberty Formula One Common Stock	FWONA	The Nasdaq Stock Market LLC
Series C Liberty Formula One Common Stock	FWONK	The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧    No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧    No ◻

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes ☐    No ☒

The number of outstanding shares of Liberty Media Corporation's common stock as of October 31, 2020 was:

	Series A	Series B	Series C
Liberty SiriusXM common stock	100,671,324	9,803,202	229,890,516
Liberty Braves common stock	10,312,721	981,778	39,929,761
Liberty Formula One common stock	25,835,710	2,446,857	203,497,807

Table of Contents

Part I – Financial Information
Item 1. Financial Statements
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited)		I-3
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited)		I-5
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)		I-7
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited)		I-8
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Equity (unaudited)		I-10
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)		I-14
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	I-46
	Item 3. Quantitative and Qualitative Disclosures about Market Risk	I-67
	Item 4. Controls and Procedures	I-68
Part II — Other Information
	Item 1. Legal Proceedings	II-1
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	II-1
	Item 6. Exhibits	II-2
SIGNATURES		II-3

I-2

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

	September 30, 2020		December 31, 2019
	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	1,936	1,222
Trade and other receivables, net		771	767
Other current assets		566	416
Total current assets		3,273	2,405
Investments in affiliates, accounted for using the equity method (note 7)		1,106	1,625
Property and equipment, at cost		3,906	3,780
Accumulated depreciation		(1,670)	(1,518)
		2,236	2,262
Intangible assets not subject to amortization (note 8):
Goodwill		19,956	19,939
FCC licenses		8,600	8,600
Other		1,405	1,405
		29,961	29,944
Intangible assets subject to amortization, net (note 8)		5,489	5,940
Other assets		1,724	2,013
Total assets	$	43,789	44,189
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,403	1,621
Current portion of debt (note 9)		96	60
Deferred revenue		2,242	2,113
Other current liabilities		98	94
Total current liabilities		3,839	3,888
Long-term debt, including $3,237 million and $3,678 million measured at fair value at September 30, 2020 and December 31, 2019, respectively (note 9)		15,414	15,416
Deferred income tax liabilities		2,065	1,913
Other liabilities		1,091	1,047
Total liabilities		22,409	22,264

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

	September 30, 2020		December 31, 2019
	amounts in millions,
	except share amounts
Stockholders' equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued		—	—
Series A Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 101,026,159 shares at September 30, 2020 and 103,339,016 shares at December 31, 2019 (note 2)		1	1
Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,312,685 shares at September 30, 2020 and 10,312,639 shares at December 31, 2019 (note 2)		—	—
Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 25,835,650 shares at September 30, 2020 and 25,834,334 shares at December 31, 2019 (note 2)		—	—
Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,803,444 shares at September 30, 2020 and 9,808,601 at December 31, 2019 (note 2)		—	—
Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,814 shares at September 30, 2020 and 981,860 at December 31, 2019 (note 2)		—	—
Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,446,917 shares at September 30, 2020 and 2,448,233 shares at December 31, 2019 (note 2)		—	—
Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 230,795,109 shares at September 30, 2020 and 203,324,574 shares at December 31, 2019 (note 2)		2	2
Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 39,929,761 shares at September 30, 2020 and 39,894,784 shares at December 31, 2019 (note 2)		—	—
Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 203,497,807 shares at September 30, 2020 and 203,366,419 shares at December 31, 2019 (note 2)		2	2
Additional paid-in capital		2,943	2,575
Accumulated other comprehensive earnings (loss), net of taxes		19	(33)
Retained earnings		13,225	13,748
Total stockholders' equity		16,192	16,295
Noncontrolling interests in equity of subsidiaries		5,188	5,630
Total equity		21,380	21,925
Commitments and contingencies (note 10)
Total liabilities and equity	$	43,789	44,189

See accompanying notes to condensed consolidated financial statements.

I-4

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions,
	except per share amounts
Revenue:
Sirius XM Holdings revenue	$	2,025	2,011	5,851	5,732
Formula 1 revenue		597	633	660	1,499
Other revenue		110	212	143	442
Total revenue		2,732	2,856	6,654	7,673
Operating costs and expenses, including stock-based compensation (note 4):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		602	592	1,759	1,684
Programming and content		123	116	351	338
Customer service and billing		119	120	359	352
Other		51	52	142	136
Cost of Formula 1 revenue		551	434	610	1,023
Subscriber acquisition costs		110	101	257	313
Other operating expense		154	223	339	511
Selling, general and administrative		423	440	1,221	1,275
Acquisition and restructuring (note 3)		—	—	24	83
Depreciation and amortization		279	271	812	790
		2,412	2,349	5,874	6,505
Operating income (loss)		320	507	780	1,168
Other income (expense):
Interest expense		(153)	(169)	(480)	(495)
Share of earnings (losses) of affiliates, net (note 7)		(187)	55	(442)	69
Realized and unrealized gains (losses) on financial instruments, net (note 6)		16	14	(163)	(171)
Other, net		(32)	(47)	(1)	(18)
		(356)	(147)	(1,086)	(615)
Earnings (loss) before income taxes		(36)	360	(306)	553
Income tax (expense) benefit		(7)	(98)	3	(226)
Net earnings (loss)		(43)	262	(303)	327
Less net earnings (loss) attributable to the noncontrolling interests		71	69	213	176
Net earnings (loss) attributable to Liberty stockholders	$	(114)	193	(516)	151
Net earnings (loss) attributable to Liberty stockholders:
Liberty SiriusXM common stock	$	12	140	138	368
Liberty Braves common stock		(31)	12	(16)	(33)
Liberty Formula One common stock		(95)	41	(638)	(184)
	$	(114)	193	(516)	151

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-5

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Continued)

(unaudited)

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
Basic net earnings (loss) attributable to Liberty stockholders per common share (notes 3 and 6):
Series A, B and C Liberty SiriusXM common stock		0.03	0.43	0.42	1.12
Series A, B and C Liberty Braves common stock		(0.61)	0.24	(0.31)	(0.65)
Series A, B and C Liberty Formula One common stock		(0.41)	0.18	(2.75)	(0.80)
Diluted net earnings (loss) attributable to Liberty stockholders per common share (notes 3 and 6):
Series A, B and C Liberty SiriusXM common stock		0.03	0.42	0.31	1.11
Series A, B and C Liberty Braves common stock		(0.61)	0.16	(1.57)	(0.65)
Series A, B and C Liberty Formula One common stock		(0.41)	0.18	(2.75)	(0.80)

See accompanying notes to condensed consolidated financial statements.

I-6

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Net earnings (loss)	$	(43)	262	(303)	327
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments		12	(8)	(10)	11
Credit risk on fair value debt instruments gains (losses)		(151)	(23)	86	(26)
Unrealized holding gains (losses) arising during the period		(1)	1	(7)	4
Share of other comprehensive earnings (loss) of equity affiliates		6	(8)	(20)	(8)
Comprehensive earnings (loss)		(177)	224	(254)	308
Less comprehensive earnings (loss) attributable to the noncontrolling interests		74	67	210	180
Comprehensive earnings (loss) attributable to Liberty stockholders	$	(251)	157	(464)	128
Comprehensive earnings (loss) attributable to Liberty stockholders:
Liberty SiriusXM common stock	$	(102)	132	119	374
Liberty Braves common stock		(32)	13	(24)	(29)
Liberty Formula One common stock		(117)	12	(559)	(217)
	$	(251)	157	(464)	128

See accompanying notes to condensed consolidated financial statements.

I-7

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

	Nine months ended
	September 30,
	2020		2019
	amounts in millions
Cash flows from operating activities:
Net earnings	$	(303)	327
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		812	790
Stock-based compensation		180	238
Share of (earnings) loss of affiliates, net		442	(69)
Realized and unrealized (gains) losses on financial instruments, net		163	171
Deferred income tax expense (benefit)		(43)	196
Other, net		85	68
Changes in operating assets and liabilities
Current and other assets		(148)	(61)
Payables and other liabilities		(132)	110
Net cash provided (used) by operating activities		1,056	1,770
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(94)	(25)
Return of investment in equity method affiliates		105	—
Cash proceeds from sale of investments		13	389
Cash (paid) received for acquisitions, net of cash acquired		(28)	313
Capital expended for property and equipment, including internal-use software and website development		(316)	(338)
Sales of short term investments and other marketable securities		—	73
Other investing activities, net		11	(2)
Net cash provided (used) by investing activities		(309)	410
Cash flows from financing activities:
Borrowings of debt		3,038	5,018
Repayments of debt		(2,595)	(4,345)
Liberty SiriusXM stock repurchases		(204)	(374)
Subsidiary shares repurchased by subsidiary		(870)	(1,959)
Proceeds from Liberty SiriusXM common stock rights offering		754	—
Cash dividends paid by subsidiary		(49)	(52)
Taxes paid in lieu of shares issued for stock-based compensation		(86)	(101)
Other financing activities, net		(66)	(41)
Net cash provided (used) by financing activities		(78)	(1,854)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(1)	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash		668	321
Cash, cash equivalents and restricted cash at beginning of period		1,306	452
Cash, cash equivalents and restricted cash at end of period	$	1,974	773

I-8

The following table reconciles cash and cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:

	September 30,		December 31,
	2020		2019
	amounts in millions
Cash and cash equivalents	$	1,936	1,222
Restricted cash included in other current assets		10	57
Restricted cash included in other assets		28	27
Total cash and cash equivalents and restricted cash at end of period	$	1,974	1,306

See accompanying notes to condensed consolidated financial statements.

I-9

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended September 30, 2020

	Stockholders' equity
													Accumulated		Noncontrolling
												Additional	other		interest in
	Preferred		Liberty Sirius XM			Liberty Braves			Liberty Formula One			Paid-in	comprehensive	Retained	equity of	Total
	Stock		Series A	Series B	Series C	Series A	Series B	Series C	Series A	Series B	Series C	Capital	earnings (loss)	earnings	subsidiaries	equity
	amounts in millions
Balance at June 30, 2020	$	—	1	—	2	—	—	—	—	—	2	3,110	156	13,339	5,478	22,088
Net earnings		—	—	—	—	—	—	—	—	—	—	—	—	(114)	71	(43)
Other comprehensive earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	(137)	—	3	(134)
Stock-based compensation		—	—	—	—	—	—	—	—	—	—	56	—	—	17	73
Withholding taxes on net share settlements of stock-based compensation		—	—	—	—	—	—	—	—	—	—	(40)	—	—	—	(40)
Liberty SiriusXM stock repurchases		—	—	—	—	—	—	—	—	—	—	(66)	—	—	—	(66)
Shares repurchased by subsidiary		—	—	—	—	—	—	—	—	—	—	(92)	—	—	(394)	(486)
Shares issued by subsidiary		—	—	—	—	—	—	—	—	—	—	(30)	—	—	30	—
Other, net		—	—	—	—	—	—	—	—	—	—	5	—	—	(17)	(12)
Balance at September 30, 2020	$	—	1	—	2	—	—	—	—	—	2	2,943	19	13,225	5,188	21,380

See accompanying notes to condensed consolidated financial statements.

I-10

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Nine Months ended September 30, 2020

	Stockholders' equity
													Accumulated		Noncontrolling
												Additional	other		interest in
	Preferred		Liberty Sirius XM			Liberty Braves			Liberty Formula One			Paid-in	comprehensive	Retained	equity of	Total
	Stock		Series A	Series B	Series C	Series A	Series B	Series C	Series A	Series B	Series C	Capital	earnings (loss)	earnings	subsidiaries	equity
	amounts in millions
Balance at January 1, 2020	$	—	1	—	2	—	—	—	—	—	2	2,575	(33)	13,748	5,630	21,925
Net earnings		—	—	—	—	—	—	—	—	—	—	—	—	(516)	213	(303)
Other comprehensive earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	52	—	(3)	49
Stock-based compensation		—	—	—	—	—	—	—	—	—	—	144	—	—	49	193
Withholding taxes on net share settlements of stock-based compensation		—	—	—	—	—	—	—	—	—	—	(86)	—	—	—	(86)
Liberty SiriusXM stock repurchases		—	—	—	—	—	—	—	—	—	—	(204)	—	—	—	(204)
Shares repurchased by subsidiary		—	—	—	—	—	—	—	—	—	—	(184)	—	—	(710)	(894)
Shares issued by subsidiary		—	—	—	—	—	—	—	—	—	—	(58)	—	—	58	—
Common stock issued pursuant to the Series C Liberty SiriusXM common stock rights offering		—	—	—	—	—	—	—	—	—	—	754	—	—	—	754
Other, net		—	—	—	—	—	—	—	—	—	—	2	—	(7)	(49)	(54)
Balance at September 30, 2020	$	—	1	—	2	—	—	—	—	—	2	2,943	19	13,225	5,188	21,380

See accompanying notes to condensed consolidated financial statements.

I-11

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended September 30, 2019

	Stockholders' equity
													Accumulated		Noncontrolling
												Additional	other		interest in
	Preferred		Liberty Sirius XM			Liberty Braves			Liberty Formula One			Paid-in	comprehensive	Retained	equity of	Total
	Stock		Series A	Series B	Series C	Series A	Series B	Series C	Series A	Series B	Series C	Capital	earnings (loss)	earnings	subsidiaries	equity
	amounts in millions
Balance at June 30, 2019	$	—	1	—	2	—	—	—	—	—	2	3,016	(25)	13,600	5,885	22,481
Net earnings		—	—	—	—	—	—	—	—	—	—	—	—	193	69	262
Other comprehensive earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	(36)	—	(2)	(38)
Stock-based compensation		—	—	—	—	—	—	—	—	—	—	60	—	—	19	79
Liberty SiriusXM stock repurchases		—	—	—	—	—	—	—	—	—	—	(68)	—	—	—	(68)
Shares repurchased by subsidiary		—	—	—	—	—	—	—	—	—	—	(127)	—	—	(337)	(464)
Shares issued by subsidiary		—	—	—	—	—	—	—	—	—	—	(35)	—	—	43	8
Other, net		—	—	—	—	—	—	—	—	—	—	(66)	—	—	(16)	(82)
Balance at September 30, 2019	$	—	1	—	2	—	—	—	—	—	2	2,780	(61)	13,793	5,661	22,178

See accompanying notes to condensed consolidated financial statements.

I-12

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Nine Months ended September 30, 2019

	Stockholders' equity
													Accumulated		Noncontrolling
												Additional	other		interest in
	Preferred		Liberty Sirius XM			Liberty Braves			Liberty Formula One			Paid-in	comprehensive	Retained	equity of	Total
	Stock		Series A	Series B	Series C	Series A	Series B	Series C	Series A	Series B	Series C	Capital	earnings (loss)	earnings	subsidiaries	equity
	amounts in millions
Balance at January 1, 2019	$	—	1	—	2	—	—	—	—	—	2	2,984	(38)	13,644	5,103	21,698
Net earnings		—	—	—	—	—	—	—	—	—	—	—	—	151	176	327
Other comprehensive earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	(23)	—	4	(19)
Cumulative effect of accounting change		—	—	—	—	—	—	—	—	—	—	—	—	(2)	—	(2)
Stock-based compensation		—	—	—	—	—	—	—	—	—	—	186	—	—	61	247
Liberty SiriusXM stock repurchases		—	—	—	—	—	—	—	—	—	—	(374)	—	—	—	(374)
Subsidiary shares issued as consideration in subsidiary acquisition		—	—	—	—	—	—	—	—	—	—	657	—	—	1,698	2,355
Shares repurchased by subsidiary		—	—	—	—	—	—	—	—	—	—	(499)	—	—	(1,467)	(1,966)
Shares issued by subsidiary		—	—	—	—	—	—	—	—	—	—	(69)	—	—	77	8
Other, net		—	—	—	—	—	—	—	—	—	—	(105)	—	—	9	(96)
Balance at September 30, 2019	$	—	1	—	2	—	—	—	—	—	2	2,780	(61)	13,793	5,661	22,178

See accompanying notes to condensed consolidated financial statements.

I-13

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(1)   Basis of Presentation

The accompanying condensed consolidated financial statements include all the accounts of Liberty Media Corporation and its controlled subsidiaries ("Liberty," the "Company," "we," "us," or "our" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated.

Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries globally. Liberty’s significant subsidiaries include Sirius XM Holdings Inc. ("Sirius XM Holdings"), Delta Topco Limited (the parent company of Formula 1) (“Delta Topco”) and Braves Holdings, LLC ("Braves Holdings"). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. ("Live Nation").  

The accompanying (a) condensed consolidated balance sheet as of December 31, 2019, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Liberty's Annual Report on Form 10-K for the year ended December 31, 2019.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurement of non-financial instruments, (ii) accounting for income taxes and (iii) the determination of the useful life of Sirius XM Holdings’ broadcast/transmission system to be its most significant estimates.

In December 2019, Chinese officials reported a novel coronavirus outbreak (“COVID-19”). COVID-19 has since spread internationally. On March 11, 2020, the World Health Organization (“WHO”) assessed COVID-19 as a global pandemic, causing many countries throughout the world to take aggressive actions, including imposing travel restrictions and stay-at-home orders, closing public attractions and restaurants, and mandating social distancing practices. As a result, the start of the 2020 Formula 1 race calendar and the Major League Baseball season were delayed until the beginning of July 2020 and end of July 2020, respectively. In addition, in mid-March 2020, Live Nation suspended all large-scale live entertainment events due to COVID-19.

We are not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require us to update our estimates or judgments or revise the carrying value of our assets or liabilities.  Our estimates may change, however, as new events occur and additional information is obtained, any such changes will be recognized in the financial statements. Actual results could differ from estimates, and any such differences may be material to our financial statements.

Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements.

I-14

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Liberty has entered into certain agreements with Qurate Retail, Inc. (“Qurate Retail”), Liberty TripAdvisor Holdings, Inc. (“TripCo”), Liberty Broadband Corporation (“Liberty Broadband”), Liberty Expedia Holdings, Inc. (prior to July 2019) and GCI Liberty, Inc. (“GCI Liberty”), all of which are, or were (in the case of Liberty Expedia Holdings, Inc.), separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others (except that GCI Liberty owns shares of Liberty Broadband’s Series C non-voting common stock). These agreements include Reorganization Agreements (in the case of Qurate Retail and Liberty Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of Liberty Broadband only). In addition, as a result of certain corporate transactions, Liberty and Qurate Retail may have obligations to each other for certain tax related matters.

The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and the applicable counterparty, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides the applicable counterparty with general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty is reimbursed by each counterparty for direct, out-of-pocket expenses incurred by Liberty in providing these services and, in the case of Qurate Retail, Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. The remaining Services Agreements provide for the payment to Liberty of an annual fee for the provision of these services. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities at its corporate headquarters with the other companies. Under these various agreements, approximately $6 million and $23 million of these allocated expenses were reimbursed to Liberty during the three months ended September 30, 2020 and 2019, respectively, and $22 million and $39 million were reimbursed during the nine months ended September 30, 2020 and 2019, respectively.

In December 2019, each of TripCo, Liberty Broadband, GCI Liberty and Qurate Retail (collectively, the “Service Companies”) entered into an amendment to its respective services agreement with Liberty in connection with Liberty's entry into a new employment arrangement with Gregory B. Maffei, Liberty's President and Chief Executive Officer. Under the amended services agreements, components of Mr. Maffei's compensation will either be paid directly to him by each Service Company or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the amended services agreement.

Seasonality

Formula 1 recognizes the majority of its revenue and expenses in connection with World Championship race events (“Events”) that take place in different countries around the world throughout the year. The Events in the past have generally taken place between March and November each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year.

Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.

Due to the delays of their respective 2020 seasons as a result of COVID-19, the majority of Braves Holdings revenue was recognized during the third quarter and the majority of Formula 1 revenue has been and will be recognized in the third and fourth quarters, respectively.

(2) Tracking Stocks

A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Braves Group and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not

I-15

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as Sirius XM Holdings or Live Nation, in which Liberty holds an interest and that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group.  Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation.

On April 22, 2020, the Company’s board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group (collectively, the “reattribution”).

The assets reattributed from the Formula One Group to the Liberty SiriusXM Group, valued at $2.8 billion, consisted of:

● Liberty’s entire Live Nation stake, consisting of approximately 69.6 million shares of Live Nation common stock;

● a newly-created Formula One Group intergroup interest, consisting of approximately 5.3 million notional shares of Liberty Formula One common stock (see note 5), to cover exposure under Liberty’s 1.375% cash convertible senior notes due 2023 (the “Convertible Notes”);

● the bond hedge and warrants associated with the Convertible Notes;

● the entire Liberty SiriusXM Group intergroup interest, consisting of approximately 1.9 million notional shares of Liberty SiriusXM common stock, thereby eliminating the Liberty SiriusXM Group intergroup interest; and

● a portion, consisting of approximately 2.3 million notional shares of Liberty Braves common stock (see note 5), of the Formula One Group’s intergroup interest in the Braves Group, to cover exposure under the Convertible Notes.

The reattributed liabilities, valued at $1.3 billion, consisted of:

● the Convertible Notes;

● Liberty’s 2.25% exchangeable senior debentures due 2048; and

● Liberty’s margin loan secured by shares of Live Nation (“Live Nation Margin Loan”).  

Similarly, $1.5 billion of net asset value has been reattributed from the Liberty SiriusXM Group to the Formula One Group, comprised of:

● a call spread between the Formula One Group and the Liberty SiriusXM Group with respect to 34.8 million of the Live Nation shares that were reattributed to the Liberty SiriusXM Group; and

● a net cash payment of $1.4 billion from the Liberty SiriusXM Group to the Formula One Group, which was funded by a combination of (x) cash on hand, (y) an additional $400 million drawn from the Company’s existing margin loan secured by shares of common stock of Sirius XM Holdings, resulting in an aggregate outstanding balance of $750 million, and (z) the creation of an intergroup loan obligation from the Liberty SiriusXM Group to the Formula One Group in the principal amount of $750 million, plus interest thereon, which was repaid with the proceeds from the LSXMK rights offering described below (the “Intergroup Loan”).

The reattribution is reflected in the Company’s financial statements on a prospective basis.

The Liberty SiriusXM common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group. As of September 30, 2020, the Liberty SiriusXM Group is comprised of Liberty’s interests in Sirius XM Holdings and Live Nation, corporate cash, Liberty’s 1.375% Cash

I-16

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Convertible Notes due 2023 and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.25% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. The Liberty SiriusXM Group holds intergroup interests in the Formula One Group and the Braves Group as of September 30, 2020. As of September 30, 2020, the Liberty SiriusXM Group has cash and cash equivalents of approximately $137 million, which includes $33 million of subsidiary cash. During the nine months ended September 30, 2020, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $175 million, of which Liberty received $126 million. On October 6, 2020, Sirius XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.014641 per share of common stock payable on November 30, 2020 to stockholders of record as of the close of business on November 6, 2020.

The Liberty Braves common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Braves Group. As of September 30, 2020, the Braves Group is comprised primarily of Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project and corporate cash. The Formula One Group and the Liberty SiriusXM Group retain intergroup interests in the Braves Group. As of September 30, 2020, the Braves Group has cash and cash equivalents of approximately $213 million, which includes $136 million of subsidiary cash.

The Liberty Formula One common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Formula One Group. As of September 30, 2020, the Formula One Group is comprised of all of the businesses, assets and liabilities of Liberty, other than those specifically attributed to the Braves Group or the Liberty SiriusXM Group, including Liberty’s interest in Formula 1, an intergroup interest in the Braves Group, Liberty’s 1% Cash Convertible Notes due 2023 and Liberty’s 2.25% Exchangeable Senior Debentures due 2046. As of September 30, 2020, the Formula One Group has cash and cash equivalents of approximately $1,586 million, which includes $139 million of subsidiary cash.

The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903, representing an 11.3% intergroup interest at September 30, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037, representing a 3.8% intergroup interest at September 30, 2020. The number of notional shares representing the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group is 5,271,475, representing a 2.2% intergroup interest at September 30, 2020. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock, and the Liberty SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of Liberty Formula One common stock. The intergroup interests may be settled, at the discretion of the board of directors of the Company (the “Board of Directors”), through the transfer of newly issued shares of Liberty Braves common stock and Liberty Formula One common stock, respectively, cash and/or other assets to the respective tracking stock group. Accordingly, the Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group. Similarly, the Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group. The offsetting amounts between tracking stock groups are eliminated in consolidation. The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of the Board of Directors, through a transfer of securities, cash and/or other assets from the Braves Group or Formula One Group to the respective tracking stock group.

I-17

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

On April 22, 2020, the Company’s board of directors authorized management of the Company to cause subscription rights (the “Series C Liberty SiriusXM Rights”) to purchase shares of Series C Liberty SiriusXM common stock, par value $0.01 per share (“LSXMK”), in a rights offering (the “LSXMK rights offering”) to be distributed to holders of Series A Liberty SiriusXM common stock, par value $0.01 per share, Series B Liberty SiriusXM common stock, par value $0.01 per share, and LSXMK. In the LSXMK rights offering, Liberty distributed 0.0939 of a Series C Liberty SiriusXM Right for each share of Series A, Series B or Series C Liberty SiriusXM common stock held as of 5:00 p.m., New York City time, on May 13, 2020. Fractional Series C Liberty SiriusXM Rights were rounded up to the nearest whole right. Each whole Series C Liberty SiriusXM Right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of LSXMK at a subscription price of $25.47, which was equal to an approximate 20% discount to the volume weighted average trading price of LSXMK for the 3-day trading period ending on and including May 8, 2020. Each Series C Liberty SiriusXM Right also entitled the holder to subscribe for additional shares of LSXMK that were unsubscribed for in the LSXMK rights offering pursuant to an oversubscription privilege. The LSXMK rights offering commenced on May 18, 2020, which was also the ex-dividend date for the distribution of the Series C Liberty SiriusXM Rights. The LSXMK rights offering expired at 5:00 p.m. New York City time, on June 5, 2020 and was fully subscribed with 29,594,089 shares of LSXMK issued to those rightsholders exercising basic and, if applicable, oversubscription privileges. The proceeds from the LSXMK rights offering, which aggregated approximately $754 million, were used to repay the outstanding balance on the Intergroup Loan and accrued interest. 

See Exhibit 99.1 to this Quarterly Report on Form 10-Q for unaudited attributed financial information for Liberty's tracking stock groups.

(3)  Acquisitions and Restructurings

Sirius XM Holdings acquisition of Pandora

On February 1, 2019, Sirius XM Holdings purchased all of the outstanding shares of Pandora Media, Inc. (“Pandora”) for $2.4 billion, by converting each outstanding share of Pandora common stock into 1.44 shares of Sirius XM Holdings common stock and by cancelling Sirius XM Holdings’ investment in Pandora’s preferred stock with a fair value of $524 million, for total consideration of approximately $2.9 billion. Net cash acquired by Sirius XM Holdings was $313 million. Pandora operates an internet-based music discovery platform, offering a personalized experience for listeners.

The table below shows the value of the consideration paid in connection with the acquisition (in millions, except for exchange ratio and price per share of Sirius XM Holdings common stock):

Pandora common stock outstanding at January 31, 2019		272
Exchange ratio		1.44
Sirius XM Holdings common stock issued		392
Price per share of Sirius XM Holdings common stock as of January 31, 2019	$	5.83
Value of Sirius XM Holdings common stock issued to Pandora stockholders pursuant to the transactions		2,285
Value of Sirius XM Holdings replacement equity awards attributable to pre-combination service		70
Sirius XM Holdings' Pandora preferred stock investment cancelled		524
Total consideration	$	2,879

Sirius XM Holdings recognized $83 million of costs related to the acquisition of Pandora during the nine months ended September 30, 2019.

I-18

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The amounts of revenue and net loss of Pandora included in Liberty’s condensed consolidated statement of operations since the date of acquisition were $447 million and $47 million, respectively, for the three months ended September 30, 2019 and $1,139 million and $225 million, respectively, for the nine months ended September 30, 2019.

The unaudited pro forma revenue and net earnings of Liberty, prepared utilizing the historical financial statements of Pandora, giving effect to acquisition accounting related adjustments made at the time of acquisition, as if the acquisition of Pandora discussed above occurred on January 1, 2019, are as follows:

	Three months ended		Nine months ended
	September 30, 2019		September 30, 2019
	amounts in millions
Revenue	$	2,858	7,793
Net earnings (loss)	$	260	346
Net earnings (loss) attributable to Liberty stockholders	$	191	164

The pro forma results primarily include adjustments related to the amortization of acquired intangible assets, depreciation of property and equipment, acquisition costs, fair value gain or loss on the Pandora investment and associated tax impacts. The pro forma information is not representative of the Company’s future results of operations nor does it reflect what the Company’s results of operations would have been if the acquisition of Pandora had occurred previously and the Company consolidated Pandora during the entirety of the period presented.

Sirius XM Holdings acquisition of Simplecast

On June 16, 2020, Sirius XM Holdings acquired Simplecast for $28 million in cash. Simplecast is a podcast management and analytics platform. In connection with the acquisition, Sirius XM Holdings recognized goodwill of $17 million, intangible assets subject to amortization of $12 million, other assets of less than $1 million and deferred income tax liabilities of $1 million.

Sirius XM Holdings restructuring of Automatic Labs

In May 2020, Sirius XM Holdings terminated the Automatic Labs Inc. ("Automatic") service, which was part of its connected services business. During the nine months ended September 30, 2020, Sirius XM Holdings recorded $24 million of restructuring expenses related to the termination of the service. The termination of the Automatic service does not meet the requirements to be reported as a discontinued operation because the termination of the service does not represent a strategic shift that will have a major effect on our operations and financial results.

Sirius XM Holdings acquisition of Stitcher

On October 16, 2020, Sirius XM Holdings acquired the assets of Stitcher, a pioneer in podcast production, distribution, and ad sales, from The E.W. Scripps Company (“Scripps”) and certain of its subsidiaries. Under the terms of the asset purchase agreement, Sirius XM Holdings paid $272 million in cash, which includes a working capital adjustment. The agreement provides that Sirius XM Holdings will potentially make up to $60 million in additional contingent payments to Scripps based on Stitcher achieving certain financial metrics in 2020 and 2021.

I-19

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(4)   Stock-Based Compensation

Liberty grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units (“RSUs”) and stock options to purchase shares of its common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date.

Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, as discussed below:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Cost of services:
Programming and content	$	9	8	24	22
Customer service and billing		1	1	4	3
Other		1	1	4	4
Other operating expense		11	15	31	37
Selling, general and administrative		46	51	117	151
	$	68	76	180	217

Liberty—Grants of Awards

Awards granted during the nine months ended September 30, 2020 are summarized as follows:

	Nine Months Ended
	September 30, 2020
	Options	Weighted
	granted	average
	(000's)	GDFV
Series C Liberty SiriusXM common stock, Liberty employees (1)	51	$	10.52
Series C Liberty SiriusXM common stock, Liberty CEO (2)	388	$	8.72
Series C Liberty Formula One common stock, Liberty employees (1)	45	$	12.38
Series C Liberty Formula One common stock, Liberty CEO (2)	246	$	7.55
Series C Liberty Formula One common stock, Formula 1 employees (3)	1,435	$	7.55
Series C Liberty Braves common stock, Liberty employees (1)	27	$	5.71
Series C Liberty Braves common stock, Liberty CEO (2)	137	$	4.67

(1) Grants vest between three and four years.

(2) Grants cliff vest on December 31, 2020. Grants were made in connection with the CEO’s employment agreement.

(3) Grants vest monthly over one year.

The Company did not grant any options to purchase Series A or Series B Liberty SiriusXM, Liberty Braves or Liberty Formula One common stock during the nine months ended September 30, 2020.

I-20

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Also during the nine months ended September 30, 2020, the Company granted 9 thousand, 3 thousand and 7 thousand time-based RSUs of Series C common stock of Liberty SiriusXM, Liberty Braves and Liberty Formula One, respectively, to our CEO. The RSUs had a GDFV of $33.11, $18.17 and $24.68 per share, respectively, and cliff vest on December 10, 2020. These RSU grants were issued in lieu of our CEO receiving 50% of his remaining base salary for the last three quarters of calendar year 2020, and he has waived his right to receive the other 50%, in each case, in light of the ongoing financial impact of COVID-19.

Liberty calculates the GDFV for all of its equity classified Awards and the subsequent remeasurement of its liability classified Awards using the Black-Scholes Model. Liberty estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of Liberty common stock and the implied volatility of publicly traded Liberty options. Liberty uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject Awards.

Liberty—Outstanding Awards

The following tables present the number and weighted average exercise price ("WAEP") of Awards to purchase Liberty common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the Awards.  

Liberty SiriusXM

	Series A							Series C
				Weighted		Aggregate					Weighted		Aggregate
				average		intrinsic					average		intrinsic
	Liberty			remaining		value		Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)		Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2020	22	$	22.62					9,817	$	33.90
Granted	—	$	—					439	$	39.29
Exercised	(17)	$	20.33					(121)	$	28.50
Forfeited/Cancelled	—	$	—					—	$	—
Outstanding at September 30, 2020	5	$	31.00	0.2	years	$	—	10,135	$	34.20	3.0	years	$	22
Exercisable at September 30, 2020	5	$	31.00	0.2	years	$	—	7,985	$	32.24	2.4	years	$	21

I-21

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Liberty Braves

	Series A							Series C
				Weighted		Aggregate					Weighted		Aggregate
				average		intrinsic					average		intrinsic
	Liberty			remaining		value		Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)		Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2020	2	$	11.89					1,267	$	21.82
Granted	—	$	—					164	$	20.06
Exercised	—	$	—					(11)	$	16.24
Forfeited/Cancelled	—	$	—					—	$	—
Outstanding at September 30, 2020	2	$	11.89	1.7	years	$	—	1,420	$	21.66	3.9	years	$	3
Exercisable at September 30, 2020	2	$	11.89	1.7	years	$	—	817	$	18.84	2.3	years	$	2

Liberty Formula One

	Series A							Series C
				Weighted		Aggregate					Weighted		Aggregate
				average		intrinsic					average		intrinsic
	Liberty			remaining		value		Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)		Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2020	1	$	12.63					8,284	$	31.16
Granted	—	$	—					1,726	$	28.85
Exercised	—	$	—					(360)	$	30.38
Forfeited/Cancelled	—	$	—					—	$	—
Outstanding at September 30, 2020	1	$	12.63	2.2	years	$	—	9,650	$	30.78	4.5	years	$	59
Exercisable at September 30, 2020	1	$	12.63	2.2	years	$	—	7,405	$	30.03	4.1	years	$	46

As of September 30, 2020, the total unrecognized compensation cost related to unvested Awards was approximately $28 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.4 years.

As of September 30, 2020, Liberty reserved 10.1 million, 1.4 million and 9.7 million shares of Series A and Series C common stock of Liberty SiriusXM, Liberty Braves and Liberty Formula One, respectively, for issuance under exercise privileges of outstanding stock Awards.

Sirius XM Holdings — Stock-based Compensation

Sirius XM Holdings granted various types of stock awards to its employees during the nine months ended September 30, 2020. As of September 30, 2020, Sirius XM Holdings has approximately 196 million options outstanding of which approximately 154 million are exercisable, each with a WAEP per share of $4.61 and $4.25, respectively. The aggregate intrinsic value of Sirius XM Holdings options outstanding and exercisable as of September 30, 2020 is $206 million and $195 million, respectively. During the nine months ended September 30, 2020, Sirius XM Holdings granted approximately

I-22

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

33 million nonvested RSUs with a GDFV per share of $6.14. The stock-based compensation expense related to Sirius XM Holdings was $58 million and $65 million for the three months ended September 30, 2020 and 2019, respectively, and $165 million and $171 million for the nine months ended September 30, 2020 and 2019, respectively. In addition, the acquisition and restructuring costs recognized by Sirius XM Holdings during the nine months ended September 30, 2019 includes $21 million of stock-based compensation. As of September 30, 2020, the total unrecognized compensation cost related to unvested Sirius XM Holdings stock options and RSUs was $418 million. The Sirius XM Holdings unrecognized compensation cost will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.7 years.

(5)   Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders.

Excluded from diluted EPS for the three and nine months ended September 30, 2020 are approximately 25 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, 3 million potentially dilutive shares of Series A and Series C Liberty Braves common stock and 6 million potentially dilutive shares of Series A and Series C Liberty Formula One common stock, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined in note 9), because their inclusion would be antidilutive. The Amended Warrant Transactions (as defined in note 9) may have a dilutive effect with respect to the shares comprising the basket of Liberty’s tracking stocks as specified in the indenture, as amended, related to the Convertible Notes (the “Securities Basket”) underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. The warrants and any potential future settlement were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

Series A, Series B and Series C Liberty SiriusXM Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.  

	Three months ended September 30,			Nine months ended September 30,
	2020		2019 (a)	2020	2019 (a)
		numbers of shares in millions
Basic WASO		343	327	332	329
Potentially dilutive shares		1	4	2	4
Diluted WASO (b)		344	331	334	333

(a) As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Series C Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the weighted average shares outstanding.

(b) As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group

I-23

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group had net earnings, the notional shares representing the intergroup interest were included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:

	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
		amounts in millions
Basic earnings (loss) attributable to Liberty SiriusXM stockholders	$	12	140	138	368
Unrealized (gain) loss on the intergroup interest		NA	NA	(35)	NA
Diluted earnings (loss) attributable to Liberty SiriusXM stockholders	$	12	140	103	368

Series A, Series B and Series C Liberty Braves Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.  

	Three months ended September 30,			Nine months ended September 30,
	2020 (a)		2019	2020 (a)	2019 (a)
		numbers of shares in millions
Basic WASO		51	51	51	51
Potentially dilutive shares		9	10	9	10
Diluted WASO (b)		60	61	60	61

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

(b) Prior to the reattribution, as discussed in note 2, the number of notional Liberty Braves shares representing the Formula One Group’s intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037 as of September 30, 2020.

I-24

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The intergroup interests are quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows:

	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
		amounts in millions
Basic earnings (loss) attributable to Liberty Braves stockholders	$	(31)	12	(16)	(33)
Unrealized (gain) loss on the intergroup interests		10	(2)	(78)	26
Diluted earnings (loss) attributable to Liberty Braves stockholders	$	(21)	10	(94)	(7)

Series A, Series B and Series C Liberty Formula One Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.  

	Three months ended September 30,			Nine months ended September 30,
	2020 (a)		2019	2020 (a)	2019 (a)
		numbers of shares in millions
Basic WASO		232	231	232	231
Potentially dilutive shares		6	2	6	2
Diluted WASO (b)		238	233	238	233

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

(b) As discussed in note 2, the number of notional Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of September 30, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the

I-25

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Liberty SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Formula One common stock underlie the 1.375% convertible bonds.  Therefore, the market price of Series A Liberty Formula One common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:

	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
		amounts in millions
Basic earnings (loss) attributable to Formula One stockholders	$	(95)	41	(638)	(184)
Unrealized (gain) loss on the intergroup interest		23	NA	51	NA
Diluted earnings (loss) attributable to Formula One stockholders	$	(72)	41	(587)	(184)

(6)   Assets and Liabilities Measured at Fair Value

For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.  Liberty does not have any assets or liabilities required to be measured at fair value considered to be Level 3.

I-26

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Liberty's assets and liabilities measured at fair value are as follows:

	Fair Value Measurements at				Fair Value Measurements at
	September 30, 2020				December 31, 2019
			Quoted			Quoted
			prices			prices
			in active	Significant		in active	Significant
			markets	other		markets	other
			for identical	observable		for identical	observable
			assets	inputs		assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)
	amounts in millions
Cash equivalents	$	1,668	1,668	—	992	992	—
Debt and equity securities	$	231	178	53	353	242	111
Financial instrument assets	$	214	31	183	498	29	469
Debt	$	3,237	—	3,237	3,678	—	3,678
Financial instrument liabilities	$	121	—	121	53	—	53

The majority of Liberty's Level 2 financial instruments are debt related instruments and derivative instruments. These assets and liabilities are not always traded publicly or not considered to be traded on "active markets," as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs or a trading price of a similar asset or liability is utilized.  Accordingly, those debt securities, financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. Debt and equity securities and financial instrument assets classified as Level 1 and Level 2 in the table above are included in the Other assets line item in the condensed consolidated balance sheets.

Realized and Unrealized Gains (Losses) on Financial Instruments, net

Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Debt and equity securities	$	4	18	(109)	89
Debt measured at fair value (a)		44	(62)	326	(295)
Change in fair value of bond hedges (b)		(32)	68	(282)	107
Other derivatives		—	(10)	(98)	(72)
	$	16	14	(163)	(171)

(a) The Company elected to account for its exchangeable senior debentures and cash convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and cash convertible notes recognized in the condensed consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $193 million and a loss of $29 million for the three months ended September 30, 2020 and 2019,

I-27

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

respectively, and a gain of $109 million and a loss of $33 million for the nine months ended September 30, 2020 and 2019, respectively, and the cumulative change was a gain of $136 million as of September 30, 2020.

(b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 9 for additional discussion of the bond hedges.

(7)   Investments in Affiliates Accounted for Using the Equity Method

Liberty has various investments accounted for using the equity method. The following table includes the Company's carrying amount and percentage ownership of the more significant investments in affiliates at September 30, 2020 and the carrying amount at December 31, 2019:

	September 30, 2020						December 31, 2019
	Percentage		Fair Value		Carrying		Carrying
	ownership		(Level 1)		amount		amount
	dollar amounts in millions
Liberty SiriusXM Group
Live Nation (a)	33	%	$	3,752	$	289	NA
Sirius XM Canada	70	%	$	NA		617	636
Other				NA		80	8
Total Liberty SiriusXM Group						986	644
Braves Group
Other	various			NA		87	99
Total Braves Group						87	99
Formula One Group
Live Nation (a)						NA	746
Other	various			NA		33	136
Total Formula One Group						33	882
Consolidated Liberty					$	1,106	1,625

(a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. See note 9 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2020 pursuant to the Live Nation Margin Loan.

I-28

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The following table presents the Company's share of earnings (losses) of affiliates:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Live Nation (a)	$	(177)	NA	(321)	NA
Sirius XM Canada		—	—	8	2
Other		(6)	(7)	(18)	(20)
Total Liberty SiriusXM Group		(183)	(7)	(331)	(18)
Braves Group
Other		(5)	4	(2)	13
Total Braves Group		(5)	4	(2)	13
Formula One Group
Live Nation (a)		NA	54	(112)	61
Other		1	4	3	13
Total Formula One Group		1	58	(109)	74
Consolidated Liberty	$	(187)	55	(442)	69

(a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

Sirius XM Canada

As of September 30, 2020, Sirius XM Holdings holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc. (“Sirius XM Canada”). Sirius XM Canada is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact Sirius XM Canada's economic performance.

Sirius XM Holdings has a loan to Sirius XM Canada in the aggregate amount of $117 million as of September 30, 2020. The loan is denominated in Canadian dollars and is considered a long-term investment with any unrealized gains or losses reported within Accumulated other comprehensive (loss) income.

Sirius XM Holdings also entered into a Services Agreement and an Advisory Services Agreement with Sirius XM Canada. Each agreement has a thirty year term. Pursuant to the Services Agreement, Sirius XM Canada currently pays Sirius XM Holdings 25% of its gross revenue on a monthly basis and pursuant to the Advisory Services Agreement, Sirius XM Canada pays Sirius XM Holdings 5% of its gross revenue on a monthly basis.

Sirius XM Holdings has approximately $10 million in related party current assets as of September 30, 2020. At September 30, 2020, Sirius XM Holdings has approximately $1 million in current related party liabilities which are recorded in other current liabilities in the Company’s condensed consolidated balance sheet. Sirius XM Holdings recorded approximately $25 million in revenue for both the three months ended September 30, 2020 and 2019 and $73 million in revenue for both of the nine months ended September 30, 2020 and 2019, associated with these various agreements. Sirius XM Canada paid gross dividends to Sirius XM Holdings of less than $1 million during both of the three months ended September 30, 2020 and 2019, and $1 million during both of the nine months ended September 20, 2020 and 2019.

I-29

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

SoundCloud

In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (“SoundCloud”). The investment in SoundCloud is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact SoundCloud's economic performance.

