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 June 30, 2022

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 July 31, 2022 was:

	Series A	Series B	Series C
Liberty SiriusXM common stock	98,094,012	9,802,232	218,807,352
Liberty Braves common stock	10,313,935	981,262	41,568,618
Liberty Formula One common stock	23,974,078	2,445,666	206,459,829

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-43
	Item 3. Quantitative and Qualitative Disclosures about Market Risk	I-61
	Item 4. Controls and Procedures	I-62
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)

	June 30, 2022		December 31, 2021
	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	2,645	2,814
Trade and other receivables, net		823	828
Other current assets		658	1,170
Total current assets		4,126	4,812
Investments in affiliates, accounted for using the equity method (note 6)		966	945
Property and equipment, at cost		4,339	4,027
Accumulated depreciation		(2,113)	(2,017)
		2,226	2,010
Intangible assets not subject to amortization (note 7):
Goodwill		19,341	19,248
FCC licenses		8,600	8,600
Other		1,366	1,385
		29,307	29,233
Intangible assets subject to amortization, net (note 7)		4,545	4,797
Other assets		2,590	2,554
Total assets	$	43,760	44,351
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,714	1,832
Current portion of debt, including $803 million and $2,850 million measured at fair value, respectively (note 8)		911	2,891
Deferred revenue		1,989	1,790
Other current liabilities		95	97
Total current liabilities		4,709	6,610
Long-term debt, including $2,778 million and $2,372 million measured at fair value, respectively (note 8)		16,971	15,699
Deferred income tax liabilities		2,253	2,218
Other liabilities		894	987
Total liabilities	$	24,827	25,514

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

	June 30, 2022		December 31, 2021
	amounts in millions,
	except share amounts
Redeemable noncontrolling interests in equity of subsidiary (note 9)	$	576	575
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 98,323,712 shares at June 30, 2022 and 101,623,360 shares at December 31, 2021 (note 2)		1	1
Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,313,859 shares at June 30, 2022 and 10,313,703 shares at December 31, 2021 (note 2)		—	—
Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 23,974,078 shares at June 30, 2022 and 24,638,242 shares at December 31, 2021 (note 2)		—	—
Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,802,232 shares at June 30, 2022 and 9,802,232 at December 31, 2021 (note 2)		—	—
Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,338 shares at June 30, 2022 and 981,494 at December 31, 2021 (note 2)		—	—
Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,445,666 shares at June 30, 2022 and 2,445,895 shares at December 31, 2021 (note 2)		—	—
Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 219,326,052 shares at June 30, 2022 and 222,874,721 shares at December 31, 2021 (note 2)		2	2
Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 41,568,618 shares at June 30, 2022 and 41,494,524 shares at December 31, 2021 (note 2)		—	—
Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 206,317,229 shares at June 30, 2022 and 205,107,088 shares at December 31, 2021 (note 2)		2	2
Additional paid-in capital		1,527	1,954
Accumulated other comprehensive earnings (loss), net of taxes		31	(5)
Retained earnings		13,613	12,718
Total stockholders' equity		15,176	14,672
Noncontrolling interests in equity of subsidiaries		3,181	3,590
Total equity		18,357	18,262
Commitments and contingencies (note 10)
Total liabilities and equity	$	43,760	44,351

See accompanying notes to condensed consolidated financial statements.

I-4

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions,
	except per share amounts
Revenue:
Sirius XM Holdings revenue	$	2,254	2,159	4,440	4,217
Formula 1 revenue		744	501	1,104	681
Other revenue		260	216	283	232
Total revenue		3,258	2,876	5,827	5,130
Operating costs and expenses, including stock-based compensation (note 3):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		711	663	1,381	1,303
Programming and content		152	135	292	265
Customer service and billing		126	127	251	244
Other		58	58	112	110
Cost of Formula 1 revenue		534	398	729	482
Subscriber acquisition costs		91	89	181	175
Other operating expense		247	208	337	292
Selling, general and administrative		520	445	1,002	855
Impairment, restructuring and acquisition costs, net of recoveries (note 10)		1	(137)	1	108
Depreciation and amortization		262	268	522	532
		2,702	2,254	4,808	4,366
Operating income (loss)		556	622	1,019	764
Other income (expense):
Interest expense		(161)	(158)	(318)	(316)
Share of earnings (losses) of affiliates, net (note 6)		61	(48)	47	(143)
Realized and unrealized gains (losses) on financial instruments, net (note 5)		380	155	439	106
Other, net		22	13	67	28
		302	(38)	235	(325)
Earnings (loss) before income taxes		858	584	1,254	439
Income tax (expense) benefit		(184)	(56)	(284)	75
Net earnings (loss)		674	528	970	514
Less net earnings (loss) attributable to the noncontrolling interests		53	111	118	160
Less net earnings (loss) attributable to redeemable noncontrolling interest (note 9)		(1)	—	(10)	53
Net earnings (loss) attributable to Liberty stockholders	$	622	417	862	301
Net earnings (loss) attributable to Liberty stockholders:
Liberty SiriusXM common stock	$	447	337	735	326
Liberty Braves common stock		64	25	51	(34)
Liberty Formula One common stock		111	55	76	9
	$	622	417	862	301

(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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
Basic net earnings (loss) attributable to Liberty stockholders per common share (notes 2 and 4):
Series A, B and C Liberty SiriusXM common stock		1.36	1.01	2.23	0.97
Series A, B and C Liberty Braves common stock		1.21	0.48	0.96	(0.65)
Series A, B and C Liberty Formula One common stock		0.48	0.24	0.33	0.04
Diluted net earnings (loss) attributable to Liberty stockholders per common share (notes 2 and 4):
Series A, B and C Liberty SiriusXM common stock		1.24	1.00	2.06	0.96
Series A, B and C Liberty Braves common stock		0.47	0.39	0.24	(0.65)
Series A, B and C Liberty Formula One common stock		0.35	0.24	0.29	0.04

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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Net earnings (loss)	$	674	528	970	514
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments		(23)	10	(14)	14
Credit risk on fair value debt instruments gains (losses)		50	(5)	55	(53)
Unrealized holding gains (losses) arising during the period		—	—	4	(1)
Share of other comprehensive earnings (loss) of equity affiliates		(9)	2	4	3
Recognition of previously unrealized (gains) losses on debt		(3)	(1)	(14)	(1)
Comprehensive earnings (loss)		689	534	1,005	476
Less comprehensive earnings (loss) attributable to the noncontrolling interests		50	113	117	163
Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest (note 9)		(1)	—	(10)	53
Comprehensive earnings (loss) attributable to Liberty stockholders	$	640	421	898	260
Comprehensive earnings (loss) attributable to Liberty stockholders:
Liberty SiriusXM common stock	$	473	341	777	293
Liberty Braves common stock		64	25	55	(35)
Liberty Formula One common stock		103	55	66	2
	$	640	421	898	260

See accompanying notes to condensed consolidated financial statements.

I-7

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

	Six months ended
	June 30,
	2022		2021
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	970	514
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		522	532
Stock-based compensation		112	123
Non-cash impairment and restructuring costs		—	245
Share of (earnings) loss of affiliates, net		(47)	143
Realized and unrealized (gains) losses on financial instruments, net		(439)	(106)
Deferred income tax expense (benefit)		181	(101)
Other, net		(34)	3
Changes in operating assets and liabilities
Current and other assets		(114)	(176)
Payables and other liabilities		70	58
Net cash provided (used) by operating activities		1,221	1,235
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(9)	(185)
Investment of subsidiary initial public offering proceeds into trust account		—	(575)
Cash proceeds from dispositions		148	169
Cash (paid) received for acquisitions, net of cash acquired		(137)	(14)
Capital expended for property and equipment, including internal-use software and website development		(455)	(190)
Other investing activities, net		78	41
Net cash provided (used) by investing activities		(375)	(754)
Cash flows from financing activities:
Borrowings of debt		2,674	3,794
Repayments of debt		(2,701)	(2,513)
Liberty stock repurchases		(356)	(243)
Subsidiary shares repurchased by subsidiary		(415)	(856)
Cash dividends paid by subsidiary		(217)	(28)
Taxes paid in lieu of shares issued for stock-based compensation		(45)	(45)
Proceeds from initial public offering of subsidiary		—	575
Other financing activities, net		17	(34)
Net cash provided (used) by financing activities		(1,043)	650
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(8)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash		(205)	1,129
Cash, cash equivalents and restricted cash at beginning of period		2,924	2,877
Cash, cash equivalents and restricted cash at end of period	$	2,719	4,006

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:

	June 30,		December 31,
	2022		2021
	amounts in millions
Cash and cash equivalents	$	2,645	2,814
Restricted cash included in other current assets		56	88
Restricted cash included in other assets		18	22
Total cash and cash equivalents and restricted cash at end of period	$	2,719	2,924

See accompanying notes to condensed consolidated financial statements.

I-9

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended June 30, 2022

	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 March 31, 2022	$	—	1	—	2	—	—	—	—	—	2	1,654	13	12,991	3,290	17,953
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) (note 9)		—	—	—	—	—	—	—	—	—	—	—	—	622	51	673
Other comprehensive earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	18	—	(3)	15
Stock-based compensation		—	—	—	—	—	—	—	—	—	—	52	—	—	9	61
Withholding taxes on net share settlements of stock-based compensation		—	—	—	—	—	—	—	—	—	—	(10)	—	—	—	(10)
Liberty stock repurchases		—	—	—	—	—	—	—	—	—	—	(117)	—	—	—	(117)
Shares repurchased by subsidiary		—	—	—	—	—	—	—	—	—	—	(60)	—	—	(157)	(217)
Shares issued by subsidiary		—	—	—	—	—	—	—	—	—	—	(8)	—	—	8	—
Dividends paid by subsidiary		—	—	—	—	—	—	—	—	—	—	—	—	—	(16)	(16)
Other, net		—	—	—	—	—	—	—	—	—	—	16	—	—	(1)	15
Balance at June 30, 2022	$	—	1	—	2	—	—	—	—	—	2	1,527	31	13,613	3,181	18,357

See accompanying notes to condensed consolidated financial statements.

I-10

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Six Months ended June 30, 2022

	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, 2022	$	—	1	—	2	—	—	—	—	—	2	1,954	(5)	12,718	3,590	18,262
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) (note 9)		—	—	—	—	—	—	—	—	—	—	—	—	862	107	969
Other comprehensive earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	36	—	(1)	35
Stock-based compensation		—	—	—	—	—	—	—	—	—	—	102	—	—	19	121
Withholding taxes on net share settlements of stock-based compensation		—	—	—	—	—	—	—	—	—	—	(45)	—	—	—	(45)
Liberty stock repurchases		—	—	—	—	—	—	—	—	—	—	(356)	—	—	—	(356)
Shares repurchased by subsidiary		—	—	—	—	—	—	—	—	—	—	(110)	—	—	(307)	(417)
Shares issued by subsidiary		—	—	—	—	—	—	—	—	—	—	(23)	—	—	23	—
Dividends paid by subsidiary		—	—	—	—	—	—	—	—	—	—	—	—	—	(217)	(217)
Other, net		—	—	—	—	—	—	—	—	—	—	5	—	33	(33)	5
Balance at June 30, 2022	$	—	1	—	2	—	—	—	—	—	2	1,527	31	13,613	3,181	18,357

See accompanying notes to condensed consolidated financial statements.

I-11

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended June 30, 2021

	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 March 31, 2021	$	—	1	—	2	—	—	—	—	—	2	2,428	33	12,204	4,228	18,898
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) (note 9)		—	—	—	—	—	—	—	—	—	—	—	—	417	111	528
Other comprehensive earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	4	—	2	6
Stock-based compensation		—	—	—	—	—	—	—	—	—	—	54	—	—	10	64
Withholding taxes on net share settlements of stock-based compensation		—	—	—	—	—	—	—	—	—	—	(23)	—	—	—	(23)
Liberty stock repurchases		—	—	—	—	—	—	—	—	—	—	(136)	—	—	—	(136)
Shares repurchased by subsidiary		—	—	—	—	—	—	—	—	—	—	(92)	—	—	(236)	(328)
Shares issued by subsidiary		—	—	—	—	—	—	—	—	—	—	(13)	—	—	19	6
Dividends paid by subsidiary		—	—	—	—	—	—	—	—	—	—	—	—	—	(14)	(14)
Other, net		—	—	—	—	—	—	—	—	—	—	7	—	—	—	7
Balance at June 30, 2021	$	—	1	—	2	—	—	—	—	—	2	2,225	37	12,621	4,120	19,008

See accompanying notes to condensed consolidated financial statements.

I-12

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Six Months ended June 30, 2021

	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, 2021	$	—	1	—	2	—	—	—	—	—	2	2,688	78	12,320	4,510	19,601
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) (note 9)		—	—	—	—	—	—	—	—	—	—	—	—	301	160	461
Other comprehensive earnings (loss)		—	—	—	—	—	—	—	—	—	—	—	(41)	—	3	(38)
Stock-based compensation		—	—	—	—	—	—	—	—	—	—	106	—	—	24	130
Withholding taxes on net share settlements of stock-based compensation		—	—	—	—	—	—	—	—	—	—	(45)	—	—	—	(45)
Liberty stock repurchases		—	—	—	—	—	—	—	—	—	—	(243)	—	—	—	(243)
Shares repurchased by subsidiary		—	—	—	—	—	—	—	—	—	—	(230)	—	—	(614)	(844)
Shares issued by subsidiary		—	—	—	—	—	—	—	—	—	—	(58)	—	—	64	6
Dividends paid by subsidiary			—	—	—	—	—	—	—	—	—	—	—	—	(28)	(28)
Other, net		—	—	—	—	—	—	—	—	—	—	7	—	—	1	8
Balance at June 30, 2021	$	—	1	—	2	—	—	—	—	—	2	2,225	37	12,621	4,120	19,008

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 and entertainment industries primarily in North America and the United Kingdom. Liberty’s significant subsidiaries include Sirius XM Holdings Inc. ("Sirius XM Holdings"), Delta Topco Limited (the parent company of Formula 1) 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, 2021, 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, 2021.

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.

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”) and Liberty Media Acquisition Corporation (“LMAC”), all of which are separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others, other than Liberty’s equity interests in LMAC. 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 each of Qurate Retail and Liberty Broadband, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Qurate Retail, TripCo, Liberty Broadband and LMAC with general and administrative

I-14

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

services including legal, tax, accounting, treasury and investor relations support. Qurate Retail, TripCo and Liberty Broadband reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services and, in the case of Qurate Retail, Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. TripCo, Liberty Broadband and LMAC reimburse Liberty for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities at its corporate headquarters with Qurate Retail, TripCo, Liberty Broadband and LMAC at Liberty’s corporate headquarters. Under these various agreements, approximately $6 million and $8 million of these allocated expenses were reimbursed to Liberty during the three months ended June 30, 2022 and 2021, respectively, and $12 million and $13 million were reimbursed to Liberty during the six months ended June 30, 2022 and 2021, respectively.

In December 2019, each of TripCo, Liberty Broadband 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 are either paid directly to him by each Service Company or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the respective 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 December each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year.

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

(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, Liberty Braves Group (the “Braves Group”) and the Liberty Formula One Group (the “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 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.

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 June 30, 2022, 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 Senior Notes due 2023 (the “Convertible Notes”) and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and margin loan obligations incurred by wholly-owned special purpose

I-15

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

subsidiaries of Liberty. The Liberty SiriusXM Group retains intergroup interests in the Formula One Group and the Braves Group as of June 30, 2022. As of June 30, 2022, the Liberty SiriusXM Group has cash and cash equivalents of approximately $494 million, which includes $126 million of subsidiary cash. During the six months ended June 30, 2022, Sirius XM Holdings declared quarterly dividends and a special dividend and paid in cash an aggregate amount of $1,159 million, of which Liberty received $942 million. On July 14, 2022, Sirius XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.0219615 per share of common stock payable on August 31, 2022 to stockholders of record as of the close of business on August 5, 2022.

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 June 30, 2022, the Braves Group is comprised primarily of Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC” or the “Atlanta Braves”) 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 June 30, 2022. As of June 30, 2022, the Braves Group has cash and cash equivalents of approximately $207 million, which includes $117 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 June 30, 2022, 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 interests in Formula 1 and LMAC, cash, an intergroup interest in the Braves Group and Liberty’s 1% Cash Convertible Notes due 2023. The Liberty SiriusXM Group retains an intergroup interest in the Formula One Group. As of June 30, 2022, the Formula One Group has cash and cash equivalents of approximately $1,944 million, which includes $935 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 11.0% intergroup interest at June 30, 2022. 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 3.7% intergroup interest at June 30, 2022. 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 June 30, 2022. 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.

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

I-16

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(3)   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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Cost of Sirius XM Holdings services:
Programming and content	$	8	8	16	16
Customer service and billing		2	2	3	3
Other		2	2	3	3
Other operating expense		9	7	17	17
Selling, general and administrative		36	41	73	84
	$	57	60	112	123

Liberty—Grants of Awards

Options granted during the six months ended June 30, 2022 are summarized as follows:

	Six Months Ended
	June 30, 2022
	Options	Weighted
	granted	average
	(000's)	GDFV
Series C Liberty SiriusXM common stock, Liberty CEO (1)	212	$	14.45
Series C Liberty Formula One common stock, Liberty CEO (1)	181	$	21.31
Series C Liberty Formula One common stock, Formula 1 employees (2)	86	$	21.31
Series C Liberty Braves common stock, Liberty CEO (1)	95	$	9.16

(1) Grants cliff vest on December 30, 2022. Grants were made in connection with the CEO’s employment agreement.

(2) Grants vest in equal quarterly installments over 2022.

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 six months ended June 30, 2022.

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.

I-17

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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 C
				Weighted		Aggregate
				average		intrinsic
	Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2022	7,369	$	38.79
Granted	212	$	44.80
Exercised	(441)	$	31.25
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2022	7,140	$	39.43	3.2	years	$	9
Exercisable at June 30, 2022	4,774	$	36.87	2.3	years	$	9

Liberty Braves

	Series C
				Weighted		Aggregate
				average		intrinsic
	Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2022	3,125	$	25.86
Granted	95	$	25.49
Exercised	(63)	$	18.14
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2022	3,157	$	26.00	4.8	years	$	2
Exercisable at June 30, 2022	586	$	20.85	2.3	years	$	2

Liberty Formula One

	Series C
				Weighted		Aggregate
				average		intrinsic
	Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2022	9,114	$	34.38
Granted	267	$	57.67
Exercised	(1,184)	$	31.63
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2022	8,197	$	35.54	4.1	years	$	229
Exercisable at June 30, 2022	6,367	$	32.75	3.8	years	$	196

I-18

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

As of June 30, 2022, there were no outstanding options to purchase shares of Series A Liberty SiriusXM or Liberty Formula One common stock, and there were no outstanding options to purchase shares of Series B Liberty SiriusXM, Liberty Braves or Liberty Formula One common stock.

As of June 30, 2022, Liberty Braves had 1 thousand Series A options outstanding and exercisable at a WAEP of $12.35, with a weighted average remaining contractual life of 0.5 years.  

As of June 30, 2022, the total unrecognized compensation cost related to unvested Awards was approximately $44 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 1.7 years.

As of June 30, 2022, Liberty reserved 7.1 million, 3.2 million and 8.2 million shares of Series A and Series C common stock, as applicable, 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 six months ended June 30, 2022. As of June 30, 2022, Sirius XM Holdings has approximately 156 million options outstanding of which approximately 98 million are exercisable, each with a WAEP per share of $5.35 and $4.92, respectively. The aggregate intrinsic value of Sirius XM Holdings options outstanding and exercisable as of June 30, 2022 is $138 million and $128 million, respectively. During the six months ended June 30, 2022, Sirius XM Holdings granted approximately 15 million nonvested RSUs with a GDFV per share of $6.78. Stock-based compensation expense related to Sirius XM Holdings was $47 million for both of three months ended June 30, 2022 and 2021, and $92 million and $98 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, 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 2.3 years.

(4)   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.

In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) which removes the separation models for convertible debt with cash conversion or beneficial conversion features and also requires the application of the if-converted method for calculating diluted earnings per share as the treasury stock method is no longer permitted for convertible instruments. The Company adopted ASU 2020-06 as of January 1, 2022 using the modified retrospective approach, which does not require retrospective adjustment of prior period EPS, and recorded an immaterial cumulative effect adjustment to retained earnings upon adoption. The adoption of ASU 2020-06 decreased diluted earnings attributable to Liberty SiriusXM stockholders per common share by $0.12 and $0.15 per share for the three and six months ended June 30, 2022, respectively.

Excluded from diluted EPS for the three and six months ended June 30, 2022 are approximately 25 million and 22 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, respectively, 5 million and 9 million potentially dilutive shares of Series A and Series C Liberty Braves common stock, respectively, and 5 million and

I-19

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

8 million potentially dilutive shares of Series A and Series C Liberty Formula One common stock, respectively, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined in note 8) and shares of Series A Liberty Braves common stock and Series A Liberty Formula One common stock underlying the intergroup interests, because their inclusion would be antidilutive. The warrant transactions (as described in note 8) 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 are attributed to the Liberty SiriusXM Group.

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 June 30,			Six months ended June 30,
	2022		2021	2022	2021
		numbers of shares in millions
Basic WASO		329	335	330	336
Potentially dilutive shares (a)		19	2	20	2
Diluted WASO (b)		348	337	350	338

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

(b) For periods in which share settlement of the 2.125% Exchangeable Senior Debentures and 2.75% Exchangeable Senior Debentures, which may be settled in shares of Series C Liberty SiriusXM common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty SiriusXM common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		amounts in millions
Basic earnings (loss) attributable to Liberty SiriusXM stockholders	$	447	337	735	326
Adjustments		(14)	NA	(13)	NA
Diluted earnings (loss) attributable to Liberty SiriusXM stockholders	$	433	337	722	326

I-20

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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 June 30,			Six months ended June 30,
	2022		2021	2022	2021
		numbers of shares in millions
Basic WASO		53	52	53	52
Potentially dilutive shares (a)(b)		9	9	9	9
Diluted WASO (b)		62	61	62	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) 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 June 30, 2022.