In addition to Sirius XM Holdings’ investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive U.S. ad sales representative. Through this arrangement, Pandora offers advertisers the ability to execute campaigns in the U.S. across the Pandora and SoundCloud listening platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $13 million during both the three months ended September 30, 2020 and 2019, and $36 million and $24 million during the nine months ended September 30, 2020 and 2019, respectively.  Sirius XM Holdings also had related party liabilities of $18 million as of September 30, 2020 related to this agreement.

(8)   Intangible Assets

Goodwill

Changes in the carrying amount of goodwill are as follows:

	Sirius XM Holdings		Formula 1	Other	Total
	amounts in millions
Balance at January 1, 2020	$	15,803	3,956	180	19,939
Acquisition (a)		17	—	—	17
Balance at September 30, 2020	$	15,820	3,956	180	19,956

(a) See note 3 for additional information regarding Sirius XM Holdings’ acquisition of Simplecast.

Intangible Assets Subject to Amortization

	September 30, 2020				December 31, 2019
	Gross			Net	Gross		Net
	carrying		Accumulated	carrying	carrying	Accumulated	carrying
	amount		amortization	amount	amount	amortization	amount
	amounts in millions
FIA Agreement	$	3,630	(692)	2,938	3,630	(543)	3,087
Customer relationships		3,086	(1,355)	1,731	3,086	(1,123)	1,963
Licensing agreements		315	(200)	115	316	(185)	131
Other		1,767	(1,062)	705	1,636	(877)	759
Total	$	8,798	(3,309)	5,489	8,668	(2,728)	5,940

Amortization expense for intangible assets with finite useful lives was $214 million and $204 million for the three months ended September 30, 2020 and 2019, respectively, and $609 million and $593 million for the nine months ended

I-30

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

September 30, 2020 and 2019, respectively. Based on its amortizable intangible assets as of September 30, 2020, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):

Remainder of 2020	$	201
2021	$	752
2022	$	658
2023	$	526
2024	$	407

I-31

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(9) Long-Term Debt

Debt is summarized as follows:

	Outstanding		Carrying value
	Principal		September 30,		December 31,
	September 30, 2020		2020		2019
	amounts in millions
Liberty SiriusXM Group
Corporate level notes and loans:
1.375% Cash Convertible Notes due 2023 (1)	$	1,000		1,090	NA
2.125% Exchangeable Senior Debentures due 2048 (1)		400		395	423
2.25% Exchangeable Senior Debentures due 2048 (1)		385		415	NA
2.75% Exchangeable Senior Debentures due 2049 (1)		604		591	632
Sirius XM Holdings Margin Loan		750		750	350
Live Nation Margin Loan		—		—	NA
Subsidiary notes and loans:
Sirius XM 3.875% Senior Notes due 2022		1,000		997	995
Sirius XM 4.625% Senior Notes due 2023		—		—	498
Sirius XM 4.625% Senior Notes due 2024		1,500		1,487	1,485
Sirius XM 5.375% Senior Notes due 2025		—		—	993
Sirius XM 5.375% Senior Notes due 2026		1,000		993	992
Sirius XM 5.0% Senior Notes due 2027		1,500		1,489	1,488
Sirius XM 5.50% Senior Notes due 2029		1,250		1,237	1,236
Sirius XM 4.125% Senior Notes due 2030		1,500		1,484	—
Pandora 1.75% Convertible Senior Notes due 2020		1		1	1
Pandora 1.75% Convertible Senior Notes due 2023		193		168	163
Sirius XM Senior Secured Revolving Credit Facility		—		—	—
Deferred financing costs				(12)	(11)
Total Liberty SiriusXM Group		11,083		11,085	9,245
Braves Group
Subsidiary notes and loans:
Notes and loans		714		714	559
Deferred financing costs				(4)	(5)
Total Braves Group		714		710	554
Formula One Group
Corporate level notes and loans:
1.375% Cash Convertible Notes due 2023 (1)		NA		NA	1,322
1% Cash Convertible Notes due 2023 (1)		450		536	585
2.25% Exchangeable Senior Debentures due 2046 (1)		204		210	257
2.25% Exchangeable Senior Debentures due 2048 (1)		NA		NA	459
Live Nation Margin Loan		NA		NA	130
Other		76		76	32
Subsidiary notes and loans:
Senior Loan Facility		2,902		2,905	2,907
Deferred financing costs				(12)	(15)
Total Formula One Group		3,632		3,715	5,677
Total debt	$	15,429		15,510	15,476
Debt classified as current				(96)	(60)
Total long-term debt			$	15,414	15,416

(1) Measured at fair value

I-32

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

1.375% Cash Convertible Notes due 2023

On October 17, 2013, Liberty issued $1 billion aggregate principal amount of the Convertible Notes. The Convertible Notes will mature on October 15, 2023 unless earlier repurchased by us or converted. Interest on the Convertible Notes is payable semi-annually in arrears on April 15 and October 15 of each year at a rate of 1.375% per annum. All conversions of the Convertible Notes will be settled solely in cash, and not through the delivery of any securities.

The Convertible Notes are convertible into cash based on the product of the conversion rate specified in the related indenture and the Securities Basket. A supplemental indenture entered into on April 15, 2016 amends the conversion, adjustment and other provisions of the indenture and provides that the conversion consideration due upon conversion of any Convertible Note shall be determined as if references in the indenture to one share of Series A Liberty Media Corporation common stock were instead a reference to the Securities Basket, initially consisting of 0.10 of a share of Series A Liberty Braves common stock, 1.0 share of Series A Liberty SiriusXM common stock and 0.25 of a share of Series A Liberty Formula One common stock. The Series A Liberty Braves common stock component of the Securities Basket was adjusted to 0.1087 of a share pursuant to anti-dilution adjustments arising out of the distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. In May 2020, the Series A Liberty SiriusXM common stock component of the Securities Basket was adjusted to 1.0163 shares pursuant to anti-dilution adjustments arising out of the distribution of subscription rights to purchase shares of Series C Liberty SiriusXM common stock made to all holders of Liberty SiriusXM common stock.

Holders of the Convertible Notes may convert their notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date of the notes under certain circumstances. Liberty has elected to account for this instrument using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. As of September 30, 2020, the Convertible Notes are classified as a long term liability in the condensed consolidated balance sheet, as the conversion conditions have not been met as of such date.

Additionally, contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges and purchased call options (the “Bond Hedge Transaction”). The Bond Hedge Transaction is expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes in the event that the volume-weighted average price per share of the Series A Liberty Media Corporation common stock, as measured under the cash convertible note hedge transactions on each trading day of the relevant cash settlement averaging period or other relevant valuation period, was greater than the strike price of Series A Liberty Media Corporation common stock, which corresponded to the conversion price of the Convertible Notes. On April 15, 2016, Liberty entered into amendments to the Bond Hedge Transaction. As of such date, the Bond Hedge Transaction covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,085,900 shares of Series A Liberty SiriusXM common stock and 2,108,590 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments pertaining to the Convertible Notes, which was equal to the aggregate number of shares comprising the Securities Basket underlying the Convertible Notes at that time. The aggregate number of shares of Series A Liberty Braves common stock relating to the Bond Hedge Transaction was increased to 2,292,037 pursuant to anti-dilution adjustments arising out of the 2016 distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. The aggregate number of shares of Series A Liberty Sirius XM common stock relating to the Bond Hedge Transaction was increased to 21,429,600 pursuant to anti-dilution adjustments arising out of the LSXMK rights offering. As of September 30, 2020, the basket price of the securities underlying the Bond Hedge Transaction was $44.36 per share. The expiration of these instruments is October 15, 2023. The fair value of these instruments is included in Other assets as of September 30, 2020 and December 31, 2019 in the accompanying condensed consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations.

I-33

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Concurrently with the Convertible Notes and Bond Hedge Transaction, Liberty also entered into separate privately negotiated warrant transactions under which Liberty sold warrants relating to the same number of shares of common stock as underlie the Bond Hedge Transaction, subject to anti-dilution adjustments (“Warrant Transactions”). The first expiration date of the warrants is January 16, 2024 and the remainder expire over a period covering 81 days thereafter. Liberty may elect to settle its delivery obligation under the Warrant Transactions with cash. Liberty entered into amendments to the Warrant Transactions with each of the option counterparties (“Amended Warrant Transactions”).  As of April 15, 2016, the Amended Warrant Transactions covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,085,900 shares of Series A Liberty SiriusXM common stock and 2,108,590 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments. The aggregate number of shares of Series A Liberty Braves common stock relating to the Amended Warrant Transactions was increased to 2,292,037 pursuant to anti-dilution adjustments arising out of the 2016 distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. The strike price of the warrants was adjusted to $61.16 per share. The aggregate number of shares of Series A Liberty Sirius XM common stock relating to the Amended Warrant Transactions was increased to 21,429,600 pursuant to anti-dilution adjustments arising out of the LSXMK rights offering. As of September 30, 2020, the basket price of the securities underlying the Amended Warrant Transactions was $44.36 per share. The Amended Warrant Transactions may have a dilutive effect with respect to the shares comprising the Securities Basket underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket.

The Convertible Notes, Bond Hedge Transaction and Warrant Transactions were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

1% Cash Convertible Notes due 2023

In connection with the acquisition of Delta Topco on January 23, 2017, Liberty issued $450 million aggregate principal amount of 1% Cash Convertible Senior Notes due 2023 at an interest rate of 1% per annum, which are convertible, under certain circumstances, into cash based on the trading prices of the underlying shares of Series C Liberty Formula One common stock and mature on January 30, 2023 (the ‘‘1% Cash Convertible Notes due 2023’’). The initial conversion rate for the notes will be approximately 27.11 shares of Series C Liberty Formula One common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $36.89 per share of Series C Liberty Formula One common stock. The conversion of the 1% Cash Convertible Notes due 2023 will be settled solely in cash, and not through the delivery of any securities.

2.25% Exchangeable Senior Debentures due 2046

On August 17, 2016, Liberty closed a private offering of approximately $445 million aggregate principal amount of its 2.25% exchangeable senior debentures due 2046 (the “2.25% Exchangeable Senior Debentures due 2046”), and shares of the Company’s Time Warner, Inc. (“Time Warner”) common stock were the reference shares attributable to the debentures. On June 14, 2018, AT&T Inc. (“AT&T”) acquired Time Warner in a stock-and-cash transaction. In accordance with the terms of the indenture governing the 2.25% Exchangeable Senior Debentures due 2046, the cash portion of the acquisition consideration was paid on June 22, 2018 as an extraordinary additional distribution to holders of debentures, and the stock portion of the acquisition consideration became reference shares attributable to the debentures. Also pursuant to the indenture, the original principal amount of the 2.25% Exchangeable Senior Debentures due 2046 was reduced by an amount equal to the extraordinary additional distribution of $229 million, calculated as $514.1295 per $1,000 original principal amount of debentures. Additionally, any amount of excess regular quarterly cash dividends paid on the AT&T reference shares will be distributed by the Company to holders of the debentures as an additional distribution.

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Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Upon an exchange of debentures, Liberty, at its option, may deliver AT&T common stock, cash or a combination of AT&T common stock and cash. The number of shares of AT&T common stock attributable to a debenture represents an initial exchange price of approximately $35.35 per share. A total of approximately 6.11 million shares of AT&T common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing December 31, 2016. The debentures may be redeemed by Liberty, in whole or in part, on or after October 5, 2021. Holders of the debentures also have the right to require Liberty to purchase their debentures on October 5, 2021. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest.

The debentures, as well as the associated cash proceeds, were attributed to the Formula One Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.125% Exchangeable Senior Debentures due 2048

On March 6, 2018, Liberty closed a private offering of approximately $400 million aggregate principal amount of its 2.125% exchangeable senior debentures due 2048 (the “2.125% Exchangeable Senior Debentures due 2048”). Upon an exchange of debentures, Liberty, at its option, may deliver Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.02 per share. A total of approximately 49.9 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2018. The debentures may be redeemed by Liberty, in whole or in part, on or after April 7, 2023. Holders of the debentures also have the right to require Liberty to purchase their debentures on April 7, 2023. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures, as well as the associated cash proceeds, were attributed to the Liberty Sirius XM Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.25% Exchangeable Senior Debentures due 2048

In December 2018, Liberty closed a private offering of approximately $385 million aggregate principal amount of its 2.25% exchangeable senior debentures due 2048 (the “2.25% Exchangeable Senior Debentures due 2048”). Upon an exchange of debentures, Liberty, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $66.28 per share. A total of approximately 5.8 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2019. The debentures may be redeemed by Liberty, in whole or in part, on or after December 1, 2021. Holders of the debentures also have the right to require Liberty to purchase their debentures on December 1, 2021. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.75% Exchangeable Senior Debentures due 2049

On November 26, 2019, Liberty closed a private offering of approximately $604 million aggregate principal amount of its 2.75% exchangeable senior debentures due 2049 (the “2.75% Exchangeable Senior Debentures due 2049”). Upon

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

an exchange of debentures, Liberty, at its option, may deliver Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.62 per share. A total of approximately 70 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2020. The debentures may be redeemed by Liberty, in whole or in part, on or after December 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on December 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures, as well as the associated cash proceeds, were attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

Margin Loans

Sirius XM Holdings Margin Loan

In March 2020, Liberty extended its margin loan agreement comprised of a $250 million term loan, a $500 million revolving line of credit and a $600 million delayed draw term loan, which mature during March 2022. The term loan, delayed draw term loan and any drawn portion of the revolver carries an interest rate of LIBOR plus 2.05% with the undrawn portion carrying a fee of 0.75%. Other terms of the agreement were substantially similar to the previous arrangement. Borrowings outstanding under this margin loan bore interest at a rate of 2.27% per annum at September 30, 2020. As of September 30, 2020, availability under the Sirius XM Holdings Margin Loan was $600 million.1,000.0 million shares of Sirius XM Holdings common stock held by Liberty with a value of $5,360 million were pledged as collateral to the Sirius XM Holdings Margin Loan as of September 30, 2020. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The margin loan does not include any financial covenants.

Live Nation Margin Loan

On December 10, 2018, the Live Nation Margin Loan agreement was amended, increasing the borrowing capacity to $600 million, extending the maturity date to December 10, 2020, decreasing the interest rate to LIBOR plus 1.80% and increasing the undrawn commitment fee to either 0.75% or 0.85% per annum (based on the undrawn amount). On December 10, 2019, the margin loan agreement was amended, extending the maturity date to December 10, 2021. On March 19, 2020, the Company repaid all amounts outstanding on the margin loan. On March 27, 2020, the margin loan agreement was amended, reducing the borrowing capacity to $270 million. Interest on the margin loan is payable on the last business day of each calendar quarter. As of September 30, 2020, availability under the Live Nation Margin Loan was $270 million. As discussed in note 7, 53.7 million shares of the Company’s Live Nation common stock with a value of $2,896 million were pledged as collateral to the loan as of September 30, 2020. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants. The margin loan was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

Sirius XM 4.125% Senior Notes Due 2030

In June 2020, Sirius XM issued $1.5 billion aggregate principal amount of 4.125% Senior Notes due 2030 (the “4.125% Notes”). Interest is payable semi-annually in arrears on January 1 and July 1 of each year at a rate of 4.125% per annum. The 4.125% Notes will mature on July 1, 2030. Substantially all of Sirius XM Holdings’ domestic wholly-owned

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM Holdings used the net proceeds from the offering to redeem all of its 4.625% Senior Notes due 2023 and 5.375% Senior Notes Due 2025 in July 2020.

Sirius XM Holdings 4.625% Senior Notes Due 2023 and 5.375% Senior Notes Due 2025

On July 9, 2020, Sirius XM Holdings redeemed all of the $500 million aggregate principal amount of outstanding 4.625% Senior Notes due 2023 for $507 million and all of the $1.0 billion aggregate principal amount of outstanding 5.375% Senior Notes due 2025 for $1,039 million. These redemptions resulted in a loss on extinguishment of debt of approximately $40 million in the third quarter of 2020.

Sirius XM Holdings Senior Secured Revolving Credit Facility

Sirius XM Holdings entered into a Senior Secured Revolving Credit Facility (the "Credit Facility") with a syndicate of financial institutions with a total borrowing capacity of $1,750 million which matures in June 2023. The Credit Facility is guaranteed by certain of Sirius XM Holdings’ material domestic subsidiaries and is secured by a lien on substantially all of Sirius XM Holdings' assets and the assets of its material domestic subsidiaries. The proceeds of loans under the Credit Facility are used for working capital and other general corporate purposes, including financing acquisitions, share repurchases and dividends. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Sirius XM Holdings is also required to pay a variable fee on the average daily unused portion of the Credit Facility which as of September 30, 2020 was 0.25% per annum and is payable on a quarterly basis.  As the amount available for future borrowings is reduced by $1 million related to Pandora letters of credit, availability under the Credit Facility was $1,749 million as of September 30, 2020.

Braves Holdings Notes and Loans

In 2014, Braves Holdings, through a wholly-owned subsidiary, purchased 82 acres of land for the purpose of constructing a Major League Baseball facility and development of a mixed-use complex adjacent to the ballpark. Braves Holdings’ debt, primarily related to the stadium and mixed-use complex, is summarized as follows:

	Carrying value			As of September 30, 2020
	September 30,		December 31,	Borrowing	Weighted avg	Maturity
	2020		2019	Capacity	interest rate	Date
	amounts in millions
Operating credit facilities	$	165	45	185	1.48%	various
Ballpark funding
Term loan		47	49	NA	1.77%	August 2021
Senior secured note		184	190	NA	3.77%	September 2041
Floating rate notes		61	65	NA	2.01%	September 2029
Mixed-use credit facilities and loans		227	180	307	3.45%	various
Spring training credit facility		30	30	NA	3.65%	December 2030
Total Braves Holdings	$	714	559

In August 2020, Braves Holdings amended the terms of its $100 million operating credit facility, extending the maturity to December 2022. Approximately $38 million outstanding under one of the mixed-use loans is classified as current debt in the condensed consolidated balance sheet based on expected covenant violations. Braves Holdings is in

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

ongoing discussions with the counterparty to obtain waivers and covenant modifications. See below for additional information related to temporary changes to Braves Holdings’ debt covenants.

Formula 1 Loans

On August 3, 2017, Formula 1 increased the amount outstanding under a first lien term loan denominated in U.S. Dollars (the “Senior Loan Facility”) from $3.1 billion to $3.3 billion and extended its maturity to February 2024. In addition, on August 3, 2017, the revolving credit facility under the Senior Loan Facility was increased from $75 million to $500 million.

On January 31, 2018, Formula 1 refinanced the Senior Loan Facility. As part of the refinancing, Formula 1 repaid $400 million of the Senior Loan Facility, reducing the amount outstanding to $2.9 billion. The repayment was funded through borrowings of $250 million under the revolving credit facility and $150 million of cash on hand. The interest rate on the Senior Loan Facility was reduced to LIBOR plus 2.5% per annum. On May 23, 2019, Formula 1 refinanced the revolving credit facility, reducing the pricing grid by 25 basis points, which in combination with leverage reduction, resulted in an applicable interest rate of LIBOR plus 2.0% per annum prior to June 30, 2020. The subsequent increase in leverage as a result of the impact of COVID-19 on Formula 1 resulted in an increase to the maximum level on the pricing grid, LIBOR plus 2.5% per annum, as of September 30, 2020. The revolving credit facility matures on May 31, 2024, unless the Senior Loan Facility is outstanding, in which case the revolving credit facility matures on November 3, 2023. As of September 30, 2020, there were no outstanding borrowings under the $500 million revolving credit facility. The interest rate on the Senior Loan Facility was approximately 3.50% as of September 30, 2020. The Senior Loan Facility is secured by share pledges, accounts and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, as of September 30, 2020, Formula 1 has interest rate swaps on $2.1 billion of the $2.9 billion Senior Loan Facility in order to manage its interest rate risk.

Debt Covenants

The Sirius XM Holdings Credit Facility contains certain financial covenants related to Sirius XM Holdings’ leverage ratio. Braves Holdings’ debt contains certain financial covenants related to Braves Holdings’ debt service coverage ratio, fixed charge coverage ratio, debt yield ratio, capital expenditures and liquidity. The Formula 1 Senior Loan Facility contains certain financial covenants, including a leverage ratio. Additionally, Sirius XM Holdings’ Credit Facility, Braves Holdings’ debt, Formula 1 debt and other borrowings contain certain non-financial covenants. The Company, Sirius XM Holdings, Formula 1 and Braves Holdings are in compliance with all debt covenants as of September 30, 2020. Pursuant to an amendment to the Senior Loan Facility on June 26, 2020, subject to compliance by Formula 1 with certain financial conditions, the net leverage financial covenant does not apply until the quarter ended March 31, 2022. The relevant conditions applicable to Formula 1 include the maintenance of minimum liquidity (comprised of unrestricted cash and cash equivalent investments and available revolving credit facility commitments) of $200 million and certain restrictions on dividends, other payments and the incurrence of additional debt. Formula 1 has the ability to recommence the requirement to comply with the net leverage financial covenant prior to the quarter ended March 31, 2022, in which case the relevant additional conditions will cease to apply. As previously disclosed, Braves Holdings is expected to be out of compliance with certain debt covenants related to one of its mixed-use loans as of December 31, 2020. Braves Holdings is in ongoing discussions with the counterparty to obtain waivers and covenant modifications. Pursuant to an amendment to Braves Holdings’ $85 million credit facility on August 20, 2020, the fixed charge coverage ratio does not apply until the quarter ending March 31, 2022, subject to certain conditions, including the maintenance of minimum liquidity thresholds throughout the waiver period and certain other restrictions. Braves Holdings could recommence the requirement to comply with the fixed charge coverage ratio beginning with the quarter ending December 31, 2021, in which case the relevant additional conditions will cease to apply. In addition, on August 20, 2020, Braves Holdings amended the debt agreements related to its ballpark funding, waiving the debt service coverage covenant until the quarter ending September

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

30, 2021, subject to certain conditions, including the maintenance of a minimum liquidity threshold, the increase in debt service reserves and certain other conditions.

Fair Value of Debt

The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM Holdings’ publicly traded debt securities, not reported at fair value, are as follows (amounts in millions):

	September 30, 2020
Sirius XM 3.875% Senior Notes due 2022	$	1,007
Sirius XM 4.625% Senior Notes due 2024	$	1,551
Sirius XM 5.375% Senior Notes due 2026	$	1,044
Sirius XM 5.0% Senior Notes due 2027	$	1,569
Sirius XM 5.50% Senior Notes due 2029	$	1,342
Sirius XM 4.125% Senior Notes due 2030	$	1,528
Pandora 1.75% Senior Notes due 2020	$	1
Pandora 1.75% Senior Notes due 2023	$	212

Due to the variable rate nature of the Credit Facility, margin loans and other debt the Company believes that the carrying amount approximates fair value at September 30, 2020.  

(10)   Commitments and Contingencies

Guarantees

In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification obligations may extend for a number of years. The Company is unable to estimate the maximum potential liability for these types of indemnification obligations as the sale agreements may not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying condensed consolidated financial statements with respect to these indemnification guarantees.

Employment Contracts

The Atlanta Braves and certain of their players (current and former), coaches and executives have entered into long-term employment contracts whereby such individuals' compensation is guaranteed. Amounts due under guaranteed contracts as of September 30, 2020 aggregated $332 million, which is payable as follows: $72 million in 2020, $97 million in 2021, $42 million in 2022, $33 million in 2023 and $88 million thereafter. The guaranteed amounts in 2020 have been reduced to reflect a shortened 2020 season due to the COVID-19 pandemic. In addition to the foregoing amounts, certain players, coaches and executives may earn incentive compensation under the terms of their employment contracts.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Potential Impact of COVID-19

The business operations of Formula 1, the Atlanta Braves and Live Nation initially were largely, if not completely, suspended at the outset of COVID-19, and continue to be impacted. These businesses may be required to hold a smaller number of events than originally planned or may not be able to reschedule previously canceled or postponed events. The current year regular baseball season was comprised of 60 games. Formula 1 has scheduled 17 Events in 2020. In addition, these businesses have been and may continue to be precluded from holding events with fans in attendance for an undetermined period of time, thereby reducing revenue associated with fan attendance. It is also unclear whether and to what extent COVID-19 concerns will impact the use of and/or demand for the entertainment, events and services provided by these businesses and demand for sponsorship and advertising assets, even after the restrictions are lifted. In many cases, the impact of cancelled events, closed venues and reduced attendance will substantially decrease our revenue. Due to these revenue reductions, these businesses have looked to reduce expenses, but may not be able to reduce expenses to the same degree as our decline in revenue, which is expected to adversely affect our results of operations and cash flow.

Litigation

The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements.

Pre-1972 Sound Recording Litigation.  On October 2, 2014, Flo & Eddie Inc. filed a class action suit against Pandora in the federal district court for the Central District of California. The complaint alleges a violation of California Civil Code Section 980, unfair competition, misappropriation and conversion in connection with the public performance of sound recordings recorded prior to February 15, 1972 (“pre-1972 recordings”). On December 19, 2014, Pandora filed a motion to strike the complaint pursuant to California’s Anti-Strategic Lawsuit Against Public Participation statute, which following denial of Pandora’s motion was appealed to the Ninth Circuit Court of Appeals. In March 2017, the Ninth Circuit requested certification to the California Supreme Court on the substantive legal questions. The California Supreme Court accepted certification. In May 2019, the California Supreme Court issued an order dismissing consideration of the certified questions on the basis that, following the enactment of the Orrin G. Hatch-Bob Goodlatte Music Modernization Act, Pub. L. No. 115-264, 132 Stat. 3676 (2018) (the “MMA”), resolution of the questions posed by the Ninth Circuit Court of Appeals was no longer “necessary to . . . settle an important question of law.”

The MMA grants a potential federal preemption defense to the claims asserted in the aforementioned lawsuits. In July 2019, Pandora took steps to avail itself of this preemption defense, including making the required payments under the MMA for certain of its uses of pre-1972 recordings. Based on the federal preemption contained in the MMA (along with other considerations), Pandora asked the Ninth Circuit to order the dismissal of the Flo & Eddie, Inc. v. Pandora Media, Inc. case. On October 17, 2019, the Ninth Circuit Court of Appeals issued a memorandum disposition concluding that the question of whether the MMA preempts Flo and Eddie's claims challenging Pandora's performance of pre-1972 recordings "depends on various unanswered factual questions" and remanded the case to the District Court for further proceedings.

Sirius XM Holdings believes it has substantial defenses to the claims asserted in this action, and intends to defend this action vigorously.

Copyright Royalty Board Proceeding to Determine the Rate for Statutory Webcasting.  Pursuant to Sections 112 and 114 of the Copyright Act, the Copyright Royalty Board (the “CRB”) initiated a proceeding in January 2019 to set the rates and terms by which webcasters may perform sound recordings via digital transmission over the internet and make

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

ephemeral reproductions of those recordings during the 2021-2025 rate period under the authority of statutory licenses provided under Sections 112 and 114 of the Copyright Act. Sirius XM Holdings filed a petition to participate in the proceeding on behalf of its Sirius XM and Pandora businesses, as did other webcasters including Google Inc. and the National Association of Broadcasters. SoundExchange, a collective organization that collects and distributes digital performance royalties to artists and copyright holders, represents the various copyright owner participants in the proceeding, including Sony Music Entertainment, Universal Music Group, and Warner Music Group. Because the proceeding focuses on setting statutory rates for non-interactive online music streaming (commonly identified as “webcasting”), the proceeding will set the rates that Pandora pays for music streaming on its free, ad-supported tier and that Sirius XM pays for streaming on its subscription internet radio service.  This proceeding will not set the rates that Sirius XM Holdings pays for its other music offerings (satellite radio, business establishment services) or that it pays for interactive streaming on the Pandora Plus and Pandora Premium services.

In September 2019, the participants filed written direct statements, including proposed rates and terms for the 2021-2025 period. Sirius XM Holdings and other webcaster participants proposed rates below the existing statutory rates, which for commercial webcasters are currently set at $0.0018 per performance for non-subscription transmissions (such as offered by our Pandora ad-supported business) and $0.0024 per performance for subscription transmissions (such as offered by our Sirius XM internet radio service). SoundExchange has proposed increasing the commercial webcasting rates to $0.0028 per performance for non-subscription transmissions and $0.0031 per performance for subscription transmissions.

During the summer, the CRB held a multi-week hearing which concluded in September 2020.  An initial determination by the CRB is expected to be issued during the first half of 2021.

(11)   Information About Liberty's Operating Segments

The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of the Company's annual pre-tax earnings.

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 subscriber growth, churn and penetration.

For the nine months ended September 30, 2020, the Company has identified the following subsidiaries as its reportable segments:

● Sirius XM Holdings is a consolidated subsidiary that operates two complementary audio entertainment businesses, Sirius XM and Pandora. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels as well as infotainment services, in the United States on a subscription fee basis through its two proprietary satellite radio systems and through the internet via applications for mobile devices, home devices and other consumer electronic equipment. Sirius XM also provides connected vehicle services and a suite of in-vehicle data services. The Pandora business operates a music, comedy and podcast streaming discovery platform. Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and an on-demand subscription service, called Pandora Premium. Sirius XM

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Holdings acquired Pandora on February 1, 2019, at which time it began consolidating the results of the Pandora business.

● Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The World Championship takes place on various circuits with a varying number of events taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration. 

The Company's segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company's summary of significant policies in the Company's annual financial statements filed on Form 10-K.

Performance Measures

The following table disaggregates revenue by segment and by source:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings:
Subscriber	$	1,594	1,556	4,757	4,551
Advertising		345	366	866	933
Equipment		47	45	113	127
Other		39	44	115	121
Total Liberty SiriusXM Group		2,025	2,011	5,851	5,732
Braves Group
Corporate and other:
Baseball		102	203	119	415
Development		8	9	24	27
Total Braves Group		110	212	143	442
Formula One Group
Formula 1:
Primary		524	553	549	1,282
Other		73	80	111	217
Total Formula One Group		597	633	660	1,499
Consolidated Liberty	$	2,732	2,856	6,654	7,673

Our subsidiaries’ customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our unaudited condensed consolidated statement of operations as the services are provided. Changes in the contract liability balance for Sirius XM Holdings during the nine months ended September 30, 2020 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings for the nine months ended

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

September 30, 2020 were approximately $184 million and $449 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations.

Significant portions of the transaction prices for Formula 1 and 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 $454 million for the remainder of 2020, $1,981 million in 2021, $1,720 million in 2022, $3,419 million in 2023 through 2028, and $217 million thereafter, primarily recognized through 2035. These amounts have been adjusted to reflect known reductions in estimated revenue due to decreases in the number of games for the 2020 baseball season and Events for the 2020 World Championship due to the COVID-19 pandemic. We have not included any amounts in the undelivered performance obligations amounts for Formula 1 and Braves Holdings for those performance obligations that relate to a contract with an original expected duration of one year or less.  

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 and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices.

Adjusted OIBDA is summarized as follows:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	661	659	1,915	1,871
Corporate and other		(7)	(4)	(26)	(10)
Total Liberty SiriusXM Group		654	655	1,889	1,861
Braves Group
Corporate and other		5	45	(49)	73
Total Braves Group		5	45	(49)	73
Formula One Group
Formula 1		14	162	(34)	372
Corporate and other		(6)	(8)	(26)	(23)
Total Formula One Group		8	154	(60)	349
Consolidated Liberty	$	667	854	1,780	2,283

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Other Information

	September 30, 2020
	Total		Investments	Capital
	assets		in affiliates	expenditures
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	30,517	697	230
Corporate and other		1,093	289	—
Total Liberty SiriusXM Group		31,610	986	230
Braves Group
Corporate and other		1,628	87	69
Total Braves Group		1,628	87	69
Formula One Group
Formula 1		8,807	—	7
Corporate and other		2,424	33	10
Total Formula One Group		11,231	33	17
Elimination (1)		(680)	—	—
Consolidated Liberty	$	43,789	1,106	316

(1) This amount is primarily comprised of the call spread between the Formula One Group and the Liberty SiriusXM Group with respect to the Live Nation shares that were reattributed to the Liberty SiriusXM Group and the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group, as discussed in note 2. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Adjusted OIBDA	$	667	854	1,780	2,283
Legal settlements and reserves		—	—	16	(25)
Stock-based compensation		(68)	(76)	(180)	(217)
Acquisition and restructuring (note 3)		—	—	(24)	(83)
Depreciation and amortization		(279)	(271)	(812)	(790)
Operating income (loss)		320	507	780	1,168
Interest expense		(153)	(169)	(480)	(495)
Share of earnings (losses) of affiliates, net		(187)	55	(442)	69
Realized and unrealized gains (losses) on financial instruments, net		16	14	(163)	(171)
Other, net		(32)	(47)	(1)	(18)
Earnings (loss) before income taxes	$	(36)	360	(306)	553

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our projected sources and uses of cash; the payment of dividends by Sirius XM Holdings Inc. (“Sirius XM Holdings”); fluctuations in interest rates and stock prices; the impacts of COVID-19 (as defined below); the impact of accounting policies and pronouncements; and the anticipated non-material impact of certain contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. The following include some but not all of the factors (as they relate to our consolidated subsidiaries and equity affiliates) that could cause actual results or events to differ materially from those anticipated:

● the impact of the novel coronavirus (“COVID-19”) pandemic and local, state and federal governmental responses to the pandemic on the economy, our customers, our vendors and our businesses generally;

● consumer demand for our products and services and our ability to adapt to changes in demand;

● competitor responses to our businesses’ products and services;

● uncertainties inherent in the development and integration of new business lines and business strategies;

● uncertainties associated with product and service development and market acceptance, including the development and provision of programming for satellite radio and telecommunications technologies;

● our businesses’ significant dependence upon automakers;

● our businesses’ ability to attract and retain subscribers in the future;

● our future financial performance, including availability, terms and deployment of capital;

● our ability to successfully integrate and recognize anticipated efficiencies and benefits from the businesses we acquire;

● the ability of suppliers and vendors to deliver products, equipment, software and services;

● interruption or failure of our information technology and communication systems, including the failure of Sirius XM Holdings’ satellites, could negatively impact our results and brand;

● royalties for music rights have increased and may continue to do so in the future;

● the outcome of any pending or threatened litigation or investigation;

● availability of qualified personnel;

● changes in, or failure or inability to comply with, government regulations, including, without limitation, regulations of the Federal Communications Commission and consumer protection laws, and adverse outcomes from regulatory proceedings;

● changes in the nature of key strategic relationships with partners, vendors and joint venturers;

● general economic and business conditions and industry trends;

● consumer spending levels, including the availability and amount of individual consumer debt;

● rapid technological and industry changes;

● impairments of third-party intellectual property rights;

● our indebtedness could adversely affect operations and could limit the ability of our subsidiaries to react to changes in the economy or our industry;

● failure to protect the security of personal information about our businesses’ customers, subjecting our businesses to potentially costly government enforcement actions or private litigation and reputational damage;

● the regulatory and competitive environment of the industries in which we, and the entities in which we have interests, operate; and

● threatened terrorist attacks, political unrest in international markets and ongoing military action around the world.

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For additional risk factors, please see Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2019 and Part II, Item 1A. Risk Factors of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. Any forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based.

The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying condensed consolidated financial statements and the notes thereto and our Annual Report on Form 10-K for the year ended December 31, 2019.

The information contained herein relates to Liberty Media Corporation and its controlled subsidiaries ("Liberty," the "Company," "we," "us," or "our" unless the context otherwise requires).

Overview

We own controlling and non-controlling interests in a broad range of media, communications and entertainment companies. Our largest operating subsidiary, which is also a reportable segment, is Sirius XM Holdings. Sirius XM Holdings provides a subscription based satellite radio service through its Sirius XM business and operates a music discovery platform through its Pandora business, which was acquired by Sirius XM Holdings on February 1, 2019.  Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels as well as infotainment services in the United States on a subscription fee basis through its two proprietary satellite radio systems and through the internet via applications for mobile devices, home devices and other consumer electronic equipment. The Pandora business operates a music, comedy and podcast streaming discovery platform, offering a personalized experience for each listener wherever and whenever they want to listen, whether through mobile devices, car speakers or connected devices. Formula 1 is a wholly-owned consolidated subsidiary and is also a reportable segment. Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The World Championship takes place on various circuits with a varying number of events (“Events”) taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration. 

Our "Corporate and Other" category includes our consolidated subsidiary, Braves Holdings, LLC ("Braves Holdings") and corporate expenses. Braves Holdings owns the Atlanta Braves Major League Baseball Club (“ANLBC”), certain of the Atlanta Braves' minor league clubs and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project (the “Development Project”).

In addition to the foregoing businesses, we hold ownership interests in Live Nation Entertainment, Inc. ("Live Nation") and through Sirius XM Holdings, Sirius XM Canada Holdings, Inc. (“Sirius XM Canada”) and SoundCloud Holdings, LLC (“SoundCloud”), which we account for as equity method investments; and we hold investments and related financial instruments in public companies such as AT&T, which are accounted for at their respective fair market values and are included in the “Corporate and other” category.

A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Liberty Braves Group (the “Braves Group”) and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as Sirius XM Holdings or Live Nation, in which Liberty holds an interest and that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group. Holders of tracking stock are also not represented by

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separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation.

On April 22, 2020, the Company’s board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group (collectively, the “reattribution”).

The assets reattributed from the Formula One Group to the Liberty SiriusXM Group, valued at $2.8 billion, consisted of:

● Liberty’s entire Live Nation stake, consisting of approximately 69.6 million shares of Live Nation common stock;

● a newly-created Formula One Group intergroup interest, consisting of approximately 5.3 million notional shares of Liberty Formula One common stock, to cover exposure under Liberty’s 1.375% cash convertible senior notes due 2023 (the “Convertible Notes”);

● the bond hedge and warrants associated with the Convertible Notes;

● the entire Liberty SiriusXM Group intergroup interest, consisting of approximately 1.9 million notional shares of Liberty SiriusXM common stock, thereby eliminating the Liberty SiriusXM Group intergroup interest; and

● a portion, consisting of approximately 2.3 million notional shares of Liberty Braves common stock, of the Formula One Group’s intergroup interest in the Braves Group, to cover exposure under the Convertible Notes.

The reattributed liabilities, valued at $1.3 billion, consisted of:

● the Convertible Notes;

● Liberty’s 2.25% exchangeable senior debentures due 2048; and

● Liberty’s margin loan secured by shares of Live Nation (“Live Nation Margin Loan”).  

Similarly, $1.5 billion of net asset value has been reattributed from the Liberty SiriusXM Group to the Formula One Group, comprised of:

● a call spread between the Formula One Group and the Liberty SiriusXM Group with respect to 34.8 million of the Live Nation shares that were reattributed to the Liberty SiriusXM Group; and

● a net cash payment of $1.4 billion from the Liberty SiriusXM Group to the Formula One Group, which was funded by a combination of (x) cash on hand, (y) an additional $400 million drawn from the Company’s existing margin loan secured by shares of common stock of Sirius XM Holdings, resulting in an aggregate outstanding balance of $750 million, and (z) the creation of an intergroup loan obligation from the Liberty SiriusXM Group to the Formula One Group in the principal amount of $750 million, plus interest thereon, which was repaid with the proceeds from the rights offering described below (the “Intergroup Loan”).

The reattribution is reflected in the Company’s financial statements on a prospective basis.

The term "Liberty SiriusXM Group" does not represent a separate legal entity, rather it represents those businesses, assets and liabilities that have been attributed to that group. As of September 30, 2020, the Liberty SiriusXM Group is primarily comprised of Liberty’s interests in Sirius XM Holdings and Live Nation, corporate cash, Liberty’s 1.375% Cash Convertible Notes due 2023 and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.25% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. As of September 30, 2020, the Liberty SiriusXM Group has cash and cash equivalents of approximately $137 million, which includes approximately $33 million of subsidiary cash. Additionally, the Liberty SiriusXM Group retains an approximate 3.8% intergroup interest in the Braves Group and an approximate 2.2% intergroup interest in the Formula One Group as of September 30, 2020.

Sirius XM Holdings is the only operating subsidiary attributed to the Liberty SiriusXM Group. In the event Sirius XM Holdings were to become insolvent or file for bankruptcy, Liberty’s management would evaluate the circumstances at such time and take appropriate steps in the best interest of all of its stockholders, which may not be in the best interest of a

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particular group or groups when considered independently. In such a situation, Liberty’s management and its board of directors would have several approaches at their disposal, including, but not limited to, the conversion of the Liberty SiriusXM common stock into another tracking stock of Liberty, the reattribution of assets and liabilities among Liberty’s tracking stock groups or the restructuring of Liberty’s tracking stocks to either create a new tracking stock structure or eliminate it altogether. On February 1, 2019, Sirius XM Holdings acquired Pandora. See note 3 to the accompanying condensed consolidated financial statements for more information regarding the acquisition of Pandora.  

The term "Braves Group" does not represent a separate legal entity, rather it represents those businesses, assets and liabilities that have been attributed to that group. As of September 30, 2020, the Braves Group is primarily comprised of Braves Holdings, which indirectly owns ANLBC and certain assets and liabilities associated with ANLBC’s stadium and the Development Project, and corporate cash. As of September 30, 2020, the Braves Group has cash and cash equivalents of approximately $213 million. Additionally, the Liberty SiriusXM Group and the Formula One Group retain intergroup interests in the Braves Group.

The term "Formula One Group" does not represent a separate legal entity, rather it represents those businesses, assets and liabilities that have been attributed to that group. As of September 30, 2020, the Formula One Group is primarily comprised of all of the businesses, assets and liabilities of Liberty, other than those specifically attributed to the Liberty SiriusXM Group or the Braves Group, including Liberty’s interest in Formula 1, an approximate 11.3% intergroup interest in the Braves Group, Liberty’s 1% Cash Convertible Notes due 2023 and Liberty’s 2.25% Exchangeable Senior Debentures due 2046. The Formula One Group has cash and cash equivalents of approximately $1,586 million as of September 30, 2020, which includes $139 million of subsidiary cash.

On April 22, 2020, the Company’s board of directors authorized management of the Company to cause subscription rights (the “Series C Liberty SiriusXM Rights”) to purchase shares of Series C Liberty SiriusXM common stock, par value $0.01 per share (“LSXMK”), in a rights offering (the “LSXMK rights offering”) to be distributed to holders of Series A Liberty SiriusXM common stock, par value $0.01 per share, Series B Liberty SiriusXM common stock, par value $0.01 per share, and LSXMK. In the LSXMK rights offering, Liberty distributed 0.0939 of a Series C Liberty SiriusXM Right for each share of Series A, Series B or Series C Liberty SiriusXM common stock held as of 5:00 p.m., New York City time, on May 13, 2020. Fractional Series C Liberty SiriusXM Rights were rounded up to the nearest whole right. Each whole Series C Liberty SiriusXM Right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of LSXMK at a subscription price of $25.47, which was equal to an approximate 20% discount to the volume weighted average trading price of LSXMK for the 3-day trading period ending on and including May 8, 2020. Each Series C Liberty SiriusXM Right also entitled the holder to subscribe for additional shares of LSXMK that were unsubscribed for in the LSXMK rights offering pursuant to an oversubscription privilege. The LSXMK rights offering commenced on May 18, 2020, which was also the ex-dividend date for the distribution of the Series C Liberty SiriusXM Rights. The LSXMK rights offering expired at 5:00 p.m. New York City time, on June 5, 2020 and was fully subscribed with 29,594,089 shares of LSXMK issued to those rightsholders exercising basic and, if applicable, oversubscription privileges. The proceeds from the LSXMK rights offering, which aggregated approximately $754 million, were used to repay the outstanding balance on the Intergroup Loan and accrued interest. 

In December 2019, Chinese officials reported a novel coronavirus outbreak. COVID-19 has since spread internationally. On March 11, 2020, the World Health Organization (“WHO”) assessed COVID-19 as a global pandemic, causing many countries throughout the world to take aggressive actions, including imposing travel restrictions and stay-at-home orders, closing public attractions and restaurants, and mandating social distancing practices. As a result, the start of the 2020 Formula 1 race calendar and the Major League Baseball season were delayed until the beginning of July 2020 and end of July 2020, respectively. In addition, in mid-March 2020, Live Nation suspended all large-scale live entertainment events due to COVID-19. As a result, the Company’s results of operations have been negatively impacted by COVID-19 during the three and nine months ended September 30, 2020. Further, Formula 1, the Atlanta Braves and Live Nation will continue to be materially impacted by COVID-19 and local state, and federal government actions taken in response, which will have a negative impact on our results of operations and financial condition in future periods.

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Results of Operations—Consolidated

General.    We provide in the tables below information regarding our consolidated operating results and other income and expense, as well as information regarding the contribution to those items from our reportable segments. The "Corporate and other" category consists of those assets or businesses which do not qualify as a separate reportable segment. For a more detailed discussion and analysis of the financial results of our principal reportable segment see "Results of Operations—Businesses" below.

Consolidated Operating Results

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Revenue
Liberty SiriusXM Group
Sirius XM Holdings	$	2,025	2,011	5,851	5,732
Total Liberty SiriusXM Group		2,025	2,011	5,851	5,732
Braves Group
Corporate and other		110	212	143	442
Total Braves Group		110	212	143	442
Formula One Group
Formula 1		597	633	660	1,499
Total Formula One Group		597	633	660	1,499
Consolidated Liberty	$	2,732	2,856	6,654	7,673
Operating Income (Loss)
Liberty SiriusXM Group
Sirius XM Holdings	$	461	459	1,310	1,196
Corporate and other		(10)	(5)	(34)	(22)
Total Liberty SiriusXM Group		451	454	1,276	1,174
Braves Group
Corporate and other		(16)	21	(93)	6
Total Braves Group		(16)	21	(93)	6
Formula One Group
Formula 1		(104)	44	(363)	23
Corporate and other		(11)	(12)	(40)	(35)
Total Formula One Group		(115)	32	(403)	(12)
Consolidated Liberty	$	320	507	780	1,168
Adjusted OIBDA
Liberty SiriusXM Group
Sirius XM Holdings	$	661	659	1,915	1,871
Corporate and other		(7)	(4)	(26)	(10)
Total Liberty SiriusXM Group		654	655	1,889	1,861
Braves Group
Corporate and other		5	45	(49)	73
Total Braves Group		5	45	(49)	73
Formula One Group
Formula 1		14	162	(34)	372
Corporate and other		(6)	(8)	(26)	(23)
Total Formula One Group		8	154	(60)	349
Consolidated Liberty	$	667	854	1,780	2,283

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Revenue.  Our consolidated revenue decreased $124 million and $1,019 million for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The decreases were driven by decreases in revenue for Formula 1 and Braves Holdings, partially offset by increases in revenue for Sirius XM Holdings.  See "Results of Operations—Businesses"  below for a more complete discussion of the results of operations of Sirius XM Holdings, Formula 1 and Braves Holdings.

Operating income (loss).  Our consolidated operating income decreased $187 million and $388 million for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The decrease for the three months ended September 30, 2020 was primarily driven by decreases of $148 million and $38 million in Formula 1 and Braves Holdings operating results, respectively, partially offset by a $2 million improvement in Sirius XM Holdings operating results. The decrease for the nine months ended September 30, 2020 was primarily driven by decreases of $386 million and $100 million in Formula 1 and Braves Holdings operating results, respectively, partially offset by a $114 million improvement in Sirius XM Holdings operating results.  See "Results of Operations—Businesses" below for a more complete discussion of the results of operations of Sirius XM Holdings, Formula 1 and Braves Holdings.

Stock-based compensation.    Stock-based compensation includes compensation related to (1) options and stock appreciation rights for shares of our common stock that are granted to certain of our officers and employees, (2) options, restricted stock awards, restricted stock units and other stock-based awards granted to officers, employees and certain third parties of our subsidiaries, Sirius XM Holdings and Formula 1, (3) phantom stock appreciation rights granted to officers and employees of our subsidiary, Braves Holdings, pursuant to private equity plans and (4) amortization of restricted stock and performance-based restricted stock unit grants.

We recorded $180 million and $217 million of stock-based compensation expense for the nine months ended September 30, 2020 and 2019, respectively. The decrease in stock compensation expense is primarily due to decreases at Braves Holdings and Sirius XM Holdings. As of September 30, 2020, the total unrecognized compensation cost related to unvested Liberty equity awards was approximately $28 million. Such amount will be recognized in our condensed consolidated statements of operations over a weighted average period of approximately 2.4 years. Additionally, as of September 30, 2020, the total unrecognized compensation cost related to unvested Sirius XM Holdings stock options and restricted stock units was $418 million.  The Sirius XM Holdings unrecognized compensation cost will be recognized in our condensed consolidated statements of operations over a weighted average period of approximately 2.7 years.

Adjusted OIBDA.    To provide investors with additional information regarding our financial results, we also disclose Adjusted OIBDA, which is a non-GAAP financial measure. We define Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges. Our chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate our businesses and make decisions about allocating resources among our businesses. We believe this is an important indicator of the operational strength and performance of our 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 us to view operating results, perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided

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by operating activities and other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles. The following table provides a reconciliation of Operating income (loss) to Adjusted OIBDA:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Operating income (loss)	$	320	507	780	1,168
Depreciation and amortization		279	271	812	790
Stock-based compensation		68	76	180	217
Legal settlements and reserves		—	—	(16)	25
Acquisition and restructuring		—	—	24	83
Adjusted OIBDA	$	667	854	1,780	2,283

Consolidated Adjusted OIBDA decreased $187 million and $503 million for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The decrease in Adjusted OIBDA for the three months ended September 30, 2020 was primarily due to decreases of $148 million and $40 million in Formula 1 and Braves Holdings Adjusted OIBDA, respectively. The decrease in Adjusted OIBDA for the nine months ended September 30, 2020 was primarily due to decreases of $406 million and $122 million in Formula 1 and Braves Holdings Adjusted OIBDA, respectively, partially offset by a $44 million increase in Sirius XM Holdings Adjusted OIBDA. See "Results of Operations—Businesses" below for a more complete discussion of the results of operations of Sirius XM Holdings, Formula 1 and Braves Holdings.

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Other Income and Expense

Components of Other Income (Expense) are presented in the table below.

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Interest expense
Liberty SiriusXM Group	$	(116)	(115)	(347)	(326)
Braves Group		(6)	(6)	(19)	(20)
Formula One Group		(31)	(48)	(114)	(149)
Consolidated Liberty	$	(153)	(169)	(480)	(495)
Share of earnings (losses) of affiliates, net
Liberty SiriusXM Group	$	(183)	(7)	(331)	(18)
Braves Group		(5)	4	(2)	13
Formula One Group		1	58	(109)	74
Consolidated Liberty	$	(187)	55	(442)	69
Realized and unrealized gains (losses) on financial instruments, net
Liberty SiriusXM Group	$	(39)	(10)	(228)	6
Braves Group		—	(2)	(10)	(6)
Formula One Group		55	26	75	(171)
Consolidated Liberty	$	16	14	(163)	(171)
Other, net
Liberty SiriusXM Group	$	(36)	(51)	(19)	(42)
Braves Group		(1)	—	(1)	1
Formula One Group		5	4	19	23
Consolidated Liberty	$	(32)	(47)	(1)	(18)
	$	(356)	(147)	(1,086)	(615)

Interest expense. Consolidated interest expense decreased $16 million and $15 million for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. Interest expense for the Formula One Group decreased during the three and nine months ended September 30, 2020 due to a decrease in the average amount of corporate and subsidiary debt outstanding.  Interest expense for the Liberty SiriusXM Group increased during the nine months ended September 30, 2020 due to an increase in the average amount of corporate and subsidiary debt outstanding. As previously disclosed, certain debt was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. The interest related to such debt is reflected in interest expense for the Formula One Group prior to the reattribution and in interest expense for the Liberty SiriusXM Group following the reattribution.

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Share of earnings (losses) of affiliates.  The following table presents our share of earnings (losses) of affiliates:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Live Nation (a)	$	(177)	NA	(321)	NA
Sirius XM Canada		—	—	8	2
Other		(6)	(7)	(18)	(20)
Total Liberty SiriusXM Group		(183)	(7)	(331)	(18)
Braves Group
Other		(5)	4	(2)	13
Total Braves Group		(5)	4	(2)	13
Formula One Group
Live Nation (a)		NA	54	(112)	61
Other		1	4	3	13
Total Formula One Group		1	58	(109)	74
Consolidated Liberty	$	(187)	55	(442)	69

(a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

Realized and unrealized gains (losses) on financial instruments, net. Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Debt and equity securities	$	4	18	(109)	89
Debt measured at fair value		44	(62)	326	(295)
Change in fair value of bond hedges		(32)	68	(282)	107
Other derivatives		—	(10)	(98)	(72)
	$	16	14	(163)	(171)

The changes in unrealized gains (losses) on debt and equity securities are due to market factors primarily driven by changes in the fair value of the stock underlying these financial instruments.

Changes in unrealized gains (losses) on debt measured at fair value are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable.

Liberty issued $1 billion of cash convertible notes and entered into a bond hedge transaction on the same amount of underlying shares in October 2013. These derivatives are marked to fair value on a recurring basis. Changes in the fair value are included in the Realized and unrealized gains (losses) on financial instruments, net line item. The primary driver of the change in the current period is the change in the fair value of the underlying stock.  

The unrealized losses on other derivatives are primarily driven by changes in the fair value of Formula 1’s interest rate swaps.

Other, net.  Other, net expense decreased $15 million and $17 million for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The decreases were primarily driven by

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a decrease in losses on extinguishment of debt related to Sirius XM Holdings. As previously disclosed, Liberty’s investment in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Accordingly, any gains or losses on dilution of our investment in Live Nation are reflected in Formula One Group’s results prior to the reattribution and in Liberty SiriusXM Group’s results following the reattribution.

Income taxes.  During the three and nine months ended September 30, 2020, we had losses before income taxes of $36 million and $306 million, respectively, and income tax expense of $7 million and income tax benefit of $3 million, respectively. During the three and nine months ended September 30, 2019, we had earnings before income taxes of $360 million and $553 million, respectively, and income tax expense of $98 million and $226 million, respectively. For the three months ended September 30, 2020, the Company recognized additional tax expense for changes to our valuation allowance, partially offset by tax benefits from a change in tax rate in certain foreign jurisdictions. For the nine months ended September 30, 2020, the Company recognized additional tax expense due to changes to our valuation allowance and the effect of state income taxes, partially offset by tax benefits from a change in the tax rate in certain foreign jurisdictions and the utilization of federal tax credits. For the three months ended September 30, 2019, the Company recognized additional tax expense due to the effect of state income taxes and changes in our valuation allowance, partially offset by deductible stock-based compensation, the effect of foreign income taxed at rates lower than the U.S. income tax rate of 21% and federal income tax credits. For the nine months ended September 30, 2019, the Company recognized additional tax expense due to a change in the effective state tax rate used to measure deferred taxes and changes in our valuation allowance, primarily as a result of the acquisition of Pandora discussed in note 3 of the accompanying condensed consolidated financial statements and the effect of state income taxes, partially offset by deductible stock-based compensation, the effect of foreign income taxed at rates lower than the U.S. federal income tax rate of 21% and federal income tax credits.

Net earnings.  We had net losses of $43 million and $303 million for the three and nine months ended September 30, 2020, respectively, and net earnings of $262 million and $327 million for the three and nine months ended September 30, 2019, respectively. The changes in net earnings and losses were the result of the above-described fluctuations in our revenue, expenses and other gains and losses.

Material Changes in Financial Condition

As of September 30, 2020, substantially all of our cash and cash equivalents were invested in U.S. Treasury securities, securities of other government agencies, AAA rated money market funds and other highly rated financial and corporate debt instruments.

The following are potential sources of liquidity: available cash balances, cash generated by the operating activities of our subsidiaries (to the extent such cash exceeds the working capital needs of the subsidiaries and is not otherwise restricted), proceeds from asset sales, monetization of our public investment portfolio (including derivatives), debt borrowings and equity issuances, and dividend and interest receipts. As of September 30, 2020, Liberty had $231 million of unencumbered marketable equity securities.

Liberty does not have a debt rating.

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As of September 30, 2020 Liberty's cash and cash equivalents were as follows:

	Cash and Cash
	Equivalents
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	33
Corporate and other		104
Total Liberty SiriusXM Group	$	137
Braves Group
Corporate and other	$	213
Total Braves Group	$	213
Formula One Group
Formula 1	$	139
Corporate and other		1,447
Total Formula One Group	$	1,586

To the extent Liberty recognizes any taxable gains from the sale of assets, we may incur tax expense and be required to make tax payments, thereby reducing any cash proceeds. Liberty has a controlling interest in Sirius XM Holdings, which has significant cash and cash provided by operating activities, although due to Sirius XM Holdings being a separate public company and the significant noncontrolling interest, we do not have ready access to their cash. Cash held by Formula 1 is accessible by Liberty, except when a restricted payment (“RP”) test imposed by the first lien term loan and the revolving credit facility at Formula 1 is not met. However, Formula 1 does not have the ability to make a RP to Liberty during the waiver period, as discussed previously. Pursuant to the RP test, Liberty does not have access to Formula 1’s cash when the leverage ratio (defined as net debt divided by covenant earnings before interest, tax, depreciation and amortization for the trailing twelve months) exceeds a certain threshold. The RP test has not been met as of September 30, 2020. As of September 30, 2020, Formula 1 has not made any distributions to Liberty. If distributions are made in the future, the RP test, pro forma for such distributions, would have to be met. Liberty believes that it currently has appropriate legal structures in place to repatriate foreign cash as tax efficiently as possible and meet the business needs of the Company. As of September 30, 2020, Liberty had $600 million available under Liberty’s margin loan secured by shares of Sirius XM Holdings and $270 million available under Liberty’s margin loan secured by shares of Live Nation.

As stated in note 9 to the accompanying condensed consolidated financial statements, the Company, Sirius XM Holdings, Formula 1 and Braves Holdings are in compliance with all debt covenants as of September 30, 2020. Braves Holdings amended various agreements, as discussed below, but is expected to be out of compliance with certain debt covenants related to one of its mixed-use loans as of December 31, 2020. Braves Holdings is in ongoing discussions with the counterparty to obtain waivers and covenant modifications. Pursuant to an amendment to Formula 1’s Senior Loan Facility on June 26, 2020, subject to compliance by Formula 1 with certain financial conditions, the net leverage financial covenant does not apply until the quarter ended March 31, 2022. The relevant conditions applicable to Formula 1 include the maintenance of minimum liquidity (comprised of unrestricted cash and cash equivalent investments and available revolving credit facility commitments) of $200 million and certain restrictions on dividends, other payments and the incurrence of additional debt. Formula 1 has the ability to recommence the requirement to comply with the net leverage financial covenant prior to the quarter ended March 31, 2022, in which case the relevant additional conditions will cease to apply. Pursuant to an amendment to Braves Holdings’ $85 million credit facility on August 20, 2020, the fixed charge coverage ratio does not apply until the quarter ending March 31, 2022, subject to certain conditions, including the maintenance of minimum liquidity thresholds throughout the waiver period and certain other restrictions. Braves Holdings could recommence the requirement to comply with the fixed charge coverage ratio beginning with the quarter ending December 31, 2021, in which case the relevant additional conditions will cease to apply. In addition, on August 20, 2020, Braves Holdings amended the debt agreements related to its ballpark funding, waiving the debt service coverage covenant until the quarter ending September 30, 2021, subject to certain conditions, including the maintenance of a minimum liquidity threshold, the increase in debt service reserves and certain other conditions.

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See Item 3. Quantitative and Qualitative Disclosures about Market Risk for disclosures related to the anticipated effects of the transition away from London Inter-bank Offered Rate (“LIBOR”) as a benchmark for establishing the rate of interest on Liberty’s margin loans, Sirius XM Holdings’ borrowings under its Credit Facility and Formula 1’s borrowings under its Senior Loan Facility.

	Nine months ended
	September 30,
	2020		2019
Cash Flow Information	amounts in millions
Liberty SiriusXM Group cash provided (used) by operating activities	$	1,379	1,437
Braves Group cash provided (used) by operating activities		(56)	57
Formula One Group cash provided (used) by operating activities		(267)	276
Net cash provided (used) by operating activities	$	1,056	1,770
Liberty SiriusXM Group cash provided (used) by investing activities	$	(339)	508
Braves Group cash provided (used) by investing activities		(65)	(76)
Formula One Group cash provided (used) by investing activities		95	(22)
Net cash provided (used) by investing activities	$	(309)	410
Liberty SiriusXM Group cash provided (used) by financing activities	$	(1,399)	(1,903)
Braves Group cash provided (used) by financing activities		149	39
Formula One Group cash provided (used) by financing activities		1,172	10
Net cash provided (used) by financing activities	$	(78)	(1,854)

Liberty’s primary uses of cash during the nine months ended September 30, 2020 (excluding cash used by Sirius XM Holdings, Formula 1 and Braves Holdings) were $204 million of Series A and Series C Liberty SiriusXM common stock repurchases and the repayment of $130 million outstanding under Liberty’s margin loan secured by shares of Live Nation. These uses were primarily funded by returns of investments in equity method affiliates and dividends from Sirius XM Holdings. In connection with the reattribution, Liberty borrowed $400 million under the margin loan secured by shares of Sirius XM Holdings. The proceeds from the LSXMK rights offering, which aggregated approximately $754 million, were used to repay the outstanding balance on the Intergroup Loan and accrued interest.

Sirius XM Holdings’ primary uses of cash were the repayment of long-term debt, repurchase and retirement of outstanding Sirius XM Holdings common stock, additions to property and equipment, dividends paid to stockholders and investments in equity method investments. The Sirius XM Holdings uses of cash were funded by borrowings of debt and cash provided by operating activities. During the nine months ended September 30, 2020, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $175 million, of which Liberty received $126 million. On October 6, 2020, Sirius XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.014641 per share of common stock payable on November 30, 2020 to stockholders of record as of the close of business on November 6, 2020.

During the nine months ended September 30, 2020, Formula 1 borrowed against its revolving credit facility and then repaid the outstanding balance in full.

Braves Holdings’ primary uses of cash were operating expenses and capital expenditures for continued expansion of the mixed-use development, funded primarily by net borrowings of debt.

The projected uses of Liberty's cash (excluding Sirius XM Holdings’, Formula 1’s and Braves Holdings’ uses of cash) are primarily the investment in existing or new businesses, debt service, including further repayment of the margin loan secured by shares of Sirius XM Holdings and the potential buyback of common stock under the approved share buyback program. Liberty expects to fund its projected uses of cash with cash on hand, borrowing capacity under margin loans and outstanding or new debt instruments, or dividends or distributions from operating subsidiaries. Liberty may be required to make net payments of income tax liabilities to settle items under discussion with tax authorities.

Sirius XM Holdings’ uses of cash are expected to be capital expenditures, including the construction of replacement satellites, working capital requirements, interest payments, taxes and scheduled maturities of outstanding debt. Liberty

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expects Sirius XM Holdings to fund its projected uses of cash with cash provided by operations, cash on hand and borrowings under its existing credit facility.

Sirius XM Holdings does not expect the COVID-19 pandemic and its related economic impact to affect its capital and financial resources, including its liquidity position. The COVID-19 pandemic has not impacted Sirius XM Holdings’ ability to access its traditional funding sources. The pandemic has not increased Sirius XM Holdings’ costs of, or reduced its access to, capital under its revolving credit facility or the debt capital markets, and Sirius XM Holdings does not believe it is reasonably likely to do so in the near-term.  In addition, Sirius XM Holdings does not believe that the pandemic will affect its ongoing ability to meet the covenants in its debt instruments, including under its revolving credit facility.

Formula 1’s uses of cash are expected to be debt service payments and operating expenses. Although Formula 1’s operating cash flows are expected to decrease as a result of COVID-19, Liberty expects Formula 1 to fund its projected uses of cash with cash provided by operations, cash on hand and other sources of liquidity.

Braves Holdings’ uses of cash are expected to be expenditures related to the mixed-use development, debt service payments and operating expenses. Although Braves Holdings’ operating cash flows are expected to decrease as a result of COVID-19, Liberty expects Braves Holdings to fund its projected uses of cash with cash on hand, cash provided by operations and through the borrowings under construction loans.

We believe that the available sources of liquidity are sufficient to cover our projected future uses of cash.

Results of Operations—Businesses

Sirius XM Holdings.  Sirius XM Holdings operates two complementary audio entertainment businesses, Sirius XM and Pandora.

Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels as well as infotainment services, in the United States on a subscription fee basis through its two proprietary satellite radio systems and through the internet via applications for mobile devices, home devices and other consumer electronic equipment. Sirius XM’s satellite radios are primarily distributed through automakers, retailers, and its website. The Sirius XM service is also available through its user interface, called “360L,” which combines Sirius XM’s satellite and streaming services into a single, cohesive in-vehicle entertainment experience. The primary source of revenue for the Sirius XM business is generated from subscription fees, with most of its customers subscribing to monthly, quarterly, semi-annual or annual plans. The Sirius XM business also derives revenue from advertising on select non-music channels, direct sales of its satellite radios and accessories, and other ancillary services. As of September 30, 2020, the Sirius XM business had approximately 34.4 million subscribers.

In addition to its audio entertainment businesses, Sirius XM provides connected vehicle services to several automakers. These services are designed to enhance the safety, security and driving experience of consumers.  Sirius XM also offers a suite of data services that includes graphical weather, fuel prices, sports schedules and scores and movie listings, a traffic information service that includes information as to road closings, traffic flow and incident data to consumers with compatible in-vehicle navigation systems, and real-time weather services in vehicles, boats and planes. The Sirius XM business also holds a 70% equity interest and 33% voting interest in Sirius XM Canada.

In May 2020, Sirius XM Holdings terminated the Automatic Labs Inc. (“Automatic”) service, which was part of its connected services business.  Automatic operated a service for consumers and auto dealers and offered an install-it-yourself adapter and mobile application, which transformed older vehicles into connected vehicles. During the nine months ended September 30, 2020, Sirius XM Holdings recorded $24 million of restructuring expenses related to the termination of the service.  

The Pandora business operates a music, comedy and podcast streaming discovery platform, offering a personalized experience for each listener wherever and whenever they want to listen, whether through mobile devices, car speakers or connected devices.  Pandora enables listeners to create personalized stations and playlists, discover new content, hear artist- and expert-curated playlists, podcasts and select Sirius XM content, as well as search and play songs and albums on-demand.  Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and

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an on-demand subscription service, called Pandora Premium. As of September 30, 2020, Pandora had approximately 6.4 million subscribers. The majority of revenue from the Pandora business is generated from advertising on its ad-supported radio service. In addition, Pandora has an arrangement with SoundCloud to be its exclusive U.S. ad sales representative.  Through this arrangement, Pandora is able to offer advertisers the ability to execute campaigns in the U.S. across the Pandora and SoundCloud listening platforms. In addition, through AdsWizz Inc., Pandora provides a comprehensive digital audio advertising technology platform, which connects audio publishers and advertisers with a variety of ad insertion, campaign trafficking, yield optimization, programmatic buying, marketplace and podcast monetization solutions. As of September 30, 2020, the Pandora business had approximately 58.6 million monthly active users.

Sirius XM Holdings is a separate publicly traded company and additional information about Sirius XM Holdings can be obtained through its website and public filings, which are not incorporated by reference herein.

Results of Operations

Liberty acquired a controlling interest in Sirius XM Holdings on January 18, 2013 and applied acquisition accounting and consolidated the results of Sirius XM Holdings from that date. The results presented below include the impacts of accounting adjustments for Liberty’s acquisition of Sirius XM Holdings in the current and prior periods.

Sirius XM Holdings acquired Pandora on February 1, 2019. Although Pandora’s results are only included in Sirius XM Holdings’ results beginning on February 1, 2019, we believe a discussion of Sirius XM and Pandora’s combined results for all periods presented promotes a better understanding of the overall results of the combined businesses. For comparative purposes, we are presenting the pro forma results of Sirius XM Holdings for the three and nine months ended September 30, 2019. The pro forma financial information was prepared based on the historical financial information of Sirius XM Holdings and Pandora and assuming the acquisition of Pandora took place on January 1, 2019. The pro forma results primarily include adjustments related to one additional month of Pandora’s operations, amortization of acquired intangible assets, depreciation of property and equipment, acquisition costs and associated tax impacts. The financial information below is presented for illustrative purposes only and does not purport to represent the actual results of operations of Sirius XM Holdings had the business combination occurred on January 1, 2019, or to project the results of operations of Sirius XM Holdings or Liberty for any future periods.

As of September 30, 2020, there is an approximate 26% noncontrolling interest in Sirius XM Holdings, and the net earnings (loss) of Sirius XM Holdings attributable to such noncontrolling interest is eliminated through the noncontrolling interest line item in the accompanying condensed consolidated statement of operations.

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Sirius XM Holdings’ operating results were as follows:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	(actual)		(pro forma)	(actual)	(pro forma)
	amounts in millions
Sirius XM:
Subscriber revenue	$	1,462	1,424	4,372	4,196
Advertising revenue		39	51	108	149
Equipment revenue		47	45	113	127
Other revenue		39	46	115	127
Total Sirius XM revenue		1,587	1,566	4,708	4,599
Pandora:
Subscriber revenue		132	132	385	401
Advertising revenue		306	315	758	852
Total Pandora revenue		438	447	1,143	1,253
Total revenue		2,025	2,013	5,851	5,852
Operating expenses (excluding stock-based compensation included below):
Sirius XM cost of services		(610)	(599)	(1,795)	(1,761)
Pandora cost of services (excluding legal reserve)		(274)	(275)	(800)	(815)
Subscriber acquisition costs		(110)	(101)	(257)	(313)
Selling, general and administrative expenses (excluding legal settlement)		(317)	(318)	(919)	(943)
Other operating expenses		(53)	(63)	(165)	(179)
Adjusted OIBDA		661	657	1,915	1,841
Legal settlements and reserves		—	—	16	(25)
Acquisition and restructuring		—	—	(24)	—
Stock-based compensation		(58)	(65)	(165)	(182)
Depreciation and amortization		(142)	(135)	(432)	(411)
Operating income	$	461	457	1,310	1,223

Sirius XM Subscriber revenue includes self-pay and paid promotional subscriptions, U.S. Music Royalty Fees and other ancillary fees. Subscriber revenue increased approximately 3% and 4% for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The increases were primarily attributable to higher self-pay revenue as a result of increases in certain subscription plans and higher U.S. Music Royalty Fees due to a higher music royalty rate, partially offset by lower paid promotional revenue.

Sirius XM Advertising revenue includes the sale of advertising on Sirius XM’s non-music channels. Advertising revenue decreased approximately 24% and 28% for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The decreases were primarily due to lower advertising spend as a result of the impact of the COVID-19 pandemic, primarily on news and sports channels due to the cancellation of live sporting events.

Sirius XM Equipment revenue includes revenue and royalties from the sale of satellite radios, components and accessories. Equipment revenue increased approximately 4% for the three months ended September 30, 2020 as compared to the corresponding period in the prior year driven by higher royalty revenue as new vehicle production increased as automakers pushed to get back to pre-COVID-19 levels. Equipment revenue decreased approximately 11% for the nine months ended September 30, 2020 as compared to the corresponding period in the prior year driven by lower royalty revenue as new vehicle production decreased due to the impact of COVID-19 and by lower direct sales to customers.

Sirius XM Other revenue includes service and advisory revenue from Sirius XM Canada, connected vehicle services, and ancillary revenue. Other revenue decreased approximately 15% and 9% for the three and nine months ended September

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30, 2020, respectively, as compared to the corresponding periods in the prior year primarily driven by lower revenue generated by connected vehicle services.

Pandora subscriber revenue includes fees charged for Pandora Plus and Pandora Premium subscriptions. Pandora subscriber revenue was flat and decreased 4% during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. For the three month period, higher revenue from growth in Pandora Premium plans was offset by a decrease due to the expiration in 2019 of the one-year promotional subscriptions generated through and expired agreement with T-Mobile. The decrease for the nine month period was primarily due to the expiration of the one-year promotional subscriptions generated through an expired agreement with T-Mobile.  

Pandora advertising revenue is generated primarily from audio, display and video advertising from on-platform and off-platform advertising. Pandora advertising revenue decreased 3% and 11% during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The decreases were primarily due to lower advertising spend as a result of the impact of the COVID-19 pandemic.

Sirius XM Cost of services includes revenue share and royalties, programming and content costs, customer service and billing expenses and other ancillary costs associated with providing the satellite radio service.

● Revenue Share and Royalties include royalties for transmitting content, including streaming royalties, as well as automaker, content provider and advertising revenue share. Revenue share and royalties increased 3% for both the three and nine months ended September 30, 2020 as compared to the corresponding periods in the prior year. The increases were due to overall greater revenue subject to music royalties and revenue share.  

● Programming and Content includes costs to acquire, create, promote and produce content. Programming and content costs were flat for both the three and nine months ended September 30, 2020 as compared to the corresponding periods in the prior year. Higher content licensing costs for the three and nine months ended September 30, 2020 and higher personnel costs for the nine months ended September 30, 2020 were offset by one-time benefits for reduced sports programming as a result of shortened sports seasons due to COVID-19.

● Customer Service and Billing includes costs associated with the operation and management of Sirius XM’s internal and third party customer service centers and Sirius XM’s subscriber management systems as well as billing and collection costs, bad debt expense and transaction fees. Customer service and billing costs were relatively flat and decreased 2% for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The decrease for the nine month period was driven by reduced staffing resulting from stay at home orders issued in countries in which Sirius XM’s vendors operate call centers.

● Other includes costs associated with the operation and maintenance of Sirius XM’s terrestrial repeater networks; satellites; satellite telemetry, tracking and control systems; satellite uplink facilities; studios; and delivery of Sirius XM’s Internet streaming service and connected vehicle services as well as costs from the sale of satellite radios, components and accessories and provisions for inventory allowance attributable to products purchased for resale in Sirius XM’s direct to consumer distribution channels. Other costs of services were flat and increased 4% during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The increase for the nine month period was primarily driven by higher cloud hosting and wireless costs associated with Sirius XM’s 360L platform and its streaming and connected vehicle services, partially offset by lower direct sales to consumers and lower inventory reserves.

Pandora Cost of services (excluding legal reserve) includes revenue share and royalties, programming and content costs, customer service and billing expenses and other ancillary costs. Pandora costs of services were flat and decreased 2% for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year.

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● Revenue share and royalties include licensing fees paid for streaming music or other content to Pandora’s subscribers and listeners as a well as revenue share paid to third party ad servers. Pandora makes payments to third party ad servers for the period the advertising impressions are delivered or click-through actions occur, and accordingly, Pandora records this as a cost of service in the related period. Revenue share and royalties decreased 2% and 4% during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year due to lower listening hours. The decrease for the nine month period was also driven by lower costs resulting from the presence of minimum guarantees associated with direct license agreements with major record labels which ended in 2019.

● Programming and content includes costs to produce live listener events and promote content. Programming and content increased 300% and 111% during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year primarily due to higher production costs and personnel related costs.

● Customer service and billing includes transaction fees on subscription purchases through mobile app stores and bad debt expense. Customer service and billing costs were flat and increased 6% during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year driven by higher bad debt expense, partially offset by lower transaction costs.

● Other includes costs associated with content streaming, maintaining Pandora’s streaming radio and on-demand subscription services and creating and serving advertisements through third party ad servers. Other costs decreased 13% and 7% during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year due to decreases in streaming costs.

Subscriber acquisition costs are costs only associated with Sirius XM’s satellite radio and connected vehicle services and include hardware subsidies paid to radio manufacturers, distributors and automakers; subsidies paid for chipsets and certain other components used in manufacturing radios; device royalties for certain radios and chipsets; product warranty obligations; and freight. The majority of subscriber acquisition costs are incurred and expensed in advance of acquiring a subscriber.  Subscriber acquisition costs do not include advertising costs, marketing, loyalty payments to distributors and dealers of satellite radios or revenue share payments to automakers and retailers of satellite radios. For the three and nine months ended September 30, 2020, subscriber acquisition costs increased approximately 9% and decreased approximately 18%, respectively, as compared to the corresponding periods in the prior year. The increase for the three month period was driven by higher OEM installations as automakers pushed to produce pre-COVID-19 volumes, partially offset by lower hardware subsidies as certain subsidy rates decreased. The decrease for the nine month period was driven by a decline in OEM installations as a result of the COVID-19 pandemic as well as lower hardware subsidies as certain subsidy rates decreased.

Selling, general and administrative expenses (excluding legal settlement) includes costs of marketing, advertising, media and production, including promotional events and sponsorships; cooperative and artist marketing; personnel costs; facilities costs, finance, legal, human resources and information technology costs. For the three and nine months ended September 30, 2020, selling, general and administrative expense were flat and decreased 3%, respectively, as compared to the corresponding periods in the prior year. The decrease for the nine month period was primarily due to lower personnel costs, lower travel and entertainment costs and the resolution of a sales and use tax audit during the second quarter of 2020, partially offset by additional subscriber communications, retention programs and acquisition campaigns and higher legal costs.

Other operating expenses include engineering, design and development costs consisting primarily of compensation and related costs to develop chipsets and new products and services, including streaming and connected vehicle services, research and development for broadcast information systems and costs associated with the incorporation of Sirius XM’s radios into new vehicles manufactured by automakers. For the three and nine months ended September 30, 2020 other operating expenses decreased approximately 16% and 8%, respectively, as compared to the corresponding periods in the prior year, driven by lower personnel costs.  

Legal settlements and reserves for the nine months ended September 30, 2020 relates to the reversal of a pre-Pandora acquisition reserve of $16 million for royalties. This benefit is included in the revenue share and royalties line item in the

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accompanying condensed consolidated financial statements for the nine months ended September 30, 2020. Legal settlements and reserves for the nine months ended September 30, 2019 relates to a one-time $25 million legal settlement reserve for Do-Not-Call litigation. This charge is included in the selling, general and administrative expense line item in the accompanying condensed consolidated financial statements for the nine months ended September 30, 2019. The aforementioned reserve and legal settlement have been excluded from Adjusted OIBDA for the corresponding periods as they were not part of Sirius XM Holdings’ normal operations and do not relate to the on-going performance of the business.

Acquisition and restructuring costs for the nine months ended September 30, 2020 relate to costs associated with the termination of the Automatic service and the acquisition of Simplecast.

Stock-based compensation decreased 11% and 9% during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The decreases are primarily due to decreases in Pandora’s stock-based compensation.

Depreciation and amortization expense increased 5% for both the three and nine months ended September 30, 2020 as compared to the corresponding periods in the prior year. The increase is primarily due to higher depreciation and amortization expense related to additional assets placed in-service.

Formula 1.  Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The World Championship takes place on various circuits with various Events. The 2020 World Championship calendar was originally scheduled to have 22 Events. However, due to the COVID-19 pandemic, the start of the 2020 season was postponed until early July, with certain Events being cancelled and others rescheduled to later dates. The 2020 World Championship revised calendar consists of 17 Events. The 2019 World Championship calendar consisted of 21 Events. Formula 1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration. Formula 1 derives its primary revenue from the commercial exploitation and development of the World Championship through a combination of entering into race promotion, broadcasting and advertising and sponsorship arrangements. A significant majority of the race promotion, broadcasting and advertising and sponsorship contracts specify payments in advance and annual increases in the fees payable over the course of the contracts.

Formula 1’s operating results were as follows:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Primary Formula 1 revenue	$	524	553	549	1,282
Other Formula 1 revenue		73	80	111	217
Total Formula 1 revenue		597	633	660	1,499
Operating expenses (excluding stock-based compensation included below):
Cost of Formula 1 revenue		(551)	(434)	(610)	(1,023)
Selling, general and administrative expenses		(32)	(37)	(84)	(104)
Adjusted OIBDA		14	162	(34)	372
Stock-based compensation		(3)	(5)	(11)	(15)
Depreciation and amortization		(115)	(113)	(318)	(334)
Operating income (loss)	$	(104)	44	(363)	23
Number of Events		10	7	10	16

Primary Formula 1 revenue is derived from the commercial exploitation and development of the World Championship through a combination of race promotion fees (earned from granting the rights to host, stage and promote each Event on the World Championship calendar), broadcasting fees (earned from licensing the right to broadcast Events on television

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and other platforms, including the internet) and advertising and sponsorship fees (earned from the sale of World Championship and Event-related advertising and sponsorship rights).

Primary Formula 1 revenue decreased $29 million and $733 million during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. Race promotion revenue was significantly lower during the three and nine months ended September 30, 2020 as compared to the corresponding periods in the prior year primarily due to the fact that fans were prohibited at all but one Event during the current year which led to one-time changes in the contractual terms of the originally scheduled Events that remained on the revised 2020 calendar and limited revenue from the other Events that have been added. Additionally, the altered schedule triggered lower broadcasting fees pursuant to the contractual terms within certain broadcasting agreements and also led to other one-time changes as fees were renegotiated for the current year, leading to overall lower than originally contracted broadcasting revenue.  Additionally, Formula 1 has been prevented from delivering all of the elements of a typical sponsorship offering with the cancellation of certain events to which contracted sponsorship inventory related, and with limited activities at the Events that have taken place due to the lack of fans and inability to operate services such as hospitality, leading to one-time changes in sponsorship contracts. Despite these changes impacting the different components of primary Formula 1 revenue, broadcasting and sponsorship revenue increased during the three months ended September 30, 2020 as compared to the corresponding period in the prior year due to the impact of higher proportionate recognition of season-based income resulting from three additional Events during the current period and the impact of recognizing revenue over fewer Events in 2020, although these effects were more than offset by lower race promotion revenue. Primary Formula 1 revenue decreased during the nine months ended September 30, 2020 as compared to the corresponding period in the prior year due to the impact of lower proportionate recognition of season-based income from six fewer Events during the current period and lower fees due to the contractual decreases as a result of COVID-19, as discussed previously.

Other Formula 1 revenue is generated from miscellaneous and ancillary sources primarily related to facilitating the shipment of cars and equipment to and from events outside of Europe, revenue from the sale of tickets to the Formula One Paddock Club at most Events, support races at Events (either from the direct operation of the Formula 2 and Formula 3 series or from the licensing of other third party series or individual race events), various television production and post-production activities, digital and social media services and other ancillary operations. The $7 million decrease in Other Formula 1 revenue during the three months ended September 30, 2020 as compared to the corresponding period in the prior year was attributable to the non-operation of the Formula One Paddock Club and lower freight revenue, partially offset by increased revenue from the Formula 2 and Formula 3 series due to three additional Events in the current period. Other Formula 1 revenue decreased $106 million during the nine months ended September 30, 2020 as compared to the corresponding period in the prior year due to six fewer Events in the current year period and the impact of COVID-19 related restrictions, such as the non-operation of the Paddock Club, limited freight services, the non-operation of fan festivals and business forums and lower Formula 2 and Formula 3 series income.  

Cost of Formula 1 revenue

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Team payments	$	(441)	(335)	(441)	(766)
Other costs of Formula 1 revenue		(110)	(99)	(169)	(257)
Cost of Formula 1 revenue	$	(551)	(434)	(610)	(1,023)

Cost of Formula 1 revenue increased $117 million and decreased $413 million during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year.

Team payments are recognized on a pro-rata basis across the Events of the World Championship calendar. The increase in team payments during the three months ended September 30, 2020 as compared to the corresponding period in the prior year was partially attributable to one-time fees paid to teams upon signing the 2021 Concorde Agreement and the pro rata recognition of estimated fixed and variable Prize Fund elements (which are expected to be lower in the current

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year), driven by three additional Events in the current year period and the recognition of costs over fewer total Events. The decrease in team payments during the nine months ended September 30, 2020 as compared to the corresponding period in the prior year was attributable to the pro rata recognition of estimated fixed and variable Prize Fund elements (which are expected to be lower in the current year), driven by six fewer Events in the current year period and the recognition of costs over fewer total Events, partially offset by the one-time fees paid to teams upon signing the 2021 Concorde Agreement.

Other costs of Formula 1 revenue include hospitality costs, which are principally related to catering and other aspects of the production and delivery of the Paddock Club, and circuit rights’ fees payable under various agreements with race promoters to acquire certain commercial rights at Events, including the right to sell advertising, hospitality and support race opportunities. Other costs include annual Federation Internationale de l’Automobile regulatory fees, advertising and sponsorship commissions and those incurred in the provision and sale of freight, travel and logistical services, Formula 2 and Formula 3 cars, parts and maintenance services, television production and post-production services, advertising production services and digital and social media activities. These costs are largely variable in nature and relate directly to revenue opportunities. Other costs increased $11 million and decreased $88 million during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year primarily due to the differing number of Events in each period. The increase in other costs for the three months ended September 30, 2020 was partially offset by lower hospitality and freight costs. The decrease in other costs for the nine months ended September 30, 2020 was also attributable to a reduction in hospitality, freight and travel expenses due to COVID-19 restrictions.

Selling, general and administrative expenses include personnel costs, legal, professional and other advisory fees, bad debt expense, rental expense, information technology costs, non-Event-related travel costs, insurance premiums, maintenance and utility costs and other general office administration costs. Selling, general and administrative expenses decreased $5 million during the three months ended September 30, 2020 as compared to the prior year period primarily due to foreign exchange gains in the current year period compared to losses in the prior year period and lower discretionary marketing expenditures. Selling, general and administrative expenses decreased $20 million during the nine months ended September 30, 2020 as compared to the corresponding period in the prior year driven by certain cost reduction initiatives while Events were not taking place, resulting in lower personnel costs, legal and professional fees and lower discretionary marketing expenditures.

Stock-based compensation expense relates to costs arising from grants of Series C Liberty Formula One common stock options and restricted stock units to members of Formula 1 management. Stock-based compensation expense decreased $2 million and $4 million during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year due to the vesting of outstanding awards and a decrease in the fair value of the underlying awards.

Depreciation and amortization includes depreciation of fixed assets and amortization of intangible assets. Depreciation and amortization increased $2 million during the three months ended September 30, 2020 as compared to the corresponding period in the prior year primarily due to an increase in the pro rata recognition of amortization of rights related to the legacy Concorde Agreement, driven by three additional Events in the current period recognized over fewer total Events, partially offset by a decrease in amortization expense related to certain intangible assets acquired in the acquisition of Formula 1 by Liberty.   Depreciation and amortization decreased $16 million during the nine months ended September 30, 2020 as compared to the corresponding period in the prior year due to a decrease in amortization expense related to certain intangible assets acquired in the acquisition of Formula 1 by Liberty and a decrease in the pro rata recognition of amortization of rights related to the legacy Concorde Agreement, driven by six fewer Events in the current period recognized over fewer total Events.

Braves Holdings.   Braves Holdings is our wholly-owned subsidiary that indirectly owns and operates ANLBC and six Minor League Baseball Clubs (the Gwinnett Stripers, the Mississippi Braves, the Rome Braves, the Danville Braves, the GCL Braves and the Dominican Summer League). ANLBC’s ballpark is located in Cobb County, a suburb of Atlanta. The facility is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority and the area surrounding the stadium offers a range of activities and eateries for fans. Braves Holdings and its affiliates participated in the construction of the new stadium and the construction of the adjacent mixed-use development project, which we refer to as the Development Project.

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Due to COVID-19, Major League Baseball postponed the start of the 2020 season until late July. The current year regular season was comprised of 60 games, without fans in attendance. The 2020 minor league season was cancelled. Braves Holdings does not expect to generate material revenue from the Braves’ participation in the 2020 post-season given the structure of the Major League Baseball playoffs to accommodate COVID-19 safety protocols, but Braves Holdings will incur modest expenses due to travel and other associated costs.