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 Convertible Notes. 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, if dilutive, 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. For periods in which share settlement of the intergroup interests are dilutive, an adjustment is 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. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty Braves common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.

I-21

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		amounts in millions
Basic earnings (loss) attributable to Liberty Braves stockholders	$	64	25	51	(34)
Adjustments		(35)	(1)	(36)	27
Diluted earnings (loss) attributable to Liberty Braves stockholders	$	29	24	15	(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 June 30,			Six months ended June 30,
	2022		2021	2022	2021
		numbers of shares in millions
Basic WASO		232	232	232	232
Potentially dilutive shares (a)(b)		9	8	9	8
Diluted WASO (b)		241	240	241	240

(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 Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of June 30, 2022. 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 Liberty Formula One common stock underlie the Convertible Notes.  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, if dilutive, 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. For periods in which share settlement of the intergroup interest is dilutive, an adjustment is 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. Additionally, an adjustment is also made to the numerator for a hypothetical mark to market adjustment on the shares of Series A Liberty Formula One common stock included in the Securities Basket underlying the warrants in periods in which cash settlement would be more dilutive than share settlement.

I-22

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		amounts in millions
Basic earnings (loss) attributable to Formula One stockholders	$	111	55	76	9
Adjustments		(27)	24	(7)	25
Diluted earnings (loss) attributable to Formula One stockholders	$	84	79	69	34

(5)   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
	June 30, 2022				December 31, 2021
			Quoted			Quoted
			prices			prices
			in active	Significant		in active	Significant
			markets	other		markets	other
			for identical	observable		for identical	observable
			assets	inputs		assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)
	amounts in millions
Cash equivalents	$	2,276	2,276	—	2,436	2,436	—
Investment in trust account	$	576	576	—	575	575	—
Debt and equity securities	$	106	106	—	217	217	—
Financial instrument assets	$	404	83	321	640	99	541
Debt	$	3,581	—	3,581	5,222	—	5,222
Financial instrument liabilities	$	6	6	—	59	20	39

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. Investments in the trust account and debt and equity securities included in the table above are included in the Other assets line item in the condensed consolidated balance sheets. As of June 30, 2022, $1 million and $403 million of financial instrument assets included in the table above are included in the Other current assets and Other assets line items, respectively, in the condensed consolidated balance sheet. As of December 31, 2021, $527 million and $113 million of financial instrument assets included in the table above are included in the Other current assets and Other assets line items, respectively, in the condensed consolidated balance sheet.

I-23

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Debt and equity securities	$	(7)	167	(12)	216
Debt measured at fair value (a)		577	(71)	646	(184)
Change in fair value of bond hedges (b)		(201)	46	(269)	59
Other		11	13	74	15
	$	380	155	439	106

(a) The Company elected to account for its exchangeable senior debentures and cash convertible notes (as described in note 8) 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 gain of $52 million and a loss of $8 million for the three months ended June 30, 2022 and 2021, respectively, and a gain of $41 million and a loss of $68 million for the six months ended June 30, 2022 and 2021, respectively, and the cumulative change since issuance was a gain of $109 million as of June 30, 2022, net of the recognition of previously unrecognized gains and losses.

(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 8 for additional discussion of the bond hedges.

I-24

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(6)   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 June 30, 2022 and the carrying amount at December 31, 2021:

	June 30, 2022						December 31, 2021
	Percentage		Fair Value		Carrying		Carrying
	ownership		(Level 1)		amount		amount
	dollar amounts in millions
Liberty SiriusXM Group
Live Nation (a)	31	%	$	5,751	$	112	89
Sirius XM Canada	70	%	$	NA		639	642
Other				NA		72	74
Total Liberty SiriusXM Group						823	805
Braves Group
Other	various			NA		115	110
Total Braves Group						115	110
Formula One Group
Other	various			NA		28	30
Total Formula One Group						28	30
Consolidated Liberty					$	966	945

(a) See note 8 for details regarding the number and fair value of shares pledged as collateral as of June 30, 2022 pursuant to Liberty’s margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”).

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

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Live Nation	$	54	(67)	33	(178)
Sirius XM Canada		3	3	6	7
Other		(3)	(6)	(3)	(12)
Total Liberty SiriusXM Group		54	(70)	36	(183)
Braves Group
Other		8	8	12	11
Total Braves Group		8	8	12	11
Formula One Group
Other		(1)	14	(1)	29
Total Formula One Group		(1)	14	(1)	29
Consolidated Liberty	$	61	(48)	47	(143)

I-25

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Sirius XM Canada

As of June 30, 2022, 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.

On March 15, 2022, Sirius XM Holdings and Sirius XM Canada entered into an amended and restated services and distribution agreement which modified the existing Services Agreement and terminated the existing Advisory Agreement, each dated as of May 25, 2017. Pursuant to the amended and restated services and distribution agreement, the fee payable by Sirius XM Canada to Sirius XM Holdings was modified from a fixed percentage of revenue to a variable fee, based on a target operating profit for Sirius XM Canada. Such variable fee is expected to be evaluated annually based on comparable companies. In accordance with the amended and restated services and distribution agreement, the fee is payable on a monthly basis, in arrears, beginning January 1, 2022.  

In May 2017, Sirius XM Holdings extended a loan to Sirius XM Canada in the principal amount of $131 million.  In connection with the execution of the amended and restated services and distribution agreement, Sirius XM Holdings forgave $113 million in principal amount of such loan to Sirius XM Canada, leaving an outstanding principal amount of $8 million on such loan as of June 30, 2022. The principal amount that was forgiven by Sirius XM Holdings was considered satisfied as contributed capital to Sirius XM Canada.

Sirius XM Holdings has approximately $19 million in related party current assets as of June 30, 2022. Sirius XM Holdings recorded approximately $28 million and $25 million in revenue during the three months ended June 30, 2022 and 2021, respectively, and $55 million and $50 million in revenue during the six months ended June 30, 2022 and 2021, respectively, associated with these various agreements. Sirius XM Canada paid gross dividends to Sirius XM Holdings of less than $1 million during the three months ended June 30, 2021 and less than $1 million and $1 million during the six months ended June 30, 2022 and 2021, respectively.

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 ad sales representative in the U.S. and certain European countries. Through this arrangement, Pandora offers advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $14 million for each of the three months ended June 30, 2022 and 2021, and $27 million for each of the six months ended June 30, 2022 and 2021. Sirius XM Holdings also had related party liabilities of $18 million as of June 30, 2022 related to this agreement.

I-26

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(7)   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, 2022	$	15,112	3,956	180	19,248
Acquisitions (a)		97	—	—	97
Other		—	—	(4)	(4)
Balance at June 30, 2022	$	15,209	3,956	176	19,341

(a) Sirius XM Holdings recorded goodwill related to acquisitions in January 2022 and May 2022.

Intangible Assets Subject to Amortization

	June 30, 2022				December 31, 2021
	Gross			Net	Gross		Net
	carrying		Accumulated	carrying	carrying	Accumulated	carrying
	amount		amortization	amount	amount	amortization	amount
	amounts in millions
FIA Agreement	$	3,630	(1,031)	2,599	3,630	(936)	2,694
Customer relationships		3,054	(1,809)	1,245	3,053	(1,679)	1,374
Licensing agreements		359	(257)	102	355	(243)	112
Other		2,066	(1,467)	599	1,933	(1,316)	617
Total	$	9,109	(4,564)	4,545	8,971	(4,174)	4,797

Amortization expense for intangible assets with finite useful lives was $196 million and $202 million for the three months ended June 30, 2022 and 2021, respectively, and $391 million and $401 million for the six months ended June 30, 2022 and 2021, respectively. Based on its amortizable intangible assets as of June 30, 2022, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):

Remainder of 2022	$	385
2023	$	745
2024	$	419
2025	$	366
2026	$	349

I-27

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(8) Long-Term Debt

Debt is summarized as follows:

	Outstanding		Carrying value
	Principal		June 30,		December 31,
	June 30, 2022		2022		2021
	amounts in millions
Liberty SiriusXM Group
Corporate level notes and loans:
1.375% Cash Convertible Senior Notes due 2023 (1)	$	1,000		1,182	1,540
2.125% Exchangeable Senior Debentures due 2048 (1)		387		387	416
2.25% Exchangeable Senior Debentures due 2048 (1)		—		—	644
2.75% Exchangeable Senior Debentures due 2049 (1)		586		565	624
0.5% Exchangeable Senior Debentures due 2050 (1)		920		1,031	1,332
Sirius XM Holdings Margin Loan		875		875	875
Live Nation Margin Loan		—		—	—
Subsidiary notes and loans:
Sirius XM 3.125% Senior Notes due 2026		1,000		991	990
Sirius XM 5.0% Senior Notes due 2027		1,500		1,492	1,491
Sirius XM 4.0% Senior Notes due 2028		2,000		1,980	1,979
Sirius XM 5.50% Senior Notes due 2029		1,250		1,240	1,239
Sirius XM 4.125% Senior Notes due 2030		1,500		1,486	1,485
Sirius XM 3.875% Senior Notes due 2031		1,500		1,484	1,484
Pandora 1.75% Convertible Senior Notes due 2023		193		193	177
Sirius XM Senior Secured Revolving Credit Facility		510		510	—
Sirius XM Incremental Term Loan		500		500	—
Deferred financing costs				(13)	(14)
Total Liberty SiriusXM Group		13,721		13,903	14,262
Braves Group
Subsidiary notes and loans:
Notes and loans		602		602	700
Deferred financing costs				(3)	(3)
Total Braves Group		602		599	697
Formula One Group
Corporate level notes and loans:
1% Cash Convertible Notes due 2023 (1)		240		416	666
Other		66		66	69
Subsidiary notes and loans:
Senior Loan Facility		2,902		2,902	2,902
Deferred financing costs				(4)	(6)
Total Formula One Group		3,208		3,380	3,631
Total debt	$	17,531		17,882	18,590
Debt classified as current				(911)	(2,891)
Total long-term debt			$	16,971	15,699

(1) Measured at fair value

I-28

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

1.375% Cash Convertible Senior 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.

Since the date of issuance, the conversion, adjustment and other provisions of the indenture have been amended to give effect to certain transactions. The consideration due upon conversion of any Convertible Note shall be determined based on the Securities Basket, consisting of 0.1087 of a share of Series A Liberty Braves common stock, 1.0163 shares of Series A Liberty SiriusXM common stock and 0.25 of a share of Series A Liberty Formula One common stock as of June 30, 2022.

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 5 for information related to unrealized gains (losses) on debt measured at fair value.

Additionally, contemporaneously with the issuance of the Convertible Notes, Liberty entered into a bond hedge transaction (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 components of the Securities Basket, 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 the components of the Securities Basket. As of June 30, 2022, the Bond Hedge Transaction covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,429,600 shares of Series A Liberty SiriusXM common stock and 2,292,037 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments pertaining to the Convertible Notes, which is equal to the aggregate number of shares comprising the Securities Basket underlying the Convertible Notes. The bond hedge expires on October 15, 2023 and is included in Other assets as of June 30, 2022 and Other current assets as of December 31, 2021 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 underlying shares of the Convertible Notes and Bond Hedge Transaction, subject to anti-dilution adjustments. 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. As of June 30, 2022, the warrants covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,429,600 shares of Series A Liberty SiriusXM common stock and 2,292,037 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments. The strike price of the warrants, based on the basket of shares, was $61.16 per share as of June 30, 2022. As of June 30, 2022, the basket price of the securities underlying the warrants was $53.85 per share, which is the same as the basket price of the securities underlying the Bond Hedge Transaction. The warrants 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 warrants are attributed to the Liberty SiriusXM Group.

I-29

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

1% Cash Convertible Notes due 2023

On January 23, 2017, Liberty issued $450 million cash convertible notes 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% Convertible Notes’’). The initial conversion rate for the notes is 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% Convertible Notes will be settled solely in cash, and not through the delivery of any securities. During the six months ended June 30, 2022, Liberty paid approximately $240 million to repurchase approximately $146 million aggregate principal amount of the 1% Convertible Notes. As of June 30, 2022, the 1% Convertible Notes are classified as a current liability in the condensed consolidated balance sheet, as the conversion conditions have been met as of such date.

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. Accordingly, the 2.125% Exchangeable Senior Debentures due 2048 are classified as a current liability in the condensed consolidated balance sheet as of June 30, 2022. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value.

In accordance with the terms of the indenture governing the 2.125% Exchangeable Senior Debentures due 2048, following Liberty’s receipt of Sirius XM Holdings’ special cash dividend, as described in note 2, Liberty made an extraordinary cash distribution of $31.1731 per debenture to holders of the 2.125% Exchangeable Senior Debentures due 2048. Also pursuant to the indenture, the original principal amount of the 2.125% Exchangeable Senior Debentures due 2048 was reduced by an amount equal to the extraordinary distribution of approximately $12 million.

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”). The number of shares of Live Nation common stock attributable to a debenture represented an initial exchange price of approximately $66.28 per share and a total of approximately 5.8 million shares of Live Nation common stock were attributable to the debentures. Interest was payable quarterly on March 1, June 1, September 1 and December 1 of each year. Holders of the debentures had the right to require Liberty to purchase their debentures on December 1, 2021. In October 2021, Liberty issued a notice of redemption in full on December 1, 2021 of the 2.25% Exchangeable Debentures due 2048. All Holders exercised their right to exchange the debentures in the fourth quarter and, pursuant to a supplemental indenture entered into in September 2021, Liberty delivered cash upon settlement of the exchange of debentures. In January 2022, the exchanges of debentures were settled for $664 million. The debentures were attributed to the Liberty SiriusXM Group.

I-30

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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 are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value.

In accordance with the terms of the indenture governing the 2.75% Exchangeable Senior Debentures due 2049, following Liberty’s receipt of Sirius XM Holdings’ special cash dividend, as described in note 2, Liberty made an extraordinary cash distribution of $29.0057 per debenture to holders of the 2.75% Exchangeable Senior Debentures due 2049. Also pursuant to the indenture, the original principal amount of the 2.75% Exchangeable Senior Debentures due 2049 was reduced by an amount equal to the extraordinary distribution of approximately $18 million.

0.5% Exchangeable Senior Debentures due 2050

In November 2020, Liberty closed a private offering of approximately $920 million aggregate principal amount of its 0.5% exchangeable senior debentures due 2050 (the “0.5% Exchangeable Senior Debentures due 2050”). Upon an exchange of debentures, Liberty, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and/or cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $90.10 per share. A total of approximately 10 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, 2021. The debentures may be redeemed by Liberty, in whole or in part, on or after September 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on September 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 are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value.

Margin Loans

Sirius XM Holdings Margin Loan

In March 2020, Liberty Siri MarginCo, LLC (“Siri MarginCo”), a wholly-owned subsidiary of Liberty, amended its margin loan agreement secured by shares of Sirius XM Holdings common stock (the “Sirius XM Holdings Margin Loan”) that was comprised of a $250 million term loan, a $500 million revolving line of credit and a $600 million delayed draw term loan. The term loan, delayed draw term loan and any drawn portion of the revolver carried an interest rate of LIBOR plus 2.05% with the undrawn portion carrying a fee of 0.75%. On February 24, 2021, Siri MarginCo borrowed $125 million pursuant to an amendment to this margin loan agreement which includes an $875 million term loan and an $875 million revolving line of credit. Also pursuant to the amendment, the maturity was extended to March 2024. The term loan

I-31

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

and any drawn portion of the revolver carry an interest rate of LIBOR plus 2.00% with the undrawn portion carrying a fee of 0.50%. Borrowings outstanding under the Sirius XM Holdings Margin Loan bore interest at a rate of 4.25% per annum at June 30, 2022. As of June 30, 2022, availability under the Sirius XM Holdings Margin Loan was $875 million. As of June 30, 2022, 1.0 billion shares of the Company’s Sirius XM Holdings common stock with a value of $6,130 million were held in collateral accounts related to the Sirius XM Holdings Margin Loan. 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 November 9, 2020, the Live Nation Margin Loan agreement was amended, reducing the borrowing capacity to $200 million, increasing the interest rate to LIBOR plus 2.0%, decreasing the undrawn commitment fee to 0.5% per annum and extending the maturity date to December 9, 2022. On December 3, 2021, the margin loan was amended, increasing the borrowing capacity to $400 million. On May 9, 2022, the margin loan was amended, replacing the delayed draw term loan with a $400 million revolving line of credit, changing the interest rate to the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) plus Term SOFR Adjustment (0.1%) plus 2.0% and extending the maturity to May 9, 2025. Interest on the margin loan is payable on the last business day of each calendar quarter. As of June 30, 2022, availability under the Live Nation Margin Loan was $400 million. As of June 30, 2022, 9.0 million shares of the Company’s Live Nation common stock with a value of $741 million were pledged as collateral to the loan. The Live Nation 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 Live Nation Margin Loan is attributed to the Liberty SiriusXM Group.

Sirius XM Holdings Senior Secured Revolving Credit Facility and Incremental Term Loan

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 August 2026. 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. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Borrowings outstanding under the Credit Facility bore interest at a rate of 3.14% per annum as of June 30, 2022. Sirius XM Holdings is required to pay a variable fee on the average daily unused portion of the Credit Facility which was 0.25% per annum as of June 30, 2022 and is payable on a quarterly basis. The Credit Facility contains customary covenants, including a maintenance covenant. Availability under the Credit Facility was $1,240 million as of June 30, 2022.

On April 11, 2022, Sirius XM Holdings entered into an amendment to the Credit Facility to incorporate an incremental term loan borrowing of $500 million which matures on April 11, 2024. Interest on the incremental term loan borrowing is based on Adjusted Term SOFR plus an applicable rate. Borrowings outstanding under the incremental term loan bore interest at a rate of 2.32% per annum as of June 30, 2022.

I-32

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Braves Holdings Notes and Loans

Braves Holdings’ debt, primarily related to the stadium and mixed-use complex, is summarized as follows:

	Carrying value			As of June 30, 2022
	June 30,		December 31,	Borrowing	Weighted avg	Maturity
	2022		2021	Capacity	interest rate	Date
	amounts in millions
Operating credit facilities	$	—	120	185	NA	various
Ballpark funding
Senior secured note		175	178	NA	3.77%	September 2041
Floating rate notes		52	55	NA	3.95%	September 2029
Stadium credit facility		44	46	45	2.87%	July 2026
Mixed-use credit facilities and loans		301	271	316	3.87%	various
Spring training credit facility		30	30	NA	3.65%	December 2030
Total Braves Holdings	$	602	700

Formula 1 Loans

Formula 1 has a first lien term loan denominated in U.S. Dollars (the “Senior Loan Facility”), which includes a $500 million revolving credit facility. 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 June 30, 2022, there were no outstanding borrowings under the $500 million revolving credit facility. The interest rate on the Senior Loan Facility was approximately 4.17% as of June 30, 2022. The Senior Loan Facility is secured by share pledges and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, as of June 30, 2022, 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 and debt yield ratio. 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 their debt covenants as of June 30, 2022.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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):

	June 30, 2022
Sirius XM 3.125% Senior Notes due 2026	$	880
Sirius XM 5.0% Senior Notes due 2027	$	1,387
Sirius XM 4.0% Senior Notes due 2028	$	1,720
Sirius XM 5.50% Senior Notes due 2029	$	1,144
Sirius XM 4.125% Senior Notes due 2030	$	1,245
Sirius XM 3.875% Senior Notes due 2031	$	1,193
Pandora 1.75% Convertible 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 June 30, 2022.  

(9) Liberty Media Acquisition Corporation

In November 2020, the Company, through its wholly owned subsidiary, Liberty Media Acquisition Sponsor, LLC (the “Sponsor”), formed LMAC and ultimately purchased approximately 14.4 million shares of LMAC Series F common stock (“Founder Shares”) for $25,000.  

On January 26, 2021, LMAC consummated its initial public offering (“IPO”) of 57.5 million units (the “Units”), including 7.5 million Units sold pursuant to the full exercise of the underwriters’ overallotment option. Each Unit consists of one share of Series A common stock of LMAC and one-fifth of one redeemable warrant of LMAC. Each whole warrant entitles the holder thereof to purchase one share of Series A common stock for $11.50 per share, subject to adjustment, following the later of 30 days after the completion of LMAC's initial business combination and 12 months from the closing of the IPO (“Public Warrants”). The Units were sold at a price of $10.00 per Unit, generating gross proceeds to LMAC of $575 million, which were placed in a U.S.-based trust account (Level 1) which is included in other assets in the condensed consolidated balance sheet. Substantially concurrent with the IPO, LMAC completed the private placement of 10 million warrants to the Sponsor, generating gross proceeds of $15 million (“Private Placement Warrants”). Each Private Placement Warrant entitles the holder thereof to purchase one share of LMAC’s Series A common stock for $11.50 per share, subject to adjustment, following the later of 30 days after the completion of LMAC’s initial business combination and 12 months from the closing of the IPO. The Sponsor has committed to acquire $250 million of forward purchase units (each consisting of one share of LMAC’s Series B common stock and one-fifth of one redeemable warrant to purchase one share of LMAC’s Series A common stock), at a price of $10.00 per unit, pursuant to a forward purchase agreement that will close substantially concurrently with the consummation of LMAC’s initial business combination.

LMAC intends to search for a target in the media, digital media, music, entertainment, communications, telecommunications and technology industries, but may seek to complete a business combination with an operating company in any industry, sector or geographic region.

The Company, through the Sponsor’s ownership of the Founder Shares, owns 20% of LMAC’s issued and outstanding common stock. The Founder Shares have certain governance rights which allow the Company to control LMAC’s affairs, policies and operations through the initial business combination and therefore the Company continues to consolidate LMAC post IPO. LMAC also entered into services and facilities sharing agreements with the Company for shared office

I-34

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

space, services and personnel based on a flat fee. The Company’s interest in LMAC is attributed to the Formula One Group.  Transactions and ownership interests with the Sponsor eliminate upon consolidation.

LMAC’s Series A common stock, issued as part of the Units in the IPO, has certain provisions which allow the holder to put back the stock to LMAC upon an initial business combination at their election. This conditional redemption feature requires the Company to account for those shares that are subject to potential redemption as redeemable noncontrolling interests which requires temporary equity classification (outside of permanent equity).