Operating results attributable to Braves Holdings were as follows:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Baseball revenue	$	102	203	119	415
Development revenue		8	9	24	27
Total Braves Holdings revenue		110	212	143	442
Operating expenses (excluding stock-based compensation included below):
Other operating expenses		(90)	(145)	(143)	(305)
Selling, general and administrative expenses		(14)	(21)	(45)	(60)
Adjusted OIBDA		6	46	(45)	77
Stock-based compensation		(2)	(3)	11	(11)
Depreciation and amortization		(19)	(20)	(54)	(54)
Operating income	$	(15)	23	(88)	12
Home Games		30	40	30	81

Revenue includes amounts generated from Braves Holdings’ baseball and development operations. Baseball revenue is derived from three primary sources: ballpark operations (ticket sales, concessions, corporate sales, suites and premium seat fees), local broadcast rights and national broadcast, licensing and other shared Major League Baseball revenue streams. Development revenue is derived from the mixed-use facilities and primarily includes rental income. The majority of Braves Holdings’ revenue has historically been recognized during the second and third quarters which aligns with a normal baseball season, consisting of approximately 160 games. However, the 2020 regular season was played entirely during the third quarter and consisted of only 60 games. The decreases in baseball revenue in the current year periods were primarily driven by fewer games in the current year, resulting in lower broadcasting revenue. In addition, without fans in attendance for any games, ballpark operations revenue was lower due to decreased ticket and concession sales. The decreases in development revenue in the current year periods were primarily driven by the deferral of rental income from the mixed-use facilities.

Other operating expenses primarily include costs associated with baseball and stadium operations. For the three and nine months ended September 30, 2020, other operating expenses decreased $55 million and $162 million, respectively, as compared to the corresponding periods in the prior year. The decreases in the current year periods were primarily due to lower player salaries, as players were paid a pro-rata portion of their salaries, and lower facility and game day expenses, as there were fewer games in the current year, all without fans in attendance.  

Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs. Selling, general and administrative expense decreased $7 million and $15 million for the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year. The decreases during the three and nine months ended September 30, 2020 were primarily driven by lower marketing expense and fewer games in the current year periods.

Stock-based compensation decreased $1 million and $22 million during the three and nine months ended September 30, 2020, respectively, as compared to the corresponding periods in the prior year, driven by a decrease in the valuation of outstanding Braves Holdings awards.

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Depreciation and amortization was relatively flat for the three and nine months ended September 30, 2020, as compared to the corresponding periods in the prior year.

Item 3.    Quantitative and Qualitative Disclosures about Market Risk

We are exposed to market risk in the normal course of business due to our ongoing investing and financial activities. Market risk refers to the risk of loss arising from adverse changes in stock prices and interest rates. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies, procedures and internal processes governing our management of market risks and the use of financial instruments to manage our exposure to such risks.

We are exposed to changes in interest rates primarily as a result of our borrowing and investment activities, which include investments in fixed and floating rate debt instruments and borrowings used to maintain liquidity and to fund business operations. The nature and amount of our long-term and short-term debt are expected to vary as a result of future requirements, market conditions and other factors. We manage our exposure to interest rates by maintaining what we believe is an appropriate mix of fixed and variable rate debt. We believe this best protects us from interest rate risk. We have achieved this mix by (i) issuing fixed rate debt that we believe has a low stated interest rate and significant term to maturity, (ii) issuing variable rate debt with appropriate maturities and interest rates and (iii) entering into interest rate swap arrangements when we deem appropriate. As of September 30, 2020, our debt is comprised of the following amounts:

	Variable rate debt				Fixed rate debt
	Principal		Weighted avg		Principal		Weighted avg
	amount		interest rate		amount		interest rate
	dollar amounts in millions
Liberty SiriusXM Group	$	750	2.3	%	$	10,333	3.8	%
Braves Group	$	343	1.8	%	$	371	3.7	%
Formula One Group	$	832	3.5	%	$	2,800	4.6	%

Liberty’s borrowings under margin loans, Sirius XM Holdings’ borrowings under its Credit Facility and Formula 1’s borrowings under its Senior Loan Facility carry a variable interest rate based on LIBOR as a benchmark for establishing the rate of interest. LIBOR is the subject of national, international and other regulatory guidance and proposals for reform. On July 27, 2017, the United Kingdom's Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. It is unclear if at that time LIBOR will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist after 2021. The consequences of these developments cannot be entirely predicted, but could include an increase in the cost of borrowings under the aforementioned debt instruments. In preparation for the expected phase out of LIBOR, and to the extent alternate reference rates were not included in existing debt agreements, Liberty, SiriusXM Holdings and Formula 1 expect to incorporate alternative reference rates when amending these facilities, as applicable.

The Company is exposed to changes in stock prices primarily as a result of our significant holdings in publicly traded securities. We continually monitor changes in stock markets, in general, and changes in the stock prices of our holdings, specifically. We believe that changes in stock prices can be expected to vary as a result of general market conditions, technological changes, specific industry changes and other factors. We periodically use equity collars and other financial instruments to manage market risk associated with certain investment positions. These instruments are recorded at fair value based on option pricing models and other appropriate methods.

At September 30, 2020, the fair value of our marketable debt and equity securities was $231 million. Had the market price of such securities been 10% lower at September 30, 2020, the aggregate value of such securities would have been approximately $23 million lower.  Additionally, our stock in Live Nation (one of our equity method affiliates), a publicly traded security, is not reflected at fair value in our balance sheet. This security is also subject to market risk that is not directly reflected in our statement of operations, and had the market price of such security been 10% lower at September 30, 2020 the aggregate value of such security would have been $375 million lower.

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Item 4.    Controls and Procedures

In accordance with Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company carried out an evaluation, under the supervision and with the participation of management, including its chief executive officer and principal accounting and financial officer (the "Executives"), of the effectiveness of its disclosure controls and procedures as of the end of the period covered by this Quarterly Report. Based on that evaluation, the Executives concluded that the Company's disclosure controls and procedures were effective as of September 30, 2020 to provide reasonable assurance that information required to be disclosed in its reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

There has been no change in the Company’s internal control over financial reporting that occurred during the three months ended September 30, 2020 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting. We have not experienced any material impact to our internal controls over financial reporting despite the fact that most of our employees are working remotely due to the COVID-19 pandemic.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

Our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report on Form 10-Q  for the quarter ended on March 31, 2020 include "Legal Proceedings" under Item 3 of Part I and Item 1 of Part II, respectively. There have been no material changes from the legal proceedings described in these Forms 10-K and 10-Q, except as described below.

Copyright Royalty Board Proceeding to Determine the Rate for Statutory Webcasting.  Pursuant to Sections 112 and 114 of the Copyright Act, the Copyright Royalty Board (the “CRB”) initiated a proceeding in January 2019 to set the rates and terms by which webcasters may perform sound recordings via digital transmission over the internet and make ephemeral reproductions of those recordings during the 2021-2025 rate period under the authority of statutory licenses provided under Sections 112 and 114 of the Copyright Act. Sirius XM Holdings filed a petition to participate in the proceeding on behalf of its Sirius XM and Pandora businesses, as did other webcasters including Google Inc. and the National Association of Broadcasters. SoundExchange, a collective organization that collects and distributes digital performance royalties to artists and copyright holders, represents the various copyright owner participants in the proceeding, including Sony Music Entertainment, Universal Music Group, and Warner Music Group. Because the proceeding focuses on setting statutory rates for non-interactive online music streaming (commonly identified as “webcasting”), the proceeding will set the rates that Pandora pays for music streaming on its free, ad-supported tier, and that Sirius XM pays for streaming on its subscription internet radio service.  This proceeding will not set the rates that Sirius XM Holdings pays for its other music offerings (satellite radio, business establishment services) or that it pays for interactive streaming on the Pandora Plus and Pandora Premium services.

In September 2019, the participants filed written direct statements, including proposed rates and terms for the 2021-2025 period. Sirius XM Holdings and other webcaster participants proposed rates below the existing statutory rates, which for commercial webcasters are currently set at $0.0018 per performance for non-subscription transmissions (such as offered by our Pandora ad-supported business) and $0.0024 per performance for subscription transmissions (such as offered by our Sirius XM internet radio service). SoundExchange has proposed increasing the commercial webcasting rates to $0.0028 per performance for non-subscription transmissions and $0.0031 per performance for subscription transmissions.

During the summer, the CRB held a multi-week hearing which concluded in September 2020. An initial determination by the CRB is expected to be issued during the first half of 2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Share Repurchase Programs

In August 2015, our board of directors authorized $1 billion of Liberty Media Corporation common stock repurchases, which could be used to repurchase any of the Series A and Series C of each of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock. In November 2019, our board of directors authorized an additional $1 billion of Series A and Series C shares of each of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock repurchases.

II-1

A summary of the repurchase activity for the three months ended September 30, 2020 is as follows:

	Series A Liberty SiriusXM Common Stock			Series C Liberty SiriusXM Common Stock
							(c) Total Number	(d) Maximum Number
							of Shares	(or Approximate Dollar
							Purchased as	Value) of Shares that
	(a) Total Number	(b) Average		(a) Total Number	(b) Average		Part of Publicly	May Yet Be Purchased
	of Shares	Price Paid per		of Shares	Price Paid per		Announced Plans or	Under the Plans or
Period	Purchased	Share		Purchased	Share		Programs	Programs (in millions)
July 1-31, 2020	—	$	—	—	$	—	—	$	1,230
August 1-31, 2020	114,317	$	34.99	531,390	$	35.75	645,707	$	1,207
September 1-30, 2020	286,148	$	34.95	950,594	$	34.45	1,236,742	$	1,164
Total	400,465			1,481,984			1,882,449

There were no repurchases of Series A Liberty Braves common stock or Liberty Formula One common stock and no repurchases of Series C Liberty Braves common stock or Liberty Formula One common stock during the three months ended September 30, 2020.

During the three months ended September 30, 2020, no shares of Liberty Formula One common stock, Liberty SiriusXM common stock or Liberty Braves common stock were surrendered by our officers and employees to pay withholding taxes and other deductions in connection with the vesting of their restricted stock and restricted stock units.

Item 6.    Exhibits

(a)  Exhibits

Listed below are the exhibits which are filed as a part of this Quarterly Report (according to the number assigned to them in Item 601 of Regulation S-K):

Exhibit No.		Name
31.1	Rule 13a-14(a)/15d-14(a) Certification*
31.2	Rule 13a-14(a)/15d-14(a) Certification*
32	Section 1350 Certification**
99.1	Unaudited Attributed Financial Information for Tracking Stock Groups*
101.INS	Inline XBRL Instance Document* - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document*
101.LAB	Inline XBRL Taxonomy Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Presentation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Definition Document*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith

** Furnished herewith

II-2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		LIBERTY MEDIA CORPORATION
Date:	November 5, 2020	By:	/s/ GREGORY B. MAFFEI
			Gregory B. Maffei President and Chief Executive Officer
Date:	November 5, 2020	By:	/s/ BRIAN J. WENDLING
			Brian J. Wendling Chief Accounting Officer and Principal Financial Officer

II-3

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Gregory B. Maffei, certify that:

1.     I have reviewed this quarterly report on Form 10-Q of Liberty Media Corporation;

2.     Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.     Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.     The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)     evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and

d)    disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.     The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	November 5, 2020
/s/ GREGORY B. MAFFEI
Gregory B. Maffei President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Brian J. Wendling, certify that:

1.     I have reviewed this quarterly report on Form 10-Q of Liberty Media Corporation;

2.     Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.     Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.     The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)     evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and

d)    disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.     The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	November 5, 2020
/s/ BRIAN J. WENDLING
Brian J. Wendling Chief Accounting Officer and Principal Financial Officer

EX-32

Exhibit 32

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Liberty Media Corporation, a Delaware corporation (the "Company"), does hereby certify, to such officer's knowledge, that:

The Quarterly Report on Form 10-Q for the period ended September 30, 2020 (the "Form 10-Q") of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 5, 2020	/s/ GREGORY B. MAFFEI
	Gregory B. Maffei President and Chief Executive Officer
Dated: November 5, 2020	/s/ BRIAN J. WENDLING
	Brian J. Wendling Chief Accounting Officer and Principal Financial Officer

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

EX-99.1

Exhibit 99.1

Unaudited Attributed Financial Information for Tracking Stock Groups

The following tables present our assets and liabilities as of September 30, 2020 and revenue and expenses for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019. The tables further present our assets, liabilities, revenue, expenses and cash flows that are intended to be attributed to the Liberty SiriusXM Group, Liberty Braves Group (“Braves Group”) and the Liberty Formula One Group (“Formula One Group”), respectively. The reattribution, as described in note 1, is reflected in the attributed financial statements on a prospective basis from April 22, 2020. The financial information should be read in conjunction with our condensed consolidated financial statements for the nine months ended September 30, 2020 included in this Quarterly Report on Form 10-Q.

Notwithstanding the following attribution of assets, liabilities, revenue, expenses and cash flows to the Liberty SiriusXM Group, Braves Group and the Formula One Group, our tracking stock capital structure does not affect the ownership or the respective legal title to our assets or responsibility for our liabilities. We and our subsidiaries are each responsible for our respective liabilities. Holders of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock are holders of our common stock and are subject to risks associated with an investment in our company and all of our businesses, assets and liabilities. The issuance of Liberty SiriusXM common stock, Liberty Braves and Liberty Formula One common stock does not affect the rights of our creditors.

1

SUMMARY ATTRIBUTED FINANCIAL DATA

Liberty SiriusXM Group

Summary Balance Sheet Data:

	September 30,		December 31,
	2020		2019
	amounts in millions
Cash and cash equivalents	$	137		493
Investments in affiliates, accounted for using the equity method	$	986		644
Intangible assets not subject to amortization	$	25,682		25,665
Intangible assets subject to amortization, net	$	1,474		1,603
Total assets	$	31,610		31,421
Deferred revenue	$	1,792		1,930
Long-term debt, including current portion	$	11,085		9,245
Deferred tax liabilities	$	2,055		1,890
Attributed net assets	$	9,354		10,678
Noncontrolling interest	$	5,182		5,628

Summary Statement of Operations Data:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Revenue	$	2,025	2,011	5,851	5,732
Cost of services (1)	$	(895)	(880)	(2,611)	(2,510)
Other operating expenses (1)	$	(64)	(78)	(196)	(206)
Selling, general and administrative expense (1)	$	(363)	(363)	(1,055)	(1,050)
Operating income (loss)	$	451	454	1,276	1,174
Interest expense	$	(116)	(115)	(347)	(326)
Income tax (expense) benefit	$	(22)	(63)	(88)	(251)
Net earnings (loss) attributable to noncontrolling interests	$	68	68	210	175
Earnings (loss) attributable to Liberty stockholders	$	12	140	138	368

(1) Includes stock-based compensation expense as follows:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Cost of services	$	11	10	32	29
Other operating expenses		11	15	31	37
Selling, general and administrative expense		39	41	110	117
	$	61	66	173	183

2

Braves Group

Summary Balance Sheet Data:

	September 30,		December 31,
	2020		2019
	amounts in millions
Cash and cash equivalents	$	213		142
Property and equipment, net	$	823		795
Investments in affiliates, accounted for using the equity method	$	87		99
Intangible assets not subject to amortization	$	323		323
Intangible assets subject to amortization, net	$	25		34
Total assets	$	1,628		1,593
Deferred revenue	$	88		70
Long-term debt, including current portion	$	710		554
Deferred tax liabilities	$	47		61
Attributed net assets	$	337		378

Summary Statement of Operations Data:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Revenue	$	110	212	143	442
Selling, general and administrative expense (1)	$	(17)	(26)	(39)	(77)
Operating income (loss)	$	(16)	21	(93)	6
Share of earnings (losses) of affiliates, net	$	(5)	4	(2)	13
Unrealized gains (losses) on intergroup interest	$	(10)	2	78	(26)
Income tax (expense) benefit	$	7	(7)	31	(1)
Earnings (loss) attributable to Liberty stockholders	$	(31)	12	(16)	(33)

(1) Includes stock-based compensation expense of $2 million and benefit of $12 million for the three and nine months ended September 30, 2020, respectively, and stock-based compensation expense of $4 million and $13 million for the three and nine months ended September 30, 2019, respectively.

3

Formula One Group

Summary Balance Sheet Data:

	September 30,		December 31,
	2020		2019
	amounts in millions
Cash and cash equivalents	$	1,586		587
Investments in affiliates, accounted for using the equity method	$	33		882
Intangible assets not subject to amortization	$	3,956		3,956
Intangible assets subject to amortization, net	$	3,990		4,303
Total assets	$	11,231		11,505
Long-term debt, including current portion	$	3,715		5,677
Attributed net assets	$	6,501		5,239

Summary Statement of Operations Data:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Revenue	$	597	633	660	1,499
Cost of Formula 1 revenue	$	(551)	(434)	(610)	(1,023)
Selling, general and administrative expense (1)	$	(43)	(51)	(127)	(148)
Operating income (loss)	$	(115)	32	(403)	(12)
Interest expense	$	(31)	(48)	(114)	(149)
Share of earnings (losses) of affiliates, net	$	1	58	(109)	74
Realized and unrealized gains (losses) on financial instruments, net	$	55	26	75	(171)
Unrealized gains (losses) on intergroup interest	$	(15)	(2)	(170)	26
Income tax (expense) benefit	$	8	(28)	60	26
Earnings (loss) attributable to Liberty stockholders	$	(95)	41	(638)	(184)

(1) Includes stock-based compensation of $5 million and $6 million for the three months ended September 30, 2020 and 2019, respectively, and $17 million and $21 million for the nine months ended September 30, 2020 and 2019, respectively.

4

BALANCE SHEET INFORMATION

September 30, 2020

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Inter-Group	Consolidated
	Group		Group	Group	Eliminations	Liberty
	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	137	213	1,586	—	1,936
Trade and other receivables, net		582	41	148	—	771
Other current assets		214	40	588	(276)	566
Total current assets		933	294	2,322	(276)	3,273
Intergroup interests (note 1)		225	—	142	(367)	—
Investments in affiliates, accounted for using the equity method (note 1)		986	87	33	—	1,106
Property and equipment, at cost		2,724	991	191	—	3,906
Accumulated depreciation		(1,435)	(168)	(67)	—	(1,670)
		1,289	823	124	—	2,236
Intangible assets not subject to amortization
Goodwill		15,820	180	3,956	—	19,956
FCC licenses		8,600	—	—	—	8,600
Other		1,262	143	—	—	1,405
		25,682	323	3,956	—	29,961
Intangible assets subject to amortization, net		1,474	25	3,990	—	5,489
Other assets		1,021	76	664	(37)	1,724
Total assets	$	31,610	1,628	11,231	(680)	43,789
Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	(28)	(25)	53	—	—
Accounts payable and accrued liabilities		1,156	63	184	—	1,403
Current portion of debt		1	95	—	—	96
Deferred revenue		1,792	88	362	—	2,242
Other current liabilities		350	4	20	(276)	98
Total current liabilities		3,271	225	619	(276)	3,839
Long-term debt (note 1)		11,084	615	3,715	—	15,414
Deferred income tax liabilities		2,055	47	—	(37)	2,065
Redeemable intergroup interests (note 1)		—	191	176	(367)	—
Other liabilities		664	213	214	—	1,091
Total liabilities		17,074	1,291	4,724	(680)	22,409
Equity / Attributed net assets		9,354	337	6,501	—	16,192
Noncontrolling interests in equity of subsidiaries		5,182	—	6	—	5,188
Total liabilities and equity	$	31,610	1,628	11,231	(680)	43,789

5

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2020

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,025	—	—	2,025
Formula 1 revenue		—	—	597	597
Other revenue		—	110	—	110
Total revenue		2,025	110	597	2,732
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		602	—	—	602
Programming and content		123	—	—	123
Customer service and billing		119	—	—	119
Other		51	—	—	51
Cost of Formula 1 revenue		—	—	551	551
Subscriber acquisition costs		110	—	—	110
Other operating expenses		64	90	—	154
Selling, general and administrative		363	17	43	423
Acquisition and restructuring		—	—	—	—
Depreciation and amortization		142	19	118	279
		1,574	126	712	2,412
Operating income (loss)		451	(16)	(115)	320
Other income (expense):
Interest expense		(116)	(6)	(31)	(153)
Intergroup interest (expense) income		—	—	—	—
Share of earnings (losses) of affiliates, net		(183)	(5)	1	(187)
Realized and unrealized gains (losses) on financial instruments, net		(39)	—	55	16
Unrealized gains (losses) on intergroup interests (note 1)		25	(10)	(15)	—
Other, net		(36)	(1)	5	(32)
		(349)	(22)	15	(356)
Earnings (loss) before income taxes		102	(38)	(100)	(36)
Income tax (expense) benefit		(22)	7	8	(7)
Net earnings (loss)		80	(31)	(92)	(43)
Less net earnings (loss) attributable to the noncontrolling interests		68	—	3	71
Net earnings (loss) attributable to Liberty stockholders	$	12	(31)	(95)	(114)

6

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2019

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,011	—	—	2,011
Formula 1 revenue		—	—	633	633
Other revenue		—	212	—	212
Total revenue		2,011	212	633	2,856
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		592	—	—	592
Programming and content		116	—	—	116
Customer service and billing		120	—	—	120
Other		52	—	—	52
Cost of Formula 1 revenue		—	—	434	434
Subscriber acquisition costs		101	—	—	101
Other operating expenses		78	145	—	223
Selling, general and administrative		363	26	51	440
Acquisition and restructuring		—	—	—	—
Depreciation and amortization		135	20	116	271
		1,557	191	601	2,349
Operating income (loss)		454	21	32	507
Other income (expense):
Interest expense		(115)	(6)	(48)	(169)
Share of earnings (losses) of affiliates, net		(7)	4	58	55
Realized and unrealized gains (losses) on financial instruments, net		(10)	(2)	26	14
Unrealized gains (losses) on intergroup interests (note 1)		—	2	(2)	—
Other, net		(51)	—	4	(47)
		(183)	(2)	38	(147)
Earnings (loss) before income taxes		271	19	70	360
Income tax (expense) benefit		(63)	(7)	(28)	(98)
Net earnings (loss)		208	12	42	262
Less net earnings (loss) attributable to the noncontrolling interests		68	—	1	69
Net earnings (loss) attributable to Liberty stockholders	$	140	12	41	193

7

STATEMENT OF OPERATIONS INFORMATION

Nine months ended September 30, 2020

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	5,851	—	—	5,851
Formula 1 revenue		—	—	660	660
Other revenue		—	143	—	143
Total revenue		5,851	143	660	6,654
Operating costs and expenses, including stock-based compensation (note 2):
Cost of subscriber services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,759	—	—	1,759
Programming and content		351	—	—	351
Customer service and billing		359	—	—	359
Other		142	—	—	142
Cost of Formula 1 revenue		—	—	610	610
Subscriber acquisition costs		257	—	—	257
Other operating expenses		196	143	—	339
Selling, general and administrative		1,055	39	127	1,221
Acquisition and restructuring		24	—	—	24
Depreciation and amortization		432	54	326	812
		4,575	236	1,063	5,874
Operating income (loss)		1,276	(93)	(403)	780
Other income (expense):
Interest expense		(347)	(19)	(114)	(480)
Intergroup interest (expense) income		(7)	—	7	—
Share of earnings (losses) of affiliates, net		(331)	(2)	(109)	(442)
Realized and unrealized gains (losses) on financial instruments, net		(228)	(10)	75	(163)
Unrealized gains (losses) on intergroup interest (note 1)		92	78	(170)	—
Other, net		(19)	(1)	19	(1)
		(840)	46	(292)	(1,086)
Earnings (loss) before income taxes		436	(47)	(695)	(306)
Income tax (expense) benefit		(88)	31	60	3
Net earnings (loss)		348	(16)	(635)	(303)
Less net earnings (loss) attributable to the noncontrolling interests		210	—	3	213
Net earnings (loss) attributable to Liberty stockholders	$	138	(16)	(638)	(516)

8

STATEMENT OF OPERATIONS INFORMATION

Nine months ended September 30, 2019

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	5,732	—	—	5,732
Formula 1 revenue		—	—	1,499	1,499
Other revenue		—	442	—	442
Total revenue		5,732	442	1,499	7,673
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,684	—	—	1,684
Programming and content		338	—	—	338
Customer service and billing		352	—	—	352
Other		136	—	—	136
Cost of Formula 1 revenue		—	—	1,023	1,023
Subscriber acquisition costs		313	—	—	313
Other operating expenses		206	305	—	511
Selling, general and administrative		1,050	77	148	1,275
Acquisition and restructuring		83	—	—	83
Depreciation and amortization		396	54	340	790
		4,558	436	1,511	6,505
Operating income (loss)		1,174	6	(12)	1,168
Other income (expense):
Interest expense		(326)	(20)	(149)	(495)
Share of earnings (losses) of affiliates, net		(18)	13	74	69
Realized and unrealized gains (losses) on financial instruments, net		6	(6)	(171)	(171)
Unrealized gains (losses) on intergroup interests (note 1)		—	(26)	26	—
Other, net		(42)	1	23	(18)
		(380)	(38)	(197)	(615)
Earnings (loss) before income taxes		794	(32)	(209)	553
Income tax (expense) benefit		(251)	(1)	26	(226)
Net earnings (loss)		543	(33)	(183)	327
Less net earnings (loss) attributable to the noncontrolling interests		175	—	1	176
Net earnings (loss) attributable to Liberty stockholders	$	368	(33)	(184)	151

9

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 30, 2020

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	348	(16)	(635)	(303)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		432	54	326	812
Stock-based compensation		173	(10)	17	180
Share of (earnings) loss of affiliates, net		331	2	109	442
Unrealized (gains) losses on intergroup interests, net		(92)	(78)	170	—
Realized and unrealized (gains) losses on financial instruments, net		228	10	(75)	163
Deferred income tax expense (benefit)		33	(15)	(61)	(43)
Intergroup tax allocation		4	(16)	12	—
Other charges (credits), net		73	10	2	85
Changes in operating assets and liabilities
Current and other assets		150	(16)	(282)	(148)
Payables and other liabilities		(301)	19	150	(132)
Net cash provided (used) by operating activities		1,379	(56)	(267)	1,056
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(91)	—	(3)	(94)
Return of investment in equity method affiliates		—	—	105	105
Cash proceeds from sale of investments		—	—	13	13
Cash (paid) received for acquisitions, net of cash acquired		(28)	—	—	(28)
Capital expended for property and equipment, including internal-use software and website development		(230)	(69)	(17)	(316)
Other investing activities, net		10	4	(3)	11
Net cash provided (used) by investing activities		(339)	(65)	95	(309)
Cash flows from financing activities:
Borrowings of debt		2,300	216	522	3,038
Repayments of debt		(1,922)	(62)	(611)	(2,595)
Intergroup Loan (repayment) borrowing		(750)	—	750	—
Liberty SiriusXM stock repurchases		(135)	—	(69)	(204)
Subsidiary shares repurchased by subsidiary		(870)	—	—	(870)
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group		(608)	—	608	—
Proceeds from Liberty SiriusXM common stock rights offering		754	—	—	754
Cash dividends paid by subsidiary		(49)	—	—	(49)
Taxes paid in lieu of shares issued for stock-based compensation		(84)	—	(2)	(86)
Other financing activities, net		(35)	(5)	(26)	(66)
Net cash provided (used) by financing activities		(1,399)	149	1,172	(78)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(1)	(1)
Net increase (decrease) in cash, cash equivalents and restricted cash		(359)	28	999	668
Cash, cash equivalents and restricted cash at beginning of period		507	212	587	1,306
Cash, cash equivalents and restricted cash at end of period	$	148	240	1,586	1,974

10

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 30, 2019

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	543	(33)	(183)	327
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		396	54	340	790
Stock-based compensation		204	13	21	238
Share of (earnings) loss of affiliates, net		18	(13)	(74)	(69)
Unrealized (gains) losses on intergroup interests, net		—	26	(26)	—
Realized and unrealized (gains) losses on financial instruments, net		(6)	6	171	171
Deferred income tax expense (benefit)		232	7	(43)	196
Intergroup tax allocation		1	(6)	5	—
Intergroup tax (payments) receipts		(2)	22	(20)	—
Other charges (credits), net		63	9	(4)	68
Changes in operating assets and liabilities
Current and other assets		14	(37)	(38)	(61)
Payables and other liabilities		(26)	9	127	110
Net cash provided (used) by operating activities		1,437	57	276	1,770
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(14)	(4)	(7)	(25)
Cash proceeds from sale of investments		373	—	16	389
Cash (paid) received for acquisitions, net of cash acquired		313	—	—	313
Capital expended for property and equipment, including internal-use software and website development		(239)	(72)	(27)	(338)
Sales of short term investments and other marketable securities		73	—	—	73
Other investing activities, net		2	—	(4)	(2)
Net cash provided (used) by investing activities		508	(76)	(22)	410
Cash flows from financing activities:
Borrowings of debt		4,943	75	—	5,018
Repayments of debt		(4,311)	(29)	(5)	(4,345)
Liberty SiriusXM stock repurchases		(374)	—	—	(374)
Subsidiary shares repurchased by subsidiary		(1,959)	—	—	(1,959)
Cash dividends paid by subsidiary		(52)	—	—	(52)
Taxes paid in lieu of shares issued for stock-based compensation		(109)	(1)	9	(101)
Other financing activities, net		(41)	(6)	6	(41)
Net cash provided (used) by financing activities		(1,903)	39	10	(1,854)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(5)	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash		42	20	259	321
Cash, cash equivalents and restricted cash at beginning of period		102	190	160	452
Cash, cash equivalents and restricted cash at end of period	$	144	210	419	773

11

Notes to Attributed Financial Information (Continued)

(unaudited)

(1) A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Liberty Braves Group (the “Braves Group”) and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a company, such as Sirius XM Holdings Inc. (“Sirius XM Holdings”), Live Nation Entertainment, Inc. (“Live Nation”), Formula 1 or Braves Holdings, in which Liberty holds an interest and that is attributed to a Liberty tracking stock group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation.

On April 22, 2020, the Company’s board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group (collectively, the “reattribution”).

The assets reattributed from the Formula One Group to the Liberty SiriusXM Group, valued at $2.8 billion, consisted of:

● Liberty’s entire Live Nation stake, consisting of approximately 69.6 million shares of Live Nation common stock;

● a newly-created Formula One Group intergroup interest, consisting of approximately 5.3 million notional shares of Liberty Formula One common stock, to cover exposure under Liberty’s 1.375% cash convertible senior notes due 2023 (the “Convertible Notes”);

● the bond hedge and warrants associated with the Convertible Notes;

● the entire Liberty SiriusXM Group intergroup interest, consisting of approximately 1.9 million notional shares of Liberty SiriusXM common stock, thereby eliminating the Liberty SiriusXM Group intergroup interest; and

● a portion, consisting of approximately 2.3 million notional shares of Liberty Braves common stock, of the Formula One Group’s intergroup interest in the Braves Group, to cover exposure under the Convertible Notes.

The reattributed liabilities, valued at $1.3 billion, consisted of:

● the Convertible Notes;

● Liberty’s 2.25% exchangeable senior debentures due 2048; and

● Liberty’s margin loan secured by shares of Live Nation (“Live Nation Margin Loan”).  

Similarly, $1.5 billion of net asset value has been reattributed from the Liberty SiriusXM Group to the Formula   One Group, comprised of:

● a call spread between the Formula One Group and the Liberty SiriusXM Group with respect to 34.8 million of the Live Nation shares that were reattributed to the Liberty SiriusXM Group; and

● a net cash payment of $1.4 billion from the Liberty SiriusXM Group to the Formula One Group, which was funded by a combination of (x) cash on hand, (y) an additional $400 million drawn from the Company’s existing margin loan secured by shares of common stock of Sirius XM Holdings, resulting in an aggregate outstanding balance of $750 million, and (z) the creation of an intergroup loan obligation from the Liberty SiriusXM Group to the Formula One Group in the principal amount of $750 million, plus interest thereon, which was repaid with the proceeds from the rights offering described below (the “Intergroup Loan”).

12

Notes to Attributed Financial Information (Continued)

(unaudited)

The reattribution is reflected in the Company’s financial statements on a prospective basis.

The Liberty SiriusXM Group is comprised of Liberty’s interests in Sirius XM Holdings and Live Nation, corporate cash, Liberty’s 1.375% Cash Convertible Notes due 2023 and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.25% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. The Liberty SiriusXM Group holds intergroup interests in the Formula One Group and the Braves Group as of September 30, 2020. As of September 30, 2020, the Liberty SiriusXM Group has cash and cash equivalents of approximately $137 million, which includes $33 million of subsidiary cash.

The Braves Group is comprised of our consolidated subsidiary, Braves Holdings, LLC (“Braves Holdings”), which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project and cash. As of September 30, 2020, the Braves Group has cash and cash equivalents of approximately $213 million, which includes $136 million of subsidiary cash.

The Formula One Group is comprised of all of the businesses, assets and liabilities of Liberty other than those specifically attributed to the Liberty SiriusXM Group or the Braves Group, including Liberty’s interest in Formula 1, a minority equity investment in AT&T Inc., cash, an intergroup interest in the Braves Group, Liberty’s 1% Cash Convertible Notes due 2023 and Liberty’s 2.25% Exchangeable Senior Debentures due 2046. As of September 30, 2020, the Formula One Group has cash and cash equivalents of approximately $1,586 million, which includes $139 million of cash held by Formula 1.

The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903, representing an 11.3% intergroup interest at September 30, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037, representing a 3.8% intergroup interest at September 30, 2020. The number of notional shares representing the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group is 5,271,475, representing a 2.2% intergroup interest at September 30, 2020. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock, and the Liberty SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of Liberty Formula One common stock. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. The changes in fair value are recorded in the Unrealized gain (loss) on intergroup interests line item in the unaudited attributed condensed consolidated statements of operations.

The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are reflected in the Investment in intergroup interests line item, and the Braves Group liabilities for the intergroup interests are reflected in the Redeemable intergroup interests line item in the unaudited attributed condensed consolidated balance sheets. Similarly, the Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is reflected in the Investment in intergroup interests line item, and the Formula One Group liability for the intergroup interest is reflected in the Redeemable intergroup interests line item in the unaudited attributed condensed consolidated balance sheets. Both accounts are presented as noncurrent, as there are currently no plans for the settlement of the intergroup interests. Appropriate eliminating entries are recorded in the Company’s condensed consolidated financial statements.

As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock and Series A, B or C Liberty Formula One common stock, respectively. However, Liberty has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves

13

Notes to Attributed Financial Information (Continued)

(unaudited)

common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. Liberty has assumed that the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Formula One Group would be comprised of Series A Liberty Formula One common stock since Series A Formula One common stock underlie the 1.375% convertible bonds.  Therefore, the market price of Series A Liberty Formula One common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations.

The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of the Company’s Board of Directors, through transfer of securities, cash and/or other assets from the Braves Group or Formula One Group, respectively, to the respective tracking stock group.

On April 22, 2020, the Company’s board of directors authorized management of the Company to cause subscription rights (the “Series C Liberty SiriusXM Rights”) to purchase shares of Series C Liberty SiriusXM common stock, par value $0.01 per share (“LSXMK”), in a rights offering (the “LSXMK rights offering”) to be distributed to holders of Series A Liberty SiriusXM common stock, par value $0.01 per share, Series B Liberty SiriusXM common stock, par value $0.01 per share, and LSXMK. In the LSXMK rights offering, Liberty distributed 0.0939 of a Series C Liberty SiriusXM Right for each share of Series A, Series B or Series C Liberty SiriusXM common stock held as of 5:00 p.m., New York City time, on May 13, 2020. Fractional Series C Liberty SiriusXM Rights were rounded up to the nearest whole right. Each whole Series C Liberty SiriusXM Right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of LSXMK at a subscription price of $25.47, which was equal to an approximate 20% discount to the volume weighted average trading price of LSXMK for the 3-day trading period ending on and including May 8, 2020. Each Series C Liberty SiriusXM Right also entitled the holder to subscribe for additional shares of LSXMK that were unsubscribed for in the LSXMK rights offering pursuant to an oversubscription privilege. The LSXMK rights offering commenced on May 18, 2020, which was also the ex-dividend date for the distribution of the Series C Liberty SiriusXM Rights. The LSXMK rights offering expired at 5:00 p.m. New York City time, on June 5, 2020 and was fully subscribed with 29,594,089 shares of LSXMK issued to those rightsholders exercising basic and, if applicable, oversubscription privileges. The proceeds from the LSXMK rights offering, which aggregated approximately $754 million, were used to repay the outstanding balance on the Intergroup Loan and accrued interest.

For information relating to investments in affiliates accounted for using the equity method and debt, see notes 7 and 9, respectively, of the accompanying condensed consolidated financial statements.

(2) Cash compensation expense for our corporate employees is allocated among the Liberty SiriusXM Group, Braves Group and the Formula One Group based on the estimated percentage of time spent providing services for each group. On an annual basis estimated time spent is determined through an interview process and a review of personnel duties unless transactions significantly change the composition of companies and investments in either respective group which would require a timelier reevaluation of estimated time spent. Other general and administrative expenses are charged directly to the groups whenever possible and are otherwise allocated based on estimated usage or some other reasonably determined methodology. Following the Recapitalization, stock compensation related to each tracking stock is calculated based on actual awards outstanding.

While we believe that this allocation method is reasonable and fair to each group, we may elect to change the allocation methodology or percentages used to allocate general and administrative expenses in the future.

(3) The intergroup balance at September 30, 2020 and December 31, 2019 is primarily a result of timing of tax benefits.

(4) The Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock have voting and conversion rights under our restated charter. Following is a summary of those rights. Holders of Series A common stock of each group are entitled to one vote per share, and holders of Series B common stock of each group are entitled to ten votes per share. Holders of Series C common stock of each group are entitled to 1/100th of a vote per share in certain limited cases and will otherwise not be entitled to vote. In

14

Notes to Attributed Financial Information (Continued)

(unaudited)

general, holders of Series A and Series B common stock vote as a single class. In certain limited circumstances, the board may elect to seek the approval of the holders of only Series A and Series B Liberty SiriusXM common stock, only Series A and Series B Liberty Braves common stock, or only Series A and Series B Liberty Formula One common stock.

At the option of the holder, each share of Series B common stock of each group will be convertible into one share of Series A common stock of the same group. At the discretion of our board, the common stock related to one group may be converted into common stock of the same series that is related to another other group.