The changes in the components of redeemable noncontrolling interests were as follows (in millions):

Balance at January 1, 2022	$	575
Net earnings (loss) attributable to the noncontrolling interests		11
Change in redemption value of redeemable noncontrolling interests		(10)
Balance at June 30, 2022	$	576

The Public Warrants, issued as part of the Units in the IPO, have certain provisions which require LMAC to account for these instruments at fair value as a liability. Therefore, the proceeds from the IPO were bifurcated between the warrants and the Series A common stock. At the IPO date, approximately $20 million was recorded as a warrant liability within Other Liabilities, net of IPO costs. At June 30, 2022, the value of the liability was $6 million based on the fair market value of the Public Warrants.

On April 15, 2021, the Sponsor entered into an agreement to provide up to $2.5 million to LMAC for working capital purposes. During the three months ended March 31, 2022, the agreement was amended to increase the aggregate principal available for borrowing to $4 million. As of June 30, 2022, LMAC had borrowed $3 million under the loan. The working capital loan will either be repaid upon consummation of the initial business combination or the deadline for LMAC to complete an initial business combination, without interest, or, at the Sponsor’s discretion, up to $2.5 million of such loan may be convertible into warrants of the post-business combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. In the event that a business combination does not close, LMAC may use funds outside of the trust account to repay the working capital loan, but funds in the trust account would not be used to repay the working capital loan.

(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

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

contracts as of June 30, 2022 aggregated $553 million, which is payable as follows: $199 million in 2022, $115 million in 2023, $73 million in 2024, $50 million in 2025 and $116 million thereafter. In addition to the foregoing amounts, certain players, coaches and executives may earn incentive compensation under the terms of their employment contracts.

SXM-7 Satellite

During the three months ended March 31, 2021, Sirius XM Holdings recorded an impairment charge of $220 million to impairment, restructuring and acquisition costs, net of recoveries in the condensed consolidated statement of operations related to the total loss of the SXM-7 satellite. Sirius XM Holdings procured insurance for SXM-7 to cover the risks associated with the satellite's launch and first year of in-orbit operation. The aggregate coverage under the insurance policies with respect to SXM-7 was $225 million. Sirius XM Holdings recorded $140 million and $85 million of insurance recoveries during the three months ended June 30, 2021 and September 30, 2021, respectively.

The SXM-8 satellite was successfully launched into a geostationary orbit on June 6, 2021 and was placed into service on September 8, 2021 following the completion of in-orbit testing. The SXM-8 satellite replaced the XM-3 satellite. During the six months ended June 30, 2022, the XM-5 satellite replaced the XM-4 satellite. The XM-3 and XM-4 satellites remain available as in-orbit spares.

Impact of COVID-19

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 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. 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. In 2020, the regular baseball season was comprised of 60 games and Formula 1 had 17 Events. The 2021 regular baseball season was comprised of 161 games. Formula 1 originally scheduled 23 Events in 2021, and after a number of Events were cancelled and/or replaced, a record 22 Events took place. Braves Holdings and Formula 1 had limitations on the number of fans in attendance at certain games and Events in 2021, thereby reducing revenue associated with fan attendance. Starting in the third quarter of 2021, Live Nation saw a meaningful restart of its operations, with growth in ticket sales, new sponsor partners and the resumption of shows, primarily in the United States and United Kingdom. In 2022, Formula 1 expects to hold 22 Events and Braves Holdings expects a full 162 game schedule. It is unclear whether and to what extent COVID-19 concerns will continue to impact the use of and/or demand for the entertainment, events and services provided by these businesses and demand for sponsorship and advertising assets. If these businesses face cancelled events, closed venues and reduced attendance in the future, the impact may substantially decrease our revenue. Due to the revenue reductions caused by COVID-19 to date, these businesses have looked to reduce expenses, but should such impacts resume, the businesses may not be able to reduce expenses to the same degree as any decline in revenue, which may adversely affect our results of operations and cash flow.

Restructuring of Sirius XM Holdings’ leases

During the six months ended June 30, 2021, Sirius XM Holdings evaluated its office space needs and, as a result of such analysis, surrendered certain office leases, primarily in New York, New York and Oakland, California.  Sirius XM Holdings assessed the recoverability of the carrying value of the operating lease right of use assets related to these locations. Based on that assessment, Sirius XM Holdings recorded impairments aggregating $18 million to reduce the carrying value of the assets to their fair values. Additionally, Sirius XM Holdings accrued expenses of $6 million for which it will not recognize any future economic benefits and wrote off leasehold improvements of $1 million. The fair values of the assets were determined using a discounted cash flow model based on Sirius XM Holdings management's assumptions

I-36

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

regarding the ability to sublease the locations and the remaining term of the leases. The total charge of $25 million was recorded to impairment, restructuring and acquisition costs, net of recoveries in the condensed consolidated statement of operations for the six months ended June 30, 2021.

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 (“anti-SLAPP”) 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.

In October 2020, the District Court denied Pandora’s renewed motion to dismiss the case under California’s anti-SLAPP statute, finding the case no longer qualified for anti-SLAPP due to intervening changes in the law, and denied Pandora’s renewed attempt to end the case.  Alternatively, the District Court ruled that the preemption defense likely did not apply to Flo & Eddie’s claims, in part because the District Court believed that the MMA did not apply retroactively.  Pandora promptly appealed the District Court’s decision to the Ninth Circuit, and moved to stay appellate briefing pending the appeal of a related case against Sirius XM.  On January 13, 2021, the Ninth Circuit issued an order granting the stay of appellate proceedings pending the resolution of a related case against Sirius XM.

On August 23, 2021, the United States Court of Appeals for the Ninth Circuit issued an Opinion in a related case, Flo & Eddie Inc. v. Sirius XM Radio Inc. The related case also concerned a class action suit brought by Flo & Eddie Inc. regarding the public performance of pre-1972 recordings under California law.  Relying on California’s copyright statute, Flo & Eddie argued that California law gave it the “exclusive ownership” of its pre-1972 songs, including the right of public performance. The Ninth Circuit reversed the District Court’s grant of partial summary judgment to Flo & Eddie Inc. The Ninth Circuit held that the District Court in this related case erred in concluding that “exclusive ownership” under California’s copyright statute included the right of public performance. The Ninth Circuit remanded the case for entry of judgment consistent with the terms of the parties’ contingent settlement agreement, and on October 6, 2021, the parties to

I-37

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

the related case stipulated to its dismissal with prejudice. The Flo & Eddie Inc. v. Sirius XM Radio Inc. decision is precedential in the Ninth Circuit, and therefore Sirius XM Holdings believes substantially narrows the claims that Flo & Eddie may continue to assert against Pandora.

Following issuance of the Flo & Eddie Inc. v. Sirius XM Radio Inc. opinion, on September 3, 2021, the Ninth Circuit lifted the stay of appellate proceedings in Flo & Eddie, Inc. v. Pandora Media, LLC. Pandora promptly filed an appeal of the District Court’s order denying the renewed motion to dismiss the case under California’s anti-SLAAP statute.

On June 2, 2022, the Ninth Circuit upheld the District Court’s order denying dismissal of the case under California’s anti-SLAPP statute, finding that Pandora had failed to demonstrate that Flo & Eddie’s claims arise from Pandora’s protected conduct.  As part of the decision, the Ninth Circuit noted that Pandora had forcefully argued that the Court’s decision in Flo & Eddie Inc. v. Sirius XM Radio Inc., and other decisions under New York, Florida and Georgia law, foreclosed Flo & Eddie’s claims as a matter of law. Because the case has been pending for over seven years, the Ninth Circuit remanded the case to the District Court and directed “the district court to consider expedited motions practice on the legal validity of Flo & Eddie’s claims in light of the intervening precedent.”

The District Court has scheduled a hearing to review next steps in this case. Sirius XM Holdings continues to believe it has substantial defenses to the remaining claims asserted in this action, and intends to defend this action vigorously.

(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.

Liberty’s chief operating decision maker evaluates performance and makes decisions about allocating resources to the Company’s 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 six months ended June 30, 2022, 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 and Off-platform. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels and other content, as well as podcasts and infotainment services, in the United States on a subscription fee basis. Sirius XM’s packages include live, curated and certain exclusive and on demand programming. The Sirius XM service is distributed through its two proprietary satellite radio systems and streamed 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. Pandora operates a music 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. Pandora also sells advertising on other audio platforms in widely distributed podcasts, which are considered to be off-platform services.

● 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

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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.

As of December 31, 2021, Live Nation met the Company’s reportable segment threshold for equity method affiliates due to significant losses driven by COVID-19. Although the Company owns less than 100% of the outstanding shares of Live Nation, 100% of the Live Nation amounts are included in the tables below and are subsequently eliminated in order to reconcile the account totals to the Company’s consolidated financial statements. The Company’s investment in Live Nation is attributed to the Liberty SiriusXM Group.

Performance Measures

The following table disaggregates revenue by segment and by source:

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings:
Subscriber	$	1,719	1,641	3,432	3,252
Advertising		452	429	835	783
Equipment		45	51	98	108
Other		38	38	75	74
Total Liberty SiriusXM Group		2,254	2,159	4,440	4,217
Braves Group
Corporate and other:
Baseball		247	204	258	211
Development		13	12	25	21
Total Braves Group		260	216	283	232
Formula One Group
Formula 1:
Primary		628	464	915	623
Other		116	37	189	58
Total Formula One Group		744	501	1,104	681
Consolidated Liberty	$	3,258	2,876	5,827	5,130

Live Nation’s revenue was $4,434 million and $576 million during the three months ended June 30, 2022 and 2021, respectively, and $6,237 million and $867 million during the six months ended June 30, 2022 and 2021, respectively.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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 three months ended June 30, 2022 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 six months ended June 30, 2022 were approximately $347 million and $569 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 $1,313 million for the remainder of 2022, $1,997 million in 2023, $1,699 million in 2024, $3,939 million in 2025 through 2030, and $787 million thereafter, primarily recognized through 2035. 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.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Adjusted OIBDA is summarized as follows:

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	679	699	1,369	1,381
Live Nation		480	10	689	(142)
Corporate and other		(4)	(2)	(9)	(7)
		1,155	707	2,049	1,232
Eliminate equity method affiliate		(480)	(10)	(689)	142
Total Liberty SiriusXM Group		675	697	1,360	1,374
Braves Group
Corporate and other		55	53	36	31
Total Braves Group		55	53	36	31
Formula One Group
Formula 1		154	66	276	132
Corporate and other		(8)	(3)	(18)	(10)
Total Formula One Group		146	63	258	122
Consolidated Liberty	$	876	813	1,654	1,527

Other Information

	June 30, 2022
	Total		Investments	Capital
	assets		in affiliates	expenditures
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	29,769	711	196
Live Nation		16,421	328	102
Corporate and other		1,383	112	—
		47,573	1,151	298
Eliminate equity method affiliate		(16,421)	(328)	(102)
Total Liberty SiriusXM Group		31,152	823	196
Braves Group
Corporate and other		1,609	115	8
Total Braves Group		1,609	115	8
Formula One Group
Formula 1		9,039	—	8
Corporate and other		2,531	28	243
Total Formula One Group		11,570	28	251
Elimination (1)		(571)	—	—
Consolidated Liberty	$	43,760	966	455

(1) This amount is primarily comprised of 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. See note 2 for information regarding the intergroup interests. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the

I-41

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Adjusted OIBDA	$	876	813	1,654	1,527
Impairment, restructuring and acquisition costs, net of recoveries (note 10)		(1)	137	(1)	(108)
Stock-based compensation		(57)	(60)	(112)	(123)
Depreciation and amortization		(262)	(268)	(522)	(532)
Operating income (loss)		556	622	1,019	764
Interest expense		(161)	(158)	(318)	(316)
Share of earnings (losses) of affiliates, net		61	(48)	47	(143)
Realized and unrealized gains (losses) on financial instruments, net		380	155	439	106
Other, net		22	13	67	28
Earnings (loss) before income taxes	$	858	584	1,254	439

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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 COVID-19 (as defined below) pandemic and local, state and federal governmental responses to the pandemic on the economy, our customers, our vendors and our businesses generally;

● our ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations;

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

● the success of businesses attributed to each of our tracking stock groups;

● our and Sirius XM Holdings’ ability to realize the benefits of acquisitions or other strategic investments;

● the impact of weak economic conditions on consumer demand for products, services and events offered by our businesses attributed to each of our tracking stock groups;

● the outcome of pending or future litigation;

● the operational risks of our subsidiaries and business affiliates with operations outside of the United States;

● our ability to use net operating loss, disallowed business interest and tax credit carryforwards to reduce future tax payments;

● the ability of our subsidiaries and business affiliates to comply with government regulations, including, without limitation, Federal Communications Commission requirements, consumer protection laws and competition laws, and adverse outcomes from regulatory proceedings;

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

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

● competition faced by Sirius XM Holdings;

● the ability of Sirius XM Holdings to attract and retain subscribers and listeners;

● the ability of Sirius XM Holdings to market its services and sell advertising;

● the ability of Sirius XM Holdings to maintain revenue growth from its advertising products;

● the ability of Sirius XM Holdings to protect the security of personal information about its customers;

● the interruption or failure of Sirius XM Holdings’ information technology and communication systems;

● the impact of the market for music rights on Sirius XM Holdings and the rates Sirius XM Holdings must pay for rights to use musical works;

● the impact of certain supply chain issues on Sirius XM Holdings;

● the impact of our equity method investment in Live Nation Entertainment, Inc. (“Live Nation”) on our net earnings and the net earnings of the Liberty SiriusXM Group;

● challenges by tax authorities in the jurisdictions where Formula 1 operates;

● changes in tax laws that affect Formula 1 and the Formula One Group (as defined below);

● the ability of Formula 1 to expand into new markets;

I-43

● the relationship between the U.K. and the E.U. following Brexit;

● the establishment of rival motorsports events or other circumstances that impact the competitive position of Formula 1;

● changes in consumer viewing habits and the emergence of new content distribution platforms;

● the impact of organized labor on the Braves Group;

● the impact of an expansion of Major League Baseball (“MLB”);

● the level of broadcasting revenue that Braves Holdings (as defined below) receives;

● the impact of the Development Project (as defined below) on the Braves Group (as defined below) and its ability to manage the project;

● the risks associated with the Company as a whole, even if a holder does not own shares of common stock of all of our groups;

● market confusion that results from misunderstandings about our capital structure;

● geopolitical incidents, accidents, terrorist acts, armed conflicts or other events that cause one or more events to be cancelled or postponed, are not covered by insurance, or cause reputational damage to our subsidiaries and business affiliates; and

● challenges related to assessing the future prospects of tracking stock groups based on past performance.

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, 2021, as well as Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. 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, 2021.

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 and entertainment companies. Our largest operating subsidiary, which is also a reportable segment, is Sirius XM Holdings. Sirius XM Holdings operates two complementary audio entertainment businesses, Sirius XM and Pandora and Off-platform. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels and other content, as well as podcasts and infotainment services, in the United States on a subscription fee basis. Sirius XM packages include live, curated and certain exclusive and on demand programming. Sirius XM is distributed through its two proprietary satellite radio systems and streamed 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. Pandora operates a music and podcast streaming discovery platform. Pandora is available as an ad-supported radio service, a radio subscription service (Pandora Plus), and an on-demand subscription service (Pandora Premium). Through Sirius XM Holdings, we have investments in Sirius XM Canada Holdings, Inc. (“Sirius XM Canada”) and SoundCloud Holdings, LLC (“SoundCloud”), which we account for as equity method investments.

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

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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. 

We hold an ownership interest in Live Nation, which is accounted for as an equity method investment at June 30, 2022. Live Nation is considered the world’s leading live entertainment company. As of December 31, 2021, Live Nation met the Company’s reportable segment threshold for equity method affiliates due to significant losses driven by COVID-19.

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”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project (the “Development Project”). “Corporate and Other” also includes investments and related financial instruments in public companies, which are accounted for at their respective fair market values.

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, the Liberty Braves Group (the “Braves Group”) and the Liberty Formula One Group (the “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 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.

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 June 30, 2022, 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 Senior Notes due 2023 and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. The Liberty SiriusXM Group retains an approximate 3.7% intergroup interest in the Braves Group and an approximate 2.2% intergroup interest in the Formula One Group as of June 30, 2022. As of June 30, 2022, the Liberty SiriusXM Group has cash and cash equivalents of approximately $494 million, which includes approximately $126 million of subsidiary cash.

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 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.

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 June 30, 2022, 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. Additionally, the Liberty SiriusXM Group and the Formula One Group retain approximate 3.7% and 11.0% intergroup interests, respectively, in the Braves Group as of June 30, 2022. As of June 30, 2022, the Braves Group has cash and cash equivalents of approximately $207 million.

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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 June 30, 2022, 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 interests in Formula 1 and Liberty Media Acquisition Corporation, an approximate 11.0% intergroup interest in the Braves Group and Liberty’s 1% Cash Convertible Notes due 2023. The Liberty SiriusXM Group retains an approximate 2.2% intergroup interest in the Formula One Group as of June 30, 2022. The Formula One Group has cash and cash equivalents of approximately $1,944 million as of June 30, 2022, which includes $935 million of subsidiary cash.

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 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, comprised of 17 Events, and the Major League Baseball season, comprised of 60 regular season games, 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. The 2021 regular baseball season was comprised of 161 games, which approximates the number of regular season games held in years prior to the COVID-19 pandemic. Formula 1 originally scheduled 23 Events in 2021, and after a number of Events were cancelled and/or replaced, a record 22 Events took place. Braves Holdings and Formula 1 had limitations on the number of fans in attendance at certain games and Events in 2021, thereby reducing revenue associated with fan attendance. Starting in the third quarter of 2021, Live Nation saw a meaningful restart of its operations, with growth in ticket sales, new sponsor partners and the resumption of shows, primarily in the United States and United Kingdom. In 2022, Formula 1 expects to hold 22 Events and Braves Holdings expects a full 162 game schedule. It is unclear whether and to what extent COVID-19 concerns will continue to impact the use of and/or demand for the entertainment, events and services provided by these businesses and demand for sponsorship and advertising assets. If these businesses face cancelled events, closed venues and reduced attendance in the future, the impact may substantially decrease our revenue. Due to the revenue reductions caused by COVID-19 to date, these businesses have looked to reduce expenses, but should such impacts resume, the businesses may not be able to reduce expenses to the same degree as any decline in revenue, which may adversely affect our results of operations and cash flow.

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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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Revenue
Liberty SiriusXM Group
Sirius XM Holdings	$	2,254	2,159	4,440	4,217
Total Liberty SiriusXM Group		2,254	2,159	4,440	4,217
Braves Group
Corporate and other		260	216	283	232
Total Braves Group		260	216	283	232
Formula One Group
Formula 1		744	501	1,104	681
Total Formula One Group		744	501	1,104	681
Consolidated Liberty	$	3,258	2,876	5,827	5,130
Operating Income (Loss)
Liberty SiriusXM Group
Sirius XM Holdings	$	479	640	972	877
Corporate and other		(7)	(6)	(16)	(14)
Total Liberty SiriusXM Group		472	634	956	863
Braves Group
Corporate and other		35	31	(5)	(9)
Total Braves Group		35	31	(5)	(9)
Formula One Group
Formula 1		65	(36)	99	(69)
Corporate and other		(16)	(7)	(31)	(21)
Total Formula One Group		49	(43)	68	(90)
Consolidated Liberty	$	556	622	1,019	764
Adjusted OIBDA
Liberty SiriusXM Group
Sirius XM Holdings	$	679	699	1,369	1,381
Corporate and other		(4)	(2)	(9)	(7)
Total Liberty SiriusXM Group		675	697	1,360	1,374
Braves Group
Corporate and other		55	53	36	31
Total Braves Group		55	53	36	31
Formula One Group
Formula 1		154	66	276	132
Corporate and other		(8)	(3)	(18)	(10)
Total Formula One Group		146	63	258	122
Consolidated Liberty	$	876	813	1,654	1,527

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Revenue.  Our consolidated revenue increased $382 million and $697 million for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The increases were driven by increases in revenue for Formula 1, Sirius XM Holdings and Braves 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 $66 million and increased $255 million for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The decrease for the three months ended June 30, 2022 was primarily driven by a $161 million decrease in Sirius XM Holdings operating results, partially offset by improvements of $101 million and $5 million in Formula 1 and Braves Holdings operating results, respectively. The increase for the six months ended June 30, 2022 was primarily driven by improvements of $168 million, $95 million and $5 million in Formula 1, Sirius XM Holdings and Braves Holdings operating results, respectively. See "Results of Operations—Businesses" below for a more complete discussion of the results of operations of Sirius XM Holdings and Formula 1.

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, Formula 1 and Braves Holdings, (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 $112 million and $123 million of stock-based compensation expense for the six months ended June 30, 2022 and 2021, respectively. The decrease in stock compensation expense is primarily due to decreases at Formula 1 and Sirius XM Holdings. As of June 30, 2022, the total unrecognized compensation cost related to unvested Liberty equity awards was approximately $44 million. Such amount will be recognized in our condensed consolidated statements of operations over a weighted average period of approximately 1.7 years. Additionally, as of June 30, 2022, 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 2.3 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 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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Operating income (loss)	$	556	622	1,019	764
Depreciation and amortization		262	268	522	532
Stock-based compensation		57	60	112	123
Impairment, restructuring and acquisition costs, net of recoveries		1	(137)	1	108
Adjusted OIBDA	$	876	813	1,654	1,527

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Consolidated Adjusted OIBDA increased $63 million and $127 million for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The increase in Adjusted OIBDA for the three months ended June 30, 2022 was primarily due to increases of $88 million and $3 million in Formula 1 and Braves Holdings Adjusted OIBDA, respectively, partially offset by a $20 million decrease in Sirius XM Holdings Adjusted OIBDA. The increase in Adjusted OIBDA for the six months ended June 30, 2022 was primarily due to increases of $144 million and $6 million in Formula 1 and Braves Holdings Adjusted OIBDA, respectively, partially offset by a decrease of $12 million 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.

Other Income and Expense

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

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Interest expense
Liberty SiriusXM Group	$	(125)	(123)	(247)	(243)
Braves Group		(6)	(6)	(12)	(12)
Formula One Group		(30)	(29)	(59)	(61)
Consolidated Liberty	$	(161)	(158)	(318)	(316)
Share of earnings (losses) of affiliates, net
Liberty SiriusXM Group	$	54	(70)	36	(183)
Braves Group		8	8	12	11
Formula One Group		(1)	14	(1)	29
Consolidated Liberty	$	61	(48)	47	(143)
Realized and unrealized gains (losses) on financial instruments, net
Liberty SiriusXM Group	$	296	86	357	—
Braves Group		1	(1)	6	1
Formula One Group		83	70	76	105
Consolidated Liberty	$	380	155	439	106
Other, net
Liberty SiriusXM Group	$	4	8	24	19
Braves Group		1	1	21	—
Formula One Group		17	4	22	9
Consolidated Liberty	$	22	13	67	28
	$	302	(38)	235	(325)

Interest expense. Consolidated interest expense was relatively flat for the three and six months ended June 30, 2022, as compared to the corresponding period in the prior year.

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

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Live Nation	$	54	(67)	33	(178)
Sirius XM Canada		3	3	6	7
Other		(3)	(6)	(3)	(12)
Total Liberty SiriusXM Group		54	(70)	36	(183)
Braves Group
Other		8	8	12	11
Total Braves Group		8	8	12	11
Formula One Group
Other		(1)	14	(1)	29
Total Formula One Group		(1)	14	(1)	29
Consolidated Liberty	$	61	(48)	47	(143)

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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Debt and equity securities	$	(7)	167	(12)	216
Debt measured at fair value		577	(71)	646	(184)
Change in fair value of bond hedges		(201)	46	(269)	59
Other		11	13	74	15
	$	380	155	439	106

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. The primary driver of the change in the fair value of bond hedges is the change in the fair value of the underlying stock.  

Other unrealized gains (losses) are primarily driven by changes in the fair value of Formula 1’s interest rate swaps.

Other, net.  Other, net income increased $9 million and $39 million for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The increase for the three months ended June 30, 2022 was primarily driven by foreign exchange gains and gains on extinguishment of debt related to Formula One Group corporate debt. The increase for the six months ended June 30, 2022 was primarily driven by gains on the sale of three minor league teams at Braves Holdings, gains on extinguishment of debt primarily related to Liberty SiriusXM Group corporate debt and foreign exchange gains.

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Income taxes.  During the three and six months ended June 30, 2022, we had earnings before income taxes of $858 million and $1,254 million, respectively, and income tax expense of $184 million and $284 million, respectively. During the three and six months ended June 30, 2021, we had earnings before income taxes of $584 million and $439 million, respectively, and income tax expense of $56 million and income tax benefit of $75 million, respectively. For the three months ended June 30, 2022, the Company recognized additional tax expense primarily due to the effect of state income taxes. For the six months ended June 30, 2022, the Company recognized additional tax expense primarily due to the effect of state income taxes, partially offset by earnings in foreign jurisdictions taxed at rates lower than the 21% U.S. federal tax rate. For the three months ended June 30, 2021, the Company recognized additional tax benefits for a change in its foreign effective tax rate, partially offset by an increase in our valuation allowance. For the six months ended June 30, 2021, the Company recognized additional tax benefits for a change in its foreign effective tax rate and the settlement of a state income tax audit at Sirius XM Holdings, partially offset by an increase in our valuation allowance.

Net earnings.  We had net earnings of $674 million and $970 million for the three and six months ended June 30, 2022, respectively, and net earnings of $528 million and $514 million for the three and six months ended June 30, 2021, respectively. The changes were the result of the above-described fluctuations in our revenue, expenses and other gains and losses.

Material Changes in Financial Condition

As of June 30, 2022, substantially all of our cash and cash equivalents were invested in U.S. Treasury securities, other government securities or government guaranteed funds, 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 June 30, 2022, Liberty had $106 million of unencumbered marketable equity securities.

Liberty does not have a debt rating.

As of June 30, 2022 Liberty's cash and cash equivalents were as follows:

	Cash and Cash
	Equivalents
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	126
Corporate and other		368
Total Liberty SiriusXM Group	$	494
Braves Group
Corporate and other	$	207
Total Braves Group	$	207
Formula One Group
Formula 1	$	935
Corporate and other		1,009
Total Formula One Group	$	1,944

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 noncontrolling interest, we do not have ready access to its cash, except through dividends. 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. Pursuant to the RP test, Liberty does not have access to Formula 1’s cash when the leverage ratio (defined as net debt

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divided by covenant earnings before interest, tax, depreciation and amortization for the trailing twelve months) exceeds a certain threshold. As of June 30, 2022, 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. As of June 30, 2022, Liberty had $875 million available under Liberty’s margin loan secured by shares of Sirius XM Holdings and $400 million available under Liberty’s margin loan secured by shares of Live Nation. 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 stated in note 8 to the accompanying condensed consolidated financial statements, the Company, Sirius XM Holdings, Formula 1 and Braves Holdings are in compliance with their debt covenants as of June 30, 2022.

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, Formula 1’s borrowings under its loan facility and Braves Holdings’ borrowings under its operating credit facilities.

	Six months ended
	June 30,
	2022		2021
Cash Flow Information	amounts in millions
Liberty SiriusXM Group cash provided (used) by operating activities	$	887	875
Braves Group cash provided (used) by operating activities		100	48
Formula One Group cash provided (used) by operating activities		234	312
Net cash provided (used) by operating activities	$	1,221	1,235
Liberty SiriusXM Group cash provided (used) by investing activities	$	(280)	(235)
Braves Group cash provided (used) by investing activities		34	(17)
Formula One Group cash provided (used) by investing activities		(129)	(502)
Net cash provided (used) by investing activities	$	(375)	(754)
Liberty SiriusXM Group cash provided (used) by financing activities	$	(711)	(98)
Braves Group cash provided (used) by financing activities		(105)	15
Formula One Group cash provided (used) by financing activities		(227)	733
Net cash provided (used) by financing activities	$	(1,043)	650

Liberty’s primary uses of cash during the six months ended June 30, 2022 (excluding cash used by Sirius XM Holdings, Formula 1 and Braves Holdings) were $1.3 billion of debt repayments, $241 million to purchase land adjacent to the Las Vegas Strip in support of the 2023 Las Vegas Grand Prix, $319 million of Series A and Series C Liberty SiriusXM common stock repurchases and $37 million of Series A Liberty Formula One common stock repurchases. These uses were primarily funded by $350 million of borrowings under the margin loans secured by shares of Live Nation and Sirius XM Holdings, dividends from Sirius XM Holdings and cash on hand.

Sirius XM Holdings’ primary uses of cash were dividends paid to stockholders, repurchase and retirement of outstanding Sirius XM Holdings common stock, additions to property and equipment and acquisitions. The Sirius XM Holdings uses of cash were funded by borrowings of debt and cash provided by operating activities. During the six months ended June 30, 2022, Sirius XM Holdings declared quarterly dividends and a special dividend and paid in cash an aggregate amount of $1,159 million, of which Liberty received $942 million. On July 14, 2022, Sirius XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.0219615 per share of common stock payable on August 31, 2022 to stockholders of record as of the close of business on August 5, 2022.

During the six months ended June 30, 2022, Formula 1 generated cash from operations and did not have any material uses of cash.

Braves Holdings’ primary use of cash was debt service and capital expenditures for continued expansion of the mixed-use development, funded primarily by cash on hand and cash from operations.

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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 expects to receive quarterly cash dividends from Sirius XM Holdings, which are non-taxable because Liberty and Sirius XM Holdings are members of the same consolidated federal income tax group. 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. In addition, Sirius XM Holdings’ board of directors expects to declare regular quarterly dividends. Liberty 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.

Formula 1’s uses of cash are expected to be debt service payments and operating expenses. Liberty expects Formula 1 to fund its projected uses of cash with cash on hand and cash provided by operations.

Braves Holdings’ uses of cash are expected to be expenditures related to the mixed-use development, debt service payments and operating expenses. 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 and Off-platform.

Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels and other content, as well as podcasts and infotainment services, in the United States on a subscription fee basis. Sirius XM’s packages include live, curated and certain exclusive and on demand programming. The Sirius XM service is distributed through its two proprietary satellite radio systems and streamed via applications for mobile devices, home devices and other consumer electronic equipment. Satellite radios are primarily distributed through automakers, retailers and Sirius XM’s website. The Sirius XM service is also available through its in-car 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 subscription fees, with most of its customers subscribing to monthly, quarterly, semi-annual or annual plans. Sirius XM also derives revenue from advertising on select non-music channels, which is sold under the SXM Media brand, direct sales of its satellite radios and accessories, and other ancillary services. As of June 30, 2022, the Sirius XM business had approximately 34.0 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.

Pandora operates a music and podcast streaming discovery platform, offering a personalized experience for each listener wherever and whenever they want to listen, whether through computers, tablets, mobile devices, vehicle 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

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on-demand.  Pandora is available as an ad-supported radio service, a radio subscription service (Pandora Plus), and an on-demand subscription service (Pandora Premium). As of June 30, 2022, Pandora had approximately 6.3 million subscribers.

The majority of revenue from Pandora is generated from advertising on its ad-supported radio service which is sold under the SXM Media brand. Pandora also derives subscription revenue from its Pandora Plus and Pandora Premium subscribers. Pandora also sells advertising on other audio platforms and in widely distributed podcasts, which are considered to be off-platform services. Pandora has an arrangement with SoundCloud to be its exclusive ad sales representative in the U.S. and certain European countries and is able to offer advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. Pandora also has arrangements to serve as the ad sales representative for certain podcasts. In addition, through AdsWizz Inc. (“AdsWizz”), Pandora provides a comprehensive digital audio and programmatic 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.

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.

On November 1, 2021, Liberty entered into an exchange agreement with certain counterparties to acquire an aggregate of 43,658,800 shares of Sirius XM Holdings common stock in exchange for the issuance by Liberty to the counterparties of an aggregate of 5,347,320 shares of Series A Liberty SiriusXM common stock. Following the closing of the exchange on November 3, 2021, Liberty and Sirius XM Holdings became members of the same consolidated tax group. The tax sharing agreement with Sirius XM Holdings, dated February 1, 2021, governs the allocation of consolidated and combined tax liabilities and sets forth agreements with respect to other tax matters.

Also on November 1, 2021, Sirius XM Holdings entered into (i) an agreement with Liberty whereby Liberty agreed not to effect any merger with Sirius XM Holdings pursuant to Section 253 of the General Corporation Law of the State of Delaware (or any successor to such statute) without obtaining the prior approval of a special committee of the Sirius XM Holdings board of directors, all of whom are independent of Liberty (the “Special Committee”) (or any successor special committee of Sirius XM Holdings’ independent and disinterested directors) and (ii) an agreement regarding certain tax matters relating to the exchange.  Each of these agreements was negotiated by the Special Committee with Liberty.

As of June 30, 2022, there is an approximate 18% 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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Sirius XM:
Subscriber revenue	$	1,588	1,508	3,170	2,989
Advertising revenue		50	45	97	87
Equipment revenue		45	51	98	108
Other revenue		38	38	75	74
Total Sirius XM revenue		1,721	1,642	3,440	3,258
Pandora and Off-platform:
Subscriber revenue		131	133	262	263
Advertising revenue		402	384	738	696
Total Pandora and Off-platform revenue		533	517	1,000	959
Total revenue		2,254	2,159	4,440	4,217
Operating expenses (excluding stock-based compensation included below):
Sirius XM cost of services		(668)	(647)	(1,317)	(1,270)
Pandora and Off-platform cost of services		(367)	(325)	(697)	(630)
Subscriber acquisition costs		(91)	(89)	(181)	(175)
Selling, general and administrative expenses		(386)	(340)	(754)	(648)
Other operating expenses		(63)	(59)	(122)	(113)
Adjusted OIBDA		679	699	1,369	1,381
Impairment, restructuring and acquisition costs, net of recoveries		(1)	137	(1)	(108)
Stock-based compensation		(47)	(47)	(92)	(98)
Depreciation and amortization		(152)	(149)	(304)	(298)
Operating income	$	479	640	972	877

Sirius XM Subscriber revenue includes self-pay and paid promotional subscriptions, U.S. Music Royalty Fees and other ancillary fees. Subscriber revenue increased approximately 5% and 6% for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The increases were primarily driven by 7% and 8% increases in Sirius XM’s average monthly revenue per subscriber, respectively, as a result of higher self-pay revenue and U.S. Music Royalty Fees, partially offset by lower revenue generated from automakers offering paid promotional subscriptions.

Sirius XM Advertising revenue includes the sale of advertising on Sirius XM’s non-music channels. Advertising revenue increased approximately 11% for each of the three and six months ended June 30, 2022, as compared to the corresponding periods in the prior year primarily due to a greater number of spots sold and aired, primarily on news and sports channels.

Sirius XM Equipment revenue includes revenue and royalties from the sale of satellite radios, components and accessories. Equipment revenue decreased approximately 12% and 9% for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The decrease was primarily driven by lower original equipment manufacturer (“OEM”) royalties due to supplier cost increases related to semiconductor supply shortages and lower sales of components and accessories, partially offset by higher chipset volume.

Sirius XM Other revenue includes service and advisory revenue from Sirius XM Canada, connected vehicle services, and ancillary revenue. Other revenue was flat and increased 1% for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The increase for the six months ended June 30, 2022 was driven by higher revenue generated by Sirius XM Canada, partially offset by lower revenue generated by Sirius XM’s connected vehicle services.

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Pandora and Off-platform subscriber revenue includes fees charged for Pandora Plus, Pandora Premium and Stitcher subscriptions. Pandora and off-platform subscriber revenue decreased 2% and was flat during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The decrease for the three months ended June 30, 2022 was primarily driven by a decrease in Pandora’s subscriber base.

Pandora and Off-platform advertising revenue is generated primarily from audio, display and video advertising from on-platform and off-platform advertising. Pandora and Off-platform advertising revenue increased 5% and 6% during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The increases were primarily due to additional revenue generated by the AdsWizz platform as well as higher podcast revenue from increased downloads.

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 2% for the three and six months ended June 30, 2022, as compared to the corresponding periods in the prior year. The increases were due to overall greater revenue subject to revenue share.  

● Programming and Content includes costs to acquire, create, promote and produce content. Programming and content costs increased 14% and 11% for the three and six months ended June 30, 2022, respectively, as compared to the corresponding period in the prior year driven by higher content licensing costs.

● 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 decreased 1% and increased 3% for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The decrease for the three months ended June 30, 2022 was primarily driven by lower call center costs. The increase for the six months ended June 30, 2022 was driven by higher transaction costs and bad debt expense resulting from a higher average self-pay subscriber base, partially offset by lower call center costs.

● 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 and 360L streaming 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 decreased 7% and increased 5% during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The decrease for the three months ended June 30, 2022 was primarily driven by lower component and accessories sales. The increase for the six months ended June 30, 2022 was primarily driven by higher wireless costs associated with consumers using Sirius XM’s 360L platform and its connected vehicle services, partially offset by lower component and accessories sales.

Pandora and Off-platform Cost of services includes revenue share and royalties, programming and content costs, customer service and billing expenses and other ancillary costs. Pandora and Off-platform costs of services increased 13% and 11% for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year.

● Revenue share and royalties include licensing fees paid for streaming music or other content costs related to podcasts as 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 increased 14% and 12% during the three and six months ended June 30, 2022, respectively, as compared to

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the corresponding periods in the prior year. The increases were primarily due to higher costs related to the acquisition of rights to certain podcasts.

● Programming and content includes costs to produce live listener events and promote content. Programming and content increased 8% and 10% during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year primarily due to higher 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 decreased 4% and increased 5% during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The decrease for the three months ended June 30, 2022 was primarily driven by lower bad debt and transaction fee costs. The increase for the six months ended June 30, 2022 was primarily driven by higher bad debt expense due to recoveries during the six months ended June 30, 2021.

● 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 increased 20% and decreased 7% during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior. The increase for the three months ended June 30, 2022 was driven by higher data center costs. The decrease for the six months ended June 30, 2022 was driven by lower streaming costs resulting from a decline in listener hours, partially offset by higher personnel-related costs.

Subscriber acquisition costs are costs only associated with Sirius XM’s satellite radio 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 six months ended June 30, 2022, subscriber acquisition costs increased approximately 2% and 3%, respectively, as compared to the corresponding periods in the prior year driven by higher OEM installations.

Selling, general and administrative expenses 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 six months ended June 30, 2022, selling, general and administrative expense increased 14% and 16%, respectively, as compared to the corresponding periods in the prior year. The increases were primarily due to additional investments in advertising and marketing to support Sirius XM Holdings’ brands, higher digital marketing expenditures and higher legal, data center and consulting 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 six months ended June 30, 2022 other operating expenses increased approximately 7% and 8%, respectively, as compared to the corresponding periods in the prior year, driven by higher cloud hosting costs.  

Impairment, restructuring and acquisition, net of recoveries include impairment charges, net of insurance recoveries, associated with the SXM-7 satellite, restructuring expenses associated with the abandonment of certain leased office spaces and acquisition costs. During the three months ended June 30, 2022, Sirius XM Holdings recorded $1 million of acquisition costs. During the six months ended June 30, 2021, Sirius XM Holdings recorded a $220 million impairment to the carrying value of the SXM-7 satellite after it experienced failures of certain payload units during in-orbit testing and restructuring costs of $25 million resulting from the termination of leased office space. During the three months ended June 30, 2021, Sirius XM Holdings recorded insurance recoveries related to the SXM-7 satellite of $140 million and acquisition and restructuring costs of $3 million. Impairment, restructuring and acquisition costs, net of recoveries have been excluded from Adjusted OIBDA.

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Stock-based compensation was flat and decreased 6% during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The decrease for the six months ended June 30, 2022 is primarily due to decreases in Pandora’s stock-based compensation.

Depreciation and amortization expense increased 2% for the three and six months ended June 30, 2022, as compared to the corresponding periods in the prior year, primarily driven by developed software being placed into 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 throughout the world. 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, media rights and sponsorship contracts specify payments in advance and annual increases in the fees payable over the course of the contracts. The 2021 World Championship calendar was originally scheduled to have 23 Events. However, due to the COVID-19 pandemic, during the third quarter of 2021, the 2021 World Championship was revised to 22 Events. Restrictions on fan attendance reduced as 2021 progressed, with all Events in the second half of the year operating at either full capacity or with fewer restrictions than had been applied at Events in the first half of the year. There are currently 22 Events scheduled in 2022, following the cancellation of the Russian Grand Prix. During the six months ended June 30, 2022, Events have had record attendance, with crowd and hospitality numbers well above pre-COVID-19 levels.

Formula 1’s operating results were as follows:

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Primary Formula 1 revenue	$	628	464	915	623
Other Formula 1 revenue		116	37	189	58
Total Formula 1 revenue		744	501	1,104	681
Operating expenses (excluding stock-based compensation included below):
Cost of Formula 1 revenue		(534)	(398)	(729)	(482)
Selling, general and administrative expenses		(56)	(37)	(99)	(67)
Adjusted OIBDA		154	66	276	132
Stock-based compensation		(1)	(5)	(1)	(8)
Depreciation and amortization		(88)	(97)	(176)	(193)
Operating income (loss)	$	65	(36)	99	(69)
Number of Events		7	7	9	8

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, fees from certain race promoters to license additional commercial rights from Formula 1 to secure Formula 2 and Formula 3 races at their Events and from technical service fees from promoters to support the origination of program footage), media rights fees (earned from licensing the right to broadcast Events and Formula 2 and Formula 3 races on television and other platforms, F1 TV subscriptions and other related services, the origination of program footage, footage from Formula 1’s archives and the licensing of radio broadcast and other ancillary media rights) and sponsorship fees (earned from the sale of World Championship and Event-related advertising and sponsorship rights and the servicing of such rights, rights to advertise on Formula 1’s digital platforms and at non-Championship related events).

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Primary Formula 1 revenue increased $164 million and $292 million during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. Race promotion revenue increased during the three and six months ended June 30, 2022, as compared to the corresponding periods in the prior year due to higher fees generated from the different mix of Events held and contractual increases in fees. Media rights revenue increased during the three and six months ended June 30, 2022 due to growth in F1 TV subscription revenue as well as increased revenue pursuant to certain new and renewed broadcasting agreements. Sponsorship revenue increased during the three and six months ended June 30, 2022, as compared to the corresponding periods in the prior year due to revenue from new sponsors and higher race-specific revenue generated from the different Events held. Race promotion revenue, media rights revenue and sponsorship revenue were all higher during the six months ended June 30, 2022 as compared to the corresponding prior year period due to the impact of recognizing race-specific and season-based income from nine Events during the six months ended June 30, 2022 compared to eight Events during the six months ended June 30, 2021. During the six months ended June 30, 2021, race promotion revenue included a one-time settlement which relieved a race promoter from its obligation to stage a race that was originally scheduled to be held in 2020.

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, various television production activities and other ancillary operations. Other Formula 1 revenue increased $79 million and $131 million during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year primarily due to the ability to undertake a greater scope of activities during the three and six months ended June 30, 2022 due to the reduced impact of COVID-19 when compared to the three and six months ended June 30, 2021. The Formula One Paddock Club operated at five Events and seven Events during the three and six months ended June 30, 2022, respectively, and did not operate during the three and six months ended June 30, 2021. In addition, freight revenue increased for both the three and six months ended June 30, 2022, as compared to the corresponding prior year periods due to the increased number of Events outside of Europe and the impact of freight cost inflation on billing rates.

Cost of Formula 1 revenue

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Team payments	$	(368)	(308)	(468)	(352)
Other costs of Formula 1 revenue		(166)	(90)	(261)	(130)
Cost of Formula 1 revenue	$	(534)	(398)	(729)	(482)

Cost of Formula 1 revenue increased $136 million and $247 million during the three and six months ended June 30, 2022, 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 increases in team payments during the three and six months ended June 30, 2022, as compared to the corresponding periods in the prior year, were attributable to the pro rata recognition of team payments.