15

XML

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-35707
Entity Registrant Name	LIBERTY MEDIA CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1699499
Entity Address, Address Line One	12300 Liberty Boulevard
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	875-5400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001560385
Amendment Flag	false
Liberty Sirius XM Group Common Class A
Document Information [Line Items]
Title of 12(b) Security	Series A Liberty SiriusXM Common Stock
Trading Symbol	LSXMA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		100,671,324
Liberty Sirius XM Group Common Class B
Document Information [Line Items]
Title of 12(b) Security	Series B Liberty SiriusXM Common Stock
Trading Symbol	LSXMB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		9,803,202
Liberty Sirius Xm Group Common Class C
Document Information [Line Items]
Title of 12(b) Security	Series C Liberty SiriusXM Common Stock
Trading Symbol	LSXMK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		229,890,516
Liberty Braves Group Common Class A
Document Information [Line Items]
Title of 12(b) Security	Series A Liberty Braves Common Stock
Trading Symbol	BATRA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		10,312,721
Liberty Braves Group Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		981,778
Liberty Braves Group Common Class C
Document Information [Line Items]
Title of 12(b) Security	Series C Liberty Braves Common Stock
Trading Symbol	BATRK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		39,929,761
Liberty Formula One Group Common Class A
Document Information [Line Items]
Title of 12(b) Security	Series A Liberty Formula One Common Stock
Trading Symbol	FWONA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		25,835,710
Liberty Formula One Group Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,446,857
Liberty Formula One Group Common Class C
Document Information [Line Items]
Title of 12(b) Security	Series C Liberty Formula One Common Stock
Trading Symbol	FWONK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		203,497,807

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,936	$ 1,222
Trade and other receivables, net	771	767
Other current assets	566	416
Total current assets	3,273	2,405
Investments in affiliates, accounted for using the equity method (note 7)	1,106	1,625
Property and equipment, at cost	3,906	3,780
Accumulated depreciation	(1,670)	(1,518)
Property and equipment, net	2,236	2,262
Intangible assets not subject to amortization (note 8):
Goodwill	19,956	19,939
FCC licenses	8,600	8,600
Other	1,405	1,405
Intangible assets not subject to amortization	29,961	29,944
Intangible assets subject to amortization, net (note 8)	5,489	5,940
Other assets	1,724	2,013
Total assets	43,789	44,189
Current liabilities:
Accounts payable and accrued liabilities	1,403	1,621
Current portion of debt (note 9)	96	60
Deferred revenue	2,242	2,113
Other current liabilities	98	94
Total current liabilities	3,839	3,888
Long-term debt, including $3,237 million and $3,678 million measured at fair value at June 30, 2020 and December 31, 2019, respectively (note 9)	15,414	15,416
Deferred income tax liabilities	2,065	1,913
Other liabilities	1,091	1,047
Total liabilities	22,409	22,264
Stockholders' equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued
Additional paid-in capital	2,943	2,575
Accumulated other comprehensive earnings (loss), net of taxes	19	(33)
Retained earnings	13,225	13,748
Total stockholders' equity	16,192	16,295
Noncontrolling interests in equity of subsidiaries	5,188	5,630
Total equity	21,380	21,925
Commitments and contingencies (note 10)
Total liabilities and equity	43,789	44,189
Liberty SiriusXM Group
Current assets:
Cash and cash equivalents	137
Trade and other receivables, net	582
Other current assets	214
Total current assets	933
Investments in affiliates, accounted for using the equity method (note 7)	986	644
Property and equipment, at cost	2,724
Accumulated depreciation	(1,435)
Property and equipment, net	1,289
Intangible assets not subject to amortization (note 8):
Goodwill	15,820
FCC licenses	8,600
Other	1,262
Intangible assets not subject to amortization	25,682
Intangible assets subject to amortization, net (note 8)	1,474
Other assets	1,021
Total assets	31,610
Current liabilities:
Accounts payable and accrued liabilities	1,156
Current portion of debt (note 9)	1
Deferred revenue	1,792
Other current liabilities	350
Total current liabilities	3,271
Long-term debt, including $3,237 million and $3,678 million measured at fair value at June 30, 2020 and December 31, 2019, respectively (note 9)	11,084
Deferred income tax liabilities	2,055
Other liabilities	664
Total liabilities	17,074
Stockholders' equity:
Total stockholders' equity	9,354
Noncontrolling interests in equity of subsidiaries	5,182
Total liabilities and equity	31,610
Liberty SiriusXM Group | Common Class A
Stockholders' equity:
Common Stock, Value, Issued	1	1
Liberty SiriusXM Group | Common Class B
Stockholders' equity:
Common Stock, Value, Issued
Liberty SiriusXM Group | Common Class C
Stockholders' equity:
Common Stock, Value, Issued	2	2
Braves Group
Current assets:
Cash and cash equivalents	213
Trade and other receivables, net	41
Other current assets	40
Total current assets	294
Investments in affiliates, accounted for using the equity method (note 7)	87	99
Property and equipment, at cost	991
Accumulated depreciation	(168)
Property and equipment, net	823
Intangible assets not subject to amortization (note 8):
Goodwill	180
Other	143
Intangible assets not subject to amortization	323
Intangible assets subject to amortization, net (note 8)	25
Other assets	76
Total assets	1,628
Current liabilities:
Accounts payable and accrued liabilities	63
Current portion of debt (note 9)	95
Deferred revenue	88
Other current liabilities	4
Total current liabilities	225
Long-term debt, including $3,237 million and $3,678 million measured at fair value at June 30, 2020 and December 31, 2019, respectively (note 9)	615
Deferred income tax liabilities	47
Other liabilities	213
Total liabilities	1,291
Stockholders' equity:
Total stockholders' equity	337
Total liabilities and equity	1,628
Braves Group | Common Class A
Stockholders' equity:
Common Stock, Value, Issued
Braves Group | Common Class B
Stockholders' equity:
Common Stock, Value, Issued
Braves Group | Common Class C
Stockholders' equity:
Common Stock, Value, Issued
Formula One Group
Current assets:
Cash and cash equivalents	1,586
Trade and other receivables, net	148
Other current assets	588
Total current assets	2,322
Investments in affiliates, accounted for using the equity method (note 7)	33	882
Property and equipment, at cost	191
Accumulated depreciation	(67)
Property and equipment, net	124
Intangible assets not subject to amortization (note 8):
Goodwill	3,956
Intangible assets not subject to amortization	3,956
Intangible assets subject to amortization, net (note 8)	3,990
Other assets	664
Total assets	11,231
Current liabilities:
Accounts payable and accrued liabilities	184
Deferred revenue	362
Other current liabilities	20
Total current liabilities	619
Long-term debt, including $3,237 million and $3,678 million measured at fair value at June 30, 2020 and December 31, 2019, respectively (note 9)	3,715
Other liabilities	214
Total liabilities	4,724
Stockholders' equity:
Total stockholders' equity	6,501
Noncontrolling interests in equity of subsidiaries	6
Total liabilities and equity	11,231
Formula One Group | Common Class A
Stockholders' equity:
Common Stock, Value, Issued
Formula One Group | Common Class B
Stockholders' equity:
Common Stock, Value, Issued
Formula One Group | Common Class C
Stockholders' equity:
Common Stock, Value, Issued	$ 2	$ 2

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Long-term debt, measured at fair value	$ 3,237	$ 3,678
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Liberty SiriusXM Group | Common Class A
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	101,026,159	103,339,016
Common stock, shares outstanding	101,026,159	103,339,016
Liberty SiriusXM Group | Common Class B
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	9,803,444	9,808,601
Common stock, shares outstanding	9,803,444	9,808,601
Liberty SiriusXM Group | Common Class C
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	230,795,109	203,324,574
Common stock, shares outstanding	230,795,109	203,324,574
Braves Group | Common Class A
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	10,312,685	10,312,639
Common stock, shares outstanding	10,312,685	10,312,639
Braves Group | Common Class B
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	7,500,000	7,500,000
Common stock, shares issued	981,814	981,860
Common stock, shares outstanding	981,814	981,860
Braves Group | Common Class C
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	39,929,761	39,894,784
Common stock, shares outstanding	39,929,761	39,894,784
Formula One Group | Common Class A
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	25,835,650	25,834,334
Common stock, shares outstanding	25,835,650	25,834,334
Formula One Group | Common Class B
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	18,750,000	18,750,000
Common stock, shares issued	2,446,917	2,448,233
Common stock, shares outstanding	2,446,917	2,448,233
Formula One Group | Common Class C
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	203,497,807	203,366,419
Common stock, shares outstanding	203,497,807	203,366,419

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Total revenue	$ 2,732	$ 2,856	$ 6,654	$ 7,673
Cost of services (exclusive of depreciation shown separately below):
Subscriber acquisition costs	110	101	257	313
Other operating expenses	154	223	339	511
Selling, general and administrative	423	440	1,221	1,275
Acquisitions and restructuring (note 3)			24	83
Depreciation and amortization	279	271	812	790
Total operating costs and expenses	2,412	2,349	5,874	6,505
Operating income (loss)	320	507	780	1,168
Other income (expense):
Interest expense	(153)	(169)	(480)	(495)
Share of earnings (losses) of affiliates, net (note 7)	(187)	55	(442)	69
Realized and unrealized gains (losses) on financial instruments, net (note 6)	16	14	(163)	(171)
Other, net	(32)	(47)	(1)	(18)
Total other income (expense)	(356)	(147)	(1,086)	(615)
Earnings (loss) before income taxes	(36)	360	(306)	553
Income tax (expense) benefit	(7)	(98)	3	(226)
Net earnings (loss)	(43)	262	(303)	327
Less net earnings (loss) attributable to the noncontrolling interests	71	69	213	176
Net earnings (loss) attributable to Liberty stockholders	(114)	193	(516)	151
Liberty SiriusXM Group
Revenue:
Total revenue	2,025	2,011	5,851	5,732
Cost of services (exclusive of depreciation shown separately below):
Subscriber acquisition costs	110	101	257	313
Other operating expenses	64	78	196	206
Selling, general and administrative	363	363	1,055	1,050
Acquisitions and restructuring (note 3)			24	83
Depreciation and amortization	142	135	432	396
Total operating costs and expenses	1,574	1,557	4,575	4,558
Operating income (loss)	451	454	1,276	1,174
Other income (expense):
Interest expense	(116)	(115)	(347)	(326)
Share of earnings (losses) of affiliates, net (note 7)	(183)	(7)	(331)	(18)
Realized and unrealized gains (losses) on financial instruments, net (note 6)	(39)	(10)	(228)	6
Other, net	(36)	(51)	(19)	(42)
Total other income (expense)	(349)	(183)	(840)	(380)
Earnings (loss) before income taxes	102	271	436	794
Income tax (expense) benefit	(22)	(63)	(88)	(251)
Net earnings (loss)	80	208	348	543
Less net earnings (loss) attributable to the noncontrolling interests	68	68	210	175
Net earnings (loss) attributable to Liberty stockholders	$ 12	$ 140	$ 138	$ 368
Basic net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, basic earnings loss per share	$ 0.03	$ 0.43	$ 0.42	$ 1.12
Diluted net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, diluted earnings loss per share	$ 0.03	$ 0.42	$ 0.31	$ 1.11
Braves Group
Revenue:
Total revenue	$ 110	$ 212	$ 143	$ 442
Cost of services (exclusive of depreciation shown separately below):
Other operating expenses	90	145	143	305
Selling, general and administrative	17	26	39	77
Depreciation and amortization	19	20	54	54
Total operating costs and expenses	126	191	236	436
Operating income (loss)	(16)	21	(93)	6
Other income (expense):
Interest expense	(6)	(6)	(19)	(20)
Share of earnings (losses) of affiliates, net (note 7)	(5)	4	(2)	13
Realized and unrealized gains (losses) on financial instruments, net (note 6)		(2)	(10)	(6)
Other, net	(1)		(1)	1
Total other income (expense)	(22)	(2)	46	(38)
Earnings (loss) before income taxes	(38)	19	(47)	(32)
Income tax (expense) benefit	7	(7)	31	(1)
Net earnings (loss)	(31)	12	(16)	(33)
Net earnings (loss) attributable to Liberty stockholders	$ (31)	$ 12	$ (16)	$ (33)
Basic net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, basic earnings loss per share	$ (0.61)	$ 0.24	$ (0.31)	$ (0.65)
Diluted net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, diluted earnings loss per share	$ (0.61)	$ 0.16	$ (1.57)	$ (0.65)
Formula One Group
Revenue:
Total revenue	$ 597	$ 633	$ 660	$ 1,499
Cost of services (exclusive of depreciation shown separately below):
Selling, general and administrative	43	51	127	148
Depreciation and amortization	118	116	326	340
Total operating costs and expenses	712	601	1,063	1,511
Operating income (loss)	(115)	32	(403)	(12)
Other income (expense):
Interest expense	(31)	(48)	(114)	(149)
Share of earnings (losses) of affiliates, net (note 7)	1	58	(109)	74
Realized and unrealized gains (losses) on financial instruments, net (note 6)	55	26	75	(171)
Other, net	5	4	19	23
Total other income (expense)	15	38	(292)	(197)
Earnings (loss) before income taxes	(100)	70	(695)	(209)
Income tax (expense) benefit	8	(28)	60	26
Net earnings (loss)	(92)	42	(635)	(183)
Less net earnings (loss) attributable to the noncontrolling interests	3	1	3	1
Net earnings (loss) attributable to Liberty stockholders	$ (95)	$ 41	$ (638)	$ (184)
Basic net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, basic earnings loss per share	$ (0.41)	$ 0.18	$ (2.75)	$ (0.80)
Diluted net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, diluted earnings loss per share	$ (0.41)	$ 0.18	$ (2.75)	$ (0.80)
Sirius XM Holdings Revenue
Revenue:
Total revenue	$ 2,025	$ 2,011	$ 5,851	$ 5,732
Sirius XM Holdings Revenue | Liberty SiriusXM Group
Revenue:
Total revenue	2,025	2,011	5,851	5,732
Revenue Share And Royalties
Cost of services (exclusive of depreciation shown separately below):
Cost of services	602	592	1,759	1,684
Revenue Share And Royalties | Liberty SiriusXM Group
Cost of services (exclusive of depreciation shown separately below):
Cost of services	602	592	1,759	1,684
Programming and content
Cost of services (exclusive of depreciation shown separately below):
Cost of services	123	116	351	338
Programming and content | Liberty SiriusXM Group
Cost of services (exclusive of depreciation shown separately below):
Cost of services	123	116	351	338
Customer service and billing
Cost of services (exclusive of depreciation shown separately below):
Cost of services	119	120	359	352
Customer service and billing | Liberty SiriusXM Group
Cost of services (exclusive of depreciation shown separately below):
Cost of services	119	120	359	352
Other
Cost of services (exclusive of depreciation shown separately below):
Cost of services	51	52	142	136
Other | Liberty SiriusXM Group
Cost of services (exclusive of depreciation shown separately below):
Cost of services	51	52	142	136
Primary Formula 1
Revenue:
Total revenue	597	633	660	1,499
Cost of services (exclusive of depreciation shown separately below):
Cost of services	551	434	610	1,023
Primary Formula 1 | Formula One Group
Revenue:
Total revenue	597	633	660	1,499
Cost of services (exclusive of depreciation shown separately below):
Cost of services	551	434	610	1,023
Other
Revenue:
Total revenue	110	212	143	442
Other | Braves Group
Revenue:
Total revenue	$ 110	$ 212	$ 143	$ 442

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Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net earnings (loss)	$ (43)	$ 262	$ (303)	$ 327
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	12	(8)	(10)	11
Credit risk on fair value debt instruments gains (losses)	(151)	(23)	86	(26)
Unrealized holding gains (losses) arising during the period	(1)	1	(7)	4
Share of other comprehensive earnings (loss) of equity affiliates	6	(8)	(20)	(8)
Comprehensive earnings (loss)	(177)	224	(254)	308
Less comprehensive earnings (loss) attributable to the noncontrolling interests	74	67	210	180
Comprehensive earnings (loss) attributable to Liberty stockholders	(251)	157	(464)	128
Liberty SiriusXM Group
Net earnings (loss)	80	208	348	543
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) attributable to Liberty stockholders	(102)	132	119	374
Braves Group
Net earnings (loss)	(31)	12	(16)	(33)
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) attributable to Liberty stockholders	(32)	13	(24)	(29)
Formula One Group
Net earnings (loss)	(92)	42	(635)	(183)
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) attributable to Liberty stockholders	$ (117)	$ 12	$ (559)	$ (217)

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net earnings	$ (303)	$ 327
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	812	790
Stock-based compensation	180	238
Share of (earnings) loss of affiliates, net	442	(69)
Realized and unrealized (gains) losses on financial instruments, net	163	171
Deferred income tax expense (benefit)	(43)	196
Other, net	85	68
Changes in operating assets and liabilities
Current and other assets	(148)	(61)
Payables and other liabilities	(132)	110
Net cash provided (used) by operating activities	1,056	1,770
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities	(94)	(25)
Return of investment in equity method affiliates	105
Cash proceeds from sale of investments	13	389
Cash (paid) received for acquisitions, net of cash acquired	(28)	313
Capital expended for property and equipment, including internal-use software and website development	(316)	(338)
Sales of short term investments and other marketable securities		73
Other investing activities, net	11	(2)
Net cash provided (used) by investing activities	(309)	410
Cash flows from financing activities:
Borrowings of debt	3,038	5,018
Repayments of debt	(2,595)	(4,345)
Liberty SiriusXM common stock repurchases	(204)	(374)
Subsidiary shares repurchased by subsidiary	(870)	(1,959)
Proceeds from Liberty SiriusXM common stock rights offering	754
Cash dividends paid by subsidiary	(49)	(52)
Taxes paid in lieu of shares issued for stock-based compensation	(86)	(101)
Other financing activities, net	(66)	(41)
Net cash provided (used) by financing activities	(78)	(1,854)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(1)	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash	668	321
Cash, cash equivalents and restricted cash at beginning of period	1,306	452
Cash, cash equivalents and restricted cash at end of period	$ 1,974	$ 773

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Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Condensed Consolidated Statements of Cash Flows
Cash and cash equivalents	$ 1,936	$ 1,222
Restricted cash included in other current assets	$ 10	$ 57
Restricted cash, current - location	us-gaap:OtherCurrentAssetsMember	us-gaap:OtherCurrentAssetsMember
Restricted cash included in other assets	$ 28	$ 27
Restricted cash, noncurrent - location	us-gaap:OtherNoncurrentAssetsMember	us-gaap:OtherNoncurrentAssetsMember
Total cash and cash equivalents and restricted cash at end of period	$ 1,974	$ 1,306

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Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Liberty SiriusXM Group Common Stock Common Class A	Liberty SiriusXM Group Common Stock Common Class C	Liberty SiriusXM Group	Braves Group	Formula One Group Common Stock Common Class C	Formula One Group	Additional Paid-in Capital	Accumulated Other Comprehensive Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Noncontrolling Interest in Equity of Subsidiaries	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at Dec. 31, 2018	$ 1	$ 2			$ 2		$ 2,984	$ (38)	$ (2)	$ 13,644	$ 5,103	$ (2)	$ 21,698
Stockholders' equity rollforward
Net earnings			$ 543	$ (33)		$ (183)				151	176		327
Other Comprehensive earnings (Loss)								(23)			4		(19)
Stock-based compensation							186				61		247
Liberty SiriusXM stock repurchases							(374)						(374)
Subsidiary shares issued as consideration in subsidiary acquisition							657				1,698		2,355
Shares repurchased by subsidiary							(499)				(1,467)		(1,966)
Shares issued by subsidiary							(69)				77		8
Other, net							(105)				9		(96)
Balance at Sep. 30, 2019	1	2			2		2,780	(61)		13,793	5,661		22,178
Balance at Jun. 30, 2019	1	2			2		3,016	(25)		13,600	5,885		22,481
Stockholders' equity rollforward
Net earnings			208	12		42				193	69		262
Other Comprehensive earnings (Loss)								(36)			(2)		(38)
Stock-based compensation							60				19		79
Liberty SiriusXM stock repurchases							(68)						(68)
Shares repurchased by subsidiary							(127)				(337)		(464)
Shares issued by subsidiary							(35)				43		8
Other, net							(66)				(16)		(82)
Balance at Sep. 30, 2019	1	2			2		2,780	(61)		13,793	5,661		22,178
Balance at Dec. 31, 2019	1	2			2		2,575	(33)		13,748	5,630		21,925
Stockholders' equity rollforward
Net earnings			348	(16)		(635)				(516)	213		(303)
Other Comprehensive earnings (Loss)								52			(3)		49
Stock-based compensation							144				49		193
Withholding taxes on net share settlements of stock-based compensation							(86)						(86)
Liberty SiriusXM stock repurchases							(204)						(204)
Shares repurchased by subsidiary							(184)				(710)		(894)
Shares issued by subsidiary							(58)				58
Common stock issued pursuant to the Series C Liberty SiriusXM common stock rights offering							754						754
Other, net							2			(7)	(49)		(54)
Balance at Sep. 30, 2020	1	2			2		2,943	19		13,225	5,188		21,380
Balance at Jun. 30, 2020	1	2			2		3,110	156		13,339	5,478		22,088
Stockholders' equity rollforward
Net earnings			$ 80	$ (31)		$ (92)				(114)	71		(43)
Other Comprehensive earnings (Loss)								(137)			3		(134)
Stock-based compensation							56				17		73
Withholding taxes on net share settlements of stock-based compensation							(40)						(40)
Liberty SiriusXM stock repurchases							(66)						(66)
Shares repurchased by subsidiary							(92)				(394)		(486)
Shares issued by subsidiary							(30)				30
Other, net							5				(17)		(12)
Balance at Sep. 30, 2020	$ 1	$ 2			$ 2		$ 2,943	$ 19		$ 13,225	$ 5,188		$ 21,380

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Basis of Presentation

9 Months Ended

Sep. 30, 2020

Basis of Presentation

(1)   Basis of Presentation

The accompanying condensed consolidated financial statements include all the accounts of Liberty Media Corporation and its controlled subsidiaries ("Liberty," the "Company," "we," "us," or "our" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated.

Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries globally. Liberty’s significant subsidiaries include Sirius XM Holdings Inc. ("Sirius XM Holdings"), Delta Topco Limited (the parent company of Formula 1) (“Delta Topco”) and Braves Holdings, LLC ("Braves Holdings"). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. ("Live Nation").  

The accompanying (a) condensed consolidated balance sheet as of December 31, 2019, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Liberty's Annual Report on Form 10-K for the year ended December 31, 2019.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurement of non-financial instruments, (ii) accounting for income taxes and (iii) the determination of the useful life of Sirius XM Holdings’ broadcast/transmission system to be its most significant estimates.

In December 2019, Chinese officials reported a novel coronavirus outbreak (“COVID-19”). COVID-19 has since spread internationally. On March 11, 2020, the World Health Organization (“WHO”) assessed COVID-19 as a global pandemic, causing many countries throughout the world to take aggressive actions, including imposing travel restrictions and stay-at-home orders, closing public attractions and restaurants, and mandating social distancing practices. As a result, the start of the 2020 Formula 1 race calendar and the Major League Baseball season were delayed until the beginning of July 2020 and end of July 2020, respectively. In addition, in mid-March 2020, Live Nation suspended all large-scale live entertainment events due to COVID-19.

We are not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require us to update our estimates or judgments or revise the carrying value of our assets or liabilities.  Our estimates may change, however, as new events occur and additional information is obtained, any such changes will be recognized in the financial statements. Actual results could differ from estimates, and any such differences may be material to our financial statements.

Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements.

Liberty has entered into certain agreements with Qurate Retail, Inc. (“Qurate Retail”), Liberty TripAdvisor Holdings, Inc. (“TripCo”), Liberty Broadband Corporation (“Liberty Broadband”), Liberty Expedia Holdings, Inc. (prior to July 2019) and GCI Liberty, Inc. (“GCI Liberty”), all of which are, or were (in the case of Liberty Expedia Holdings, Inc.), separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others (except that GCI Liberty owns shares of Liberty Broadband’s Series C non-voting common stock). These agreements include Reorganization Agreements (in the case of Qurate Retail and Liberty Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of Liberty Broadband only). In addition, as a result of certain corporate transactions, Liberty and Qurate Retail may have obligations to each other for certain tax related matters.

The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and the applicable counterparty, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides the applicable counterparty with general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty is reimbursed by each counterparty for direct, out-of-pocket expenses incurred by Liberty in providing these services and, in the case of Qurate Retail, Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. The remaining Services Agreements provide for the payment to Liberty of an annual fee for the provision of these services. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities at its corporate headquarters with the other companies. Under these various agreements, approximately $6 million and $23 million of these allocated expenses were reimbursed to Liberty during the three months ended September 30, 2020 and 2019, respectively, and $22 million and $39 million were reimbursed during the nine months ended September 30, 2020 and 2019, respectively.

In December 2019, each of TripCo, Liberty Broadband, GCI Liberty and Qurate Retail (collectively, the “Service Companies”) entered into an amendment to its respective services agreement with Liberty in connection with Liberty's entry into a new employment arrangement with Gregory B. Maffei, Liberty's President and Chief Executive Officer. Under the amended services agreements, components of Mr. Maffei's compensation will either be paid directly to him by each Service Company or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the amended services agreement.

Seasonality

Formula 1 recognizes the majority of its revenue and expenses in connection with World Championship race events (“Events”) that take place in different countries around the world throughout the year. The Events in the past have generally taken place between March and November each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year.

Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.

Due to the delays of their respective 2020 seasons as a result of COVID-19, the majority of Braves Holdings revenue was recognized during the third quarter and the majority of Formula 1 revenue has been and will be recognized in the third and fourth quarters, respectively.

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Tracking Stocks

9 Months Ended

Sep. 30, 2020

Tracking Stocks

(2) Tracking Stocks

A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Braves Group and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not

represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as Sirius XM Holdings or Live Nation, in which Liberty holds an interest and that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group.  Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation.

On April 22, 2020, the Company’s board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group (collectively, the “reattribution”).

The assets reattributed from the Formula One Group to the Liberty SiriusXM Group, valued at $2.8 billion, consisted of:

● Liberty’s entire Live Nation stake, consisting of approximately 69.6 million shares of Live Nation common stock;

● a newly-created Formula One Group intergroup interest, consisting of approximately 5.3 million notional shares of Liberty Formula One common stock (see note 5), to cover exposure under Liberty’s 1.375% cash convertible senior notes due 2023 (the “Convertible Notes”);

● the bond hedge and warrants associated with the Convertible Notes;

● the entire Liberty SiriusXM Group intergroup interest, consisting of approximately 1.9 million notional shares of Liberty SiriusXM common stock, thereby eliminating the Liberty SiriusXM Group intergroup interest; and

● a portion, consisting of approximately 2.3 million notional shares of Liberty Braves common stock (see note 5), of the Formula One Group’s intergroup interest in the Braves Group, to cover exposure under the Convertible Notes.

The reattributed liabilities, valued at $1.3 billion, consisted of:

● the Convertible Notes;

● Liberty’s 2.25% exchangeable senior debentures due 2048; and

● Liberty’s margin loan secured by shares of Live Nation (“Live Nation Margin Loan”).  

Similarly, $1.5 billion of net asset value has been reattributed from the Liberty SiriusXM Group to the Formula One Group, comprised of:

● a call spread between the Formula One Group and the Liberty SiriusXM Group with respect to 34.8 million of the Live Nation shares that were reattributed to the Liberty SiriusXM Group; and

● a net cash payment of $1.4 billion from the Liberty SiriusXM Group to the Formula One Group, which was funded by a combination of (x) cash on hand, (y) an additional $400 million drawn from the Company’s existing margin loan secured by shares of common stock of Sirius XM Holdings, resulting in an aggregate outstanding balance of $750 million, and (z) the creation of an intergroup loan obligation from the Liberty SiriusXM Group to the Formula One Group in the principal amount of $750 million, plus interest thereon, which was repaid with the proceeds from the LSXMK rights offering described below (the “Intergroup Loan”).

The reattribution is reflected in the Company’s financial statements on a prospective basis.

The Liberty SiriusXM common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group. As of September 30, 2020, the Liberty SiriusXM Group is comprised of Liberty’s interests in Sirius XM Holdings and Live Nation, corporate cash, Liberty’s 1.375% Cash

Convertible Notes due 2023 and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.25% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. The Liberty SiriusXM Group holds intergroup interests in the Formula One Group and the Braves Group as of September 30, 2020. As of September 30, 2020, the Liberty SiriusXM Group has cash and cash equivalents of approximately $137 million, which includes $33 million of subsidiary cash. During the nine months ended September 30, 2020, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $175 million, of which Liberty received $126 million. On October 6, 2020, Sirius XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.014641 per share of common stock payable on November 30, 2020 to stockholders of record as of the close of business on November 6, 2020.

The Liberty Braves common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Braves Group. As of September 30, 2020, the Braves Group is comprised primarily of Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project and corporate cash. The Formula One Group and the Liberty SiriusXM Group retain intergroup interests in the Braves Group. As of September 30, 2020, the Braves Group has cash and cash equivalents of approximately $213 million, which includes $136 million of subsidiary cash.

The Liberty Formula One common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Formula One Group. As of September 30, 2020, the Formula One Group is comprised of all of the businesses, assets and liabilities of Liberty, other than those specifically attributed to the Braves Group or the Liberty SiriusXM Group, including Liberty’s interest in Formula 1, an intergroup interest in the Braves Group, Liberty’s 1% Cash Convertible Notes due 2023 and Liberty’s 2.25% Exchangeable Senior Debentures due 2046. As of September 30, 2020, the Formula One Group has cash and cash equivalents of approximately $1,586 million, which includes $139 million of subsidiary cash.

The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903, representing an 11.3% intergroup interest at September 30, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037, representing a 3.8% intergroup interest at September 30, 2020. The number of notional shares representing the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group is 5,271,475, representing a 2.2% intergroup interest at September 30, 2020. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock, and the Liberty SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of Liberty Formula One common stock. The intergroup interests may be settled, at the discretion of the board of directors of the Company (the “Board of Directors”), through the transfer of newly issued shares of Liberty Braves common stock and Liberty Formula One common stock, respectively, cash and/or other assets to the respective tracking stock group. Accordingly, the Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group. Similarly, the Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group. The offsetting amounts between tracking stock groups are eliminated in consolidation. The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of the Board of Directors, through a transfer of securities, cash and/or other assets from the Braves Group or Formula One Group to the respective tracking stock group.

On April 22, 2020, the Company’s board of directors authorized management of the Company to cause subscription rights (the “Series C Liberty SiriusXM Rights”) to purchase shares of Series C Liberty SiriusXM common stock, par value $0.01 per share (“LSXMK”), in a rights offering (the “LSXMK rights offering”) to be distributed to holders of Series A Liberty SiriusXM common stock, par value $0.01 per share, Series B Liberty SiriusXM common stock, par value $0.01 per share, and LSXMK. In the LSXMK rights offering, Liberty distributed 0.0939 of a Series C Liberty SiriusXM Right for each share of Series A, Series B or Series C Liberty SiriusXM common stock held as of 5:00 p.m., New York City time, on May 13, 2020. Fractional Series C Liberty SiriusXM Rights were rounded up to the nearest whole right. Each whole Series C Liberty SiriusXM Right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of LSXMK at a subscription price of $25.47, which was equal to an approximate 20% discount to the volume weighted average trading price of LSXMK for the 3-day trading period ending on and including May 8, 2020. Each Series C Liberty SiriusXM Right also entitled the holder to subscribe for additional shares of LSXMK that were unsubscribed for in the LSXMK rights offering pursuant to an oversubscription privilege. The LSXMK rights offering commenced on May 18, 2020, which was also the ex-dividend date for the distribution of the Series C Liberty SiriusXM Rights. The LSXMK rights offering expired at 5:00 p.m. New York City time, on June 5, 2020 and was fully subscribed with 29,594,089 shares of LSXMK issued to those rightsholders exercising basic and, if applicable, oversubscription privileges. The proceeds from the LSXMK rights offering, which aggregated approximately $754 million, were used to repay the outstanding balance on the Intergroup Loan and accrued interest. 

See Exhibit 99.1 to this Quarterly Report on Form 10-Q for unaudited attributed financial information for Liberty's tracking stock groups.

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Acquisitions and Restructurings

9 Months Ended

Sep. 30, 2020

Acquisitions

(3)  Acquisitions and Restructurings

Sirius XM Holdings acquisition of Pandora

On February 1, 2019, Sirius XM Holdings purchased all of the outstanding shares of Pandora Media, Inc. (“Pandora”) for $2.4 billion, by converting each outstanding share of Pandora common stock into 1.44 shares of Sirius XM Holdings common stock and by cancelling Sirius XM Holdings’ investment in Pandora’s preferred stock with a fair value of $524 million, for total consideration of approximately $2.9 billion. Net cash acquired by Sirius XM Holdings was $313 million. Pandora operates an internet-based music discovery platform, offering a personalized experience for listeners.

The table below shows the value of the consideration paid in connection with the acquisition (in millions, except for exchange ratio and price per share of Sirius XM Holdings common stock):

Pandora common stock outstanding at January 31, 2019		272
Exchange ratio		1.44
Sirius XM Holdings common stock issued		392
Price per share of Sirius XM Holdings common stock as of January 31, 2019	$	5.83
Value of Sirius XM Holdings common stock issued to Pandora stockholders pursuant to the transactions		2,285
Value of Sirius XM Holdings replacement equity awards attributable to pre-combination service		70
Sirius XM Holdings' Pandora preferred stock investment cancelled		524
Total consideration	$	2,879

Sirius XM Holdings recognized $83 million of costs related to the acquisition of Pandora during the nine months ended September 30, 2019.

The amounts of revenue and net loss of Pandora included in Liberty’s condensed consolidated statement of operations since the date of acquisition were $447 million and $47 million, respectively, for the three months ended September 30, 2019 and $1,139 million and $225 million, respectively, for the nine months ended September 30, 2019.

The unaudited pro forma revenue and net earnings of Liberty, prepared utilizing the historical financial statements of Pandora, giving effect to acquisition accounting related adjustments made at the time of acquisition, as if the acquisition of Pandora discussed above occurred on January 1, 2019, are as follows:

	Three months ended		Nine months ended
	September 30, 2019		September 30, 2019
	amounts in millions
Revenue	$	2,858	7,793
Net earnings (loss)	$	260	346
Net earnings (loss) attributable to Liberty stockholders	$	191	164

The pro forma results primarily include adjustments related to the amortization of acquired intangible assets, depreciation of property and equipment, acquisition costs, fair value gain or loss on the Pandora investment and associated tax impacts. The pro forma information is not representative of the Company’s future results of operations nor does it reflect what the Company’s results of operations would have been if the acquisition of Pandora had occurred previously and the Company consolidated Pandora during the entirety of the period presented.

Sirius XM Holdings acquisition of Simplecast

On June 16, 2020, Sirius XM Holdings acquired Simplecast for $28 million in cash. Simplecast is a podcast management and analytics platform. In connection with the acquisition, Sirius XM Holdings recognized goodwill of $17 million, intangible assets subject to amortization of $12 million, other assets of less than $1 million and deferred income tax liabilities of $1 million.

Sirius XM Holdings restructuring of Automatic Labs

In May 2020, Sirius XM Holdings terminated the Automatic Labs Inc. ("Automatic") service, which was part of its connected services business. During the nine months ended September 30, 2020, Sirius XM Holdings recorded $24 million of restructuring expenses related to the termination of the service. The termination of the Automatic service does not meet the requirements to be reported as a discontinued operation because the termination of the service does not represent a strategic shift that will have a major effect on our operations and financial results.

Sirius XM Holdings acquisition of Stitcher

On October 16, 2020, Sirius XM Holdings acquired the assets of Stitcher, a pioneer in podcast production, distribution, and ad sales, from The E.W. Scripps Company (“Scripps”) and certain of its subsidiaries. Under the terms of the asset purchase agreement, Sirius XM Holdings paid $272 million in cash, which includes a working capital adjustment. The agreement provides that Sirius XM Holdings will potentially make up to $60 million in additional contingent payments to Scripps based on Stitcher achieving certain financial metrics in 2020 and 2021.

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2020

Stock-Based Compensation

(4)   Stock-Based Compensation

Liberty grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units (“RSUs”) and stock options to purchase shares of its common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date.

Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, as discussed below:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Cost of services:
Programming and content	$	9	8	24	22
Customer service and billing		1	1	4	3
Other		1	1	4	4
Other operating expense		11	15	31	37
Selling, general and administrative		46	51	117	151
	$	68	76	180	217

Liberty—Grants of Awards

Awards granted during the nine months ended September 30, 2020 are summarized as follows:

	Nine Months Ended
	September 30, 2020
	Options	Weighted
	granted	average
	(000's)	GDFV
Series C Liberty SiriusXM common stock, Liberty employees (1)	51	$	10.52
Series C Liberty SiriusXM common stock, Liberty CEO (2)	388	$	8.72
Series C Liberty Formula One common stock, Liberty employees (1)	45	$	12.38
Series C Liberty Formula One common stock, Liberty CEO (2)	246	$	7.55
Series C Liberty Formula One common stock, Formula 1 employees (3)	1,435	$	7.55
Series C Liberty Braves common stock, Liberty employees (1)	27	$	5.71
Series C Liberty Braves common stock, Liberty CEO (2)	137	$	4.67

(1) Grants vest between three and four years.

(2) Grants cliff vest on December 31, 2020. Grants were made in connection with the CEO’s employment agreement.

(3) Grants vest monthly over one year.

The Company did not grant any options to purchase Series A or Series B Liberty SiriusXM, Liberty Braves or Liberty Formula One common stock during the nine months ended September 30, 2020.

Also during the nine months ended September 30, 2020, the Company granted 9 thousand, 3 thousand and 7 thousand time-based RSUs of Series C common stock of Liberty SiriusXM, Liberty Braves and Liberty Formula One, respectively, to our CEO. The RSUs had a GDFV of $33.11, $18.17 and $24.68 per share, respectively, and cliff vest on December 10, 2020. These RSU grants were issued in lieu of our CEO receiving 50% of his remaining base salary for the last three quarters of calendar year 2020, and he has waived his right to receive the other 50%, in each case, in light of the ongoing financial impact of COVID-19.

Liberty calculates the GDFV for all of its equity classified Awards and the subsequent remeasurement of its liability classified Awards using the Black-Scholes Model. Liberty estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of Liberty common stock and the implied volatility of publicly traded Liberty options. Liberty uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject Awards.

Liberty—Outstanding Awards

The following tables present the number and weighted average exercise price ("WAEP") of Awards to purchase Liberty common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the Awards.  

Liberty SiriusXM

	Series A							Series C
				Weighted		Aggregate					Weighted		Aggregate
				average		intrinsic					average		intrinsic
	Liberty			remaining		value		Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)		Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2020	22	$	22.62					9,817	$	33.90
Granted	—	$	—					439	$	39.29
Exercised	(17)	$	20.33					(121)	$	28.50
Forfeited/Cancelled	—	$	—					—	$	—
Outstanding at September 30, 2020	5	$	31.00	0.2	years	$	—	10,135	$	34.20	3.0	years	$	22
Exercisable at September 30, 2020	5	$	31.00	0.2	years	$	—	7,985	$	32.24	2.4	years	$	21

Liberty Braves

	Series A							Series C
				Weighted		Aggregate					Weighted		Aggregate
				average		intrinsic					average		intrinsic
	Liberty			remaining		value		Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)		Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2020	2	$	11.89					1,267	$	21.82
Granted	—	$	—					164	$	20.06
Exercised	—	$	—					(11)	$	16.24
Forfeited/Cancelled	—	$	—					—	$	—
Outstanding at September 30, 2020	2	$	11.89	1.7	years	$	—	1,420	$	21.66	3.9	years	$	3
Exercisable at September 30, 2020	2	$	11.89	1.7	years	$	—	817	$	18.84	2.3	years	$	2

Liberty Formula One

	Series A							Series C
				Weighted		Aggregate					Weighted		Aggregate
				average		intrinsic					average		intrinsic
	Liberty			remaining		value		Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)		Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2020	1	$	12.63					8,284	$	31.16
Granted	—	$	—					1,726	$	28.85
Exercised	—	$	—					(360)	$	30.38
Forfeited/Cancelled	—	$	—					—	$	—
Outstanding at September 30, 2020	1	$	12.63	2.2	years	$	—	9,650	$	30.78	4.5	years	$	59
Exercisable at September 30, 2020	1	$	12.63	2.2	years	$	—	7,405	$	30.03	4.1	years	$	46

As of September 30, 2020, the total unrecognized compensation cost related to unvested Awards was approximately $28 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.4 years.

As of September 30, 2020, Liberty reserved 10.1 million, 1.4 million and 9.7 million shares of Series A and Series C common stock of Liberty SiriusXM, Liberty Braves and Liberty Formula One, respectively, for issuance under exercise privileges of outstanding stock Awards.

Sirius XM Holdings — Stock-based Compensation

Sirius XM Holdings granted various types of stock awards to its employees during the nine months ended September 30, 2020. As of September 30, 2020, Sirius XM Holdings has approximately 196 million options outstanding of which approximately 154 million are exercisable, each with a WAEP per share of $4.61 and $4.25, respectively. The aggregate intrinsic value of Sirius XM Holdings options outstanding and exercisable as of September 30, 2020 is $206 million and $195 million, respectively. During the nine months ended September 30, 2020, Sirius XM Holdings granted approximately

33 million nonvested RSUs with a GDFV per share of $6.14. The stock-based compensation expense related to Sirius XM Holdings was $58 million and $65 million for the three months ended September 30, 2020 and 2019, respectively, and $165 million and $171 million for the nine months ended September 30, 2020 and 2019, respectively. In addition, the acquisition and restructuring costs recognized by Sirius XM Holdings during the nine months ended September 30, 2019 includes $21 million of stock-based compensation. As of September 30, 2020, the total unrecognized compensation cost related to unvested Sirius XM Holdings stock options and RSUs was $418 million. The Sirius XM Holdings unrecognized compensation cost will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.7 years.

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Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

(5)   Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders.

Excluded from diluted EPS for the three and nine months ended September 30, 2020 are approximately 25 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, 3 million potentially dilutive shares of Series A and Series C Liberty Braves common stock and 6 million potentially dilutive shares of Series A and Series C Liberty Formula One common stock, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined in note 9), because their inclusion would be antidilutive. The Amended Warrant Transactions (as defined in note 9) may have a dilutive effect with respect to the shares comprising the basket of Liberty’s tracking stocks as specified in the indenture, as amended, related to the Convertible Notes (the “Securities Basket”) underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. The warrants and any potential future settlement were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

Series A, Series B and Series C Liberty SiriusXM Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.  

	Three months ended September 30,			Nine months ended September 30,
	2020		2019 (a)	2020	2019 (a)
		numbers of shares in millions
Basic WASO		343	327	332	329
Potentially dilutive shares		1	4	2	4
Diluted WASO (b)		344	331	334	333

(a) As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Series C Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the weighted average shares outstanding.

(b) As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group

which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group had net earnings, the notional shares representing the intergroup interest were included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:

	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
		amounts in millions
Basic earnings (loss) attributable to Liberty SiriusXM stockholders	$	12	140	138	368
Unrealized (gain) loss on the intergroup interest		NA	NA	(35)	NA
Diluted earnings (loss) attributable to Liberty SiriusXM stockholders	$	12	140	103	368

Series A, Series B and Series C Liberty Braves Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.  

	Three months ended September 30,			Nine months ended September 30,
	2020 (a)		2019	2020 (a)	2019 (a)
		numbers of shares in millions
Basic WASO		51	51	51	51
Potentially dilutive shares		9	10	9	10
Diluted WASO (b)		60	61	60	61

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

(b) Prior to the reattribution, as discussed in note 2, the number of notional Liberty Braves shares representing the Formula One Group’s intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037 as of September 30, 2020.

The intergroup interests are quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows:

	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
		amounts in millions
Basic earnings (loss) attributable to Liberty Braves stockholders	$	(31)	12	(16)	(33)
Unrealized (gain) loss on the intergroup interests		10	(2)	(78)	26
Diluted earnings (loss) attributable to Liberty Braves stockholders	$	(21)	10	(94)	(7)

Series A, Series B and Series C Liberty Formula One Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.  

	Three months ended September 30,			Nine months ended September 30,
	2020 (a)		2019	2020 (a)	2019 (a)
		numbers of shares in millions
Basic WASO		232	231	232	231
Potentially dilutive shares		6	2	6	2
Diluted WASO (b)		238	233	238	233

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

(b) As discussed in note 2, the number of notional Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of September 30, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the

Liberty SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Formula One common stock underlie the 1.375% convertible bonds.  Therefore, the market price of Series A Liberty Formula One common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:

	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
		amounts in millions
Basic earnings (loss) attributable to Formula One stockholders	$	(95)	41	(638)	(184)
Unrealized (gain) loss on the intergroup interest		23	NA	51	NA
Diluted earnings (loss) attributable to Formula One stockholders	$	(72)	41	(587)	(184)

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Assets And Liabilities Measured At Fair Value

9 Months Ended

Sep. 30, 2020

Assets and Liabilities Measured at Fair Value

(6)   Assets and Liabilities Measured at Fair Value

For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.  Liberty does not have any assets or liabilities required to be measured at fair value considered to be Level 3.

Liberty's assets and liabilities measured at fair value are as follows:

	Fair Value Measurements at				Fair Value Measurements at
	September 30, 2020				December 31, 2019
			Quoted			Quoted
			prices			prices
			in active	Significant		in active	Significant
			markets	other		markets	other
			for identical	observable		for identical	observable
			assets	inputs		assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)
	amounts in millions
Cash equivalents	$	1,668	1,668	—	992	992	—
Debt and equity securities	$	231	178	53	353	242	111
Financial instrument assets	$	214	31	183	498	29	469
Debt	$	3,237	—	3,237	3,678	—	3,678
Financial instrument liabilities	$	121	—	121	53	—	53

The majority of Liberty's Level 2 financial instruments are debt related instruments and derivative instruments. These assets and liabilities are not always traded publicly or not considered to be traded on "active markets," as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs or a trading price of a similar asset or liability is utilized.  Accordingly, those debt securities, financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. Debt and equity securities and financial instrument assets classified as Level 1 and Level 2 in the table above are included in the Other assets line item in the condensed consolidated balance sheets.

Realized and Unrealized Gains (Losses) on Financial Instruments, net

Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Debt and equity securities	$	4	18	(109)	89
Debt measured at fair value (a)		44	(62)	326	(295)
Change in fair value of bond hedges (b)		(32)	68	(282)	107
Other derivatives		—	(10)	(98)	(72)
	$	16	14	(163)	(171)

(a) The Company elected to account for its exchangeable senior debentures and cash convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and cash convertible notes recognized in the condensed consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $193 million and a loss of $29 million for the three months ended September 30, 2020 and 2019,

respectively, and a gain of $109 million and a loss of $33 million for the nine months ended September 30, 2020 and 2019, respectively, and the cumulative change was a gain of $136 million as of September 30, 2020.

(b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 9 for additional discussion of the bond hedges.

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Investments In Affiliates Accounted For Using The Equity Method

9 Months Ended

Sep. 30, 2020

Investments In Affiliates Accounted For Using The Equity Method

(7)   Investments in Affiliates Accounted for Using the Equity Method

Liberty has various investments accounted for using the equity method. The following table includes the Company's carrying amount and percentage ownership of the more significant investments in affiliates at September 30, 2020 and the carrying amount at December 31, 2019:

	September 30, 2020						December 31, 2019
	Percentage		Fair Value		Carrying		Carrying
	ownership		(Level 1)		amount		amount
	dollar amounts in millions
Liberty SiriusXM Group
Live Nation (a)	33	%	$	3,752	$	289	NA
Sirius XM Canada	70	%	$	NA		617	636
Other				NA		80	8
Total Liberty SiriusXM Group						986	644
Braves Group
Other	various			NA		87	99
Total Braves Group						87	99
Formula One Group
Live Nation (a)						NA	746
Other	various			NA		33	136
Total Formula One Group						33	882
Consolidated Liberty					$	1,106	1,625

(a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. See note 9 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2020 pursuant to the Live Nation Margin Loan.

The following table presents the Company's share of earnings (losses) of affiliates:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Live Nation (a)	$	(177)	NA	(321)	NA
Sirius XM Canada		—	—	8	2
Other		(6)	(7)	(18)	(20)
Total Liberty SiriusXM Group		(183)	(7)	(331)	(18)
Braves Group
Other		(5)	4	(2)	13
Total Braves Group		(5)	4	(2)	13
Formula One Group
Live Nation (a)		NA	54	(112)	61
Other		1	4	3	13
Total Formula One Group		1	58	(109)	74
Consolidated Liberty	$	(187)	55	(442)	69

(a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

Sirius XM Canada

As of September 30, 2020, Sirius XM Holdings holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc. (“Sirius XM Canada”). Sirius XM Canada is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact Sirius XM Canada's economic performance.

Sirius XM Holdings has a loan to Sirius XM Canada in the aggregate amount of $117 million as of September 30, 2020. The loan is denominated in Canadian dollars and is considered a long-term investment with any unrealized gains or losses reported within Accumulated other comprehensive (loss) income.

Sirius XM Holdings also entered into a Services Agreement and an Advisory Services Agreement with Sirius XM Canada. Each agreement has a thirty year term. Pursuant to the Services Agreement, Sirius XM Canada currently pays Sirius XM Holdings 25% of its gross revenue on a monthly basis and pursuant to the Advisory Services Agreement, Sirius XM Canada pays Sirius XM Holdings 5% of its gross revenue on a monthly basis.

Sirius XM Holdings has approximately $10 million in related party current assets as of September 30, 2020. At September 30, 2020, Sirius XM Holdings has approximately $1 million in current related party liabilities which are recorded in other current liabilities in the Company’s condensed consolidated balance sheet. Sirius XM Holdings recorded approximately $25 million in revenue for both the three months ended September 30, 2020 and 2019 and $73 million in revenue for both of the nine months ended September 30, 2020 and 2019, associated with these various agreements. Sirius XM Canada paid gross dividends to Sirius XM Holdings of less than $1 million during both of the three months ended September 30, 2020 and 2019, and $1 million during both of the nine months ended September 20, 2020 and 2019.