Other costs of Formula 1 revenue include costs incurred in the provision and sale of freight, travel and logistical costs, 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 also include annual Federation Internationale de l’Automobile (“FIA”) regulatory fees, advertising and sponsorship commissions and costs related to 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 $76 million and $131 million during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year, driven by the impact of a greater scope of activities on hospitality, logistical, travel, technical, race promotion and Formula 2 and Formula 3

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related costs as well as more Events outside of Europe and the impact of inflation on freight costs. The increase for the six months ended June 30, 2022, as compared to the corresponding period in the prior year was also driven by the impact of one additional Event.

Selling, general and administrative expenses include personnel costs, legal, professional and other advisory fees, bad debt expense, rental expense, information technology costs, insurance premiums, maintenance and utility costs and other general office administration costs. Selling, general and administrative expenses increased $19 million and $32 million during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year primarily due to higher personnel and information technology costs as well as higher legal and other advisory fees.

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 $4 million and $7 million during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year primarily due to a decrease in the number of awards granted.

Depreciation and amortization includes depreciation of fixed assets and amortization of intangible assets. Depreciation and amortization decreased $9 million and $17 million during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year primarily due to a decrease in amortization expense related to certain intangible assets acquired in the acquisition of Formula 1 by Liberty.  

Braves Holdings.   Braves Holdings is our wholly-owned subsidiary that indirectly owns and operates ANLBC. In addition, Braves Holdings indirectly owned and operated three Professional Development League clubs (the Gwinnett Stripers, Mississippi Braves and Rome Braves) until they were sold in January 2022. ANLBC’s ballpark 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 Development Project.

Limitations on fan attendance at Major League Baseball (“MLB”) games as a result of the COVID-19 pandemic were lifted in May 2021.

In December 2021, the Collective Bargaining Agreement, which requires MLB clubs to sign players using a uniform contract, expired and MLB commenced a lockout of the Major League players. As a result of the lockout, the start of the 2022 regular season was delayed. A new five-year Collective Bargaining Agreement was signed in March 2022 and the regular season began in April. Despite the delayed start of the 2022 season, a full 162 game schedule is expected to be played.

Operating results attributable to Braves Holdings were as follows:

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Baseball revenue	$	247	204	258	211
Development revenue		13	12	25	21
Total Braves Holdings revenue		260	216	283	232
Operating expenses (excluding stock-based compensation included below):
Other operating expenses		(175)	(142)	(198)	(162)
Selling, general and administrative expenses		(28)	(20)	(45)	(36)
Adjusted OIBDA		57	54	40	34
Stock-based compensation		(2)	(2)	(4)	(4)
Depreciation and amortization		(18)	(20)	(36)	(35)
Operating income (loss)	$	37	32	—	(5)
Home Games		41	42	41	42

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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 shared Major League Baseball revenue streams, including national broadcast rights and licensing. Development revenue is derived from the mixed-use facilities and primarily includes rental income.  Braves Holdings revenue increased $44 million and $51 million during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. Increased capacity and ticket demand at regular season and Spring Training games during the three and six months ended June 30, 2022 drove increases in ballpark operations revenue as compared to the corresponding periods in the prior year. Additional special events held during the three and six months ended June 30, 2022 also drove increases in revenue as compared to the corresponding periods in the prior year. Development revenue increased during the three and six months ended June 30, 2022, as compared to the corresponding periods in the prior year, due to a reduction in deferred payment arrangements as well as increases in rental income from various new lease commencements.

Other operating expenses primarily include costs associated with baseball and stadium operations. For the three and six months ended June 30, 2022, other operating expenses increased $33 million and $36 million, respectively, as compared to the corresponding periods in the prior year. The increases were primarily due to higher player salaries, more normalized levels of facility and game day expenses for regular season and Spring Training games, increased revenue sharing expenses and increases in personnel costs.

Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs. Selling, general and administrative expense increased $8 million and $9 million for the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year due to increased special event expenses, increased marketing initiatives for the 2022 season and higher personnel costs.

Stock-based compensation was flat during the three and six months ended June 30, 2022, as compared to the corresponding periods in the prior year.

Depreciation and amortization decreased $2 million and was relatively flat during the three and six months ended June 30, 2022, respectively, as compared to the corresponding periods in the prior year. The decrease for the three months ended June 30, 2022 was due to lower amortization expense related to player contracts.

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 June 30, 2022, our debt is comprised of the following amounts:

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	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	$	1,885	3.4	%	$	11,836	3.6	%
Braves Group	$	167	3.8	%	$	435	3.8	%
Formula One Group	$	832	4.2	%	$	2,376	3.4	%

Liberty’s borrowings under margin loans, Sirius XM Holdings’ borrowings under its credit facility (except for the incremental term loan, as described in note 8 to the accompanying condensed consolidated financial statements, which carries a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”)), Formula 1’s borrowings under its loan facility and Braves Holdings’ borrowings under its operating credit facilities 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. In 2017, the United Kingdom's Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced that it intends to phase out LIBOR. On March 5, 2021, the FCA announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of the one week and two month U.S. dollar settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar settings. The United States Federal Reserve has also advised banks to cease entering into new contracts that use USD LIBOR as a reference rate. The Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, has identified the SOFR, a new index calculated by short-term repurchase agreements, backed by Treasury securities, as its preferred alternative rate for LIBOR. At this time, it is not possible to predict how markets will respond to SOFR or other alternative reference rates as the transition away from the LIBOR benchmarks is anticipated in coming years. Accordingly, the outcome of these reforms is uncertain and any changes in the methods by which LIBOR is determined or regulatory activity related to LIBOR’s phaseout could cause LIBOR to perform differently than in the past or cease to exist.  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, Sirius XM 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 June 30, 2022, the fair value of our marketable equity securities was $106 million. Had the market price of such securities been 10% lower at June 30, 2022, the aggregate value of such securities would have been approximately $11 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 June 30, 2022 the aggregate value of such security would have been $575 million lower.

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 June 30, 2022 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.

I-62

There has been no change in the Company’s internal control over financial reporting that occurred during the three months ended June 30, 2022 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

I-63

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

Our Annual Report on Form 10-K for the year ended December 31, 2021 includes "Legal Proceedings" under Item 3 of Part I. Refer to note 10 in the accompanying notes to the condensed consolidated financial statements for changes in the legal proceedings described in the Form 10-K.

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

Share Repurchase Programs

In November 2019, our board of directors authorized the repurchase of $1 billion of the Company’s common stock. In May 2022, our board of directors authorized the repurchase of an additional $1 billion of the Company’s common stock.

A summary of the repurchase activity for the three months ended June 30, 2022 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)
April 1-30, 2022	395,100	$	45.32	762,800	$	44.70	1,157,900	$	205
May 1-31, 2022	447,400	$	41.43	430,417	$	40.30	877,817	$	1,169
June 1-30, 2022	115,500	$	36.30	657,650	$	38.26	773,150	$	1,139
Total	958,000			1,850,867			2,808,867

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 June 30, 2022.

During the three months ended June 30, 2022, 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, restricted stock units and options.

II-1

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
10.1	Liberty Media Corporation 2022 Omnibus Incentive Plan (incorporated by reference to Annex A to Liberty Media Corporation’s Proxy Statement on Schedule 14A, filed with the SEC on April 26, 2022 (File No. 001-35707))
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:	August 5, 2022	By:	/s/ GREGORY B. MAFFEI
			Gregory B. Maffei President and Chief Executive Officer
Date:	August 5, 2022	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:	August 5, 2022
/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:	August 5, 2022
/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 June 30, 2022 (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: August 5, 2022	/s/ GREGORY B. MAFFEI
	Gregory B. Maffei President and Chief Executive Officer
Dated: August 5, 2022	/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 June 30, 2022 and revenue and expenses for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. 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 financial information should be read in conjunction with our condensed consolidated financial statements for the three and six months ended June 30, 2022 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:

	June 30,		December 31,
	2022		2021
	amounts in millions
Cash and cash equivalents	$	494		598
Investments in affiliates, accounted for using the equity method	$	823		805
Intangible assets not subject to amortization	$	25,051		24,953
Intangible assets subject to amortization, net	$	1,190		1,269
Total assets	$	31,152		31,674
Deferred revenue	$	1,432		1,454
Long-term debt, including current portion	$	13,903		14,262
Deferred tax liabilities	$	2,240		2,206
Attributed net assets	$	8,411		8,036
Noncontrolling interest	$	3,156		3,565

Summary Statement of Operations Data:

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Revenue	$	2,254	2,159	4,440	4,217
Cost of Sirius XM Holdings services (1)	$	(1,047)	(983)	(2,036)	(1,922)
Other operating expenses (1)	$	(72)	(66)	(139)	(130)
Selling, general and administrative expense (1)	$	(419)	(374)	(823)	(720)
Operating income (loss)	$	472	634	956	863
Interest expense	$	(125)	(123)	(247)	(243)
Income tax (expense) benefit	$	(168)	(125)	(269)	(18)
Net earnings (loss) attributable to noncontrolling interests	$	51	95	107	144
Earnings (loss) attributable to Liberty stockholders	$	447	337	735	326

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

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Cost of services	$	12	12	22	22
Other operating expenses		9	7	17	17
Selling, general and administrative expense		29	31	60	65
	$	50	50	99	104

2

Braves Group

Summary Balance Sheet Data:

	June 30,		December 31,
	2022		2021
	amounts in millions
Cash and cash equivalents	$	207		142
Property and equipment, net	$	748		777
Investments in affiliates, accounted for using the equity method	$	115		110
Intangible assets not subject to amortization	$	300		323
Intangible assets subject to amortization, net	$	20		21
Total assets	$	1,609		1,636
Deferred revenue	$	131		83
Long-term debt, including current portion	$	599		697
Deferred tax liabilities	$	58		65
Attributed net assets	$	357		296

Summary Statement of Operations Data:

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Revenue	$	260	216	283	232
Selling, general and administrative expense (1)	$	(33)	(24)	(55)	(45)
Operating income (loss)	$	35	31	(5)	(9)
Share of earnings (losses) of affiliates, net	$	8	8	12	11
Unrealized gains (losses) on intergroup interest	$	35	1	36	(27)
Income tax (expense) benefit	$	(10)	(9)	(7)	2
Earnings (loss) attributable to Liberty stockholders	$	64	25	51	(34)

(1) Includes stock-based compensation expense of $3 million for each of the three months ended June 30, 2022 and 2021, and $6 million for each of the six months ended June 30, 2022 and 2021.

3

Formula One Group

Summary Balance Sheet Data:

	June 30,		December 31,
	2022		2021
	amounts in millions
Cash and cash equivalents	$	1,944		2,074
Investments in affiliates, accounted for using the equity method	$	28		30
Intangible assets not subject to amortization	$	3,956		3,957
Intangible assets subject to amortization, net	$	3,335		3,507
Total assets	$	11,570		11,664
Long-term debt, including current portion	$	3,380		3,631
Redeemable noncontrolling interests in equity of subsidiary	$	576		575
Attributed net assets	$	6,408		6,340

Summary Statement of Operations Data:

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Revenue	$	744	501	1,104	681
Cost of Formula 1 revenue	$	(534)	(398)	(729)	(482)
Selling, general and administrative expense (1)	$	(68)	(47)	(124)	(90)
Operating income (loss)	$	49	(43)	68	(90)
Interest expense	$	(30)	(29)	(59)	(61)
Share of earnings (losses) of affiliates, net	$	(1)	14	(1)	29
Realized and unrealized gains (losses) on financial instruments, net	$	83	70	76	105
Unrealized gains (losses) on intergroup interest	$	—	(23)	(21)	(5)
Income tax (expense) benefit	$	(6)	78	(8)	91
Earnings (loss) attributable to Liberty stockholders	$	111	55	76	9

(1) Includes stock-based compensation of $4 million and $7 million for the three months ended June 30, 2022 and 2021, respectively, and $7 million and $13 million for the six months ended June 30, 2022 and 2021, respectively.

4

BALANCE SHEET INFORMATION

June 30, 2022

(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	$	494	207	1,944	—	2,645
Trade and other receivables, net		660	74	89	—	823
Other current assets		348	81	229	—	658
Total current assets		1,502	362	2,262	—	4,126
Intergroup interests (note 1)		363	—	163	(526)	—
Investments in affiliates, accounted for using the equity method (note 1)		823	115	28	—	966
Property and equipment, at cost		2,886	1,002	451	—	4,339
Accumulated depreciation		(1,768)	(254)	(91)	—	(2,113)
		1,118	748	360	—	2,226
Intangible assets not subject to amortization
Goodwill		15,209	176	3,956	—	19,341
FCC licenses		8,600	—	—	—	8,600
Other		1,242	124	—	—	1,366
		25,051	300	3,956	—	29,307
Intangible assets subject to amortization, net		1,190	20	3,335	—	4,545
Other assets		1,105	64	1,466	(45)	2,590
Total assets	$	31,152	1,609	11,570	(571)	43,760
Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	7	(9)	2	—	—
Accounts payable and accrued liabilities		1,372	71	271	—	1,714
Current portion of debt		387	80	444	—	911
Deferred revenue		1,432	131	426	—	1,989
Other current liabilities		66	4	25	—	95
Total current liabilities		3,264	277	1,168	—	4,709
Long-term debt (note 1)		13,516	519	2,936	—	16,971
Deferred income tax liabilities		2,240	58	—	(45)	2,253
Redeemable intergroup interests (note 1)		—	221	305	(526)	—
Other liabilities		565	177	152	—	894
Total liabilities		19,585	1,252	4,561	(571)	24,827
Redeemable noncontrolling interests in equity of subsidiary		—	—	576	—	576
Equity / Attributed net assets		8,411	357	6,408	—	15,176
Noncontrolling interests in equity of subsidiaries		3,156	—	25	—	3,181
Total liabilities and equity	$	31,152	1,609	11,570	(571)	43,760

5

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2022

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,254	—	—	2,254
Formula 1 revenue		—	—	744	744
Other revenue		—	260	—	260
Total revenue		2,254	260	744	3,258
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		711	—	—	711
Programming and content		152	—	—	152
Customer service and billing		126	—	—	126
Other		58	—	—	58
Cost of Formula 1 revenue		—	—	534	534
Subscriber acquisition costs		91	—	—	91
Other operating expenses		72	175	—	247
Selling, general and administrative		419	33	68	520
Impairment, restructuring and acquisition costs, net of recoveries		1	—	—	1
Depreciation and amortization		152	17	93	262
		1,782	225	695	2,702
Operating income (loss)		472	35	49	556
Other income (expense):
Interest expense		(125)	(6)	(30)	(161)
Share of earnings (losses) of affiliates, net		54	8	(1)	61
Realized and unrealized gains (losses) on financial instruments, net		296	1	83	380
Unrealized gains (losses) on intergroup interests (note 1)		(35)	35	—	—
Other, net		4	1	17	22
		194	39	69	302
Earnings (loss) before income taxes		666	74	118	858
Income tax (expense) benefit		(168)	(10)	(6)	(184)
Net earnings (loss)		498	64	112	674
Less net earnings (loss) attributable to the noncontrolling interests		51	—	2	53
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	(1)	(1)
Net earnings (loss) attributable to Liberty stockholders	$	447	64	111	622

6

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2021

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,159	—	—	2,159
Formula 1 revenue		—	—	501	501
Other revenue		—	216	—	216
Total revenue		2,159	216	501	2,876
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		663	—	—	663
Programming and content		135	—	—	135
Customer service and billing		127	—	—	127
Other		58	—	—	58
Cost of Formula 1 revenue		—	—	398	398
Subscriber acquisition costs		89	—	—	89
Other operating expenses		66	142	—	208
Selling, general and administrative		374	24	47	445
Impairment, restructuring and acquisition costs, net of recoveries		(137)	—	—	(137)
Depreciation and amortization		150	19	99	268
		1,525	185	544	2,254
Operating income (loss)		634	31	(43)	622
Other income (expense):
Interest expense		(123)	(6)	(29)	(158)
Share of earnings (losses) of affiliates, net		(70)	8	14	(48)
Realized and unrealized gains (losses) on financial instruments, net		86	(1)	70	155
Unrealized gains (losses) on intergroup interests (note 1)		22	1	(23)	—
Other, net		8	1	4	13
		(77)	3	36	(38)
Earnings (loss) before income taxes		557	34	(7)	584
Income tax (expense) benefit		(125)	(9)	78	(56)
Net earnings (loss)		432	25	71	528
Less net earnings (loss) attributable to the noncontrolling interests		95	—	16	111
Net earnings (loss) attributable to Liberty stockholders	$	337	25	55	417

7

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2022

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	4,440	—	—	4,440
Formula 1 revenue		—	—	1,104	1,104
Other revenue		—	283	—	283
Total revenue		4,440	283	1,104	5,827
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,381	—	—	1,381
Programming and content		292	—	—	292
Customer service and billing		251	—	—	251
Other		112	—	—	112
Cost of Formula 1 revenue		—	—	729	729
Subscriber acquisition costs		181	—	—	181
Other operating expenses		139	198	—	337
Selling, general and administrative		823	55	124	1,002
Impairment, restructuring and acquisition costs, net of recoveries		1	—	—	1
Depreciation and amortization		304	35	183	522
		3,484	288	1,036	4,808
Operating income (loss)		956	(5)	68	1,019
Other income (expense):
Interest expense		(247)	(12)	(59)	(318)
Share of earnings (losses) of affiliates, net		36	12	(1)	47
Realized and unrealized gains (losses) on financial instruments, net		357	6	76	439
Unrealized gains (losses) on intergroup interest (note 1)		(15)	36	(21)	—
Other, net		24	21	22	67
		155	63	17	235
Earnings (loss) before income taxes		1,111	58	85	1,254
Income tax (expense) benefit		(269)	(7)	(8)	(284)
Net earnings (loss)		842	51	77	970
Less net earnings (loss) attributable to the noncontrolling interests		107	—	11	118
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	(10)	(10)
Net earnings (loss) attributable to Liberty stockholders	$	735	51	76	862

8

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2021

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	4,217	—	—	4,217
Formula 1 revenue		—	—	681	681
Other revenue		—	232	—	232
Total revenue		4,217	232	681	5,130
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,303	—	—	1,303
Programming and content		265	—	—	265
Customer service and billing		244	—	—	244
Other		110	—	—	110
Cost of Formula 1 revenue		—	—	482	482
Subscriber acquisition costs		175	—	—	175
Other operating expenses		130	162	—	292
Selling, general and administrative		720	45	90	855
Impairment, restructuring and acquisition costs, net of recoveries		108	—	—	108
Depreciation and amortization		299	34	199	532
		3,354	241	771	4,366
Operating income (loss)		863	(9)	(90)	764
Other income (expense):
Interest expense		(243)	(12)	(61)	(316)
Share of earnings (losses) of affiliates, net		(183)	11	29	(143)
Realized and unrealized gains (losses) on financial instruments, net		—	1	105	106
Unrealized gains (losses) on intergroup interests (note 1)		32	(27)	(5)	—
Other, net		19	—	9	28
		(375)	(27)	77	(325)
Earnings (loss) before income taxes		488	(36)	(13)	439
Income tax (expense) benefit		(18)	2	91	75
Net earnings (loss)		470	(34)	78	514
Less net earnings (loss) attributable to the noncontrolling interests		144	—	16	160
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	53	53
Net earnings (loss) attributable to Liberty stockholders	$	326	(34)	9	301

9

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2022

(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)	$	842	51	77	970
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		304	35	183	522
Stock-based compensation		99	6	7	112
Share of (earnings) loss of affiliates, net		(36)	(12)	1	(47)
Unrealized (gains) losses on intergroup interests, net		15	(36)	21	—
Realized and unrealized (gains) losses on financial instruments, net		(357)	(6)	(76)	(439)
Deferred income tax expense (benefit)		161	(6)	26	181
Intergroup tax allocation		65	13	(78)	—
Intergroup tax (payments) receipts		(42)	9	33	—
Other charges (credits), net		(13)	(11)	(10)	(34)
Changes in operating assets and liabilities
Current and other assets		11	(8)	(117)	(114)
Payables and other liabilities		(162)	65	167	70
Net cash provided (used) by operating activities		887	100	234	1,221
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(1)	(5)	(3)	(9)
Cash proceeds from dispositions		50	47	51	148
Cash (paid) received for acquisitions, net of cash acquired		(137)	—	—	(137)
Capital expended for property and equipment, including internal-use software and website development		(196)	(8)	(251)	(455)
Other investing activities, net		4	—	74	78
Net cash provided (used) by investing activities		(280)	34	(129)	(375)
Cash flows from financing activities:
Borrowings of debt		2,634	40	—	2,674
Repayments of debt		(2,320)	(138)	(243)	(2,701)
Liberty stock repurchases		(319)	—	(37)	(356)
Subsidiary shares repurchased by subsidiary		(415)	—	—	(415)
Cash dividends paid by subsidiary		(217)	—	—	(217)
Taxes paid in lieu of shares issued for stock-based compensation		(71)	—	26	(45)
Other financing activities, net		(3)	(7)	27	17
Net cash provided (used) by financing activities		(711)	(105)	(227)	(1,043)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(8)	(8)
Net increase (decrease) in cash, cash equivalents and restricted cash		(104)	29	(130)	(205)
Cash, cash equivalents and restricted cash at beginning of period		606	244	2,074	2,924
Cash, cash equivalents and restricted cash at end of period	$	502	273	1,944	2,719

10

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2021

(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)	$	470	(34)	78	514
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		299	34	199	532
Stock-based compensation		104	6	13	123
Non-cash impairment and restructuring costs		245	—	—	245
Share of (earnings) loss of affiliates, net		183	(11)	(29)	143
Unrealized (gains) losses on intergroup interests, net		(32)	27	5	—
Realized and unrealized (gains) losses on financial instruments, net		—	(1)	(105)	(106)
Deferred income tax expense (benefit)		(13)	(3)	(85)	(101)
Intergroup tax allocation		2	2	(4)	—
Other charges (credits), net		(2)	3	2	3
Changes in operating assets and liabilities
Current and other assets		(90)	2	(88)	(176)
Payables and other liabilities		(291)	23	326	58
Net cash provided (used) by operating activities		875	48	312	1,235
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(61)	—	(124)	(185)
Investment of subsidiary initial public offering proceeds into trust account		—	—	(575)	(575)
Cash proceeds from dispositions		—	2	167	169
Cash (paid) received for acquisitions, net of cash acquired		(14)	—	—	(14)
Capital expended for property and equipment, including internal-use software and website development		(164)	(19)	(7)	(190)
Other investing activities, net		4	—	37	41
Net cash provided (used) by investing activities		(235)	(17)	(502)	(754)
Cash flows from financing activities:
Borrowings of debt		3,722	72	—	3,794
Repayments of debt		(2,270)	(53)	(190)	(2,513)
Liberty stock repurchases		(243)	—	—	(243)
Subsidiary shares repurchased by subsidiary		(856)	—	—	(856)
Cash dividends paid by subsidiary		(28)	—	—	(28)
Taxes paid in lieu of shares issued for stock-based compensation		(44)	—	(1)	(45)
Proceeds from initial public offering of subsidiary		—	—	575	575
Settlement of intergroup call spread		(384)	—	384	—
Other financing activities, net		5	(4)	(35)	(34)
Net cash provided (used) by financing activities		(98)	15	733	650
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(2)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash		542	46	541	1,129
Cash, cash equivalents and restricted cash at beginning of period		1,008	185	1,684	2,877
Cash, cash equivalents and restricted cash at end of period	$	1,550	231	2,225	4,006

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, LLC (“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.