SoundCloud

In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (“SoundCloud”). The investment in SoundCloud is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact SoundCloud's economic performance.

In addition to Sirius XM Holdings’ investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive U.S. ad sales representative. Through this arrangement, Pandora offers advertisers the ability to execute campaigns in the U.S. across the Pandora and SoundCloud listening platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $13 million during both the three months ended September 30, 2020 and 2019, and $36 million and $24 million during the nine months ended September 30, 2020 and 2019, respectively.  Sirius XM Holdings also had related party liabilities of $18 million as of September 30, 2020 related to this agreement.

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Intangible Assets

9 Months Ended

Sep. 30, 2020

Intangible Assets

(8)   Intangible Assets

Goodwill

Changes in the carrying amount of goodwill are as follows:

	Sirius XM Holdings		Formula 1	Other	Total
	amounts in millions
Balance at January 1, 2020	$	15,803	3,956	180	19,939
Acquisition (a)		17	—	—	17
Balance at September 30, 2020	$	15,820	3,956	180	19,956

(a) See note 3 for additional information regarding Sirius XM Holdings’ acquisition of Simplecast.

Intangible Assets Subject to Amortization

	September 30, 2020				December 31, 2019
	Gross			Net	Gross		Net
	carrying		Accumulated	carrying	carrying	Accumulated	carrying
	amount		amortization	amount	amount	amortization	amount
	amounts in millions
FIA Agreement	$	3,630	(692)	2,938	3,630	(543)	3,087
Customer relationships		3,086	(1,355)	1,731	3,086	(1,123)	1,963
Licensing agreements		315	(200)	115	316	(185)	131
Other		1,767	(1,062)	705	1,636	(877)	759
Total	$	8,798	(3,309)	5,489	8,668	(2,728)	5,940

Amortization expense for intangible assets with finite useful lives was $214 million and $204 million for the three months ended September 30, 2020 and 2019, respectively, and $609 million and $593 million for the nine months ended

September 30, 2020 and 2019, respectively. Based on its amortizable intangible assets as of September 30, 2020, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):

Remainder of 2020	$	201
2021	$	752
2022	$	658
2023	$	526
2024	$	407

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Long-Term Debt

9 Months Ended

Sep. 30, 2020

Long-Term Debt

(9) Long-Term Debt

Debt is summarized as follows:

	Outstanding		Carrying value
	Principal		September 30,		December 31,
	September 30, 2020		2020		2019
	amounts in millions
Liberty SiriusXM Group
Corporate level notes and loans:
1.375% Cash Convertible Notes due 2023 (1)	$	1,000		1,090	NA
2.125% Exchangeable Senior Debentures due 2048 (1)		400		395	423
2.25% Exchangeable Senior Debentures due 2048 (1)		385		415	NA
2.75% Exchangeable Senior Debentures due 2049 (1)		604		591	632
Sirius XM Holdings Margin Loan		750		750	350
Live Nation Margin Loan		—		—	NA
Subsidiary notes and loans:
Sirius XM 3.875% Senior Notes due 2022		1,000		997	995
Sirius XM 4.625% Senior Notes due 2023		—		—	498
Sirius XM 4.625% Senior Notes due 2024		1,500		1,487	1,485
Sirius XM 5.375% Senior Notes due 2025		—		—	993
Sirius XM 5.375% Senior Notes due 2026		1,000		993	992
Sirius XM 5.0% Senior Notes due 2027		1,500		1,489	1,488
Sirius XM 5.50% Senior Notes due 2029		1,250		1,237	1,236
Sirius XM 4.125% Senior Notes due 2030		1,500		1,484	—
Pandora 1.75% Convertible Senior Notes due 2020		1		1	1
Pandora 1.75% Convertible Senior Notes due 2023		193		168	163
Sirius XM Senior Secured Revolving Credit Facility		—		—	—
Deferred financing costs				(12)	(11)
Total Liberty SiriusXM Group		11,083		11,085	9,245
Braves Group
Subsidiary notes and loans:
Notes and loans		714		714	559
Deferred financing costs				(4)	(5)
Total Braves Group		714		710	554
Formula One Group
Corporate level notes and loans:
1.375% Cash Convertible Notes due 2023 (1)		NA		NA	1,322
1% Cash Convertible Notes due 2023 (1)		450		536	585
2.25% Exchangeable Senior Debentures due 2046 (1)		204		210	257
2.25% Exchangeable Senior Debentures due 2048 (1)		NA		NA	459
Live Nation Margin Loan		NA		NA	130
Other		76		76	32
Subsidiary notes and loans:
Senior Loan Facility		2,902		2,905	2,907
Deferred financing costs				(12)	(15)
Total Formula One Group		3,632		3,715	5,677
Total debt	$	15,429		15,510	15,476
Debt classified as current				(96)	(60)
Total long-term debt			$	15,414	15,416

(1) Measured at fair value

1.375% Cash Convertible Notes due 2023

On October 17, 2013, Liberty issued $1 billion aggregate principal amount of the Convertible Notes. The Convertible Notes will mature on October 15, 2023 unless earlier repurchased by us or converted. Interest on the Convertible Notes is payable semi-annually in arrears on April 15 and October 15 of each year at a rate of 1.375% per annum. All conversions of the Convertible Notes will be settled solely in cash, and not through the delivery of any securities.

The Convertible Notes are convertible into cash based on the product of the conversion rate specified in the related indenture and the Securities Basket. A supplemental indenture entered into on April 15, 2016 amends the conversion, adjustment and other provisions of the indenture and provides that the conversion consideration due upon conversion of any Convertible Note shall be determined as if references in the indenture to one share of Series A Liberty Media Corporation common stock were instead a reference to the Securities Basket, initially consisting of 0.10 of a share of Series A Liberty Braves common stock, 1.0 share of Series A Liberty SiriusXM common stock and 0.25 of a share of Series A Liberty Formula One common stock. The Series A Liberty Braves common stock component of the Securities Basket was adjusted to 0.1087 of a share pursuant to anti-dilution adjustments arising out of the distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. In May 2020, the Series A Liberty SiriusXM common stock component of the Securities Basket was adjusted to 1.0163 shares pursuant to anti-dilution adjustments arising out of the distribution of subscription rights to purchase shares of Series C Liberty SiriusXM common stock made to all holders of Liberty SiriusXM common stock.

Holders of the Convertible Notes may convert their notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date of the notes under certain circumstances. Liberty has elected to account for this instrument using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. As of September 30, 2020, the Convertible Notes are classified as a long term liability in the condensed consolidated balance sheet, as the conversion conditions have not been met as of such date.

Additionally, contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges and purchased call options (the “Bond Hedge Transaction”). The Bond Hedge Transaction is expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes in the event that the volume-weighted average price per share of the Series A Liberty Media Corporation common stock, as measured under the cash convertible note hedge transactions on each trading day of the relevant cash settlement averaging period or other relevant valuation period, was greater than the strike price of Series A Liberty Media Corporation common stock, which corresponded to the conversion price of the Convertible Notes. On April 15, 2016, Liberty entered into amendments to the Bond Hedge Transaction. As of such date, the Bond Hedge Transaction covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,085,900 shares of Series A Liberty SiriusXM common stock and 2,108,590 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments pertaining to the Convertible Notes, which was equal to the aggregate number of shares comprising the Securities Basket underlying the Convertible Notes at that time. The aggregate number of shares of Series A Liberty Braves common stock relating to the Bond Hedge Transaction was increased to 2,292,037 pursuant to anti-dilution adjustments arising out of the 2016 distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. The aggregate number of shares of Series A Liberty Sirius XM common stock relating to the Bond Hedge Transaction was increased to 21,429,600 pursuant to anti-dilution adjustments arising out of the LSXMK rights offering. As of September 30, 2020, the basket price of the securities underlying the Bond Hedge Transaction was $44.36 per share. The expiration of these instruments is October 15, 2023. The fair value of these instruments is included in Other assets as of September 30, 2020 and December 31, 2019 in the accompanying condensed consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations.

Concurrently with the Convertible Notes and Bond Hedge Transaction, Liberty also entered into separate privately negotiated warrant transactions under which Liberty sold warrants relating to the same number of shares of common stock as underlie the Bond Hedge Transaction, subject to anti-dilution adjustments (“Warrant Transactions”). The first expiration date of the warrants is January 16, 2024 and the remainder expire over a period covering 81 days thereafter. Liberty may elect to settle its delivery obligation under the Warrant Transactions with cash. Liberty entered into amendments to the Warrant Transactions with each of the option counterparties (“Amended Warrant Transactions”).  As of April 15, 2016, the Amended Warrant Transactions covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,085,900 shares of Series A Liberty SiriusXM common stock and 2,108,590 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments. The aggregate number of shares of Series A Liberty Braves common stock relating to the Amended Warrant Transactions was increased to 2,292,037 pursuant to anti-dilution adjustments arising out of the 2016 distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. The strike price of the warrants was adjusted to $61.16 per share. The aggregate number of shares of Series A Liberty Sirius XM common stock relating to the Amended Warrant Transactions was increased to 21,429,600 pursuant to anti-dilution adjustments arising out of the LSXMK rights offering. As of September 30, 2020, the basket price of the securities underlying the Amended Warrant Transactions was $44.36 per share. The Amended Warrant Transactions may have a dilutive effect with respect to the shares comprising the Securities Basket underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket.

The Convertible Notes, Bond Hedge Transaction and Warrant Transactions were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

1% Cash Convertible Notes due 2023

In connection with the acquisition of Delta Topco on January 23, 2017, Liberty issued $450 million aggregate principal amount of 1% Cash Convertible Senior Notes due 2023 at an interest rate of 1% per annum, which are convertible, under certain circumstances, into cash based on the trading prices of the underlying shares of Series C Liberty Formula One common stock and mature on January 30, 2023 (the ‘‘1% Cash Convertible Notes due 2023’’). The initial conversion rate for the notes will be approximately 27.11 shares of Series C Liberty Formula One common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $36.89 per share of Series C Liberty Formula One common stock. The conversion of the 1% Cash Convertible Notes due 2023 will be settled solely in cash, and not through the delivery of any securities.

2.25% Exchangeable Senior Debentures due 2046

On August 17, 2016, Liberty closed a private offering of approximately $445 million aggregate principal amount of its 2.25% exchangeable senior debentures due 2046 (the “2.25% Exchangeable Senior Debentures due 2046”), and shares of the Company’s Time Warner, Inc. (“Time Warner”) common stock were the reference shares attributable to the debentures. On June 14, 2018, AT&T Inc. (“AT&T”) acquired Time Warner in a stock-and-cash transaction. In accordance with the terms of the indenture governing the 2.25% Exchangeable Senior Debentures due 2046, the cash portion of the acquisition consideration was paid on June 22, 2018 as an extraordinary additional distribution to holders of debentures, and the stock portion of the acquisition consideration became reference shares attributable to the debentures. Also pursuant to the indenture, the original principal amount of the 2.25% Exchangeable Senior Debentures due 2046 was reduced by an amount equal to the extraordinary additional distribution of $229 million, calculated as $514.1295 per $1,000 original principal amount of debentures. Additionally, any amount of excess regular quarterly cash dividends paid on the AT&T reference shares will be distributed by the Company to holders of the debentures as an additional distribution.

Upon an exchange of debentures, Liberty, at its option, may deliver AT&T common stock, cash or a combination of AT&T common stock and cash. The number of shares of AT&T common stock attributable to a debenture represents an initial exchange price of approximately $35.35 per share. A total of approximately 6.11 million shares of AT&T common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing December 31, 2016. The debentures may be redeemed by Liberty, in whole or in part, on or after October 5, 2021. Holders of the debentures also have the right to require Liberty to purchase their debentures on October 5, 2021. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest.

The debentures, as well as the associated cash proceeds, were attributed to the Formula One Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.125% Exchangeable Senior Debentures due 2048

On March 6, 2018, Liberty closed a private offering of approximately $400 million aggregate principal amount of its 2.125% exchangeable senior debentures due 2048 (the “2.125% Exchangeable Senior Debentures due 2048”). Upon an exchange of debentures, Liberty, at its option, may deliver Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.02 per share. A total of approximately 49.9 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2018. The debentures may be redeemed by Liberty, in whole or in part, on or after April 7, 2023. Holders of the debentures also have the right to require Liberty to purchase their debentures on April 7, 2023. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures, as well as the associated cash proceeds, were attributed to the Liberty Sirius XM Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.25% Exchangeable Senior Debentures due 2048

In December 2018, Liberty closed a private offering of approximately $385 million aggregate principal amount of its 2.25% exchangeable senior debentures due 2048 (the “2.25% Exchangeable Senior Debentures due 2048”). Upon an exchange of debentures, Liberty, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $66.28 per share. A total of approximately 5.8 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2019. The debentures may be redeemed by Liberty, in whole or in part, on or after December 1, 2021. Holders of the debentures also have the right to require Liberty to purchase their debentures on December 1, 2021. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.75% Exchangeable Senior Debentures due 2049

On November 26, 2019, Liberty closed a private offering of approximately $604 million aggregate principal amount of its 2.75% exchangeable senior debentures due 2049 (the “2.75% Exchangeable Senior Debentures due 2049”). Upon

an exchange of debentures, Liberty, at its option, may deliver Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.62 per share. A total of approximately 70 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2020. The debentures may be redeemed by Liberty, in whole or in part, on or after December 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on December 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures, as well as the associated cash proceeds, were attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

Margin Loans

Sirius XM Holdings Margin Loan

In March 2020, Liberty extended its margin loan agreement comprised of a $250 million term loan, a $500 million revolving line of credit and a $600 million delayed draw term loan, which mature during March 2022. The term loan, delayed draw term loan and any drawn portion of the revolver carries an interest rate of LIBOR plus 2.05% with the undrawn portion carrying a fee of 0.75%. Other terms of the agreement were substantially similar to the previous arrangement. Borrowings outstanding under this margin loan bore interest at a rate of 2.27% per annum at September 30, 2020. As of September 30, 2020, availability under the Sirius XM Holdings Margin Loan was $600 million.1,000.0 million shares of Sirius XM Holdings common stock held by Liberty with a value of $5,360 million were pledged as collateral to the Sirius XM Holdings Margin Loan as of September 30, 2020. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The margin loan does not include any financial covenants.

Live Nation Margin Loan

On December 10, 2018, the Live Nation Margin Loan agreement was amended, increasing the borrowing capacity to $600 million, extending the maturity date to December 10, 2020, decreasing the interest rate to LIBOR plus 1.80% and increasing the undrawn commitment fee to either 0.75% or 0.85% per annum (based on the undrawn amount). On December 10, 2019, the margin loan agreement was amended, extending the maturity date to December 10, 2021. On March 19, 2020, the Company repaid all amounts outstanding on the margin loan. On March 27, 2020, the margin loan agreement was amended, reducing the borrowing capacity to $270 million. Interest on the margin loan is payable on the last business day of each calendar quarter. As of September 30, 2020, availability under the Live Nation Margin Loan was $270 million. As discussed in note 7, 53.7 million shares of the Company’s Live Nation common stock with a value of $2,896 million were pledged as collateral to the loan as of September 30, 2020. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants. The margin loan was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

Sirius XM 4.125% Senior Notes Due 2030

In June 2020, Sirius XM issued $1.5 billion aggregate principal amount of 4.125% Senior Notes due 2030 (the “4.125% Notes”). Interest is payable semi-annually in arrears on January 1 and July 1 of each year at a rate of 4.125% per annum. The 4.125% Notes will mature on July 1, 2030. Substantially all of Sirius XM Holdings’ domestic wholly-owned

subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM Holdings used the net proceeds from the offering to redeem all of its 4.625% Senior Notes due 2023 and 5.375% Senior Notes Due 2025 in July 2020.

Sirius XM Holdings 4.625% Senior Notes Due 2023 and 5.375% Senior Notes Due 2025

On July 9, 2020, Sirius XM Holdings redeemed all of the $500 million aggregate principal amount of outstanding 4.625% Senior Notes due 2023 for $507 million and all of the $1.0 billion aggregate principal amount of outstanding 5.375% Senior Notes due 2025 for $1,039 million. These redemptions resulted in a loss on extinguishment of debt of approximately $40 million in the third quarter of 2020.

Sirius XM Holdings Senior Secured Revolving Credit Facility

Sirius XM Holdings entered into a Senior Secured Revolving Credit Facility (the "Credit Facility") with a syndicate of financial institutions with a total borrowing capacity of $1,750 million which matures in June 2023. The Credit Facility is guaranteed by certain of Sirius XM Holdings’ material domestic subsidiaries and is secured by a lien on substantially all of Sirius XM Holdings' assets and the assets of its material domestic subsidiaries. The proceeds of loans under the Credit Facility are used for working capital and other general corporate purposes, including financing acquisitions, share repurchases and dividends. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Sirius XM Holdings is also required to pay a variable fee on the average daily unused portion of the Credit Facility which as of September 30, 2020 was 0.25% per annum and is payable on a quarterly basis.  As the amount available for future borrowings is reduced by $1 million related to Pandora letters of credit, availability under the Credit Facility was $1,749 million as of September 30, 2020.

Braves Holdings Notes and Loans

In 2014, Braves Holdings, through a wholly-owned subsidiary, purchased 82 acres of land for the purpose of constructing a Major League Baseball facility and development of a mixed-use complex adjacent to the ballpark. Braves Holdings’ debt, primarily related to the stadium and mixed-use complex, is summarized as follows:

	Carrying value			As of September 30, 2020
	September 30,		December 31,	Borrowing	Weighted avg	Maturity
	2020		2019	Capacity	interest rate	Date
	amounts in millions
Operating credit facilities	$	165	45	185	1.48%	various
Ballpark funding
Term loan		47	49	NA	1.77%	August 2021
Senior secured note		184	190	NA	3.77%	September 2041
Floating rate notes		61	65	NA	2.01%	September 2029
Mixed-use credit facilities and loans		227	180	307	3.45%	various
Spring training credit facility		30	30	NA	3.65%	December 2030
Total Braves Holdings	$	714	559

In August 2020, Braves Holdings amended the terms of its $100 million operating credit facility, extending the maturity to December 2022. Approximately $38 million outstanding under one of the mixed-use loans is classified as current debt in the condensed consolidated balance sheet based on expected covenant violations. Braves Holdings is in

ongoing discussions with the counterparty to obtain waivers and covenant modifications. See below for additional information related to temporary changes to Braves Holdings’ debt covenants.

Formula 1 Loans

On August 3, 2017, Formula 1 increased the amount outstanding under a first lien term loan denominated in U.S. Dollars (the “Senior Loan Facility”) from $3.1 billion to $3.3 billion and extended its maturity to February 2024. In addition, on August 3, 2017, the revolving credit facility under the Senior Loan Facility was increased from $75 million to $500 million.

On January 31, 2018, Formula 1 refinanced the Senior Loan Facility. As part of the refinancing, Formula 1 repaid $400 million of the Senior Loan Facility, reducing the amount outstanding to $2.9 billion. The repayment was funded through borrowings of $250 million under the revolving credit facility and $150 million of cash on hand. The interest rate on the Senior Loan Facility was reduced to LIBOR plus 2.5% per annum. On May 23, 2019, Formula 1 refinanced the revolving credit facility, reducing the pricing grid by 25 basis points, which in combination with leverage reduction, resulted in an applicable interest rate of LIBOR plus 2.0% per annum prior to June 30, 2020. The subsequent increase in leverage as a result of the impact of COVID-19 on Formula 1 resulted in an increase to the maximum level on the pricing grid, LIBOR plus 2.5% per annum, as of September 30, 2020. The revolving credit facility matures on May 31, 2024, unless the Senior Loan Facility is outstanding, in which case the revolving credit facility matures on November 3, 2023. As of September 30, 2020, there were no outstanding borrowings under the $500 million revolving credit facility. The interest rate on the Senior Loan Facility was approximately 3.50% as of September 30, 2020. The Senior Loan Facility is secured by share pledges, accounts and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, as of September 30, 2020, Formula 1 has interest rate swaps on $2.1 billion of the $2.9 billion Senior Loan Facility in order to manage its interest rate risk.

Debt Covenants

The Sirius XM Holdings Credit Facility contains certain financial covenants related to Sirius XM Holdings’ leverage ratio. Braves Holdings’ debt contains certain financial covenants related to Braves Holdings’ debt service coverage ratio, fixed charge coverage ratio, debt yield ratio, capital expenditures and liquidity. The Formula 1 Senior Loan Facility contains certain financial covenants, including a leverage ratio. Additionally, Sirius XM Holdings’ Credit Facility, Braves Holdings’ debt, Formula 1 debt and other borrowings contain certain non-financial covenants. The Company, Sirius XM Holdings, Formula 1 and Braves Holdings are in compliance with all debt covenants as of September 30, 2020. Pursuant to an amendment to the Senior Loan Facility on June 26, 2020, subject to compliance by Formula 1 with certain financial conditions, the net leverage financial covenant does not apply until the quarter ended March 31, 2022. The relevant conditions applicable to Formula 1 include the maintenance of minimum liquidity (comprised of unrestricted cash and cash equivalent investments and available revolving credit facility commitments) of $200 million and certain restrictions on dividends, other payments and the incurrence of additional debt. Formula 1 has the ability to recommence the requirement to comply with the net leverage financial covenant prior to the quarter ended March 31, 2022, in which case the relevant additional conditions will cease to apply. As previously disclosed, Braves Holdings is expected to be out of compliance with certain debt covenants related to one of its mixed-use loans as of December 31, 2020. Braves Holdings is in ongoing discussions with the counterparty to obtain waivers and covenant modifications. Pursuant to an amendment to Braves Holdings’ $85 million credit facility on August 20, 2020, the fixed charge coverage ratio does not apply until the quarter ending March 31, 2022, subject to certain conditions, including the maintenance of minimum liquidity thresholds throughout the waiver period and certain other restrictions. Braves Holdings could recommence the requirement to comply with the fixed charge coverage ratio beginning with the quarter ending December 31, 2021, in which case the relevant additional conditions will cease to apply. In addition, on August 20, 2020, Braves Holdings amended the debt agreements related to its ballpark funding, waiving the debt service coverage covenant until the quarter ending September

30, 2021, subject to certain conditions, including the maintenance of a minimum liquidity threshold, the increase in debt service reserves and certain other conditions.

Fair Value of Debt

The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM Holdings’ publicly traded debt securities, not reported at fair value, are as follows (amounts in millions):

	September 30, 2020
Sirius XM 3.875% Senior Notes due 2022	$	1,007
Sirius XM 4.625% Senior Notes due 2024	$	1,551
Sirius XM 5.375% Senior Notes due 2026	$	1,044
Sirius XM 5.0% Senior Notes due 2027	$	1,569
Sirius XM 5.50% Senior Notes due 2029	$	1,342
Sirius XM 4.125% Senior Notes due 2030	$	1,528
Pandora 1.75% Senior Notes due 2020	$	1
Pandora 1.75% Senior Notes due 2023	$	212

Due to the variable rate nature of the Credit Facility, margin loans and other debt the Company believes that the carrying amount approximates fair value at September 30, 2020.  

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies

(10)   Commitments and Contingencies

Guarantees

In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification obligations may extend for a number of years. The Company is unable to estimate the maximum potential liability for these types of indemnification obligations as the sale agreements may not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying condensed consolidated financial statements with respect to these indemnification guarantees.

Employment Contracts

The Atlanta Braves and certain of their players (current and former), coaches and executives have entered into long-term employment contracts whereby such individuals' compensation is guaranteed. Amounts due under guaranteed contracts as of September 30, 2020 aggregated $332 million, which is payable as follows: $72 million in 2020, $97 million in 2021, $42 million in 2022, $33 million in 2023 and $88 million thereafter. The guaranteed amounts in 2020 have been reduced to reflect a shortened 2020 season due to the COVID-19 pandemic. In addition to the foregoing amounts, certain players, coaches and executives may earn incentive compensation under the terms of their employment contracts.

Potential Impact of COVID-19

The business operations of Formula 1, the Atlanta Braves and Live Nation initially were largely, if not completely, suspended at the outset of COVID-19, and continue to be impacted. These businesses may be required to hold a smaller number of events than originally planned or may not be able to reschedule previously canceled or postponed events. The current year regular baseball season was comprised of 60 games. Formula 1 has scheduled 17 Events in 2020. In addition, these businesses have been and may continue to be precluded from holding events with fans in attendance for an undetermined period of time, thereby reducing revenue associated with fan attendance. It is also unclear whether and to what extent COVID-19 concerns will impact the use of and/or demand for the entertainment, events and services provided by these businesses and demand for sponsorship and advertising assets, even after the restrictions are lifted. In many cases, the impact of cancelled events, closed venues and reduced attendance will substantially decrease our revenue. Due to these revenue reductions, these businesses have looked to reduce expenses, but may not be able to reduce expenses to the same degree as our decline in revenue, which is expected to adversely affect our results of operations and cash flow.

Litigation

The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements.

Pre-1972 Sound Recording Litigation.  On October 2, 2014, Flo & Eddie Inc. filed a class action suit against Pandora in the federal district court for the Central District of California. The complaint alleges a violation of California Civil Code Section 980, unfair competition, misappropriation and conversion in connection with the public performance of sound recordings recorded prior to February 15, 1972 (“pre-1972 recordings”). On December 19, 2014, Pandora filed a motion to strike the complaint pursuant to California’s Anti-Strategic Lawsuit Against Public Participation statute, which following denial of Pandora’s motion was appealed to the Ninth Circuit Court of Appeals. In March 2017, the Ninth Circuit requested certification to the California Supreme Court on the substantive legal questions. The California Supreme Court accepted certification. In May 2019, the California Supreme Court issued an order dismissing consideration of the certified questions on the basis that, following the enactment of the Orrin G. Hatch-Bob Goodlatte Music Modernization Act, Pub. L. No. 115-264, 132 Stat. 3676 (2018) (the “MMA”), resolution of the questions posed by the Ninth Circuit Court of Appeals was no longer “necessary to . . . settle an important question of law.”

The MMA grants a potential federal preemption defense to the claims asserted in the aforementioned lawsuits. In July 2019, Pandora took steps to avail itself of this preemption defense, including making the required payments under the MMA for certain of its uses of pre-1972 recordings. Based on the federal preemption contained in the MMA (along with other considerations), Pandora asked the Ninth Circuit to order the dismissal of the Flo & Eddie, Inc. v. Pandora Media, Inc. case. On October 17, 2019, the Ninth Circuit Court of Appeals issued a memorandum disposition concluding that the question of whether the MMA preempts Flo and Eddie's claims challenging Pandora's performance of pre-1972 recordings "depends on various unanswered factual questions" and remanded the case to the District Court for further proceedings.

Sirius XM Holdings believes it has substantial defenses to the claims asserted in this action, and intends to defend this action vigorously.

Copyright Royalty Board Proceeding to Determine the Rate for Statutory Webcasting.  Pursuant to Sections 112 and 114 of the Copyright Act, the Copyright Royalty Board (the “CRB”) initiated a proceeding in January 2019 to set the rates and terms by which webcasters may perform sound recordings via digital transmission over the internet and make

ephemeral reproductions of those recordings during the 2021-2025 rate period under the authority of statutory licenses provided under Sections 112 and 114 of the Copyright Act. Sirius XM Holdings filed a petition to participate in the proceeding on behalf of its Sirius XM and Pandora businesses, as did other webcasters including Google Inc. and the National Association of Broadcasters. SoundExchange, a collective organization that collects and distributes digital performance royalties to artists and copyright holders, represents the various copyright owner participants in the proceeding, including Sony Music Entertainment, Universal Music Group, and Warner Music Group. Because the proceeding focuses on setting statutory rates for non-interactive online music streaming (commonly identified as “webcasting”), the proceeding will set the rates that Pandora pays for music streaming on its free, ad-supported tier and that Sirius XM pays for streaming on its subscription internet radio service.  This proceeding will not set the rates that Sirius XM Holdings pays for its other music offerings (satellite radio, business establishment services) or that it pays for interactive streaming on the Pandora Plus and Pandora Premium services.

In September 2019, the participants filed written direct statements, including proposed rates and terms for the 2021-2025 period. Sirius XM Holdings and other webcaster participants proposed rates below the existing statutory rates, which for commercial webcasters are currently set at $0.0018 per performance for non-subscription transmissions (such as offered by our Pandora ad-supported business) and $0.0024 per performance for subscription transmissions (such as offered by our Sirius XM internet radio service). SoundExchange has proposed increasing the commercial webcasting rates to $0.0028 per performance for non-subscription transmissions and $0.0031 per performance for subscription transmissions.

During the summer, the CRB held a multi-week hearing which concluded in September 2020.  An initial determination by the CRB is expected to be issued during the first half of 2021.

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Information About Liberty's Operating Segments

9 Months Ended

Sep. 30, 2020

Information About Liberty's Operating Segments

Information About Liberty's Operating Segments

(11)   Information About Liberty's Operating Segments

The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of the Company's annual pre-tax earnings.

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 subscriber growth, churn and penetration.

For the nine months ended September 30, 2020, the Company has identified the following subsidiaries as its reportable segments:

● Sirius XM Holdings is a consolidated subsidiary that operates two complementary audio entertainment businesses, Sirius XM and Pandora. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels as well as infotainment services, in the United States on a subscription fee basis through its two proprietary satellite radio systems and through the internet via applications for mobile devices, home devices and other consumer electronic equipment. Sirius XM also provides connected vehicle services and a suite of in-vehicle data services. The Pandora business operates a music, comedy and podcast streaming discovery platform. Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and an on-demand subscription service, called Pandora Premium. Sirius XM

Holdings acquired Pandora on February 1, 2019, at which time it began consolidating the results of the Pandora business.

● Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The World Championship takes place on various circuits with a varying number of events taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration. 

The Company's segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company's summary of significant policies in the Company's annual financial statements filed on Form 10-K.

Performance Measures

The following table disaggregates revenue by segment and by source:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings:
Subscriber	$	1,594	1,556	4,757	4,551
Advertising		345	366	866	933
Equipment		47	45	113	127
Other		39	44	115	121
Total Liberty SiriusXM Group		2,025	2,011	5,851	5,732
Braves Group
Corporate and other:
Baseball		102	203	119	415
Development		8	9	24	27
Total Braves Group		110	212	143	442
Formula One Group
Formula 1:
Primary		524	553	549	1,282
Other		73	80	111	217
Total Formula One Group		597	633	660	1,499
Consolidated Liberty	$	2,732	2,856	6,654	7,673

Our subsidiaries’ customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our unaudited condensed consolidated statement of operations as the services are provided. Changes in the contract liability balance for Sirius XM Holdings during the nine months ended September 30, 2020 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings for the nine months ended

September 30, 2020 were approximately $184 million and $449 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations.

Significant portions of the transaction prices for Formula 1 and 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 $454 million for the remainder of 2020, $1,981 million in 2021, $1,720 million in 2022, $3,419 million in 2023 through 2028, and $217 million thereafter, primarily recognized through 2035. These amounts have been adjusted to reflect known reductions in estimated revenue due to decreases in the number of games for the 2020 baseball season and Events for the 2020 World Championship due to the COVID-19 pandemic. We have not included any amounts in the undelivered performance obligations amounts for Formula 1 and Braves Holdings for those performance obligations that relate to a contract with an original expected duration of one year or less.  

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 and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices.

Adjusted OIBDA is summarized as follows:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	661	659	1,915	1,871
Corporate and other		(7)	(4)	(26)	(10)
Total Liberty SiriusXM Group		654	655	1,889	1,861
Braves Group
Corporate and other		5	45	(49)	73
Total Braves Group		5	45	(49)	73
Formula One Group
Formula 1		14	162	(34)	372
Corporate and other		(6)	(8)	(26)	(23)
Total Formula One Group		8	154	(60)	349
Consolidated Liberty	$	667	854	1,780	2,283

Other Information

	September 30, 2020
	Total		Investments	Capital
	assets		in affiliates	expenditures
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	30,517	697	230
Corporate and other		1,093	289	—
Total Liberty SiriusXM Group		31,610	986	230
Braves Group
Corporate and other		1,628	87	69
Total Braves Group		1,628	87	69
Formula One Group
Formula 1		8,807	—	7
Corporate and other		2,424	33	10
Total Formula One Group		11,231	33	17
Elimination (1)		(680)	—	—
Consolidated Liberty	$	43,789	1,106	316

(1) This amount is primarily comprised of the call spread between the Formula One Group and the Liberty SiriusXM Group with respect to the Live Nation shares that were reattributed to the Liberty SiriusXM Group and the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group, as discussed in note 2. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation.

The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Adjusted OIBDA	$	667	854	1,780	2,283
Legal settlements and reserves		—	—	16	(25)
Stock-based compensation		(68)	(76)	(180)	(217)
Acquisition and restructuring (note 3)		—	—	(24)	(83)
Depreciation and amortization		(279)	(271)	(812)	(790)
Operating income (loss)		320	507	780	1,168
Interest expense		(153)	(169)	(480)	(495)
Share of earnings (losses) of affiliates, net		(187)	55	(442)	69
Realized and unrealized gains (losses) on financial instruments, net		16	14	(163)	(171)
Other, net		(32)	(47)	(1)	(18)
Earnings (loss) before income taxes	$	(36)	360	(306)	553

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Acquisitions and Restructurings (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of consideration paid with the acquisition

Pandora common stock outstanding at January 31, 2019		272
Exchange ratio		1.44
Sirius XM Holdings common stock issued		392
Price per share of Sirius XM Holdings common stock as of January 31, 2019	$	5.83
Value of Sirius XM Holdings common stock issued to Pandora stockholders pursuant to the transactions		2,285
Value of Sirius XM Holdings replacement equity awards attributable to pre-combination service		70
Sirius XM Holdings' Pandora preferred stock investment cancelled		524
Total consideration	$	2,879

Business Acquisition, Pro Forma Information

	Three months ended		Nine months ended
	September 30, 2019		September 30, 2019
	amounts in millions
Revenue	$	2,858	7,793
Net earnings (loss)	$	260	346
Net earnings (loss) attributable to Liberty stockholders	$	191	164

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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Stock-Based Compensation Allocation of Expense

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Cost of services:
Programming and content	$	9	8	24	22
Customer service and billing		1	1	4	3
Other		1	1	4	4
Other operating expense		11	15	31	37
Selling, general and administrative		46	51	117	151
	$	68	76	180	217

Schedule of options granted and weighted average grant date fair value

	Nine Months Ended
	September 30, 2020
	Options	Weighted
	granted	average
	(000's)	GDFV
Series C Liberty SiriusXM common stock, Liberty employees (1)	51	$	10.52
Series C Liberty SiriusXM common stock, Liberty CEO (2)	388	$	8.72
Series C Liberty Formula One common stock, Liberty employees (1)	45	$	12.38
Series C Liberty Formula One common stock, Liberty CEO (2)	246	$	7.55
Series C Liberty Formula One common stock, Formula 1 employees (3)	1,435	$	7.55
Series C Liberty Braves common stock, Liberty employees (1)	27	$	5.71
Series C Liberty Braves common stock, Liberty CEO (2)	137	$	4.67

(1) Grants vest between three and four years.

(2) Grants cliff vest on December 31, 2020. Grants were made in connection with the CEO’s employment agreement.

(3) Grants vest monthly over one year.

Liberty SiriusXM Group

Schedule Of Outstanding Options To Purchase Liberty Common Stock

	Series A							Series C
				Weighted		Aggregate					Weighted		Aggregate
				average		intrinsic					average		intrinsic
	Liberty			remaining		value		Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)		Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2020	22	$	22.62					9,817	$	33.90
Granted	—	$	—					439	$	39.29
Exercised	(17)	$	20.33					(121)	$	28.50
Forfeited/Cancelled	—	$	—					—	$	—
Outstanding at September 30, 2020	5	$	31.00	0.2	years	$	—	10,135	$	34.20	3.0	years	$	22
Exercisable at September 30, 2020	5	$	31.00	0.2	years	$	—	7,985	$	32.24	2.4	years	$	21

Braves Group

Schedule Of Outstanding Options To Purchase Liberty Common Stock

	Series A							Series C
				Weighted		Aggregate					Weighted		Aggregate
				average		intrinsic					average		intrinsic
	Liberty			remaining		value		Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)		Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2020	2	$	11.89					1,267	$	21.82
Granted	—	$	—					164	$	20.06
Exercised	—	$	—					(11)	$	16.24
Forfeited/Cancelled	—	$	—					—	$	—
Outstanding at September 30, 2020	2	$	11.89	1.7	years	$	—	1,420	$	21.66	3.9	years	$	3
Exercisable at September 30, 2020	2	$	11.89	1.7	years	$	—	817	$	18.84	2.3	years	$	2

Formula One Group

Schedule Of Outstanding Options To Purchase Liberty Common Stock

	Series A							Series C
				Weighted		Aggregate					Weighted		Aggregate
				average		intrinsic					average		intrinsic
	Liberty			remaining		value		Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)		Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2020	1	$	12.63					8,284	$	31.16
Granted	—	$	—					1,726	$	28.85
Exercised	—	$	—					(360)	$	30.38
Forfeited/Cancelled	—	$	—					—	$	—
Outstanding at September 30, 2020	1	$	12.63	2.2	years	$	—	9,650	$	30.78	4.5	years	$	59
Exercisable at September 30, 2020	1	$	12.63	2.2	years	$	—	7,405	$	30.03	4.1	years	$	46

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Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Tables)

9 Months Ended

Sep. 30, 2020

Liberty SiriusXM Group

Reconciliation of Basic and Diluted Weighted Average Shares

	Three months ended September 30,			Nine months ended September 30,
	2020		2019 (a)	2020	2019 (a)
		numbers of shares in millions
Basic WASO		343	327	332	329
Potentially dilutive shares		1	4	2	4
Diluted WASO (b)		344	331	334	333

(a) As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Series C Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the weighted average shares outstanding.

(b) As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group

which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group had net earnings, the notional shares representing the intergroup interest were included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:

	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
		amounts in millions
Basic earnings (loss) attributable to Liberty SiriusXM stockholders	$	12	140	138	368
Unrealized (gain) loss on the intergroup interest		NA	NA	(35)	NA
Diluted earnings (loss) attributable to Liberty SiriusXM stockholders	$	12	140	103	368

Braves Group

Reconciliation of Basic and Diluted Weighted Average Shares

	Three months ended September 30,			Nine months ended September 30,
	2020 (a)		2019	2020 (a)	2019 (a)
		numbers of shares in millions
Basic WASO		51	51	51	51
Potentially dilutive shares		9	10	9	10
Diluted WASO (b)		60	61	60	61

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

(b) Prior to the reattribution, as discussed in note 2, the number of notional Liberty Braves shares representing the Formula One Group’s intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037 as of September 30, 2020.

The intergroup interests are quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows:

	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
		amounts in millions
Basic earnings (loss) attributable to Liberty Braves stockholders	$	(31)	12	(16)	(33)
Unrealized (gain) loss on the intergroup interests		10	(2)	(78)	26
Diluted earnings (loss) attributable to Liberty Braves stockholders	$	(21)	10	(94)	(7)

Formula One Group

Reconciliation of Basic and Diluted Weighted Average Shares

	Three months ended September 30,			Nine months ended September 30,
	2020 (a)		2019	2020 (a)	2019 (a)
		numbers of shares in millions
Basic WASO		232	231	232	231
Potentially dilutive shares		6	2	6	2
Diluted WASO (b)		238	233	238	233

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

(b) As discussed in note 2, the number of notional Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of September 30, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the

Liberty SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Formula One common stock underlie the 1.375% convertible bonds.  Therefore, the market price of Series A Liberty Formula One common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:

	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
		amounts in millions
Basic earnings (loss) attributable to Formula One stockholders	$	(95)	41	(638)	(184)
Unrealized (gain) loss on the intergroup interest		23	NA	51	NA
Diluted earnings (loss) attributable to Formula One stockholders	$	(72)	41	(587)	(184)

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Assets And Liabilities Measured At Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Assets and Liabilities Measured at Fair Value

	Fair Value Measurements at				Fair Value Measurements at
	September 30, 2020				December 31, 2019
			Quoted			Quoted
			prices			prices
			in active	Significant		in active	Significant
			markets	other		markets	other
			for identical	observable		for identical	observable
			assets	inputs		assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)
	amounts in millions
Cash equivalents	$	1,668	1,668	—	992	992	—
Debt and equity securities	$	231	178	53	353	242	111
Financial instrument assets	$	214	31	183	498	29	469
Debt	$	3,237	—	3,237	3,678	—	3,678
Financial instrument liabilities	$	121	—	121	53	—	53

Realized and Unrealized Gains (Losses) on Financial Instruments

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Debt and equity securities	$	4	18	(109)	89
Debt measured at fair value (a)		44	(62)	326	(295)
Change in fair value of bond hedges (b)		(32)	68	(282)	107
Other derivatives		—	(10)	(98)	(72)
	$	16	14	(163)	(171)

(a) The Company elected to account for its exchangeable senior debentures and cash convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and cash convertible notes recognized in the condensed consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $193 million and a loss of $29 million for the three months ended September 30, 2020 and 2019,

respectively, and a gain of $109 million and a loss of $33 million for the nine months ended September 30, 2020 and 2019, respectively, and the cumulative change was a gain of $136 million as of September 30, 2020.

(b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 9 for additional discussion of the bond hedges.

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Investments In Affiliates Accounted For Using The Equity Method (Tables)

9 Months Ended

Sep. 30, 2020

Schedule Of Equity Ownership And Carrying Amount

	September 30, 2020						December 31, 2019
	Percentage		Fair Value		Carrying		Carrying
	ownership		(Level 1)		amount		amount
	dollar amounts in millions
Liberty SiriusXM Group
Live Nation (a)	33	%	$	3,752	$	289	NA
Sirius XM Canada	70	%	$	NA		617	636
Other				NA		80	8
Total Liberty SiriusXM Group						986	644
Braves Group
Other	various			NA		87	99
Total Braves Group						87	99
Formula One Group
Live Nation (a)						NA	746
Other	various			NA		33	136
Total Formula One Group						33	882
Consolidated Liberty					$	1,106	1,625

(a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. See note 9 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2020 pursuant to the Live Nation Margin Loan.

Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Live Nation (a)	$	(177)	NA	(321)	NA
Sirius XM Canada		—	—	8	2
Other		(6)	(7)	(18)	(20)
Total Liberty SiriusXM Group		(183)	(7)	(331)	(18)
Braves Group
Other		(5)	4	(2)	13
Total Braves Group		(5)	4	(2)	13
Formula One Group
Live Nation (a)		NA	54	(112)	61
Other		1	4	3	13
Total Formula One Group		1	58	(109)	74
Consolidated Liberty	$	(187)	55	(442)	69

(a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.

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Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Finite-Lived Intangible Assets [Line Items]

Goodwill

	Sirius XM Holdings		Formula 1	Other	Total
	amounts in millions
Balance at January 1, 2020	$	15,803	3,956	180	19,939
Acquisition (a)		17	—	—	17
Balance at September 30, 2020	$	15,820	3,956	180	19,956

(a) See note 3 for additional information regarding Sirius XM Holdings’ acquisition of Simplecast.