As of June 30, 2022, 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 2.75% Exchangeable Senior Debentures due 2049, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 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 June 30, 2022. As of June 30, 2022, the Liberty SiriusXM Group has cash and cash equivalents of approximately $494 million, which includes $126 million of subsidiary cash.

As of June 30, 2022, the Braves Group is primarily comprised of our consolidated subsidiary, 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 June 30, 2022, the Braves Group has cash and cash equivalents of approximately $207 million, which includes $117 million of subsidiary cash.

As of June 30, 2022, 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 interests in Formula 1 and Liberty Media Acquisition Corporation, cash, an intergroup interest in the Braves Group and Liberty’s 1% Cash Convertible Notes due 2023. As of June 30, 2022, the Formula One Group has cash and cash equivalents of approximately $1,944 million, which includes $935 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 11.0% intergroup interest at June 30, 2022. 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 3.7% intergroup interest at June 30, 2022. 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 June 30, 2022. 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

12

Notes to Attributed Financial Information (Continued)

(unaudited)

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 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.

For information relating to investments in affiliates accounted for using the equity method and debt, see notes 6 and 8, 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. 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 June 30, 2022 and December 31, 2021 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 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.

13

XML

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	2022
Document Fiscal Period Focus	Q2
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		98,094,012
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		9,802,232
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		218,807,352
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		10,313,935
Liberty Braves Group Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		981,262
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		41,568,618
Liberty Formula One Group Common Class A
Document Information [Line Items]
Title of 12(b) Security	Series A Liberty Formula One Common Stock
Trading Symbol	FWONA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		23,974,078
Liberty Formula One Group Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,445,666
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		206,459,829

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,645	$ 2,814
Trade and other receivables, net	823	828
Other current assets	658	1,170
Total current assets	4,126	4,812
Investments in affiliates, accounted for using the equity method	966	945
Property and equipment, at cost	4,339	4,027
Accumulated depreciation	(2,113)	(2,017)
Property and equipment, net	2,226	2,010
Intangible assets not subject to amortization:
Goodwill	19,341	19,248
FCC licenses	8,600	8,600
Other	1,366	1,385
Intangible assets not subject to amortization	29,307	29,233
Intangible assets subject to amortization, net	4,545	4,797
Other assets	2,590	2,554
Total assets	43,760	44,351
Current liabilities:
Accounts payable and accrued liabilities	1,714	1,832
Current portion of debt	911	2,891
Deferred revenue	1,989	1,790
Other current liabilities	95	97
Total current liabilities	4,709	6,610
Long-term debt	16,971	15,699
Deferred income tax liabilities	2,253	2,218
Other liabilities	894	987
Total liabilities	24,827	25,514
Redeemable noncontrolling interests in equity of subsidiary	576	575
Stockholders' equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued
Additional paid-in capital	1,527	1,954
Accumulated other comprehensive earnings (loss), net of taxes	31	(5)
Retained earnings	13,613	12,718
Total stockholders' equity	15,176	14,672
Noncontrolling interests in equity of subsidiaries	3,181	3,590
Total equity	18,357	18,262
Commitments and contingencies
Total liabilities and equity	43,760	44,351
Liberty Sirius XM Group Common Class A
Stockholders' equity:
Common stock value	1	1
Liberty Braves Group Common Class A
Stockholders' equity:
Common stock value
Liberty Formula One Group Common Class A
Stockholders' equity:
Common stock value
Liberty Sirius XM Group Common Class B
Stockholders' equity:
Common stock value
Liberty Braves Group Common Class B
Stockholders' equity:
Common stock value
Liberty Formula One Group Common Class B
Stockholders' equity:
Common stock value
Liberty Sirius Xm Group Common Class C
Stockholders' equity:
Common stock value	2	2
Liberty Braves Group Common Class C
Stockholders' equity:
Common stock value
Liberty Formula One Group Common Class C
Stockholders' equity:
Common stock value	$ 2	$ 2

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current portion of debt, measured at fair value	$ 803	$ 2,850
Long-term debt, measured at fair value	$ 2,778	$ 2,372
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 Sirius XM 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	98,323,712	101,623,360
Common stock, shares outstanding	98,323,712	101,623,360
Liberty 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	10,313,859	10,313,703
Common stock, shares outstanding	10,313,859	10,313,703
Liberty 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	23,974,078	24,638,242
Common stock, shares outstanding	23,974,078	24,638,242
Liberty Sirius XM 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	9,802,232	9,802,232
Common stock, shares outstanding	9,802,232	9,802,232
Liberty 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	981,338	981,494
Common stock, shares outstanding	981,338	981,494
Liberty 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	2,445,666	2,445,895
Common stock, shares outstanding	2,445,666	2,445,895
Liberty Sirius Xm 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	219,326,052	222,874,721
Common stock, shares outstanding	219,326,052	222,874,721
Liberty 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	41,568,618	41,494,524
Common stock, shares outstanding	41,568,618	41,494,524
Liberty 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	206,317,229	205,107,088
Common stock, shares outstanding	206,317,229	205,107,088

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Total revenue	$ 3,258	$ 2,876	$ 5,827	$ 5,130
Operating costs and expenses, including stock-based compensation:
Subscriber acquisition costs	91	89	181	175
Other operating expense	247	208	337	292
Selling, general and administrative	520	445	1,002	855
Impairment, restructuring and acquisition costs, net of recoveries	1	(137)	1	108
Depreciation and amortization	262	268	522	532
Total operating costs and expenses	2,702	2,254	4,808	4,366
Operating income (loss)	556	622	1,019	764
Other income (expense):
Interest expense	(161)	(158)	(318)	(316)
Share of earnings (losses) of affiliates, net	61	(48)	47	(143)
Realized and unrealized gains (losses) on financial instruments, net	380	155	439	106
Other, net	22	13	67	28
Total other income (expense)	302	(38)	235	(325)
Earnings (loss) before income taxes	858	584	1,254	439
Income tax (expense) benefit	(184)	(56)	(284)	75
Net earnings (loss)	674	528	970	514
Less net earnings (loss) attributable to the noncontrolling interests	53	111	118	160
Less net earnings (loss) attributable to redeemable noncontrolling interest	(1)		(10)	53
Net earnings (loss) attributable to Liberty stockholders	622	417	862	301
Liberty SiriusXM Group
Other income (expense):
Net earnings (loss) attributable to Liberty stockholders	$ 447	$ 337	$ 735	$ 326
Basic net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, basic earnings loss per share	$ 1.36	$ 1.01	$ 2.23	$ 0.97
Diluted net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, diluted earnings loss per share	$ 1.24	$ 1.00	$ 2.06	$ 0.96
Braves Group
Other income (expense):
Net earnings (loss) attributable to Liberty stockholders	$ 64	$ 25	$ 51	$ (34)
Basic net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, basic earnings loss per share	$ 1.21	$ 0.48	$ 0.96	$ (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	$ 0.47	$ 0.39	$ 0.24	$ (0.65)
Formula One Group
Other income (expense):
Net earnings (loss) attributable to Liberty stockholders	$ 111	$ 55	$ 76	$ 9
Basic net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, basic earnings loss per share	$ 0.48	$ 0.24	$ 0.33	$ 0.04
Diluted net earnings (loss) attributable to Liberty stockholders per common share
Series A, B and C common stock, diluted earnings loss per share	$ 0.35	$ 0.24	$ 0.29	$ 0.04
Sirius XM Holdings Revenue
Revenue:
Total revenue	$ 2,254	$ 2,159	$ 4,440	$ 4,217
Revenue Share And Royalties
Operating costs and expenses, including stock-based compensation:
Cost of services	711	663	1,381	1,303
Programming and content expense
Operating costs and expenses, including stock-based compensation:
Cost of services	152	135	292	265
Customer service and billing
Operating costs and expenses, including stock-based compensation:
Cost of services	126	127	251	244
Other cost of subscriber services
Operating costs and expenses, including stock-based compensation:
Cost of services	58	58	112	110
Primary Formula 1
Revenue:
Total revenue	744	501	1,104	681
Operating costs and expenses, including stock-based compensation:
Cost of services	534	398	729	482
Other.
Revenue:
Total revenue	$ 260	$ 216	$ 283	$ 232

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Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net earnings (loss)	$ 674	$ 528	$ 970	$ 514
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	(23)	10	(14)	14
Credit risk on fair value debt instruments gains (losses)	50	(5)	55	(53)
Unrealized holding gains (losses) arising during the period			4	(1)
Share of other comprehensive earnings (loss) of equity affiliates	(9)	2	4	3
Recognition of previously unrealized (gains) losses on debt	(3)	(1)	(14)	(1)
Comprehensive earnings (loss)	689	534	1,005	476
Less comprehensive earnings (loss) attributable to the noncontrolling interests	50	113	117	163
Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest	(1)		(10)	53
Comprehensive earnings (loss) attributable to Liberty stockholders	640	421	898	260
Liberty SiriusXM Group
Net earnings (loss)	498	432	842	470
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) attributable to Liberty stockholders	473	341	777	293
Braves Group
Net earnings (loss)	64	25	51	(34)
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) attributable to Liberty stockholders	64	25	55	(35)
Formula One Group
Net earnings (loss)	112	71	77	78
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) attributable to Liberty stockholders	$ 103	$ 55	$ 66	$ 2

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net earnings (loss)	$ 970	$ 514
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	522	532
Stock-based compensation	112	123
Non-cash impairment and restructuring costs		245
Share of (earnings) loss of affiliates, net	(47)	143
Realized and unrealized (gains) losses on financial instruments, net	(439)	(106)
Deferred income tax expense (benefit)	181	(101)
Other, net	(34)	3
Changes in operating assets and liabilities
Current and other assets	(114)	(176)
Payables and other liabilities	70	58
Net cash provided (used) by operating activities	1,221	1,235
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities	(9)	(185)
Investment of subsidiary initial public offering proceeds into trust account		(575)
Cash proceeds from dispositions	148	169
Cash (paid) received for acquisitions, net of cash acquired	(137)	(14)
Capital expended for property and equipment, including internal-use software and website development	(455)	(190)
Other investing activities, net	78	41
Net cash provided (used) by investing activities	(375)	(754)
Cash flows from financing activities:
Borrowings of debt	2,674	3,794
Repayments of debt	(2,701)	(2,513)
Liberty stock repurchases	(356)	(243)
Subsidiary shares repurchased by subsidiary	(415)	(856)
Cash dividends paid by subsidiary	(217)	(28)
Taxes paid in lieu of shares issued for stock-based compensation	(45)	(45)
Proceeds from initial public offering of subsidiary		575
Other financing activities, net	17	(34)
Net cash provided (used) by financing activities	(1,043)	650
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(8)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash	(205)	1,129
Cash, cash equivalents and restricted cash at beginning of period	2,924	2,877
Cash, cash equivalents and restricted cash at end of period	$ 2,719	$ 4,006

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Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Statements of Cash Flows
Cash and cash equivalents	$ 2,645	$ 2,814
Restricted cash included in other current assets	$ 56	$ 88
Restricted cash, current - location	Other current assets	Other current assets
Restricted cash included in other assets	$ 18	$ 22
Restricted cash, noncurrent - location	Other assets	Other assets
Total cash and cash equivalents and restricted cash at end of period	$ 2,719	$ 2,924

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Condensed Consolidated Statement of Equity - USD ($) $ in Millions	Liberty SiriusXM Group Common Stock Common Class A	Liberty SiriusXM Group Common Stock Series C	Formula One Group Common Stock Series C	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest	Total
Balance at Dec. 31, 2020	$ 1	$ 2	$ 2	$ 2,688	$ 78	$ 12,320	$ 4,510	$ 19,601
Stockholders' equity rollforward
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest)						301	160	461
Other comprehensive earnings (loss)					(41)		3	(38)
Stock-based compensation				106			24	130
Withholding taxes on net share settlements of stock-based compensation				(45)				(45)
Liberty stock repurchases				(243)				(243)
Shares repurchased by subsidiary				(230)			(614)	(844)
Shares issued by subsidiary				(58)			64	6
Dividends paid by subsidiary							(28)	(28)
Other, net				7			1	8
Balance at Jun. 30, 2021	1	2	2	2,225	37	12,621	4,120	19,008
Balance at Mar. 31, 2021	1	2	2	2,428	33	12,204	4,228	18,898
Stockholders' equity rollforward
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest)						417	111	528
Other comprehensive earnings (loss)					4		2	6
Stock-based compensation				54			10	64
Withholding taxes on net share settlements of stock-based compensation				(23)				(23)
Liberty stock repurchases				(136)				(136)
Shares repurchased by subsidiary				(92)			(236)	(328)
Shares issued by subsidiary				(13)			19	6
Dividends paid by subsidiary							(14)	(14)
Other, net				7				7
Balance at Jun. 30, 2021	1	2	2	2,225	37	12,621	4,120	19,008
Balance at Dec. 31, 2021	1	2	2	1,954	(5)	12,718	3,590	18,262
Stockholders' equity rollforward
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest)						862	107	969
Other comprehensive earnings (loss)					36		(1)	35
Stock-based compensation				102			19	121
Withholding taxes on net share settlements of stock-based compensation				(45)				(45)
Liberty stock repurchases				(356)				(356)
Shares repurchased by subsidiary				(110)			(307)	(417)
Shares issued by subsidiary				(23)			23
Dividends paid by subsidiary							(217)	(217)
Other, net				5		33	(33)	5
Balance at Jun. 30, 2022	1	2	2	1,527	31	13,613	3,181	18,357
Balance at Mar. 31, 2022	1	2	2	1,654	13	12,991	3,290	17,953
Stockholders' equity rollforward
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest)						622	51	673
Other comprehensive earnings (loss)					18		(3)	15
Stock-based compensation				52			9	61
Withholding taxes on net share settlements of stock-based compensation				(10)				(10)
Liberty stock repurchases				(117)				(117)
Shares repurchased by subsidiary				(60)			(157)	(217)
Shares issued by subsidiary				(8)			8
Dividends paid by subsidiary							(16)	(16)
Other, net				16			(1)	15
Balance at Jun. 30, 2022	$ 1	$ 2	$ 2	$ 1,527	$ 31	$ 13,613	$ 3,181	$ 18,357

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Basis of Presentation

6 Months Ended

Jun. 30, 2022

Basis of Presentation

(1)   Basis of Presentation

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

Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries primarily in North America and the United Kingdom. Liberty’s significant subsidiaries include Sirius XM Holdings Inc. ("Sirius XM Holdings"), Delta Topco Limited (the parent company of Formula 1) 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, 2021, 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, 2021.

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.

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”) and Liberty Media Acquisition Corporation (“LMAC”), all of which are separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others, other than Liberty’s equity interests in LMAC. 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 each of Qurate Retail and Liberty Broadband, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Qurate Retail, TripCo, Liberty Broadband and LMAC with general and administrative

services including legal, tax, accounting, treasury and investor relations support. Qurate Retail, TripCo and Liberty Broadband reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services and, in the case of Qurate Retail, Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. TripCo, Liberty Broadband and LMAC reimburse Liberty for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities at its corporate headquarters with Qurate Retail, TripCo, Liberty Broadband and LMAC at Liberty’s corporate headquarters. Under these various agreements, approximately $6 million and $8 million of these allocated expenses were reimbursed to Liberty during the three months ended June 30, 2022 and 2021, respectively, and $12 million and $13 million were reimbursed to Liberty during the six months ended June 30, 2022 and 2021, respectively.

In December 2019, each of TripCo, Liberty Broadband 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 are either paid directly to him by each Service Company or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the respective 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 December each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year.

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

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Tracking Stocks

6 Months Ended

Jun. 30, 2022

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, Liberty Braves Group (the “Braves Group”) and the Liberty Formula One Group (the “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 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.

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 June 30, 2022, 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 Senior Notes due 2023 (the “Convertible Notes”) and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and margin loan obligations incurred by wholly-owned special purpose

subsidiaries of Liberty. The Liberty SiriusXM Group retains intergroup interests in the Formula One Group and the Braves Group as of June 30, 2022. As of June 30, 2022, the Liberty SiriusXM Group has cash and cash equivalents of approximately $494 million, which includes $126 million of subsidiary cash. During the six months ended June 30, 2022, Sirius XM Holdings declared quarterly dividends and a special dividend and paid in cash an aggregate amount of $1,159 million, of which Liberty received $942 million. On July 14, 2022, Sirius XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.0219615 per share of common stock payable on August 31, 2022 to stockholders of record as of the close of business on August 5, 2022.

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 June 30, 2022, the Braves Group is comprised primarily of Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC” or the “Atlanta Braves”) 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 June 30, 2022. As of June 30, 2022, the Braves Group has cash and cash equivalents of approximately $207 million, which includes $117 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 June 30, 2022, 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 interests in Formula 1 and LMAC, cash, an intergroup interest in the Braves Group and Liberty’s 1% Cash Convertible Notes due 2023. The Liberty SiriusXM Group retains an intergroup interest in the Formula One Group. As of June 30, 2022, the Formula One Group has cash and cash equivalents of approximately $1,944 million, which includes $935 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 11.0% intergroup interest at June 30, 2022. 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 3.7% intergroup interest at June 30, 2022. 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 June 30, 2022. 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.

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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Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Stock-Based Compensation

(3)   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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Cost of Sirius XM Holdings services:
Programming and content	$	8	8	16	16
Customer service and billing		2	2	3	3
Other		2	2	3	3
Other operating expense		9	7	17	17
Selling, general and administrative		36	41	73	84
	$	57	60	112	123

Liberty—Grants of Awards

Options granted during the six months ended June 30, 2022 are summarized as follows:

	Six Months Ended
	June 30, 2022
	Options	Weighted
	granted	average
	(000's)	GDFV
Series C Liberty SiriusXM common stock, Liberty CEO (1)	212	$	14.45
Series C Liberty Formula One common stock, Liberty CEO (1)	181	$	21.31
Series C Liberty Formula One common stock, Formula 1 employees (2)	86	$	21.31
Series C Liberty Braves common stock, Liberty CEO (1)	95	$	9.16

(1) Grants cliff vest on December 30, 2022. Grants were made in connection with the CEO’s employment agreement.

(2) Grants vest in equal quarterly installments over 2022.

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 six months ended June 30, 2022.

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 C
				Weighted		Aggregate
				average		intrinsic
	Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2022	7,369	$	38.79
Granted	212	$	44.80
Exercised	(441)	$	31.25
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2022	7,140	$	39.43	3.2	years	$	9
Exercisable at June 30, 2022	4,774	$	36.87	2.3	years	$	9

Liberty Braves

	Series C
				Weighted		Aggregate
				average		intrinsic
	Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2022	3,125	$	25.86
Granted	95	$	25.49
Exercised	(63)	$	18.14
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2022	3,157	$	26.00	4.8	years	$	2
Exercisable at June 30, 2022	586	$	20.85	2.3	years	$	2

Liberty Formula One

	Series C
				Weighted		Aggregate
				average		intrinsic
	Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2022	9,114	$	34.38
Granted	267	$	57.67
Exercised	(1,184)	$	31.63
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2022	8,197	$	35.54	4.1	years	$	229
Exercisable at June 30, 2022	6,367	$	32.75	3.8	years	$	196

As of June 30, 2022, there were no outstanding options to purchase shares of Series A Liberty SiriusXM or Liberty Formula One common stock, and there were no outstanding options to purchase shares of Series B Liberty SiriusXM, Liberty Braves or Liberty Formula One common stock.

As of June 30, 2022, Liberty Braves had 1 thousand Series A options outstanding and exercisable at a WAEP of $12.35, with a weighted average remaining contractual life of 0.5 years.  

As of June 30, 2022, the total unrecognized compensation cost related to unvested Awards was approximately $44 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 1.7 years.

As of June 30, 2022, Liberty reserved 7.1 million, 3.2 million and 8.2 million shares of Series A and Series C common stock, as applicable, 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 six months ended June 30, 2022. As of June 30, 2022, Sirius XM Holdings has approximately 156 million options outstanding of which approximately 98 million are exercisable, each with a WAEP per share of $5.35 and $4.92, respectively. The aggregate intrinsic value of Sirius XM Holdings options outstanding and exercisable as of June 30, 2022 is $138 million and $128 million, respectively. During the six months ended June 30, 2022, Sirius XM Holdings granted approximately 15 million nonvested RSUs with a GDFV per share of $6.78. Stock-based compensation expense related to Sirius XM Holdings was $47 million for both of three months ended June 30, 2022 and 2021, and $92 million and $98 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, 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 2.3 years.

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Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

(4)   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.

In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) which removes the separation models for convertible debt with cash conversion or beneficial conversion features and also requires the application of the if-converted method for calculating diluted earnings per share as the treasury stock method is no longer permitted for convertible instruments. The Company adopted ASU 2020-06 as of January 1, 2022 using the modified retrospective approach, which does not require retrospective adjustment of prior period EPS, and recorded an immaterial cumulative effect adjustment to retained earnings upon adoption. The adoption of ASU 2020-06 decreased diluted earnings attributable to Liberty SiriusXM stockholders per common share by $0.12 and $0.15 per share for the three and six months ended June 30, 2022, respectively.

Excluded from diluted EPS for the three and six months ended June 30, 2022 are approximately 25 million and 22 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, respectively, 5 million and 9 million potentially dilutive shares of Series A and Series C Liberty Braves common stock, respectively, and 5 million and

8 million potentially dilutive shares of Series A and Series C Liberty Formula One common stock, respectively, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined in note 8) and shares of Series A Liberty Braves common stock and Series A Liberty Formula One common stock underlying the intergroup interests, because their inclusion would be antidilutive. The warrant transactions (as described in note 8) 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 are attributed to the Liberty SiriusXM Group.

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 June 30,			Six months ended June 30,
	2022		2021	2022	2021
		numbers of shares in millions
Basic WASO		329	335	330	336
Potentially dilutive shares (a)		19	2	20	2
Diluted WASO (b)		348	337	350	338

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

(b) For periods in which share settlement of the 2.125% Exchangeable Senior Debentures and 2.75% Exchangeable Senior Debentures, which may be settled in shares of Series C Liberty SiriusXM common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty SiriusXM common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		amounts in millions
Basic earnings (loss) attributable to Liberty SiriusXM stockholders	$	447	337	735	326
Adjustments		(14)	NA	(13)	NA
Diluted earnings (loss) attributable to Liberty SiriusXM stockholders	$	433	337	722	326

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 June 30,			Six months ended June 30,
	2022		2021	2022	2021
		numbers of shares in millions
Basic WASO		53	52	53	52
Potentially dilutive shares (a)(b)		9	9	9	9
Diluted WASO (b)		62	61	62	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) 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 June 30, 2022.

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 Convertible Notes. 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, if dilutive, 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. For periods in which share settlement of the intergroup interests are dilutive, an adjustment is 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. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty Braves common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		amounts in millions
Basic earnings (loss) attributable to Liberty Braves stockholders	$	64	25	51	(34)
Adjustments		(35)	(1)	(36)	27
Diluted earnings (loss) attributable to Liberty Braves stockholders	$	29	24	15	(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 June 30,			Six months ended June 30,
	2022		2021	2022	2021
		numbers of shares in millions
Basic WASO		232	232	232	232
Potentially dilutive shares (a)(b)		9	8	9	8
Diluted WASO (b)		241	240	241	240

(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 Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of June 30, 2022. 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 Liberty Formula One common stock underlie the Convertible Notes.  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, if dilutive, 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. For periods in which share settlement of the intergroup interest is dilutive, an adjustment is 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. Additionally, an adjustment is also made to the numerator for a hypothetical mark to market adjustment on the shares of Series A Liberty Formula One common stock included in the Securities Basket underlying the warrants in periods in which cash settlement would be more dilutive than share settlement.

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		amounts in millions
Basic earnings (loss) attributable to Formula One stockholders	$	111	55	76	9
Adjustments		(27)	24	(7)	25
Diluted earnings (loss) attributable to Formula One stockholders	$	84	79	69	34

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Assets and Liabilities Measured at Fair Value

6 Months Ended

Jun. 30, 2022

Assets and Liabilities Measured at Fair Value

(5)   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
	June 30, 2022				December 31, 2021
			Quoted			Quoted
			prices			prices
			in active	Significant		in active	Significant
			markets	other		markets	other
			for identical	observable		for identical	observable
			assets	inputs		assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)
	amounts in millions
Cash equivalents	$	2,276	2,276	—	2,436	2,436	—
Investment in trust account	$	576	576	—	575	575	—
Debt and equity securities	$	106	106	—	217	217	—
Financial instrument assets	$	404	83	321	640	99	541
Debt	$	3,581	—	3,581	5,222	—	5,222
Financial instrument liabilities	$	6	6	—	59	20	39

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. Investments in the trust account and debt and equity securities included in the table above are included in the Other assets line item in the condensed consolidated balance sheets. As of June 30, 2022, $1 million and $403 million of financial instrument assets included in the table above are included in the Other current assets and Other assets line items, respectively, in the condensed consolidated balance sheet. As of December 31, 2021, $527 million and $113 million of financial instrument assets included in the table above are included in the Other current assets and Other assets line items, respectively, in the condensed consolidated balance sheet.

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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Debt and equity securities	$	(7)	167	(12)	216
Debt measured at fair value (a)		577	(71)	646	(184)
Change in fair value of bond hedges (b)		(201)	46	(269)	59
Other		11	13	74	15
	$	380	155	439	106

(a) The Company elected to account for its exchangeable senior debentures and cash convertible notes (as described in note 8) 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 gain of $52 million and a loss of $8 million for the three months ended June 30, 2022 and 2021, respectively, and a gain of $41 million and a loss of $68 million for the six months ended June 30, 2022 and 2021, respectively, and the cumulative change since issuance was a gain of $109 million as of June 30, 2022, net of the recognition of previously unrecognized gains and losses.

(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 8 for additional discussion of the bond hedges.

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Investments In Affiliates Accounted For Using The Equity Method

6 Months Ended

Jun. 30, 2022

Investments In Affiliates Accounted For Using The Equity Method

(6)   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 June 30, 2022 and the carrying amount at December 31, 2021:

	June 30, 2022						December 31, 2021
	Percentage		Fair Value		Carrying		Carrying
	ownership		(Level 1)		amount		amount
	dollar amounts in millions
Liberty SiriusXM Group
Live Nation (a)	31	%	$	5,751	$	112	89
Sirius XM Canada	70	%	$	NA		639	642
Other				NA		72	74
Total Liberty SiriusXM Group						823	805
Braves Group
Other	various			NA		115	110
Total Braves Group						115	110
Formula One Group
Other	various			NA		28	30
Total Formula One Group						28	30
Consolidated Liberty					$	966	945

(a) See note 8 for details regarding the number and fair value of shares pledged as collateral as of June 30, 2022 pursuant to Liberty’s margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”).

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

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Live Nation	$	54	(67)	33	(178)
Sirius XM Canada		3	3	6	7
Other		(3)	(6)	(3)	(12)
Total Liberty SiriusXM Group		54	(70)	36	(183)
Braves Group
Other		8	8	12	11
Total Braves Group		8	8	12	11
Formula One Group
Other		(1)	14	(1)	29
Total Formula One Group		(1)	14	(1)	29
Consolidated Liberty	$	61	(48)	47	(143)

Sirius XM Canada

As of June 30, 2022, 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.

On March 15, 2022, Sirius XM Holdings and Sirius XM Canada entered into an amended and restated services and distribution agreement which modified the existing Services Agreement and terminated the existing Advisory Agreement, each dated as of May 25, 2017. Pursuant to the amended and restated services and distribution agreement, the fee payable by Sirius XM Canada to Sirius XM Holdings was modified from a fixed percentage of revenue to a variable fee, based on a target operating profit for Sirius XM Canada. Such variable fee is expected to be evaluated annually based on comparable companies. In accordance with the amended and restated services and distribution agreement, the fee is payable on a monthly basis, in arrears, beginning January 1, 2022.  

In May 2017, Sirius XM Holdings extended a loan to Sirius XM Canada in the principal amount of $131 million.  In connection with the execution of the amended and restated services and distribution agreement, Sirius XM Holdings forgave $113 million in principal amount of such loan to Sirius XM Canada, leaving an outstanding principal amount of $8 million on such loan as of June 30, 2022. The principal amount that was forgiven by Sirius XM Holdings was considered satisfied as contributed capital to Sirius XM Canada.

Sirius XM Holdings has approximately $19 million in related party current assets as of June 30, 2022. Sirius XM Holdings recorded approximately $28 million and $25 million in revenue during the three months ended June 30, 2022 and 2021, respectively, and $55 million and $50 million in revenue during the six months ended June 30, 2022 and 2021, respectively, associated with these various agreements. Sirius XM Canada paid gross dividends to Sirius XM Holdings of less than $1 million during the three months ended June 30, 2021 and less than $1 million and $1 million during the six months ended June 30, 2022 and 2021, respectively.

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 ad sales representative in the U.S. and certain European countries. Through this arrangement, Pandora offers advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $14 million for each of the three months ended June 30, 2022 and 2021, and $27 million for each of the six months ended June 30, 2022 and 2021. Sirius XM Holdings also had related party liabilities of $18 million as of June 30, 2022 related to this agreement.

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Intangible Assets

6 Months Ended

Jun. 30, 2022

Intangible Assets

(7)   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, 2022	$	15,112	3,956	180	19,248
Acquisitions (a)		97	—	—	97
Other		—	—	(4)	(4)
Balance at June 30, 2022	$	15,209	3,956	176	19,341

(a) Sirius XM Holdings recorded goodwill related to acquisitions in January 2022 and May 2022.

Intangible Assets Subject to Amortization

	June 30, 2022				December 31, 2021
	Gross			Net	Gross		Net
	carrying		Accumulated	carrying	carrying	Accumulated	carrying
	amount		amortization	amount	amount	amortization	amount
	amounts in millions
FIA Agreement	$	3,630	(1,031)	2,599	3,630	(936)	2,694
Customer relationships		3,054	(1,809)	1,245	3,053	(1,679)	1,374
Licensing agreements		359	(257)	102	355	(243)	112
Other		2,066	(1,467)	599	1,933	(1,316)	617
Total	$	9,109	(4,564)	4,545	8,971	(4,174)	4,797

Amortization expense for intangible assets with finite useful lives was $196 million and $202 million for the three months ended June 30, 2022 and 2021, respectively, and $391 million and $401 million for the six months ended June 30, 2022 and 2021, respectively. Based on its amortizable intangible assets as of June 30, 2022, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):

Remainder of 2022	$	385
2023	$	745
2024	$	419
2025	$	366
2026	$	349

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Long-Term Debt

6 Months Ended

Jun. 30, 2022

Long-Term Debt

(8) Long-Term Debt

Debt is summarized as follows:

	Outstanding		Carrying value
	Principal		June 30,		December 31,
	June 30, 2022		2022		2021
	amounts in millions
Liberty SiriusXM Group
Corporate level notes and loans:
1.375% Cash Convertible Senior Notes due 2023 (1)	$	1,000		1,182	1,540
2.125% Exchangeable Senior Debentures due 2048 (1)		387		387	416
2.25% Exchangeable Senior Debentures due 2048 (1)		—		—	644
2.75% Exchangeable Senior Debentures due 2049 (1)		586		565	624
0.5% Exchangeable Senior Debentures due 2050 (1)		920		1,031	1,332
Sirius XM Holdings Margin Loan		875		875	875
Live Nation Margin Loan		—		—	—
Subsidiary notes and loans:
Sirius XM 3.125% Senior Notes due 2026		1,000		991	990
Sirius XM 5.0% Senior Notes due 2027		1,500		1,492	1,491
Sirius XM 4.0% Senior Notes due 2028		2,000		1,980	1,979
Sirius XM 5.50% Senior Notes due 2029		1,250		1,240	1,239
Sirius XM 4.125% Senior Notes due 2030		1,500		1,486	1,485
Sirius XM 3.875% Senior Notes due 2031		1,500		1,484	1,484
Pandora 1.75% Convertible Senior Notes due 2023		193		193	177
Sirius XM Senior Secured Revolving Credit Facility		510		510	—
Sirius XM Incremental Term Loan		500		500	—
Deferred financing costs				(13)	(14)
Total Liberty SiriusXM Group		13,721		13,903	14,262
Braves Group
Subsidiary notes and loans:
Notes and loans		602		602	700
Deferred financing costs				(3)	(3)
Total Braves Group		602		599	697
Formula One Group
Corporate level notes and loans:
1% Cash Convertible Notes due 2023 (1)		240		416	666
Other		66		66	69
Subsidiary notes and loans:
Senior Loan Facility		2,902		2,902	2,902
Deferred financing costs				(4)	(6)
Total Formula One Group		3,208		3,380	3,631
Total debt	$	17,531		17,882	18,590
Debt classified as current				(911)	(2,891)
Total long-term debt			$	16,971	15,699

(1) Measured at fair value

1.375% Cash Convertible Senior 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.

Since the date of issuance, the conversion, adjustment and other provisions of the indenture have been amended to give effect to certain transactions. The consideration due upon conversion of any Convertible Note shall be determined based on the Securities Basket, consisting of 0.1087 of a share of Series A Liberty Braves common stock, 1.0163 shares of Series A Liberty SiriusXM common stock and 0.25 of a share of Series A Liberty Formula One common stock as of June 30, 2022.

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 5 for information related to unrealized gains (losses) on debt measured at fair value.

Additionally, contemporaneously with the issuance of the Convertible Notes, Liberty entered into a bond hedge transaction (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 components of the Securities Basket, 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 the components of the Securities Basket. As of June 30, 2022, the Bond Hedge Transaction covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,429,600 shares of Series A Liberty SiriusXM common stock and 2,292,037 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments pertaining to the Convertible Notes, which is equal to the aggregate number of shares comprising the Securities Basket underlying the Convertible Notes. The bond hedge expires on October 15, 2023 and is included in Other assets as of June 30, 2022 and Other current assets as of December 31, 2021 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 underlying shares of the Convertible Notes and Bond Hedge Transaction, subject to anti-dilution adjustments. 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. As of June 30, 2022, the warrants covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,429,600 shares of Series A Liberty SiriusXM common stock and 2,292,037 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments. The strike price of the warrants, based on the basket of shares, was $61.16 per share as of June 30, 2022. As of June 30, 2022, the basket price of the securities underlying the warrants was $53.85 per share, which is the same as the basket price of the securities underlying the Bond Hedge Transaction. The warrants 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 warrants are attributed to the Liberty SiriusXM Group.

1% Cash Convertible Notes due 2023

On January 23, 2017, Liberty issued $450 million cash convertible notes 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% Convertible Notes’’). The initial conversion rate for the notes is 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% Convertible Notes will be settled solely in cash, and not through the delivery of any securities. During the six months ended June 30, 2022, Liberty paid approximately $240 million to repurchase approximately $146 million aggregate principal amount of the 1% Convertible Notes. As of June 30, 2022, the 1% Convertible Notes are classified as a current liability in the condensed consolidated balance sheet, as the conversion conditions have been met as of such date.

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. Accordingly, the 2.125% Exchangeable Senior Debentures due 2048 are classified as a current liability in the condensed consolidated balance sheet as of June 30, 2022. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value.

In accordance with the terms of the indenture governing the 2.125% Exchangeable Senior Debentures due 2048, following Liberty’s receipt of Sirius XM Holdings’ special cash dividend, as described in note 2, Liberty made an extraordinary cash distribution of $31.1731 per debenture to holders of the 2.125% Exchangeable Senior Debentures due 2048. Also pursuant to the indenture, the original principal amount of the 2.125% Exchangeable Senior Debentures due 2048 was reduced by an amount equal to the extraordinary distribution of approximately $12 million.

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”). The number of shares of Live Nation common stock attributable to a debenture represented an initial exchange price of approximately $66.28 per share and a total of approximately 5.8 million shares of Live Nation common stock were attributable to the debentures. Interest was payable quarterly on March 1, June 1, September 1 and December 1 of each year. Holders of the debentures had the right to require Liberty to purchase their debentures on December 1, 2021. In October 2021, Liberty issued a notice of redemption in full on December 1, 2021 of the 2.25% Exchangeable Debentures due 2048. All Holders exercised their right to exchange the debentures in the fourth quarter and, pursuant to a supplemental indenture entered into in September 2021, Liberty delivered cash upon settlement of the exchange of debentures. In January 2022, the exchanges of debentures were settled for $664 million. The debentures were attributed to the Liberty SiriusXM Group.

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 are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value.

In accordance with the terms of the indenture governing the 2.75% Exchangeable Senior Debentures due 2049, following Liberty’s receipt of Sirius XM Holdings’ special cash dividend, as described in note 2, Liberty made an extraordinary cash distribution of $29.0057 per debenture to holders of the 2.75% Exchangeable Senior Debentures due 2049. Also pursuant to the indenture, the original principal amount of the 2.75% Exchangeable Senior Debentures due 2049 was reduced by an amount equal to the extraordinary distribution of approximately $18 million.

0.5% Exchangeable Senior Debentures due 2050

In November 2020, Liberty closed a private offering of approximately $920 million aggregate principal amount of its 0.5% exchangeable senior debentures due 2050 (the “0.5% Exchangeable Senior Debentures due 2050”). Upon an exchange of debentures, Liberty, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and/or cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $90.10 per share. A total of approximately 10 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, 2021. The debentures may be redeemed by Liberty, in whole or in part, on or after September 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on September 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 are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value.

Margin Loans

Sirius XM Holdings Margin Loan

In March 2020, Liberty Siri MarginCo, LLC (“Siri MarginCo”), a wholly-owned subsidiary of Liberty, amended its margin loan agreement secured by shares of Sirius XM Holdings common stock (the “Sirius XM Holdings Margin Loan”) that was comprised of a $250 million term loan, a $500 million revolving line of credit and a $600 million delayed draw term loan. The term loan, delayed draw term loan and any drawn portion of the revolver carried an interest rate of LIBOR plus 2.05% with the undrawn portion carrying a fee of 0.75%. On February 24, 2021, Siri MarginCo borrowed $125 million pursuant to an amendment to this margin loan agreement which includes an $875 million term loan and an $875 million revolving line of credit. Also pursuant to the amendment, the maturity was extended to March 2024. The term loan

and any drawn portion of the revolver carry an interest rate of LIBOR plus 2.00% with the undrawn portion carrying a fee of 0.50%. Borrowings outstanding under the Sirius XM Holdings Margin Loan bore interest at a rate of 4.25% per annum at June 30, 2022. As of June 30, 2022, availability under the Sirius XM Holdings Margin Loan was $875 million. As of June 30, 2022, 1.0 billion shares of the Company’s Sirius XM Holdings common stock with a value of $6,130 million were held in collateral accounts related to the Sirius XM Holdings Margin Loan. 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 November 9, 2020, the Live Nation Margin Loan agreement was amended, reducing the borrowing capacity to $200 million, increasing the interest rate to LIBOR plus 2.0%, decreasing the undrawn commitment fee to 0.5% per annum and extending the maturity date to December 9, 2022. On December 3, 2021, the margin loan was amended, increasing the borrowing capacity to $400 million. On May 9, 2022, the margin loan was amended, replacing the delayed draw term loan with a $400 million revolving line of credit, changing the interest rate to the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) plus Term SOFR Adjustment (0.1%) plus 2.0% and extending the maturity to May 9, 2025. Interest on the margin loan is payable on the last business day of each calendar quarter. As of June 30, 2022, availability under the Live Nation Margin Loan was $400 million. As of June 30, 2022, 9.0 million shares of the Company’s Live Nation common stock with a value of $741 million were pledged as collateral to the loan. The Live Nation 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 Live Nation Margin Loan is attributed to the Liberty SiriusXM Group.

Sirius XM Holdings Senior Secured Revolving Credit Facility and Incremental Term Loan

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 August 2026. 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. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Borrowings outstanding under the Credit Facility bore interest at a rate of 3.14% per annum as of June 30, 2022. Sirius XM Holdings is required to pay a variable fee on the average daily unused portion of the Credit Facility which was 0.25% per annum as of June 30, 2022 and is payable on a quarterly basis. The Credit Facility contains customary covenants, including a maintenance covenant. Availability under the Credit Facility was $1,240 million as of June 30, 2022.

On April 11, 2022, Sirius XM Holdings entered into an amendment to the Credit Facility to incorporate an incremental term loan borrowing of $500 million which matures on April 11, 2024. Interest on the incremental term loan borrowing is based on Adjusted Term SOFR plus an applicable rate. Borrowings outstanding under the incremental term loan bore interest at a rate of 2.32% per annum as of June 30, 2022.

Braves Holdings Notes and Loans

Braves Holdings’ debt, primarily related to the stadium and mixed-use complex, is summarized as follows:

	Carrying value			As of June 30, 2022
	June 30,		December 31,	Borrowing	Weighted avg	Maturity
	2022		2021	Capacity	interest rate	Date
	amounts in millions
Operating credit facilities	$	—	120	185	NA	various
Ballpark funding
Senior secured note		175	178	NA	3.77%	September 2041
Floating rate notes		52	55	NA	3.95%	September 2029
Stadium credit facility		44	46	45	2.87%	July 2026
Mixed-use credit facilities and loans		301	271	316	3.87%	various
Spring training credit facility		30	30	NA	3.65%	December 2030
Total Braves Holdings	$	602	700

Formula 1 Loans

Formula 1 has a first lien term loan denominated in U.S. Dollars (the “Senior Loan Facility”), which includes a $500 million revolving credit facility. 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 June 30, 2022, there were no outstanding borrowings under the $500 million revolving credit facility. The interest rate on the Senior Loan Facility was approximately 4.17% as of June 30, 2022. The Senior Loan Facility is secured by share pledges and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, as of June 30, 2022, 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 and debt yield ratio. 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 their debt covenants as of June 30, 2022.

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):

	June 30, 2022
Sirius XM 3.125% Senior Notes due 2026	$	880
Sirius XM 5.0% Senior Notes due 2027	$	1,387
Sirius XM 4.0% Senior Notes due 2028	$	1,720
Sirius XM 5.50% Senior Notes due 2029	$	1,144
Sirius XM 4.125% Senior Notes due 2030	$	1,245
Sirius XM 3.875% Senior Notes due 2031	$	1,193
Pandora 1.75% Convertible 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 June 30, 2022.  

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Liberty Media Acquisition Corporation

6 Months Ended

Jun. 30, 2022

Liberty Media Acquisition Corporation.

Liberty Media Acquisition Corporation.

(9) Liberty Media Acquisition Corporation

In November 2020, the Company, through its wholly owned subsidiary, Liberty Media Acquisition Sponsor, LLC (the “Sponsor”), formed LMAC and ultimately purchased approximately 14.4 million shares of LMAC Series F common stock (“Founder Shares”) for $25,000.  