Schedule of intangible assets subject to amortization

	September 30, 2020				December 31, 2019
	Gross			Net	Gross		Net
	carrying		Accumulated	carrying	carrying	Accumulated	carrying
	amount		amortization	amount	amount	amortization	amount
	amounts in millions
FIA Agreement	$	3,630	(692)	2,938	3,630	(543)	3,087
Customer relationships		3,086	(1,355)	1,731	3,086	(1,123)	1,963
Licensing agreements		315	(200)	115	316	(185)	131
Other		1,767	(1,062)	705	1,636	(877)	759
Total	$	8,798	(3,309)	5,489	8,668	(2,728)	5,940

Schedule of future amortization expense

Based on its amortizable intangible assets as of September 30, 2020, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):

Remainder of 2020	$	201
2021	$	752
2022	$	658
2023	$	526
2024	$	407

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Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Long-term Debt Instruments

	Outstanding		Carrying value
	Principal		September 30,		December 31,
	September 30, 2020		2020		2019
	amounts in millions
Liberty SiriusXM Group
Corporate level notes and loans:
1.375% Cash Convertible Notes due 2023 (1)	$	1,000		1,090	NA
2.125% Exchangeable Senior Debentures due 2048 (1)		400		395	423
2.25% Exchangeable Senior Debentures due 2048 (1)		385		415	NA
2.75% Exchangeable Senior Debentures due 2049 (1)		604		591	632
Sirius XM Holdings Margin Loan		750		750	350
Live Nation Margin Loan		—		—	NA
Subsidiary notes and loans:
Sirius XM 3.875% Senior Notes due 2022		1,000		997	995
Sirius XM 4.625% Senior Notes due 2023		—		—	498
Sirius XM 4.625% Senior Notes due 2024		1,500		1,487	1,485
Sirius XM 5.375% Senior Notes due 2025		—		—	993
Sirius XM 5.375% Senior Notes due 2026		1,000		993	992
Sirius XM 5.0% Senior Notes due 2027		1,500		1,489	1,488
Sirius XM 5.50% Senior Notes due 2029		1,250		1,237	1,236
Sirius XM 4.125% Senior Notes due 2030		1,500		1,484	—
Pandora 1.75% Convertible Senior Notes due 2020		1		1	1
Pandora 1.75% Convertible Senior Notes due 2023		193		168	163
Sirius XM Senior Secured Revolving Credit Facility		—		—	—
Deferred financing costs				(12)	(11)
Total Liberty SiriusXM Group		11,083		11,085	9,245
Braves Group
Subsidiary notes and loans:
Notes and loans		714		714	559
Deferred financing costs				(4)	(5)
Total Braves Group		714		710	554
Formula One Group
Corporate level notes and loans:
1.375% Cash Convertible Notes due 2023 (1)		NA		NA	1,322
1% Cash Convertible Notes due 2023 (1)		450		536	585
2.25% Exchangeable Senior Debentures due 2046 (1)		204		210	257
2.25% Exchangeable Senior Debentures due 2048 (1)		NA		NA	459
Live Nation Margin Loan		NA		NA	130
Other		76		76	32
Subsidiary notes and loans:
Senior Loan Facility		2,902		2,905	2,907
Deferred financing costs				(12)	(15)
Total Formula One Group		3,632		3,715	5,677
Total debt	$	15,429		15,510	15,476
Debt classified as current				(96)	(60)
Total long-term debt			$	15,414	15,416

(1) Measured at fair value

Fair Value of Debt

The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM Holdings’ publicly traded debt securities, not reported at fair value, are as follows (amounts in millions):

	September 30, 2020
Sirius XM 3.875% Senior Notes due 2022	$	1,007
Sirius XM 4.625% Senior Notes due 2024	$	1,551
Sirius XM 5.375% Senior Notes due 2026	$	1,044
Sirius XM 5.0% Senior Notes due 2027	$	1,569
Sirius XM 5.50% Senior Notes due 2029	$	1,342
Sirius XM 4.125% Senior Notes due 2030	$	1,528
Pandora 1.75% Senior Notes due 2020	$	1
Pandora 1.75% Senior Notes due 2023	$	212

Braves Holdings

Schedule of Braves Holdings Debt

	Carrying value			As of September 30, 2020
	September 30,		December 31,	Borrowing	Weighted avg	Maturity
	2020		2019	Capacity	interest rate	Date
	amounts in millions
Operating credit facilities	$	165	45	185	1.48%	various
Ballpark funding
Term loan		47	49	NA	1.77%	August 2021
Senior secured note		184	190	NA	3.77%	September 2041
Floating rate notes		61	65	NA	2.01%	September 2029
Mixed-use credit facilities and loans		227	180	307	3.45%	various
Spring training credit facility		30	30	NA	3.65%	December 2030
Total Braves Holdings	$	714	559

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Information About Liberty's Operating Segments (Tables)

9 Months Ended

Sep. 30, 2020

Information About Liberty's Operating Segments

Schedule of revenue disaggregated by source

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings:
Subscriber	$	1,594	1,556	4,757	4,551
Advertising		345	366	866	933
Equipment		47	45	113	127
Other		39	44	115	121
Total Liberty SiriusXM Group		2,025	2,011	5,851	5,732
Braves Group
Corporate and other:
Baseball		102	203	119	415
Development		8	9	24	27
Total Braves Group		110	212	143	442
Formula One Group
Formula 1:
Primary		524	553	549	1,282
Other		73	80	111	217
Total Formula One Group		597	633	660	1,499
Consolidated Liberty	$	2,732	2,856	6,654	7,673

Adjusted OIBDA by segment

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	661	659	1,915	1,871
Corporate and other		(7)	(4)	(26)	(10)
Total Liberty SiriusXM Group		654	655	1,889	1,861
Braves Group
Corporate and other		5	45	(49)	73
Total Braves Group		5	45	(49)	73
Formula One Group
Formula 1		14	162	(34)	372
Corporate and other		(6)	(8)	(26)	(23)
Total Formula One Group		8	154	(60)	349
Consolidated Liberty	$	667	854	1,780	2,283

Other Information By Segment

	September 30, 2020
	Total		Investments	Capital
	assets		in affiliates	expenditures
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	30,517	697	230
Corporate and other		1,093	289	—
Total Liberty SiriusXM Group		31,610	986	230
Braves Group
Corporate and other		1,628	87	69
Total Braves Group		1,628	87	69
Formula One Group
Formula 1		8,807	—	7
Corporate and other		2,424	33	10
Total Formula One Group		11,231	33	17
Elimination (1)		(680)	—	—
Consolidated Liberty	$	43,789	1,106	316

(1) This amount is primarily comprised of the call spread between the Formula One Group and the Liberty SiriusXM Group with respect to the Live Nation shares that were reattributed to the Liberty SiriusXM Group and the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group, as discussed in note 2. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation.

Reconciliation of Adjusted OIBDA to operating income (loss) and earnings (loss)

	Three months ended			Nine months ended
	September 30,			September 30,
	2020		2019	2020	2019
	amounts in millions
Adjusted OIBDA	$	667	854	1,780	2,283
Legal settlements and reserves		—	—	16	(25)
Stock-based compensation		(68)	(76)	(180)	(217)
Acquisition and restructuring (note 3)		—	—	(24)	(83)
Depreciation and amortization		(279)	(271)	(812)	(790)
Operating income (loss)		320	507	780	1,168
Interest expense		(153)	(169)	(480)	(495)
Share of earnings (losses) of affiliates, net		(187)	55	(442)	69
Realized and unrealized gains (losses) on financial instruments, net		16	14	(163)	(171)
Other, net		(32)	(47)	(1)	(18)
Earnings (loss) before income taxes	$	(36)	360	(306)	553

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Financial Information for Tracking Stock Groups (Tables)

9 Months Ended

Sep. 30, 2020

Condensed Balance Sheet

BALANCE SHEET INFORMATION

September 30, 2020

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Inter-Group	Consolidated
	Group		Group	Group	Eliminations	Liberty
	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	137	213	1,586	—	1,936
Trade and other receivables, net		582	41	148	—	771
Other current assets		214	40	588	(276)	566
Total current assets		933	294	2,322	(276)	3,273
Intergroup interests (note 1)		225	—	142	(367)	—
Investments in affiliates, accounted for using the equity method (note 1)		986	87	33	—	1,106
Property and equipment, at cost		2,724	991	191	—	3,906
Accumulated depreciation		(1,435)	(168)	(67)	—	(1,670)
		1,289	823	124	—	2,236
Intangible assets not subject to amortization
Goodwill		15,820	180	3,956	—	19,956
FCC licenses		8,600	—	—	—	8,600
Other		1,262	143	—	—	1,405
		25,682	323	3,956	—	29,961
Intangible assets subject to amortization, net		1,474	25	3,990	—	5,489
Other assets		1,021	76	664	(37)	1,724
Total assets	$	31,610	1,628	11,231	(680)	43,789
Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	(28)	(25)	53	—	—
Accounts payable and accrued liabilities		1,156	63	184	—	1,403
Current portion of debt		1	95	—	—	96
Deferred revenue		1,792	88	362	—	2,242
Other current liabilities		350	4	20	(276)	98
Total current liabilities		3,271	225	619	(276)	3,839
Long-term debt (note 1)		11,084	615	3,715	—	15,414
Deferred income tax liabilities		2,055	47	—	(37)	2,065
Redeemable intergroup interests (note 1)		—	191	176	(367)	—
Other liabilities		664	213	214	—	1,091
Total liabilities		17,074	1,291	4,724	(680)	22,409
Equity / Attributed net assets		9,354	337	6,501	—	16,192
Noncontrolling interests in equity of subsidiaries		5,182	—	6	—	5,188
Total liabilities and equity	$	31,610	1,628	11,231	(680)	43,789

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2020

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,025	—	—	2,025
Formula 1 revenue		—	—	597	597
Other revenue		—	110	—	110
Total revenue		2,025	110	597	2,732
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		602	—	—	602
Programming and content		123	—	—	123
Customer service and billing		119	—	—	119
Other		51	—	—	51
Cost of Formula 1 revenue		—	—	551	551
Subscriber acquisition costs		110	—	—	110
Other operating expenses		64	90	—	154
Selling, general and administrative		363	17	43	423
Acquisition and restructuring		—	—	—	—
Depreciation and amortization		142	19	118	279
		1,574	126	712	2,412
Operating income (loss)		451	(16)	(115)	320
Other income (expense):
Interest expense		(116)	(6)	(31)	(153)
Intergroup interest (expense) income		—	—	—	—
Share of earnings (losses) of affiliates, net		(183)	(5)	1	(187)
Realized and unrealized gains (losses) on financial instruments, net		(39)	—	55	16
Unrealized gains (losses) on intergroup interests (note 1)		25	(10)	(15)	—
Other, net		(36)	(1)	5	(32)
		(349)	(22)	15	(356)
Earnings (loss) before income taxes		102	(38)	(100)	(36)
Income tax (expense) benefit		(22)	7	8	(7)
Net earnings (loss)		80	(31)	(92)	(43)
Less net earnings (loss) attributable to the noncontrolling interests		68	—	3	71
Net earnings (loss) attributable to Liberty stockholders	$	12	(31)	(95)	(114)

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2019

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,011	—	—	2,011
Formula 1 revenue		—	—	633	633
Other revenue		—	212	—	212
Total revenue		2,011	212	633	2,856
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		592	—	—	592
Programming and content		116	—	—	116
Customer service and billing		120	—	—	120
Other		52	—	—	52
Cost of Formula 1 revenue		—	—	434	434
Subscriber acquisition costs		101	—	—	101
Other operating expenses		78	145	—	223
Selling, general and administrative		363	26	51	440
Acquisition and restructuring		—	—	—	—
Depreciation and amortization		135	20	116	271
		1,557	191	601	2,349
Operating income (loss)		454	21	32	507
Other income (expense):
Interest expense		(115)	(6)	(48)	(169)
Share of earnings (losses) of affiliates, net		(7)	4	58	55
Realized and unrealized gains (losses) on financial instruments, net		(10)	(2)	26	14
Unrealized gains (losses) on intergroup interests (note 1)		—	2	(2)	—
Other, net		(51)	—	4	(47)
		(183)	(2)	38	(147)
Earnings (loss) before income taxes		271	19	70	360
Income tax (expense) benefit		(63)	(7)	(28)	(98)
Net earnings (loss)		208	12	42	262
Less net earnings (loss) attributable to the noncontrolling interests		68	—	1	69
Net earnings (loss) attributable to Liberty stockholders	$	140	12	41	193

STATEMENT OF OPERATIONS INFORMATION

Nine months ended September 30, 2020

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	5,851	—	—	5,851
Formula 1 revenue		—	—	660	660
Other revenue		—	143	—	143
Total revenue		5,851	143	660	6,654
Operating costs and expenses, including stock-based compensation (note 2):
Cost of subscriber services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,759	—	—	1,759
Programming and content		351	—	—	351
Customer service and billing		359	—	—	359
Other		142	—	—	142
Cost of Formula 1 revenue		—	—	610	610
Subscriber acquisition costs		257	—	—	257
Other operating expenses		196	143	—	339
Selling, general and administrative		1,055	39	127	1,221
Acquisition and restructuring		24	—	—	24
Depreciation and amortization		432	54	326	812
		4,575	236	1,063	5,874
Operating income (loss)		1,276	(93)	(403)	780
Other income (expense):
Interest expense		(347)	(19)	(114)	(480)
Intergroup interest (expense) income		(7)	—	7	—
Share of earnings (losses) of affiliates, net		(331)	(2)	(109)	(442)
Realized and unrealized gains (losses) on financial instruments, net		(228)	(10)	75	(163)
Unrealized gains (losses) on intergroup interest (note 1)		92	78	(170)	—
Other, net		(19)	(1)	19	(1)
		(840)	46	(292)	(1,086)
Earnings (loss) before income taxes		436	(47)	(695)	(306)
Income tax (expense) benefit		(88)	31	60	3
Net earnings (loss)		348	(16)	(635)	(303)
Less net earnings (loss) attributable to the noncontrolling interests		210	—	3	213
Net earnings (loss) attributable to Liberty stockholders	$	138	(16)	(638)	(516)

STATEMENT OF OPERATIONS INFORMATION

Nine months ended September 30, 2019

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	5,732	—	—	5,732
Formula 1 revenue		—	—	1,499	1,499
Other revenue		—	442	—	442
Total revenue		5,732	442	1,499	7,673
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,684	—	—	1,684
Programming and content		338	—	—	338
Customer service and billing		352	—	—	352
Other		136	—	—	136
Cost of Formula 1 revenue		—	—	1,023	1,023
Subscriber acquisition costs		313	—	—	313
Other operating expenses		206	305	—	511
Selling, general and administrative		1,050	77	148	1,275
Acquisition and restructuring		83	—	—	83
Depreciation and amortization		396	54	340	790
		4,558	436	1,511	6,505
Operating income (loss)		1,174	6	(12)	1,168
Other income (expense):
Interest expense		(326)	(20)	(149)	(495)
Share of earnings (losses) of affiliates, net		(18)	13	74	69
Realized and unrealized gains (losses) on financial instruments, net		6	(6)	(171)	(171)
Unrealized gains (losses) on intergroup interests (note 1)		—	(26)	26	—
Other, net		(42)	1	23	(18)
		(380)	(38)	(197)	(615)
Earnings (loss) before income taxes		794	(32)	(209)	553
Income tax (expense) benefit		(251)	(1)	26	(226)
Net earnings (loss)		543	(33)	(183)	327
Less net earnings (loss) attributable to the noncontrolling interests		175	—	1	176
Net earnings (loss) attributable to Liberty stockholders	$	368	(33)	(184)	151

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 30, 2020

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	348	(16)	(635)	(303)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		432	54	326	812
Stock-based compensation		173	(10)	17	180
Share of (earnings) loss of affiliates, net		331	2	109	442
Unrealized (gains) losses on intergroup interests, net		(92)	(78)	170	—
Realized and unrealized (gains) losses on financial instruments, net		228	10	(75)	163
Deferred income tax expense (benefit)		33	(15)	(61)	(43)
Intergroup tax allocation		4	(16)	12	—
Other charges (credits), net		73	10	2	85
Changes in operating assets and liabilities
Current and other assets		150	(16)	(282)	(148)
Payables and other liabilities		(301)	19	150	(132)
Net cash provided (used) by operating activities		1,379	(56)	(267)	1,056
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(91)	—	(3)	(94)
Return of investment in equity method affiliates		—	—	105	105
Cash proceeds from sale of investments		—	—	13	13
Cash (paid) received for acquisitions, net of cash acquired		(28)	—	—	(28)
Capital expended for property and equipment, including internal-use software and website development		(230)	(69)	(17)	(316)
Other investing activities, net		10	4	(3)	11
Net cash provided (used) by investing activities		(339)	(65)	95	(309)
Cash flows from financing activities:
Borrowings of debt		2,300	216	522	3,038
Repayments of debt		(1,922)	(62)	(611)	(2,595)
Intergroup Loan (repayment) borrowing		(750)	—	750	—
Liberty SiriusXM stock repurchases		(135)	—	(69)	(204)
Subsidiary shares repurchased by subsidiary		(870)	—	—	(870)
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group		(608)	—	608	—
Proceeds from Liberty SiriusXM common stock rights offering		754	—	—	754
Cash dividends paid by subsidiary		(49)	—	—	(49)
Taxes paid in lieu of shares issued for stock-based compensation		(84)	—	(2)	(86)
Other financing activities, net		(35)	(5)	(26)	(66)
Net cash provided (used) by financing activities		(1,399)	149	1,172	(78)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(1)	(1)
Net increase (decrease) in cash, cash equivalents and restricted cash		(359)	28	999	668
Cash, cash equivalents and restricted cash at beginning of period		507	212	587	1,306
Cash, cash equivalents and restricted cash at end of period	$	148	240	1,586	1,974

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 30, 2019

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	543	(33)	(183)	327
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		396	54	340	790
Stock-based compensation		204	13	21	238
Share of (earnings) loss of affiliates, net		18	(13)	(74)	(69)
Unrealized (gains) losses on intergroup interests, net		—	26	(26)	—
Realized and unrealized (gains) losses on financial instruments, net		(6)	6	171	171
Deferred income tax expense (benefit)		232	7	(43)	196
Intergroup tax allocation		1	(6)	5	—
Intergroup tax (payments) receipts		(2)	22	(20)	—
Other charges (credits), net		63	9	(4)	68
Changes in operating assets and liabilities
Current and other assets		14	(37)	(38)	(61)
Payables and other liabilities		(26)	9	127	110
Net cash provided (used) by operating activities		1,437	57	276	1,770
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(14)	(4)	(7)	(25)
Cash proceeds from sale of investments		373	—	16	389
Cash (paid) received for acquisitions, net of cash acquired		313	—	—	313
Capital expended for property and equipment, including internal-use software and website development		(239)	(72)	(27)	(338)
Sales of short term investments and other marketable securities		73	—	—	73
Other investing activities, net		2	—	(4)	(2)
Net cash provided (used) by investing activities		508	(76)	(22)	410
Cash flows from financing activities:
Borrowings of debt		4,943	75	—	5,018
Repayments of debt		(4,311)	(29)	(5)	(4,345)
Liberty SiriusXM stock repurchases		(374)	—	—	(374)
Subsidiary shares repurchased by subsidiary		(1,959)	—	—	(1,959)
Cash dividends paid by subsidiary		(52)	—	—	(52)
Taxes paid in lieu of shares issued for stock-based compensation		(109)	(1)	9	(101)
Other financing activities, net		(41)	(6)	6	(41)
Net cash provided (used) by financing activities		(1,903)	39	10	(1,854)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(5)	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash		42	20	259	321
Cash, cash equivalents and restricted cash at beginning of period		102	190	160	452
Cash, cash equivalents and restricted cash at end of period	$	144	210	419	773

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Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Qurate Retail, Liberty TripAdvisor, Liberty Broadband, Expedia Holdings and GCI Liberty
Basis of Presentation
Related Party Transaction, Amounts of Transaction	$ 6	$ 23	$ 22	$ 39

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Tracking Stocks - Reattribution (Details) - USD ($) $ in Millions		9 Months Ended
	Apr. 22, 2020	Sep. 30, 2020	Sep. 30, 2019	Apr. 21, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 17, 2013
Tracking Stocks
Borrowings of debt		$ 3,038	$ 5,018
Long term Debt		15,510			$ 15,476
Liberty SiriusXM Group
Tracking Stocks
Reattribution assets	$ 2,800
Reattribution liabilities	$ 1,300
Borrowings of debt		2,300	$ 4,943
Long term Debt		$ 11,085			9,245
Liberty SiriusXM Group | Live Nation
Tracking Stocks
Investment Owned, Balance, Shares	69,600,000
Liberty SiriusXM Group | Formula One Group
Tracking Stocks
Investment Owned, Balance, Shares	5,300,000
Liberty SiriusXM Group | Liberty SiriusXM Group
Tracking Stocks
Investment Owned, Balance, Shares	1,900,000
Liberty SiriusXM Group | Braves Group
Tracking Stocks
Investment Owned, Balance, Shares	2,300,000	2,292,037
Formula One Group
Tracking Stocks
Reattributed net asset value	$ 1,500
payment for reattribution	$ 1,400
Borrowings of debt		$ 522
Long term Debt		$ 3,715			$ 5,677
Formula One Group | Liberty SiriusXM Group
Tracking Stocks
Investment Owned, Balance, Shares				1,945,491
Formula One Group | Braves Group
Tracking Stocks
Investment Owned, Balance, Shares		6,792,903		9,084,940
Call Option | Formula One Group | Live Nation
Tracking Stocks
Investment Owned, Balance, Shares	34,800,000
Intergroup Note | Liberty SiriusXM Group
Tracking Stocks
Long term Debt	$ 750
1.375% Cash Convertible Senior Notes Due 2023
Tracking Stocks
Debt instrument interest rate (as a percent)							1.375%
1.375% Cash Convertible Senior Notes Due 2023 | Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)	1.375%	1.375%
Long term Debt		$ 1,090
1.375% Cash Convertible Senior Notes Due 2023 | Formula One Group
Tracking Stocks
Debt instrument interest rate (as a percent)					1.375%		1.375%
Long term Debt					$ 1,322
2.25% Exchangeable Senior Debentures due 2048
Tracking Stocks
Debt instrument interest rate (as a percent)						2.25%
2.25% Exchangeable Senior Debentures due 2048 | Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)	2.25%	2.25%
Long term Debt		$ 415
2.25% Exchangeable Senior Debentures due 2048 | Formula One Group
Tracking Stocks
Debt instrument interest rate (as a percent)					2.25%	2.25%
Long term Debt					$ 459
Sirius XM Holdings Margin Loan | Liberty SiriusXM Group
Tracking Stocks
Borrowings of debt	$ 400
Long term Debt	$ 750	$ 750			$ 350

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Tracking Stocks - Additional Information (Details) $ / shares in Units, $ in Millions				9 Months Ended
	Oct. 06, 2020 $ / shares	Jun. 05, 2020 USD ($) shares	May 18, 2020 $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Apr. 22, 2020 $ / shares shares	Apr. 21, 2020 shares	Dec. 31, 2019 USD ($) $ / shares	Nov. 26, 2019	Sep. 30, 2019	Dec. 31, 2018	Mar. 06, 2018	Jan. 23, 2017	Aug. 17, 2016	Oct. 17, 2013
Tracking Stocks
Cash and cash equivalents | $				$ 1,936			$ 1,222
Proceeds from issuance of stock | $		$ 754		754
Liberty SiriusXM Group
Tracking Stocks
Cash and cash equivalents | $				137
Proceeds from issuance of stock | $				$ 754
Liberty SiriusXM Group | Braves Group
Tracking Stocks
Investment Owned, Balance, Shares | shares				2,292,037	2,300,000
Percentage ownership				3.80%
Liberty SiriusXM Group | Formula One Group
Tracking Stocks
Investment Owned, Balance, Shares | shares					5,300,000
Liberty SiriusXM Group | Common Class A
Tracking Stocks
Common stock, par or stated value per share | $ / shares				$ 0.01	$ 0.01		$ 0.01
Liberty SiriusXM Group | Common Class B
Tracking Stocks
Common stock, par or stated value per share | $ / shares				0.01	0.01		0.01
Liberty SiriusXM Group | Common Class C
Tracking Stocks
Common stock, par or stated value per share | $ / shares				$ 0.01	$ 0.01		0.01
Rights offering shares distributed per share held | shares			0.0939
Stock subscription price | $ / shares			$ 25.47
Percentage discount on stock subscriptions			20
Rights offering trading period			3 days
Rights offering shares issued | shares		29,594,089
Braves Group
Tracking Stocks
Cash and cash equivalents | $				$ 213
Braves Group | Common Class A
Tracking Stocks
Common stock, par or stated value per share | $ / shares				$ 0.01			0.01
Braves Group | Common Class B
Tracking Stocks
Common stock, par or stated value per share | $ / shares				0.01			0.01
Braves Group | Common Class C
Tracking Stocks
Common stock, par or stated value per share | $ / shares				$ 0.01			0.01
Formula One Group
Tracking Stocks
Cash and cash equivalents | $				$ 1,586
Formula One Group | Braves Group
Tracking Stocks
Investment Owned, Balance, Shares | shares				6,792,903		9,084,940
Percentage ownership				11.30%
Formula One Group | Common Class A
Tracking Stocks
Common stock, par or stated value per share | $ / shares				$ 0.01			0.01
Formula One Group | Common Class B
Tracking Stocks
Common stock, par or stated value per share | $ / shares				0.01			0.01
Formula One Group | Common Class C
Tracking Stocks
Common stock, par or stated value per share | $ / shares				$ 0.01			$ 0.01
2.125% Exchangeable Senior Debentures Due 2048 | Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)				2.125%							2.125%
2.75% Exchangeable Senior Debentures Due 2049 | Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)				2.75%				2.75%
1.375% Cash Convertible Senior Notes Due 2023
Tracking Stocks
Debt instrument interest rate (as a percent)														1.375%
1.375% Cash Convertible Senior Notes Due 2023 | Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)				1.375%	1.375%
1.375% Cash Convertible Senior Notes Due 2023 | Formula One Group
Tracking Stocks
Debt instrument interest rate (as a percent)							1.375%							1.375%
1% Cash Convertible Notes Due 2023 | Formula One Group
Tracking Stocks
Debt instrument interest rate (as a percent)				1.00%					1.00%			1.00%
2.25% Exchangeable Senior Debentures due 2046 | Formula One Group
Tracking Stocks
Debt instrument interest rate (as a percent)				2.25%									2.25%
2.25% Exchangeable Senior Debentures due 2048
Tracking Stocks
Debt instrument interest rate (as a percent)										2.25%
2.25% Exchangeable Senior Debentures due 2048 | Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)				2.25%	2.25%
2.25% Exchangeable Senior Debentures due 2048 | Formula One Group
Tracking Stocks
Debt instrument interest rate (as a percent)							2.25%			2.25%
Sirius XM Holdings
Tracking Stocks
Payments of Dividends | $				$ 175
Dividend paid to parent company | $				$ 126
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.014641
Sirius XM Holdings | Formula One Group
Tracking Stocks
Investment Owned, Balance, Shares | shares				5,271,475
Percentage ownership				2.20%
Sirius XM Holdings | Liberty SiriusXM Group
Tracking Stocks
Cash and cash equivalents | $				$ 33
Formula 1 | Formula One Group
Tracking Stocks
Cash and cash equivalents | $				139
Braves Holdings | Braves Group
Tracking Stocks
Cash and cash equivalents | $				$ 136

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Acquisitions and Restructurings - Pandora (Details) - Sirius XM Holdings - Pandora $ / shares in Units, shares in Millions, $ in Millions	Feb. 01, 2019 USD ($) $ / shares shares
Acquisition
Total consideration	$ 2,400
Number of shares of common stock issued for each share of acquired entity's stock	1.44
Cash Acquired from Acquisition	$ 313
Shares outstanding | shares	272
Common stock issued | shares	392
Price per share of Sirius XM Holdings common stock | $ / shares	$ 5.83
Value of Sirius XM Holdings common stock issued to Pandora stockholders pursuant to the transactions	$ 2,285
Value of Sirius XM Holdings replacement equity awards attributable to pre-combination service	70
Sirius XM Holdings's Pandora preferred stock investment cancelled	524
Total consideration	$ 2,879

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Acquisitions and Restructurings - Pandora Acquisition Price Allocation (Details) - Sirius XM Holdings - Pandora - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Acquisitions
Acquisition and other related costs		$ 83
Amounts of revenue since the acquisition date	$ 447	1,139
Net loss since the acquisition date	(47)	(225)
Pro forma Revenue	2,858	7,793
Pro forma Net earnings (loss)	260	346
Pro forma Net earnings (loss) attributable to Liberty stockholders	$ 191	$ 164

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Acquisitions and Restructurings - Additional acquisitions and restructurings (Details) - USD ($) $ in Millions			9 Months Ended
	Oct. 16, 2020	Jun. 16, 2020	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill			$ 19,956	$ 19,939
Sirius XM Holdings
Business Acquisition [Line Items]
Restructuring expenses			$ 24
Sirius XM Holdings | Simplecast
Business Acquisition [Line Items]
Cash paid for acquisitions		$ 28
Goodwill		17
Intangibles subject to amortization, net		12
Deferred tax liabilities		1
Sirius XM Holdings | Simplecast | Maximum
Business Acquisition [Line Items]
Other assets		$ 1
Sirius XM Holdings | Stitcher
Business Acquisition [Line Items]
Cash paid for acquisitions	$ 272
Sirius XM Holdings | Stitcher | Maximum
Business Acquisition [Line Items]
Contingent liability	$ 60

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Stock-Based Compensation - Stock-based compensation expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock-Based Compensation
Stock-based compensation	$ 68	$ 76	$ 180	$ 217
Programming and content
Stock-Based Compensation
Stock-based compensation	9	8	24	22
Customer service and billing
Stock-Based Compensation
Stock-based compensation	1	1	4	3
Other
Stock-Based Compensation
Stock-based compensation	1	1	4	4
Other operating expense
Stock-Based Compensation
Stock-based compensation	11	15	31	37
Selling, general and administrative
Stock-Based Compensation
Stock-based compensation	$ 46	$ 51	$ 117	$ 151

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Stock-Based Compensation - Grants of stock options (Details)	9 Months Ended
	Sep. 30, 2020 item $ / shares shares
Stock-Based Compensation
Dividend rate	0.00%
Minimum | Liberty employees | Common Class C
Stock-Based Compensation
Term of option	3 years
Maximum | Liberty employees | Common Class C
Stock-Based Compensation
Term of option	4 years
Time-based RSUs | CEO
Stock-Based Compensation
Percentage of base salary of three quarters	50.00%
Number of quarters of fifty percent base salary | item	3
Percentage of base salary agreed to be waived	50.00%
Liberty SiriusXM Group | Common Class A
Stock-Based Compensation
Grants of stock options	0
Liberty SiriusXM Group | Common Class B
Stock-Based Compensation
Grants of stock options	0
Liberty SiriusXM Group | Common Class C
Stock-Based Compensation
Grants of stock options	439,000
Liberty SiriusXM Group | Liberty employees | Common Class C
Stock-Based Compensation
Grants of stock options	51,000
Weighted average GDFV | $ / shares	$ 10.52
Liberty SiriusXM Group | CEO | Common Class C
Stock-Based Compensation
Grants of stock options	388,000
Weighted average GDFV | $ / shares	$ 8.72
Liberty SiriusXM Group | Time-based RSUs | CEO | Common Class C
Stock-Based Compensation
RSUs granted	9,000
Restricted stock weighted average grant-date fair value | $ / shares	$ 33.11
Formula One Group | Common Class A
Stock-Based Compensation
Grants of stock options	0
Formula One Group | Common Class B
Stock-Based Compensation
Grants of stock options	0
Formula One Group | Common Class C
Stock-Based Compensation
Grants of stock options	1,726,000
Formula One Group | Liberty employees | Common Class C
Stock-Based Compensation
Grants of stock options	45,000
Weighted average GDFV | $ / shares	$ 12.38
Formula One Group | CEO | Common Class C
Stock-Based Compensation
Grants of stock options	246,000
Weighted average GDFV | $ / shares	$ 7.55
Formula One Group | Formula 1 employees | Common Class C
Stock-Based Compensation
Vesting period	1 year
Grants of stock options	1,435,000
Weighted average GDFV | $ / shares	$ 7.55
Formula One Group | Time-based RSUs | CEO | Common Class C
Stock-Based Compensation
RSUs granted	7,000
Restricted stock weighted average grant-date fair value | $ / shares	$ 24.68
Braves Group | Common Class A
Stock-Based Compensation
Grants of stock options	0
Braves Group | Common Class B
Stock-Based Compensation
Grants of stock options	0
Braves Group | Common Class C
Stock-Based Compensation
Grants of stock options	164,000
Braves Group | Liberty employees | Common Class C
Stock-Based Compensation
Grants of stock options	27,000
Weighted average GDFV | $ / shares	$ 5.71
Braves Group | CEO | Common Class C
Stock-Based Compensation
Grants of stock options	137,000
Weighted average GDFV | $ / shares	$ 4.67
Braves Group | Time-based RSUs | CEO | Common Class C
Stock-Based Compensation
RSUs granted	3,000
Restricted stock weighted average grant-date fair value | $ / shares	$ 18.17

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Stock-Based Compensation - Liberty - Outstanding Awards (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares
Additional disclosures
Total unrecognized compensation cost related to unvested equity awards | $	$ 28
Weighted average period of recognition related to unvested equity awards (in years)	2 years 4 months 24 days
Liberty SiriusXM Group
Additional disclosures
Common stock reserved for issuance	10,100,000
Liberty SiriusXM Group | Common Class A
Number of options
Outstanding at beginning of period	22,000
Granted	0
Exercised	(17,000)
Outstanding at end of period	5,000
Exercisable at end of period	5,000
WAEP
Outstanding at beginning of period | $ / shares	$ 22.62
Exercised | $ / shares	20.33
Outstanding at end of period | $ / shares	31.00
Exercisable at end of period | $ / shares	$ 31.00
Additional disclosures
Weighted average remaining life, outstanding	2 months 12 days
Weighted average remaining life, exercisable	2 months 12 days
Liberty SiriusXM Group | Common Class B
Number of options
Granted	0
Liberty SiriusXM Group | Common Class C
Number of options
Outstanding at beginning of period	9,817,000
Granted	439,000
Exercised	(121,000)
Outstanding at end of period	10,135,000
Exercisable at end of period	7,985,000
WAEP
Outstanding at beginning of period | $ / shares	$ 33.90
Granted | $ / shares	39.29
Exercised | $ / shares	28.50
Outstanding at end of period | $ / shares	34.20
Exercisable at end of period | $ / shares	$ 32.24
Additional disclosures
Weighted average remaining life, outstanding	3 years
Weighted average remaining life, exercisable	2 years 4 months 24 days
Aggregate intrinsic value, outstanding | $	$ 22
Aggregate intrinsic value, exercisable | $	$ 21
Formula One Group
Additional disclosures
Common stock reserved for issuance	9,700,000
Formula One Group | Common Class A
Number of options
Outstanding at beginning of period	1,000
Granted	0
Outstanding at end of period	1,000
Exercisable at end of period	1,000
WAEP
Outstanding at beginning of period | $ / shares	$ 12.63
Outstanding at end of period | $ / shares	12.63
Exercisable at end of period | $ / shares	$ 12.63
Additional disclosures
Weighted average remaining life, outstanding	2 years 2 months 12 days
Weighted average remaining life, exercisable	2 years 2 months 12 days
Formula One Group | Common Class B
Number of options
Granted	0
Formula One Group | Common Class C
Number of options
Outstanding at beginning of period	8,284,000
Granted	1,726,000
Exercised	(360,000)
Outstanding at end of period	9,650,000
Exercisable at end of period	7,405,000
WAEP
Outstanding at beginning of period | $ / shares	$ 31.16
Granted | $ / shares	28.85
Exercised | $ / shares	30.38
Outstanding at end of period | $ / shares	30.78
Exercisable at end of period | $ / shares	$ 30.03
Additional disclosures
Weighted average remaining life, outstanding	4 years 6 months
Weighted average remaining life, exercisable	4 years 1 month 6 days
Aggregate intrinsic value, outstanding | $	$ 59
Aggregate intrinsic value, exercisable | $	$ 46
Braves Group
Additional disclosures
Common stock reserved for issuance	1,400,000
Braves Group | Common Class A
Number of options
Outstanding at beginning of period	2,000
Granted	0
Outstanding at end of period	2,000
Exercisable at end of period	2,000
WAEP
Outstanding at beginning of period | $ / shares	$ 11.89
Outstanding at end of period | $ / shares	11.89
Exercisable at end of period | $ / shares	$ 11.89
Additional disclosures
Weighted average remaining life, outstanding	1 year 8 months 12 days
Weighted average remaining life, exercisable	1 year 8 months 12 days
Braves Group | Common Class B
Number of options
Granted	0
Braves Group | Common Class C
Number of options
Outstanding at beginning of period	1,267,000
Granted	164,000
Exercised	(11,000)
Outstanding at end of period	1,420,000
Exercisable at end of period	817,000
WAEP
Outstanding at beginning of period | $ / shares	$ 21.82
Granted | $ / shares	20.06
Exercised | $ / shares	16.24
Outstanding at end of period | $ / shares	21.66
Exercisable at end of period | $ / shares	$ 18.84
Additional disclosures
Weighted average remaining life, outstanding	3 years 10 months 24 days
Weighted average remaining life, exercisable	2 years 3 months 18 days
Aggregate intrinsic value, outstanding | $	$ 3
Aggregate intrinsic value, exercisable | $	$ 2

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Stock-Based Compensation - SIRIUS XM Holdings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock-Based Compensation
Stock-based compensation expense			$ 180	$ 238
Total unrecognized compensation cost related to unvested equity awards	$ 28		$ 28
Weighted average period of recognition related to unvested equity awards (in years)			2 years 4 months 24 days
Sirius XM Holdings
Stock-Based Compensation
Outstanding options	196		196
Exercisable options	154		154
Outstanding WAEP	$ 4.61		$ 4.61
Exercisable WAEP	$ 4.25		$ 4.25
Aggregate intrinsic value, outstanding	$ 206		$ 206
Aggregate intrinsic value, exercisable	195		195
Stock-based compensation expense	58	$ 65	165	171
Total unrecognized compensation cost related to unvested equity awards	$ 418		$ 418
Weighted average period of recognition related to unvested equity awards (in years)			2 years 8 months 12 days
Sirius XM Holdings | Pandora
Stock-Based Compensation
Stock-based compensation expense				$ 21
Sirius XM Holdings | RSUs
Stock-Based Compensation
RSUs granted			33
RSUs GDFV			$ 6.14

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Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 22, 2020	Apr. 21, 2020
Diluted earnings per share calculation for the unrealized gain or loss
Basic earnings (loss) attributable to stockholders	$ (114)	$ 193	$ (516)	$ 151
Sirius XM Holdings | Formula One Group
Investment owned shares
Investment Owned, Balance, Shares	5,271,475		5,271,475
Liberty SiriusXM Group
Weighted average outstanding shares of common stock
Basic WASO	343,000,000	327,000,000	332,000,000	329,000,000
Potentially dilutive shares	1,000,000	4,000,000	2,000,000	4,000,000
Diluted WASO	344,000,000	331,000,000	334,000,000	333,000,000
Diluted earnings per share calculation for the unrealized gain or loss
Basic earnings (loss) attributable to stockholders	$ 12	$ 140	$ 138	$ 368
Unrealized (gain) loss on the intergroup interest			(35)
Diluted earnings (loss) attributable to Liberty stockholders	$ 12	$ 140	$ 103	$ 368
Liberty SiriusXM Group | Liberty SiriusXM Group
Investment owned shares
Investment Owned, Balance, Shares					1,900,000
Liberty SiriusXM Group | Braves Group
Investment owned shares
Investment Owned, Balance, Shares	2,292,037		2,292,037		2,300,000
Liberty SiriusXM Group | Formula One Group
Investment owned shares
Investment Owned, Balance, Shares					5,300,000
Liberty SiriusXM Group | Common Class A and C
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	25,000,000		25,000,000
Braves Group
Weighted average outstanding shares of common stock
Basic WASO	51,000,000	51,000,000	51,000,000	51,000,000
Potentially dilutive shares	9,000,000	10,000,000	9,000,000	10,000,000
Diluted WASO	60,000,000	61,000,000	60,000,000	61,000,000
Diluted earnings per share calculation for the unrealized gain or loss
Basic earnings (loss) attributable to stockholders	$ (31)	$ 12	$ (16)	$ (33)
Unrealized (gain) loss on the intergroup interest	10	(2)	(78)	26
Diluted earnings (loss) attributable to Liberty stockholders	$ (21)	$ 10	$ (94)	$ (7)
Braves Group | 1.375% Convertible Bonds
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Debt instrument interest rate (as a percent)	1.375%		1.375%
Braves Group | Common Class A and C
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,000,000		3,000,000
Formula One Group
Weighted average outstanding shares of common stock
Basic WASO	232,000,000	231,000,000	232,000,000	231,000,000
Potentially dilutive shares	6,000,000	2,000,000	6,000,000	2,000,000
Diluted WASO	238,000,000	233,000,000	238,000,000	233,000,000
Diluted earnings per share calculation for the unrealized gain or loss
Basic earnings (loss) attributable to stockholders	$ (95)	$ 41	$ (638)	$ (184)
Unrealized (gain) loss on the intergroup interest	23		51
Diluted earnings (loss) attributable to Liberty stockholders	$ (72)	$ 41	$ (587)	$ (184)
Formula One Group | Liberty SiriusXM Group
Investment owned shares
Investment Owned, Balance, Shares						1,945,491
Formula One Group | Braves Group
Investment owned shares
Investment Owned, Balance, Shares	6,792,903		6,792,903			9,084,940
Formula One Group | 1.375% Convertible Bonds
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Debt instrument interest rate (as a percent)	1.375%		1.375%
Formula One Group | Common Class A and C
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,000,000		6,000,000

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Assets And Liabilities Measured At Fair Value (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets and Liabilities Measured at Fair Value
Cash equivalents	$ 1,668	$ 992
Debt and equity securities	231	353
Financial instrument assets	214	498
Debt	3,237	3,678
Financial instruments liabilities	121	53
Level 1
Assets and Liabilities Measured at Fair Value
Cash equivalents	1,668	992
Debt and equity securities	178	242
Financial instrument assets	31	29
Level 2
Assets and Liabilities Measured at Fair Value
Debt and equity securities	53	111
Financial instrument assets	183	469
Debt	3,237	3,678
Financial instruments liabilities	$ 121	$ 53

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Assets And Liabilities Measured At Fair Value - Realized and Unrealized Gains (Losses) on Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	$ 16	$ 14	$ (163)	$ (171)
Formula One Group
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	55	26	75	(171)
Debt and equity securities
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	4	18	(109)	89
Debt measured at fair value
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	44	(62)	326	(295)
Gain (loss) on changes in fair value	(193)	(29)	109	(33)
Cumulative amount of gain (loss) in changes in fair value	136		136
Change in Fair Value of Bond Hedges
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	$ (32)	68	(282)	107
Other derivatives
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net		$ (10)	$ (98)	$ (72)

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Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	$ 1,106	$ 1,625
Liberty SiriusXM Group
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	$ 986	644
Liberty SiriusXM Group | Live Nation
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	33.00%
Fair value	$ 3,752
Investments in affiliates	$ 289
Liberty SiriusXM Group | Sirius XM Canada
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	70.00%
Investments in affiliates	$ 617	636
Liberty SiriusXM Group | Other
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	80	8
Braves Group
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	87	99
Braves Group | Other
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	87	99
Formula One Group
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	33	882
Formula One Group | Live Nation
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates		746
Formula One Group | Other
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	$ 33	$ 136

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Investments In Affiliates Accounted For Using The Equity Method - Share Of Earnings (Losses) Of Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net	$ (187)	$ 55	$ (442)	$ 69
Liberty SiriusXM Group
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net	(183)	(7)	(331)	(18)
Liberty SiriusXM Group | Sirius XM Canada
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net			8	2
Liberty SiriusXM Group | Live Nation
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net	(177)		(321)
Liberty SiriusXM Group | Other
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net	(6)	(7)	(18)	(20)
Braves Group
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net	(5)	4	(2)	13
Braves Group | Other
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net	(5)	4	(2)	13
Formula One Group
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net	1	58	(109)	74
Formula One Group | Live Nation
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net		54	(112)	61
Formula One Group | Other
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net	$ 1	$ 4	$ 3	$ 13

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Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
	May 25, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2020	Sep. 30, 2019
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net		$ (187)	$ 55		$ (442)	$ 69
Sirius XM Holdings | Sirius XM Canada
Investments in Affiliates Accounted for Using the Equity Method
Due from related parties current assets		10			10
Due to related parties current		1			1
Revenue from related parties		$ 25	25		73	73
Gross Dividends					$ 1	$ 1
Sirius XM Holdings | Sirius XM Canada
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership		70.00%			70.00%
Equity Method Investment Voting Interest					33.00%
Sirius XM Holdings | Sirius XM Canada | Services Agreement
Investments in Affiliates Accounted for Using the Equity Method
Related party transaction agreement term	30 years
Gross revenue percentage					25.00%
Sirius XM Holdings | Sirius XM Canada | Advisory Services Agreement
Investments in Affiliates Accounted for Using the Equity Method
Related party transaction agreement term	30 years
Gross revenue percentage					5.00%
Sirius XM Holdings | Sirius XM Canada | Related Party 7.62% Loan
Investments in Affiliates Accounted for Using the Equity Method
Notes receivable, related parties, non current		$ 117			$ 117
Sirius XM Holdings | Sirius XM Canada | Maximum
Investments in Affiliates Accounted for Using the Equity Method
Gross Dividends			$ 1	$ 1

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Investments In Affiliates Accounted For Using The Equity Method - SoundCloud (Details) - Sirius XM Holdings - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Feb. 10, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
SoundCloud | Pandora SoundCloud Advertising Agreement
Investments in Affiliates Accounted for Using the Equity Method
Revenue Share Expense		$ 13	$ 13	$ 36	$ 24
Due to related parties non current		$ 18		$ 18
SoundCloud
Investments in Affiliates Accounted for Using the Equity Method
Payments to acquire equity method investments	$ 75

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Intangible Assets - Goodwill Rollforward (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 19,939
Acquisitions	17
Goodwill, Ending Balance	19,956
Sirius XM Holdings
Goodwill
Goodwill, Beginning Balance	15,803
Acquisitions	17
Goodwill, Ending Balance	15,820
Formula 1
Goodwill
Goodwill, Beginning Balance	3,956
Goodwill, Ending Balance	3,956
Other
Goodwill
Goodwill, Beginning Balance	180
Goodwill, Ending Balance	$ 180

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Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Intangible Assets
Gross carrying amount	$ 8,798	$ 8,668
Accumulated amortization	(3,309)	(2,728)
Net carrying amount	5,489	5,940
FIA Agreement
Intangible Assets
Gross carrying amount	3,630	3,630
Accumulated amortization	(692)	(543)
Net carrying amount	2,938	3,087
Customer relationships
Intangible Assets
Gross carrying amount	3,086	3,086
Accumulated amortization	(1,355)	(1,123)
Net carrying amount	1,731	1,963
Licensing agreements
Intangible Assets
Gross carrying amount	315	316
Accumulated amortization	(200)	(185)
Net carrying amount	115	131
Other
Intangible Assets
Gross carrying amount	1,767	1,636
Accumulated amortization	(1,062)	(877)
Net carrying amount	$ 705	$ 759

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Intangible Assets - Amortization (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Intangible Assets
Amortization of Intangible Assets	$ 214	$ 204	$ 609	$ 593
Remainder of 2020	201		201
2021	752		752
2022	658		658
2023	526		526
2024	$ 407		$ 407

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Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Apr. 22, 2020	Dec. 31, 2019	Nov. 26, 2019	Sep. 30, 2019	Dec. 31, 2018	Mar. 06, 2018	Jan. 23, 2017	Aug. 17, 2016	Oct. 17, 2013
Debt Instrument
Outstanding principal	$ 15,429
Total debt	15,510			$ 15,476
Debt classified as current	(96)			(60)
Total long-term debt	15,414			15,416
1.375% Cash Convertible Senior Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)											1.375%
2.25% Exchangeable Senior Debentures due 2048
Debt Instrument
Debt instrument interest rate (as a percent)							2.25%
Liberty SiriusXM Group
Debt Instrument
Outstanding principal	11,083
Deferred financing costs	(12)			(11)
Total debt	11,085			9,245
Debt classified as current	(1)
Total long-term debt	$ 11,084
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048
Debt Instrument
Debt instrument interest rate (as a percent)	2.125%							2.125%
Outstanding principal	$ 400
Total debt	$ 395			423
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049
Debt Instrument
Debt instrument interest rate (as a percent)	2.75%				2.75%
Outstanding principal	$ 604
Total debt	591			632
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan
Debt Instrument
Outstanding principal	750
Total debt	$ 750		$ 750	350
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2022
Debt Instrument
Debt instrument interest rate (as a percent)	3.875%					3.875%
Outstanding principal	$ 1,000
Total debt	$ 997			995
Liberty SiriusXM Group | Sirius XM 4.625% Senior Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)						4.625%
Total debt				498
Liberty SiriusXM Group | Sirius Xm 4.625% Senior Notes Due 2024
Debt Instrument
Debt instrument interest rate (as a percent)	4.625%
Outstanding principal	$ 1,500
Total debt	$ 1,487			1,485
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes Due 2025
Debt Instrument
Debt instrument interest rate (as a percent)						5.375%
Total debt				993
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes due 2026
Debt Instrument
Debt instrument interest rate (as a percent)	5.375%
Outstanding principal	$ 1,000
Total debt	$ 993			992
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027
Debt Instrument
Debt instrument interest rate (as a percent)	5.00%
Outstanding principal	$ 1,500
Total debt	$ 1,489			1,488
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029
Debt Instrument
Debt instrument interest rate (as a percent)	5.50%
Outstanding principal	$ 1,250
Total debt	$ 1,237			1,236
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030
Debt Instrument
Debt instrument interest rate (as a percent)	4.125%	4.125%
Outstanding principal	$ 1,500
Total debt	$ 1,484
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2020
Debt Instrument
Debt instrument interest rate (as a percent)	1.75%
Outstanding principal	$ 1
Total debt	$ 1			1
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023
Debt Instrument
Debt instrument interest rate (as a percent)	1.75%
Outstanding principal	$ 193
Total debt	$ 168			163
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)	1.375%		1.375%
Outstanding principal	$ 1,000
Total debt	$ 1,090
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048
Debt Instrument
Debt instrument interest rate (as a percent)	2.25%		2.25%
Outstanding principal	$ 385
Total debt	415
Braves Group
Debt Instrument
Outstanding principal	714
Deferred financing costs	(4)			(5)
Total debt	710			554
Debt classified as current	(95)
Total long-term debt	615
Braves Group | Notes and loans
Debt Instrument
Outstanding principal	714
Total debt	714			559
Formula One Group
Debt Instrument
Outstanding principal	3,632
Deferred financing costs	(12)			(15)
Total debt	3,715			$ 5,677
Total long-term debt	$ 3,715
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)				1.375%							1.375%
Total debt				$ 1,322
Formula One Group | 1% Cash Convertible Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)	1.00%					1.00%			1.00%
Outstanding principal	$ 450
Total debt	$ 536			585
Formula One Group | 2.25% Exchangeable Senior Debentures due 2046
Debt Instrument
Debt instrument interest rate (as a percent)	2.25%									2.25%
Outstanding principal	$ 204
Total debt	210			$ 257
Formula One Group | 2.25% Exchangeable Senior Debentures due 2048
Debt Instrument
Debt instrument interest rate (as a percent)				2.25%			2.25%
Total debt				$ 459
Formula One Group | Live Nation Margin Loan
Debt Instrument
Total debt				130
Formula One Group | Other Debt Obligations
Debt Instrument
Outstanding principal	76
Total debt	76			32
Formula One Group | Senior Loan Facility
Debt Instrument
Outstanding principal	2,902
Total debt	$ 2,905			$ 2,907

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Long-Term Debt - Narrative (Details)									1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 05, 2020 shares	Nov. 26, 2019 USD ($) $ / shares shares	Dec. 10, 2018 USD ($)	Jun. 22, 2018 USD ($) $ / shares shares	Mar. 06, 2018 USD ($) $ / shares shares	Jan. 23, 2017 USD ($) $ / shares	Jun. 16, 2016 shares	Apr. 15, 2016 $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Mar. 31, 2020 USD ($)	Sep. 30, 2020 USD ($) $ / shares shares	Jul. 09, 2020 USD ($)	Jun. 30, 2020 USD ($)	Apr. 22, 2020	Mar. 27, 2020 USD ($)	Dec. 31, 2019	Sep. 30, 2019	Aug. 17, 2016 USD ($)	Oct. 17, 2013 USD ($)
1.375% Cash Convertible Senior Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)																				1.375%
2.25% Exchangeable Senior Debentures due 2048
Debt Instrument
Debt instrument interest rate (as a percent)									2.25%
Principal amount									$ 385,000,000
Live Nation Margin Loan
Debt Instrument
Line of Credit Facility, Remaining Borrowing Capacity										$ 270,000,000		$ 270,000,000
Maximum borrowing capacity			$ 600,000,000													$ 270,000,000
Live Nation Margin Loan | LIBOR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis												LIBOR
Debt Instrument, Basis Spread on Variable Rate												1.80%
Minimum | Live Nation Margin Loan
Debt Instrument
Undrawn commitment fee			0.75%
Maximum | Live Nation Margin Loan
Debt Instrument
Undrawn commitment fee			0.85%
Live Nation | 2.25% Exchangeable Senior Debentures due 2048
Debt Instrument
Shares underlying the debentures | shares									5,800,000
conversion price for exchangeable debt | $ / shares									$ 66.28
Debt Instrument, Redemption Price, Percentage									100.00%
Live Nation | Live Nation Margin Loan
Debt Instrument
Shares Pledged As Collateral Under Loan | shares										53,700,000		53,700,000
Share value										$ 2,896,000,000		$ 2,896,000,000
1.375% Convertible Notes Bond Hedge Transaction | Common Class A
Debt Instrument
Securities Basket price per share | $ / shares										$ 44.36		$ 44.36
Warrant transaction | Common Class A
Debt Instrument
Securities Basket price per share | $ / shares										$ 44.36		$ 44.36
Warrant expiration period												81 days
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares								$ 61.16
Formula One Group | Common Class A
Debt Instrument
Securities basket conversion ratio from shares of Liberty Media Corporation common stock								0.25
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)																	1.375%			1.375%
Principal amount																				$ 1,000,000,000
Formula One Group | 1% Cash Convertible Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)						1.00%				1.00%		1.00%						1.00%
Principal amount						$ 450,000,000
Debt instrument, face amount per debenture						$ 1,000
Formula One Group | 1% Cash Convertible Notes Due 2023 | Common Class C
Debt Instrument
Debt Instrument, Convertible, Conversion Ratio						27.11
conversion price for exchangeable debt | $ / shares						$ 36.89
Formula One Group | 2.25% Exchangeable Senior Debentures due 2046
Debt Instrument
Debt instrument interest rate (as a percent)										2.25%		2.25%							2.25%
Principal amount																			$ 445,000,000
Debt instrument, face amount per debenture				$ 1,000
Extraordinary additional distribution				229,000,000
Extraordinary additional distribution amount per debenture				$ 514.1295
Formula One Group | 2.25% Exchangeable Senior Debentures due 2048
Debt Instrument
Debt instrument interest rate (as a percent)									2.25%								2.25%
Formula One Group | AT&T | 2.25% Exchangeable Senior Debentures due 2046
Debt Instrument
Exchange Price of Shares Attributable to Debentures | $ / shares				$ 35.35
Shares underlying the debentures | shares				6,110,000
Debt Instrument, Redemption Price, Percentage				100.00%
Formula One Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A
Debt Instrument
Forward contract, number of underlying shares | shares								5,271,475
Formula One Group | Warrant transaction | Common Class A
Debt Instrument
Class of Warrant or Right, Outstanding | shares								5,271,475
Liberty SiriusXM Group | Common Class A
Debt Instrument
Securities basket conversion ratio from shares of Liberty Media Corporation common stock								1.0										1.0163
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)										1.375%		1.375%			1.375%
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048
Debt Instrument
Debt instrument interest rate (as a percent)					2.125%					2.125%		2.125%
Principal amount					$ 400,000,000
Shares underlying the debentures | shares					49,900,000
conversion price for exchangeable debt | $ / shares					$ 8.02
Debt Instrument, Redemption Price, Percentage					100.00%
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048
Debt Instrument
Debt instrument interest rate (as a percent)										2.25%		2.25%			2.25%
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049
Debt Instrument
Debt instrument interest rate (as a percent)		2.75%								2.75%		2.75%
Principal amount		$ 604,000,000
Debt Instrument, Redemption Price, Percentage		100.00%
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan
Debt Instrument
Effective interest rate										2.27%		2.27%
Debt instrument, unused borrowing capacity, fee, percent											0.75%
Line of Credit Facility, Remaining Borrowing Capacity										$ 600,000,000		$ 600,000,000
Shares Pledged As Collateral Under Loan | shares										1,000,000,000.0		1,000,000,000.0
Share value										$ 5,360,000,000		$ 5,360,000,000
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | LIBOR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis												LIBOR
Debt Instrument, Basis Spread on Variable Rate											2.05%
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Term Loan
Debt Instrument
Principal amount											$ 250,000,000
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Senior Loan Facility
Debt Instrument
Principal amount											500,000,000
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Delayed Draw Term Loan
Debt Instrument
Principal amount											$ 600,000,000
Liberty SiriusXM Group | Sirius Xm 4.625% Senior Notes Due 2024
Debt Instrument
Debt instrument interest rate (as a percent)										4.625%		4.625%
Principal amount													$ 500,000,000
Redemption price													507,000,000
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes Due 2025
Debt Instrument
Debt instrument interest rate (as a percent)																		5.375%
Principal amount													1,000,000,000.0
Redemption price													$ 1,039,000,000
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes due 2026
Debt Instrument
Debt instrument interest rate (as a percent)										5.375%		5.375%
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029
Debt Instrument
Debt instrument interest rate (as a percent)										5.50%		5.50%
Liberty SiriusXM Group | Sirius XM 4.625% Senior Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)																		4.625%
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2022
Debt Instrument
Debt instrument interest rate (as a percent)										3.875%		3.875%						3.875%
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027
Debt Instrument
Debt instrument interest rate (as a percent)										5.00%		5.00%
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2020
Debt Instrument
Debt instrument interest rate (as a percent)										1.75%		1.75%
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023
Debt Instrument
Debt instrument interest rate (as a percent)										1.75%		1.75%
Liberty SiriusXM Group | Sirius XM Senior Secured Revolving Credit Facility
Debt Instrument
Debt instrument, unused borrowing capacity, fee, percent												0.25%
Line of Credit Facility, Remaining Borrowing Capacity										$ 1,749,000,000		$ 1,749,000,000
Maximum borrowing capacity										$ 1,750,000,000		$ 1,750,000,000
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030
Debt Instrument
Debt instrument interest rate (as a percent)										4.125%		4.125%		4.125%
Principal amount														$ 1,500,000
Liberty SiriusXM Group | Sirius XM Holdings 4.625% Senior Notes Due 2023 and 5.375% Senior Notes Due 2025
Debt Instrument
Loss on extinguishment of debt										$ (40,000,000)
Liberty SiriusXM Group | Sirius XM Holdings 4.625% Senior Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)													4.625%	4.625%
Liberty SiriusXM Group | Sirius XM Holdings 5.375% Senior Notes Due 2025
Debt Instrument
Debt instrument interest rate (as a percent)													5.375%	5.375%
Liberty SiriusXM Group | Sirius XM Holdings | 2.75% Exchangeable Senior Debentures Due 2049
Debt Instrument
Shares underlying the debentures | shares		70,000,000
conversion price for exchangeable debt | $ / shares		$ 8.62
Liberty SiriusXM Group | Pandora | Sirius XM Senior Secured Revolving Credit Facility | Letter of Credit
Debt Instrument
Reduction in future borrowing capacity												$ 1,000,000
Liberty SiriusXM Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A
Debt Instrument
Forward contract, number of underlying shares | shares	21,429,600							21,085,900
Liberty SiriusXM Group | Warrant transaction | Common Class A
Debt Instrument
Class of Warrant or Right, Outstanding | shares	21,429,600							21,085,900
Braves Group | Common Class A
Debt Instrument
Securities basket conversion ratio from shares of Liberty Media Corporation common stock								0.10		0.1087		0.1087
Braves Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A
Debt Instrument
Forward contract, number of underlying shares | shares							2,292,037	2,108,590
Braves Group | Warrant transaction | Common Class A
Debt Instrument
Class of Warrant or Right, Outstanding | shares							2,292,037	2,108,590

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Long-Term Debt - Braves Holdings Notes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 a	Sep. 30, 2020 USD ($)	Aug. 31, 2020 USD ($)	Aug. 20, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument
Long term Debt		$ 15,510			$ 15,476
Debt, Current		96			60
Braves Holdings
Debt Instrument
Area of land acquired (in acres) | a	82
Long term Debt		$ 714			559
Braves Holdings | Operating Credit Facility Truist Member
Debt Instrument
Maximum borrowing capacity				$ 85
Braves Holdings | Operating Credit Facility MLB
Debt Instrument
Maximum borrowing capacity			$ 100
Braves Holdings | Term Loan
Debt Instrument
Weighted average interest rate		1.77%
Long term Debt		$ 47			49
Braves Holdings | Senior Secured Notes
Debt Instrument
Weighted average interest rate		3.77%
Long term Debt		$ 184			190
Braves Holdings | Floating Rate Notes
Debt Instrument
Weighted average interest rate		2.01%
Long term Debt		$ 61			65
Braves Holdings | Senior Loan Facility | Operating Credit Facilities
Debt Instrument
Weighted average interest rate		1.48%
Long term Debt		$ 165			45
Maximum borrowing capacity		$ 185
Braves Holdings | Senior Loan Facility | Mixed Use Credit Facilities and Loans
Debt Instrument
Weighted average interest rate		3.45%
Long term Debt		$ 227			180
Debt, Current		38
Maximum borrowing capacity		$ 307
Braves Holdings | Senior Loan Facility | Spring Training Credit Facility
Debt Instrument
Weighted average interest rate		3.65%
Long term Debt		$ 30			$ 30

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Long-Term Debt - Formula 1 (Details) - USD ($) $ in Millions				1 Months Ended	9 Months Ended
	Sep. 30, 2020	May 23, 2019	Jan. 31, 2018	Jan. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 03, 2017	Aug. 02, 2017
Debt Instrument
Long term Debt	$ 15,510				$ 15,510		$ 15,476
Repayments of Long-term Debt					2,595	$ 4,345
Cash and Cash Equivalents, at Carrying Value	$ 1,936				$ 1,936		1,222
Formula 1 | Senior Loan Facility
Debt Instrument
Debt Instrument Description Of Variable Rate Basis Reduction		0.25%
Formula 1 | LIBOR | Senior Loan Facility
Debt Instrument
Debt Instrument, Description of Variable Rate Basis	LIBOR	LIBOR
Debt Instrument, Basis Spread on Variable Rate	2.50%	2.00%
Formula 1 | Senior Loan Facility
Debt Instrument
Long term Debt			$ 2,900	$ 2,900		2,900		$ 3,300	$ 3,100
Line of Credit Facility, Maximum Borrowing Capacity								$ 500	$ 75
Repayments of Long-term Debt				400
Cash and Cash Equivalents, at Carrying Value			150	150
Effective interest rate	3.50%				3.50%
Minimum liquidity	$ 200				$ 200
Formula 1 | Senior Loan Facility | Senior Loan Facility
Debt Instrument
Line of Credit Facility, Maximum Borrowing Capacity	500				500
Line of Credit			$ 250	$ 250
Formula 1 | Senior Loan Facility | LIBOR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis			LIBOR
Debt Instrument, Basis Spread on Variable Rate				2.50%
Formula 1 | Interest Rate Swap | Senior Loan Facility
Debt Instrument
Notional Amount of Interest Rate Cash Flow Hedge Derivatives						2,100
Formula One Group
Debt Instrument
Long term Debt	3,715				3,715		$ 5,677
Repayments of Long-term Debt					611	$ 5
Cash and Cash Equivalents, at Carrying Value	1,586				1,586
Formula One Group | Formula 1
Debt Instrument
Cash and Cash Equivalents, at Carrying Value	$ 139				$ 139

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Long-Term Debt - Fair Value of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt, measured at fair value	$ 3,237		$ 3,678
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	3.875%			3.875%
Long-term debt, measured at fair value	$ 1,007
Liberty SiriusXM Group | Sirius XM 4.625% Senior Notes Due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)				4.625%
Liberty SiriusXM Group | Sirius Xm 4.625% Senior Notes Due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	4.625%
Long-term debt, measured at fair value	$ 1,551
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes Due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)				5.375%
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	5.375%
Long-term debt, measured at fair value	$ 1,044
Liberty SiriusXM Group | Sirius XM 5.0% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	5.00%
Long-term debt, measured at fair value	$ 1,569
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	5.50%
Long-term debt, measured at fair value	$ 1,342
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	4.125%	4.125%
Long-term debt, measured at fair value	$ 1,528
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	1.75%
Long-term debt, measured at fair value	$ 1
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	1.75%
Long-term debt, measured at fair value	$ 212

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Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($) item $ / item
Commitments and Contingencies
Number of scheduled baseball games | item	60
Number of scheduled Formula One events | item	17
Braves Holdings
Commitments and Contingencies
Compensation guarantee aggregate total	$ 332
Amounts payable under guarantee in 2020	72
Amounts payable under guarantee in 2021	97
Amounts payable under guarantee in 2022	42
Amounts payable under guarantee in 2023	33
Amounts payable under guarantee thereafter	$ 88
Settled Litigation | Sound exchange Lawsuit | Sirius XM Holdings
Commitments and Contingencies
Performance for non subscription transmissions | $ / item	0.0018
Performance for subscription transmissions | $ / item	0.0024
Commercial webcasters per performance for non subscription transmissions | $ / item	0.0028
Commercial webcasters per performance for subscription transmissions | $ / item	0.0031

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Information About Liberty's Operating Segments (Details)	9 Months Ended
	Sep. 30, 2020 item
Sirius XM Holdings
Information About Liberty's Operating Segments
Number of satellite systems	2
Formula 1
Information About Liberty's Operating Segments
Duration of World Championship	9 months
Sirius XM Holdings
Information About Liberty's Operating Segments
Number of complementary audio entertainment business	2

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Information About Liberty's Operating Segments - Revenue and Adjusted OIBDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Information About Liberty's Operating Segments
Revenue	$ 2,732	$ 2,856	$ 6,654	$ 7,673
Adjusted OIBDA	667	854	1,780	2,283
Liberty SiriusXM Group
Information About Liberty's Operating Segments
Revenue	2,025	2,011	5,851	5,732
Adjusted OIBDA	654	655	1,889	1,861
Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Adjusted OIBDA	661	659	1,915	1,871
Liberty SiriusXM Group | Corporate and other
Information About Liberty's Operating Segments
Adjusted OIBDA	(7)	(4)	(26)	(10)
Braves Group
Information About Liberty's Operating Segments
Revenue	110	212	143	442
Adjusted OIBDA	5	45	(49)	73
Braves Group | Corporate and other
Information About Liberty's Operating Segments
Adjusted OIBDA	5	45	(49)	73
Formula One Group
Information About Liberty's Operating Segments
Revenue	597	633	660	1,499
Adjusted OIBDA	8	154	(60)	349
Formula One Group | Operating Segments | Formula 1
Information About Liberty's Operating Segments
Adjusted OIBDA	14	162	(34)	372
Formula One Group | Corporate and other
Information About Liberty's Operating Segments
Adjusted OIBDA	(6)	(8)	(26)	(23)
Subscriber | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Revenue	1,594	1,556	4,757	4,551
Advertising | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Revenue	345	366	866	933
Equipment | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Revenue	47	45	113	127
Primary Revenue | Formula One Group | Operating Segments | Formula 1
Information About Liberty's Operating Segments
Revenue	524	553	549	1,282
Other | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Revenue	39	44	115	121
Other | Formula One Group | Operating Segments | Formula 1
Information About Liberty's Operating Segments
Revenue	73	80	111	217
Baseball | Braves Group | Corporate and other
Information About Liberty's Operating Segments
Revenue	102	203	119	415
Development | Braves Group | Corporate and other
Information About Liberty's Operating Segments
Revenue	$ 8	$ 9	$ 24	$ 27

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Information About Liberty's Operating Segments - Performance obligations (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Information About Liberty's Operating Segments
Deferred revenue	$ 2,242	$ 2,113
Liberty SiriusXM Group
Information About Liberty's Operating Segments
Deferred revenue	1,792
Formula One and Braves Holdings
Information About Liberty's Operating Segments
Deferred revenue		$ 184	$ 449
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Remaining performance obligations
Remaining performance obligation, revenue expected to be recognized	$ 454
Expected timing of satisfaction period	3 months
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Remaining performance obligations
Remaining performance obligation, revenue expected to be recognized	$ 1,981
Expected timing of satisfaction period	12 months
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Remaining performance obligations
Remaining performance obligation, revenue expected to be recognized	$ 1,720
Expected timing of satisfaction period	12 months
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Remaining performance obligations
Remaining performance obligation, revenue expected to be recognized	$ 3,419
Expected timing of satisfaction period	72 months
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Remaining performance obligations
Remaining performance obligation, revenue expected to be recognized	$ 217
Expected timing of satisfaction period	84 months

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Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 43,789		$ 44,189
Investments in affiliates	1,106		1,625
Capital expenditures	316	$ 338
Elimination
Segment Reporting Information [Line Items]
Total assets	(680)
Liberty SiriusXM Group
Segment Reporting Information [Line Items]
Total assets	31,610
Investments in affiliates	986		644
Capital expenditures	230	239
Liberty SiriusXM Group | Corporate and other
Segment Reporting Information [Line Items]
Total assets	1,093
Investments in affiliates	289
Liberty SiriusXM Group | Sirius XM Holdings | Operating Segments
Segment Reporting Information [Line Items]
Total assets	30,517
Investments in affiliates	697
Capital expenditures	230
Braves Group
Segment Reporting Information [Line Items]
Total assets	1,628
Investments in affiliates	87		99
Capital expenditures	69	72
Braves Group | Corporate and other
Segment Reporting Information [Line Items]
Total assets	1,628
Investments in affiliates	87
Capital expenditures	69
Formula One Group
Segment Reporting Information [Line Items]
Total assets	11,231
Investments in affiliates	33		$ 882
Capital expenditures	17	$ 27
Formula One Group | Corporate and other
Segment Reporting Information [Line Items]
Total assets	2,424
Investments in affiliates	33
Capital expenditures	10
Formula One Group | Formula 1 | Operating Segments
Segment Reporting Information [Line Items]
Total assets	8,807
Capital expenditures	$ 7

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Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Information About Liberty's Operating Segments
Adjusted OIBDA	$ 667	$ 854	$ 1,780	$ 2,283
Legal settlements and reserves			16	(25)
Stock-based compensation	(68)	(76)	(180)	(217)
Acquisition and other related costs (note 3)			(24)	(83)
Depreciation and amortization	(279)	(271)	(812)	(790)
Operating income (loss)	320	507	780	1,168
Interest expense	(153)	(169)	(480)	(495)
Share of earnings (losses) of affiliates, net	(187)	55	(442)	69
Realized and unrealized gains (losses) on financial instruments, net	16	14	(163)	(171)
Other, net	(32)	(47)	(1)	(18)
Earnings (loss) before income taxes	$ (36)	$ 360	$ (306)	$ 553

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Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,936	$ 1,222
Trade and other receivables, net	771	767
Other current assets	566	416
Total current assets	3,273	2,405
Investments in affiliates, accounted for using the equity method	1,106	1,625
Property and equipment, at cost	3,906	3,780
Accumulated depreciation	(1,670)	(1,518)
Property and equipment, net	2,236	2,262
Goodwill	19,956	19,939
FCC licenses	8,600	8,600
Other	1,405	1,405
Intangible assets not subject to amortization	29,961	29,944
Intangible assets subject to amortization, net	5,489	5,940
Other assets	1,724	2,013
Total assets	43,789	44,189
Current liabilities:
Accounts payable and accrued liabilities	1,403	1,621
Current portion of debt	96	60
Deferred revenue	2,242	2,113
Other current liabilities	98	94
Total current liabilities	3,839	3,888
Long-term debt	15,414	15,416
Deferred income tax liabilities	2,065	1,913
Other liabilities	1,091	1,047
Total liabilities	22,409	22,264
Stockholders' equity:
Total stockholders' equity	16,192	16,295
Noncontrolling interests in equity of subsidiaries	5,188	5,630
Total liabilities and equity	43,789	44,189
Liberty SiriusXM Group
Current assets:
Cash and cash equivalents	137
Trade and other receivables, net	582
Other current assets	214
Total current assets	933
Intergroup interests	225
Investments in affiliates, accounted for using the equity method	986	644
Property and equipment, at cost	2,724
Accumulated depreciation	(1,435)
Property and equipment, net	1,289
Goodwill	15,820
FCC licenses	8,600
Other	1,262
Intangible assets not subject to amortization	25,682
Intangible assets subject to amortization, net	1,474
Other assets	1,021
Total assets	31,610
Current liabilities:
Intergroup payable (receivable)	(28)
Accounts payable and accrued liabilities	1,156
Current portion of debt	1
Deferred revenue	1,792
Other current liabilities	350
Total current liabilities	3,271
Long-term debt	11,084
Deferred income tax liabilities	2,055
Other liabilities	664
Total liabilities	17,074
Stockholders' equity:
Total stockholders' equity	9,354
Noncontrolling interests in equity of subsidiaries	5,182
Total liabilities and equity	31,610
Braves Group
Current assets:
Cash and cash equivalents	213
Trade and other receivables, net	41
Other current assets	40
Total current assets	294
Investments in affiliates, accounted for using the equity method	87	99
Property and equipment, at cost	991
Accumulated depreciation	(168)
Property and equipment, net	823
Goodwill	180
Other	143
Intangible assets not subject to amortization	323
Intangible assets subject to amortization, net	25
Other assets	76
Total assets	1,628
Current liabilities:
Intergroup payable (receivable)	(25)
Accounts payable and accrued liabilities	63
Current portion of debt	95
Deferred revenue	88
Other current liabilities	4
Total current liabilities	225
Long-term debt	615
Deferred income tax liabilities	47
Redeemable intergroup interests	191
Other liabilities	213
Total liabilities	1,291
Stockholders' equity:
Total stockholders' equity	337
Total liabilities and equity	1,628
Formula One Group
Current assets:
Cash and cash equivalents	1,586
Trade and other receivables, net	148
Other current assets	588
Total current assets	2,322
Intergroup interests	142
Investments in affiliates, accounted for using the equity method	33	$ 882
Property and equipment, at cost	191
Accumulated depreciation	(67)
Property and equipment, net	124
Goodwill	3,956
Intangible assets not subject to amortization	3,956
Intangible assets subject to amortization, net	3,990
Other assets	664
Total assets	11,231
Current liabilities:
Intergroup payable (receivable)	53
Accounts payable and accrued liabilities	184
Deferred revenue	362
Other current liabilities	20
Total current liabilities	619
Long-term debt	3,715
Redeemable intergroup interests	176
Other liabilities	214
Total liabilities	4,724
Stockholders' equity:
Total stockholders' equity	6,501
Noncontrolling interests in equity of subsidiaries	6
Total liabilities and equity	11,231
Elimination
Current assets:
Other current assets	(276)
Total current assets	(276)
Intergroup interests	(367)
Other assets	(37)
Total assets	(680)
Current liabilities:
Other current liabilities	(276)
Total current liabilities	(276)
Deferred income tax liabilities	(37)
Redeemable intergroup interests	(367)
Total liabilities	(680)
Stockholders' equity:
Total liabilities and equity	$ (680)

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Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Total revenue	$ 2,732	$ 2,856	$ 6,654	$ 7,673
Cost of services (exclusive of depreciation shown separately below):
Subscriber acquisition costs	110	101	257	313
Other operating expenses	154	223	339	511
Selling, general and administrative	423	440	1,221	1,275
Acquisition and restructuring			24	83
Depreciation and amortization	279	271	812	790
Total operating costs and expenses	2,412	2,349	5,874	6,505
Operating income (loss)	320	507	780	1,168
Other income (expense):
Interest expense	(153)	(169)	(480)	(495)
Share of earnings (losses) of affiliates, net	(187)	55	(442)	69
Realized and unrealized gains (losses) on financial instruments, net	16	14	(163)	(171)
Other, net	(32)	(47)	(1)	(18)
Total other income (expense)	(356)	(147)	(1,086)	(615)
Earnings (loss) before income taxes	(36)	360	(306)	553
Income tax benefit (expense)	(7)	(98)	3	(226)
Net earnings (loss)	(43)	262	(303)	327
Less net earnings (loss) attributable to the noncontrolling interests	71	69	213	176
Net earnings (loss) attributable to Liberty stockholders	(114)	193	(516)	151
Liberty SiriusXM Group
Revenue:
Total revenue	2,025	2,011	5,851	5,732
Cost of services (exclusive of depreciation shown separately below):
Subscriber acquisition costs	110	101	257	313
Other operating expenses	64	78	196	206
Selling, general and administrative	363	363	1,055	1,050
Acquisition and restructuring			24	83
Depreciation and amortization	142	135	432	396
Total operating costs and expenses	1,574	1,557	4,575	4,558
Operating income (loss)	451	454	1,276	1,174
Other income (expense):
Interest expense	(116)	(115)	(347)	(326)
Intergroup interest (expense) income			(7)
Share of earnings (losses) of affiliates, net	(183)	(7)	(331)	(18)
Realized and unrealized gains (losses) on financial instruments, net	(39)	(10)	(228)	6
Unrealized gains/( loss) on inter-group interests	25		92
Other, net	(36)	(51)	(19)	(42)
Total other income (expense)	(349)	(183)	(840)	(380)
Earnings (loss) before income taxes	102	271	436	794
Income tax benefit (expense)	(22)	(63)	(88)	(251)
Net earnings (loss)	80	208	348	543
Less net earnings (loss) attributable to the noncontrolling interests	68	68	210	175
Net earnings (loss) attributable to Liberty stockholders	12	140	138	368
Braves Group
Revenue:
Total revenue	110	212	143	442
Cost of services (exclusive of depreciation shown separately below):
Other operating expenses	90	145	143	305
Selling, general and administrative	17	26	39	77
Depreciation and amortization	19	20	54	54
Total operating costs and expenses	126	191	236	436
Operating income (loss)	(16)	21	(93)	6
Other income (expense):
Interest expense	(6)	(6)	(19)	(20)
Share of earnings (losses) of affiliates, net	(5)	4	(2)	13
Realized and unrealized gains (losses) on financial instruments, net		(2)	(10)	(6)
Unrealized gains/( loss) on inter-group interests	(10)	2	78	(26)
Other, net	(1)		(1)	1
Total other income (expense)	(22)	(2)	46	(38)
Earnings (loss) before income taxes	(38)	19	(47)	(32)
Income tax benefit (expense)	7	(7)	31	(1)
Net earnings (loss)	(31)	12	(16)	(33)
Net earnings (loss) attributable to Liberty stockholders	(31)	12	(16)	(33)
Formula One Group
Revenue:
Total revenue	597	633	660	1,499
Cost of services (exclusive of depreciation shown separately below):
Selling, general and administrative	43	51	127	148
Depreciation and amortization	118	116	326	340
Total operating costs and expenses	712	601	1,063	1,511
Operating income (loss)	(115)	32	(403)	(12)
Other income (expense):
Interest expense	(31)	(48)	(114)	(149)
Intergroup interest (expense) income			7
Share of earnings (losses) of affiliates, net	1	58	(109)	74
Realized and unrealized gains (losses) on financial instruments, net	55	26	75	(171)
Unrealized gains/( loss) on inter-group interests	(15)	(2)	(170)	26
Other, net	5	4	19	23
Total other income (expense)	15	38	(292)	(197)
Earnings (loss) before income taxes	(100)	70	(695)	(209)
Income tax benefit (expense)	8	(28)	60	26
Net earnings (loss)	(92)	42	(635)	(183)
Less net earnings (loss) attributable to the noncontrolling interests	3	1	3	1
Net earnings (loss) attributable to Liberty stockholders	(95)	41	(638)	(184)
Sirius XM Holdings Revenue
Revenue:
Total revenue	2,025	2,011	5,851	5,732
Sirius XM Holdings Revenue | Liberty SiriusXM Group
Revenue:
Total revenue	2,025	2,011	5,851	5,732
Revenue Share And Royalties
Cost of services (exclusive of depreciation shown separately below):
Cost of services	602	592	1,759	1,684
Revenue Share And Royalties | Liberty SiriusXM Group
Cost of services (exclusive of depreciation shown separately below):
Cost of services	602	592	1,759	1,684
Programming and content
Cost of services (exclusive of depreciation shown separately below):
Cost of services	123	116	351	338
Programming and content | Liberty SiriusXM Group
Cost of services (exclusive of depreciation shown separately below):
Cost of services	123	116	351	338
Customer service and billing
Cost of services (exclusive of depreciation shown separately below):
Cost of services	119	120	359	352
Customer service and billing | Liberty SiriusXM Group
Cost of services (exclusive of depreciation shown separately below):
Cost of services	119	120	359	352
Other
Cost of services (exclusive of depreciation shown separately below):
Cost of services	51	52	142	136
Other | Liberty SiriusXM Group
Cost of services (exclusive of depreciation shown separately below):
Cost of services	51	52	142	136
Primary Formula 1
Revenue:
Total revenue	597	633	660	1,499
Cost of services (exclusive of depreciation shown separately below):
Cost of services	551	434	610	1,023
Primary Formula 1 | Formula One Group
Revenue:
Total revenue	597	633	660	1,499
Cost of services (exclusive of depreciation shown separately below):
Cost of services	551	434	610	1,023
Other
Revenue:
Total revenue	110	212	143	442
Other | Braves Group
Revenue:
Total revenue	$ 110	$ 212	$ 143	$ 442

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Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jun. 05, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net earnings (loss)		$ (43)	$ 262	$ (303)	$ 327
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		279	271	812	790
Stock-based compensation				180	238
Share of (earnings) loss of affiliates, net		187	(55)	442	(69)
Realized and unrealized (gains) losses on financial instruments, net		(16)	(14)	163	171
Deferred income tax expense (benefit)				(43)	196
Other charges (credits), net				85	68
Changes in operating assets and liabilities
Current and other assets				(148)	(61)
Payables and other liabilities				(132)	110
Net cash provided (used) by operating activities				1,056	1,770
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities				(94)	(25)
Return of investment in equity method affiliates				105
Cash proceeds from sale of investments				13	389
Cash (paid) received for acquisitions, net of cash acquired				(28)	313
Capital expended for property and equipment, including internal-use software and website development				(316)	(338)
Sales of short term investments and other marketable securities					73
Other investing activities, net				11	(2)
Net cash provided (used) by investing activities				(309)	410
Cash flows from financing activities:
Borrowings of debt				3,038	5,018
Repayments of debt				(2,595)	(4,345)
Liberty SiriusXM common stock repurchases				(204)	(374)
Subsidiary shares repurchased by subsidiary				(870)	(1,959)
Proceeds from Liberty SiriusXM common stock rights offering	$ 754			754
Cash dividends paid by subsidiary				(49)	(52)
Taxes paid in lieu of shares issued for stock-based compensation				(86)	(101)
Other financing activities, net				(66)	(41)
Net cash provided (used) by financing activities				(78)	(1,854)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash				(1)	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash				668	321
Cash, cash equivalents and restricted cash at beginning of period				1,306	452
Cash, cash equivalents and restricted cash at end of period		1,974	773	1,974	773
Liberty SiriusXM Group
Cash flows from operating activities:
Net earnings (loss)		80	208	348	543
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		142	135	432	396
Stock-based compensation				173	204
Share of (earnings) loss of affiliates, net		183	7	331	18
Unrealized (gains) losses on intergroup interests, net		(25)		(92)
Realized and unrealized (gains) losses on financial instruments, net		39	10	228	(6)
Deferred income tax expense (benefit)				33	232
Intergroup tax allocation				4	1
Intergroup tax (payments) receipts					(2)
Other charges (credits), net				73	63
Changes in operating assets and liabilities
Current and other assets				150	14
Payables and other liabilities				(301)	(26)
Net cash provided (used) by operating activities				1,379	1,437
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities				(91)	(14)
Cash proceeds from sale of investments					373
Cash (paid) received for acquisitions, net of cash acquired				(28)	313
Capital expended for property and equipment, including internal-use software and website development				(230)	(239)
Sales of short term investments and other marketable securities					73
Other investing activities, net				10	2
Net cash provided (used) by investing activities				(339)	508
Cash flows from financing activities:
Borrowings of debt				2,300	4,943
Repayments of debt				(1,922)	(4,311)
Intergroup Loan (repayments) borrowing				(750)
Liberty SiriusXM common stock repurchases				(135)	(374)
Subsidiary shares repurchased by subsidiary				(870)	(1,959)
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group				(608)
Proceeds from Liberty SiriusXM common stock rights offering				754
Cash dividends paid by subsidiary				(49)	(52)
Taxes paid in lieu of shares issued for stock-based compensation				(84)	(109)
Other financing activities, net				(35)	(41)
Net cash provided (used) by financing activities				(1,399)	(1,903)
Net increase (decrease) in cash, cash equivalents and restricted cash				(359)	42
Cash, cash equivalents and restricted cash at beginning of period				507	102
Cash, cash equivalents and restricted cash at end of period		148	144	148	144
Braves Group
Cash flows from operating activities:
Net earnings (loss)		(31)	12	(16)	(33)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		19	20	54	54
Stock-based compensation				(10)	13
Share of (earnings) loss of affiliates, net		5	(4)	2	(13)
Unrealized (gains) losses on intergroup interests, net		10	(2)	(78)	26
Realized and unrealized (gains) losses on financial instruments, net			2	10	6
Deferred income tax expense (benefit)				(15)	7
Intergroup tax allocation				(16)	(6)
Intergroup tax (payments) receipts					22
Other charges (credits), net				10	9
Changes in operating assets and liabilities
Current and other assets				(16)	(37)
Payables and other liabilities				19	9
Net cash provided (used) by operating activities				(56)	57
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities					(4)
Capital expended for property and equipment, including internal-use software and website development				(69)	(72)
Other investing activities, net				4
Net cash provided (used) by investing activities				(65)	(76)
Cash flows from financing activities:
Borrowings of debt				216	75
Repayments of debt				(62)	(29)
Taxes paid in lieu of shares issued for stock-based compensation					(1)
Other financing activities, net				(5)	(6)
Net cash provided (used) by financing activities				149	39
Net increase (decrease) in cash, cash equivalents and restricted cash				28	20
Cash, cash equivalents and restricted cash at beginning of period				212	190
Cash, cash equivalents and restricted cash at end of period		240	210	240	210
Formula One Group
Cash flows from operating activities:
Net earnings (loss)		(92)	42	(635)	(183)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		118	116	326	340
Stock-based compensation				17	21
Share of (earnings) loss of affiliates, net		(1)	(58)	109	(74)
Unrealized (gains) losses on intergroup interests, net		15	2	170	(26)
Realized and unrealized (gains) losses on financial instruments, net		(55)	(26)	(75)	171
Deferred income tax expense (benefit)				(61)	(43)
Intergroup tax allocation				12	5
Intergroup tax (payments) receipts					(20)
Other charges (credits), net				2	(4)
Changes in operating assets and liabilities
Current and other assets				(282)	(38)
Payables and other liabilities				150	127
Net cash provided (used) by operating activities				(267)	276
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities				(3)	(7)
Return of investment in equity method affiliates				105
Cash proceeds from sale of investments				13	16
Capital expended for property and equipment, including internal-use software and website development				(17)	(27)
Other investing activities, net				(3)	(4)
Net cash provided (used) by investing activities				95	(22)
Cash flows from financing activities:
Borrowings of debt				522
Repayments of debt				(611)	(5)
Intergroup Loan (repayments) borrowing				750
Liberty SiriusXM common stock repurchases				(69)
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group				608
Taxes paid in lieu of shares issued for stock-based compensation				(2)	9
Other financing activities, net				(26)	6
Net cash provided (used) by financing activities				1,172	10
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash				(1)	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash				999	259
Cash, cash equivalents and restricted cash at beginning of period				587	160
Cash, cash equivalents and restricted cash at end of period		$ 1,586	$ 419	$ 1,586	$ 419