On January 26, 2021, LMAC consummated its initial public offering (“IPO”) of 57.5 million units (the “Units”), including 7.5 million Units sold pursuant to the full exercise of the underwriters’ overallotment option. Each Unit consists of one share of Series A common stock of LMAC and one-fifth of one redeemable warrant of LMAC. Each whole warrant entitles the holder thereof to purchase one share of Series A common stock for $11.50 per share, subject to adjustment, following the later of 30 days after the completion of LMAC's initial business combination and 12 months from the closing of the IPO (“Public Warrants”). The Units were sold at a price of $10.00 per Unit, generating gross proceeds to LMAC of $575 million, which were placed in a U.S.-based trust account (Level 1) which is included in other assets in the condensed consolidated balance sheet. Substantially concurrent with the IPO, LMAC completed the private placement of 10 million warrants to the Sponsor, generating gross proceeds of $15 million (“Private Placement Warrants”). Each Private Placement Warrant entitles the holder thereof to purchase one share of LMAC’s Series A common stock for $11.50 per share, subject to adjustment, following the later of 30 days after the completion of LMAC’s initial business combination and 12 months from the closing of the IPO. The Sponsor has committed to acquire $250 million of forward purchase units (each consisting of one share of LMAC’s Series B common stock and one-fifth of one redeemable warrant to purchase one share of LMAC’s Series A common stock), at a price of $10.00 per unit, pursuant to a forward purchase agreement that will close substantially concurrently with the consummation of LMAC’s initial business combination.

LMAC intends to search for a target in the media, digital media, music, entertainment, communications, telecommunications and technology industries, but may seek to complete a business combination with an operating company in any industry, sector or geographic region.

The Company, through the Sponsor’s ownership of the Founder Shares, owns 20% of LMAC’s issued and outstanding common stock. The Founder Shares have certain governance rights which allow the Company to control LMAC’s affairs, policies and operations through the initial business combination and therefore the Company continues to consolidate LMAC post IPO. LMAC also entered into services and facilities sharing agreements with the Company for shared office

space, services and personnel based on a flat fee. The Company’s interest in LMAC is attributed to the Formula One Group.  Transactions and ownership interests with the Sponsor eliminate upon consolidation.

LMAC’s Series A common stock, issued as part of the Units in the IPO, has certain provisions which allow the holder to put back the stock to LMAC upon an initial business combination at their election. This conditional redemption feature requires the Company to account for those shares that are subject to potential redemption as redeemable noncontrolling interests which requires temporary equity classification (outside of permanent equity).

The changes in the components of redeemable noncontrolling interests were as follows (in millions):

Balance at January 1, 2022	$	575
Net earnings (loss) attributable to the noncontrolling interests		11
Change in redemption value of redeemable noncontrolling interests		(10)
Balance at June 30, 2022	$	576

The Public Warrants, issued as part of the Units in the IPO, have certain provisions which require LMAC to account for these instruments at fair value as a liability. Therefore, the proceeds from the IPO were bifurcated between the warrants and the Series A common stock. At the IPO date, approximately $20 million was recorded as a warrant liability within Other Liabilities, net of IPO costs. At June 30, 2022, the value of the liability was $6 million based on the fair market value of the Public Warrants.

On April 15, 2021, the Sponsor entered into an agreement to provide up to $2.5 million to LMAC for working capital purposes. During the three months ended March 31, 2022, the agreement was amended to increase the aggregate principal available for borrowing to $4 million. As of June 30, 2022, LMAC had borrowed $3 million under the loan. The working capital loan will either be repaid upon consummation of the initial business combination or the deadline for LMAC to complete an initial business combination, without interest, or, at the Sponsor’s discretion, up to $2.5 million of such loan may be convertible into warrants of the post-business combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. In the event that a business combination does not close, LMAC may use funds outside of the trust account to repay the working capital loan, but funds in the trust account would not be used to repay the working capital loan.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 aggregated $553 million, which is payable as follows: $199 million in 2022, $115 million in 2023, $73 million in 2024, $50 million in 2025 and $116 million thereafter. In addition to the foregoing amounts, certain players, coaches and executives may earn incentive compensation under the terms of their employment contracts.

SXM-7 Satellite

During the three months ended March 31, 2021, Sirius XM Holdings recorded an impairment charge of $220 million to impairment, restructuring and acquisition costs, net of recoveries in the condensed consolidated statement of operations related to the total loss of the SXM-7 satellite. Sirius XM Holdings procured insurance for SXM-7 to cover the risks associated with the satellite's launch and first year of in-orbit operation. The aggregate coverage under the insurance policies with respect to SXM-7 was $225 million. Sirius XM Holdings recorded $140 million and $85 million of insurance recoveries during the three months ended June 30, 2021 and September 30, 2021, respectively.

The SXM-8 satellite was successfully launched into a geostationary orbit on June 6, 2021 and was placed into service on September 8, 2021 following the completion of in-orbit testing. The SXM-8 satellite replaced the XM-3 satellite. During the six months ended June 30, 2022, the XM-5 satellite replaced the XM-4 satellite. The XM-3 and XM-4 satellites remain available as in-orbit spares.

Impact of COVID-19

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 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. 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. In 2020, the regular baseball season was comprised of 60 games and Formula 1 had 17 Events. The 2021 regular baseball season was comprised of 161 games. Formula 1 originally scheduled 23 Events in 2021, and after a number of Events were cancelled and/or replaced, a record 22 Events took place. Braves Holdings and Formula 1 had limitations on the number of fans in attendance at certain games and Events in 2021, thereby reducing revenue associated with fan attendance. Starting in the third quarter of 2021, Live Nation saw a meaningful restart of its operations, with growth in ticket sales, new sponsor partners and the resumption of shows, primarily in the United States and United Kingdom. In 2022, Formula 1 expects to hold 22 Events and Braves Holdings expects a full 162 game schedule. It is unclear whether and to what extent COVID-19 concerns will continue to impact the use of and/or demand for the entertainment, events and services provided by these businesses and demand for sponsorship and advertising assets. If these businesses face cancelled events, closed venues and reduced attendance in the future, the impact may substantially decrease our revenue. Due to the revenue reductions caused by COVID-19 to date, these businesses have looked to reduce expenses, but should such impacts resume, the businesses may not be able to reduce expenses to the same degree as any decline in revenue, which may adversely affect our results of operations and cash flow.

Restructuring of Sirius XM Holdings’ leases

During the six months ended June 30, 2021, Sirius XM Holdings evaluated its office space needs and, as a result of such analysis, surrendered certain office leases, primarily in New York, New York and Oakland, California.  Sirius XM Holdings assessed the recoverability of the carrying value of the operating lease right of use assets related to these locations. Based on that assessment, Sirius XM Holdings recorded impairments aggregating $18 million to reduce the carrying value of the assets to their fair values. Additionally, Sirius XM Holdings accrued expenses of $6 million for which it will not recognize any future economic benefits and wrote off leasehold improvements of $1 million. The fair values of the assets were determined using a discounted cash flow model based on Sirius XM Holdings management's assumptions

regarding the ability to sublease the locations and the remaining term of the leases. The total charge of $25 million was recorded to impairment, restructuring and acquisition costs, net of recoveries in the condensed consolidated statement of operations for the six months ended June 30, 2021.

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 (“anti-SLAPP”) 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.

In October 2020, the District Court denied Pandora’s renewed motion to dismiss the case under California’s anti-SLAPP statute, finding the case no longer qualified for anti-SLAPP due to intervening changes in the law, and denied Pandora’s renewed attempt to end the case.  Alternatively, the District Court ruled that the preemption defense likely did not apply to Flo & Eddie’s claims, in part because the District Court believed that the MMA did not apply retroactively.  Pandora promptly appealed the District Court’s decision to the Ninth Circuit, and moved to stay appellate briefing pending the appeal of a related case against Sirius XM.  On January 13, 2021, the Ninth Circuit issued an order granting the stay of appellate proceedings pending the resolution of a related case against Sirius XM.

On August 23, 2021, the United States Court of Appeals for the Ninth Circuit issued an Opinion in a related case, Flo & Eddie Inc. v. Sirius XM Radio Inc. The related case also concerned a class action suit brought by Flo & Eddie Inc. regarding the public performance of pre-1972 recordings under California law.  Relying on California’s copyright statute, Flo & Eddie argued that California law gave it the “exclusive ownership” of its pre-1972 songs, including the right of public performance. The Ninth Circuit reversed the District Court’s grant of partial summary judgment to Flo & Eddie Inc. The Ninth Circuit held that the District Court in this related case erred in concluding that “exclusive ownership” under California’s copyright statute included the right of public performance. The Ninth Circuit remanded the case for entry of judgment consistent with the terms of the parties’ contingent settlement agreement, and on October 6, 2021, the parties to

the related case stipulated to its dismissal with prejudice. The Flo & Eddie Inc. v. Sirius XM Radio Inc. decision is precedential in the Ninth Circuit, and therefore Sirius XM Holdings believes substantially narrows the claims that Flo & Eddie may continue to assert against Pandora.

Following issuance of the Flo & Eddie Inc. v. Sirius XM Radio Inc. opinion, on September 3, 2021, the Ninth Circuit lifted the stay of appellate proceedings in Flo & Eddie, Inc. v. Pandora Media, LLC. Pandora promptly filed an appeal of the District Court’s order denying the renewed motion to dismiss the case under California’s anti-SLAAP statute.

On June 2, 2022, the Ninth Circuit upheld the District Court’s order denying dismissal of the case under California’s anti-SLAPP statute, finding that Pandora had failed to demonstrate that Flo & Eddie’s claims arise from Pandora’s protected conduct.  As part of the decision, the Ninth Circuit noted that Pandora had forcefully argued that the Court’s decision in Flo & Eddie Inc. v. Sirius XM Radio Inc., and other decisions under New York, Florida and Georgia law, foreclosed Flo & Eddie’s claims as a matter of law. Because the case has been pending for over seven years, the Ninth Circuit remanded the case to the District Court and directed “the district court to consider expedited motions practice on the legal validity of Flo & Eddie’s claims in light of the intervening precedent.”

The District Court has scheduled a hearing to review next steps in this case. Sirius XM Holdings continues to believe it has substantial defenses to the remaining claims asserted in this action, and intends to defend this action vigorously.

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Information About Liberty's Operating Segments

6 Months Ended

Jun. 30, 2022

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.

Liberty’s chief operating decision maker evaluates performance and makes decisions about allocating resources to the Company’s 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 six months ended June 30, 2022, 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 and Off-platform. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels and other content, as well as podcasts and infotainment services, in the United States on a subscription fee basis. Sirius XM’s packages include live, curated and certain exclusive and on demand programming. The Sirius XM service is distributed through its two proprietary satellite radio systems and streamed 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. Pandora operates a music 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. Pandora also sells advertising on other audio platforms in widely distributed podcasts, which are considered to be off-platform services.

● 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.

As of December 31, 2021, Live Nation met the Company’s reportable segment threshold for equity method affiliates due to significant losses driven by COVID-19. Although the Company owns less than 100% of the outstanding shares of Live Nation, 100% of the Live Nation amounts are included in the tables below and are subsequently eliminated in order to reconcile the account totals to the Company’s consolidated financial statements. The Company’s investment in Live Nation is attributed to the Liberty SiriusXM Group.

Performance Measures

The following table disaggregates revenue by segment and by source:

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings:
Subscriber	$	1,719	1,641	3,432	3,252
Advertising		452	429	835	783
Equipment		45	51	98	108
Other		38	38	75	74
Total Liberty SiriusXM Group		2,254	2,159	4,440	4,217
Braves Group
Corporate and other:
Baseball		247	204	258	211
Development		13	12	25	21
Total Braves Group		260	216	283	232
Formula One Group
Formula 1:
Primary		628	464	915	623
Other		116	37	189	58
Total Formula One Group		744	501	1,104	681
Consolidated Liberty	$	3,258	2,876	5,827	5,130

Live Nation’s revenue was $4,434 million and $576 million during the three months ended June 30, 2022 and 2021, respectively, and $6,237 million and $867 million during the six months ended June 30, 2022 and 2021, respectively.

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 three months ended June 30, 2022 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 six months ended June 30, 2022 were approximately $347 million and $569 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 $1,313 million for the remainder of 2022, $1,997 million in 2023, $1,699 million in 2024, $3,939 million in 2025 through 2030, and $787 million thereafter, primarily recognized through 2035. 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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	679	699	1,369	1,381
Live Nation		480	10	689	(142)
Corporate and other		(4)	(2)	(9)	(7)
		1,155	707	2,049	1,232
Eliminate equity method affiliate		(480)	(10)	(689)	142
Total Liberty SiriusXM Group		675	697	1,360	1,374
Braves Group
Corporate and other		55	53	36	31
Total Braves Group		55	53	36	31
Formula One Group
Formula 1		154	66	276	132
Corporate and other		(8)	(3)	(18)	(10)
Total Formula One Group		146	63	258	122
Consolidated Liberty	$	876	813	1,654	1,527

Other Information

	June 30, 2022
	Total		Investments	Capital
	assets		in affiliates	expenditures
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	29,769	711	196
Live Nation		16,421	328	102
Corporate and other		1,383	112	—
		47,573	1,151	298
Eliminate equity method affiliate		(16,421)	(328)	(102)
Total Liberty SiriusXM Group		31,152	823	196
Braves Group
Corporate and other		1,609	115	8
Total Braves Group		1,609	115	8
Formula One Group
Formula 1		9,039	—	8
Corporate and other		2,531	28	243
Total Formula One Group		11,570	28	251
Elimination (1)		(571)	—	—
Consolidated Liberty	$	43,760	966	455

(1) This amount is primarily comprised of 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. See note 2 for information regarding the intergroup interests. 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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Adjusted OIBDA	$	876	813	1,654	1,527
Impairment, restructuring and acquisition costs, net of recoveries (note 10)		(1)	137	(1)	(108)
Stock-based compensation		(57)	(60)	(112)	(123)
Depreciation and amortization		(262)	(268)	(522)	(532)
Operating income (loss)		556	622	1,019	764
Interest expense		(161)	(158)	(318)	(316)
Share of earnings (losses) of affiliates, net		61	(48)	47	(143)
Realized and unrealized gains (losses) on financial instruments, net		380	155	439	106
Other, net		22	13	67	28
Earnings (loss) before income taxes	$	858	584	1,254	439

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Stock-Based Compensation Allocation of Expense

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Cost of Sirius XM Holdings services:
Programming and content	$	8	8	16	16
Customer service and billing		2	2	3	3
Other		2	2	3	3
Other operating expense		9	7	17	17
Selling, general and administrative		36	41	73	84
	$	57	60	112	123

Schedule of options granted and weighted average grant date fair value

	Six Months Ended
	June 30, 2022
	Options	Weighted
	granted	average
	(000's)	GDFV
Series C Liberty SiriusXM common stock, Liberty CEO (1)	212	$	14.45
Series C Liberty Formula One common stock, Liberty CEO (1)	181	$	21.31
Series C Liberty Formula One common stock, Formula 1 employees (2)	86	$	21.31
Series C Liberty Braves common stock, Liberty CEO (1)	95	$	9.16

(1) Grants cliff vest on December 30, 2022. Grants were made in connection with the CEO’s employment agreement.

(2) Grants vest in equal quarterly installments over 2022.

Liberty SiriusXM Group

Schedule Of Outstanding Options To Purchase Liberty Common Stock

	Series C
				Weighted		Aggregate
				average		intrinsic
	Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2022	7,369	$	38.79
Granted	212	$	44.80
Exercised	(441)	$	31.25
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2022	7,140	$	39.43	3.2	years	$	9
Exercisable at June 30, 2022	4,774	$	36.87	2.3	years	$	9

Formula One Group

Schedule Of Outstanding Options To Purchase Liberty Common Stock

	Series C
				Weighted		Aggregate
				average		intrinsic
	Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2022	9,114	$	34.38
Granted	267	$	57.67
Exercised	(1,184)	$	31.63
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2022	8,197	$	35.54	4.1	years	$	229
Exercisable at June 30, 2022	6,367	$	32.75	3.8	years	$	196

Braves Group

Schedule Of Outstanding Options To Purchase Liberty Common Stock

	Series C
				Weighted		Aggregate
				average		intrinsic
	Liberty			remaining		value
	Awards (000's)	WAEP		life		(millions)
Outstanding at January 1, 2022	3,125	$	25.86
Granted	95	$	25.49
Exercised	(63)	$	18.14
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2022	3,157	$	26.00	4.8	years	$	2
Exercisable at June 30, 2022	586	$	20.85	2.3	years	$	2

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

6 Months Ended

Jun. 30, 2022

Liberty SiriusXM Group

Schedule for reconciliation of basic and diluted weighted average shares

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		numbers of shares in millions
Basic WASO		329	335	330	336
Potentially dilutive shares (a)		19	2	20	2
Diluted WASO (b)		348	337	350	338

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

(b) For periods in which share settlement of the 2.125% Exchangeable Senior Debentures and 2.75% Exchangeable Senior Debentures, which may be settled in shares of Series C Liberty SiriusXM common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty SiriusXM common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		amounts in millions
Basic earnings (loss) attributable to Liberty SiriusXM stockholders	$	447	337	735	326
Adjustments		(14)	NA	(13)	NA
Diluted earnings (loss) attributable to Liberty SiriusXM stockholders	$	433	337	722	326

Braves Group

Schedule for reconciliation of basic and diluted weighted average shares

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		numbers of shares in millions
Basic WASO		53	52	53	52
Potentially dilutive shares (a)(b)		9	9	9	9
Diluted WASO (b)		62	61	62	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) 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 June 30, 2022.

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 Convertible Notes. 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, if dilutive, 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. For periods in which share settlement of the intergroup interests are dilutive, an adjustment is 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. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty Braves common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		amounts in millions
Basic earnings (loss) attributable to Liberty Braves stockholders	$	64	25	51	(34)
Adjustments		(35)	(1)	(36)	27
Diluted earnings (loss) attributable to Liberty Braves stockholders	$	29	24	15	(7)

Formula One Group

Schedule for reconciliation of basic and diluted weighted average shares

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		numbers of shares in millions
Basic WASO		232	232	232	232
Potentially dilutive shares (a)(b)		9	8	9	8
Diluted WASO (b)		241	240	241	240

(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 Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of June 30, 2022. 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 Liberty Formula One common stock underlie the Convertible Notes.  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, if dilutive, 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. For periods in which share settlement of the intergroup interest is dilutive, an adjustment is 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. Additionally, an adjustment is also made to the numerator for a hypothetical mark to market adjustment on the shares of Series A Liberty Formula One common stock included in the Securities Basket underlying the warrants in periods in which cash settlement would be more dilutive than share settlement.

	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022	2021
		amounts in millions
Basic earnings (loss) attributable to Formula One stockholders	$	111	55	76	9
Adjustments		(27)	24	(7)	25
Diluted earnings (loss) attributable to Formula One stockholders	$	84	79	69	34

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Assets and Liabilities Measured at Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

Assets and Liabilities Measured at Fair Value

	Fair Value Measurements at				Fair Value Measurements at
	June 30, 2022				December 31, 2021
			Quoted			Quoted
			prices			prices
			in active	Significant		in active	Significant
			markets	other		markets	other
			for identical	observable		for identical	observable
			assets	inputs		assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)
	amounts in millions
Cash equivalents	$	2,276	2,276	—	2,436	2,436	—
Investment in trust account	$	576	576	—	575	575	—
Debt and equity securities	$	106	106	—	217	217	—
Financial instrument assets	$	404	83	321	640	99	541
Debt	$	3,581	—	3,581	5,222	—	5,222
Financial instrument liabilities	$	6	6	—	59	20	39

Realized and Unrealized Gains (Losses) on Financial Instruments

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Debt and equity securities	$	(7)	167	(12)	216
Debt measured at fair value (a)		577	(71)	646	(184)
Change in fair value of bond hedges (b)		(201)	46	(269)	59
Other		11	13	74	15
	$	380	155	439	106

(a) The Company elected to account for its exchangeable senior debentures and cash convertible notes (as described in note 8) 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 gain of $52 million and a loss of $8 million for the three months ended June 30, 2022 and 2021, respectively, and a gain of $41 million and a loss of $68 million for the six months ended June 30, 2022 and 2021, respectively, and the cumulative change since issuance was a gain of $109 million as of June 30, 2022, net of the recognition of previously unrecognized gains and losses.

(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 8 for additional discussion of the bond hedges.

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

6 Months Ended

Jun. 30, 2022

Schedule Of Equity Ownership And Carrying Amount

	June 30, 2022						December 31, 2021
	Percentage		Fair Value		Carrying		Carrying
	ownership		(Level 1)		amount		amount
	dollar amounts in millions
Liberty SiriusXM Group
Live Nation (a)	31	%	$	5,751	$	112	89
Sirius XM Canada	70	%	$	NA		639	642
Other				NA		72	74
Total Liberty SiriusXM Group						823	805
Braves Group
Other	various			NA		115	110
Total Braves Group						115	110
Formula One Group
Other	various			NA		28	30
Total Formula One Group						28	30
Consolidated Liberty					$	966	945

(a) See note 8 for details regarding the number and fair value of shares pledged as collateral as of June 30, 2022 pursuant to Liberty’s margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”).

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

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Live Nation	$	54	(67)	33	(178)
Sirius XM Canada		3	3	6	7
Other		(3)	(6)	(3)	(12)
Total Liberty SiriusXM Group		54	(70)	36	(183)
Braves Group
Other		8	8	12	11
Total Braves Group		8	8	12	11
Formula One Group
Other		(1)	14	(1)	29
Total Formula One Group		(1)	14	(1)	29
Consolidated Liberty	$	61	(48)	47	(143)

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Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Finite-Lived Intangible Assets [Line Items]

Goodwill

	Sirius XM Holdings		Formula 1	Other	Total
	amounts in millions
Balance at January 1, 2022	$	15,112	3,956	180	19,248
Acquisitions (a)		97	—	—	97
Other		—	—	(4)	(4)
Balance at June 30, 2022	$	15,209	3,956	176	19,341

(a) Sirius XM Holdings recorded goodwill related to acquisitions in January 2022 and May 2022.

Schedule of intangible assets subject to amortization

	June 30, 2022				December 31, 2021
	Gross			Net	Gross		Net
	carrying		Accumulated	carrying	carrying	Accumulated	carrying
	amount		amortization	amount	amount	amortization	amount
	amounts in millions
FIA Agreement	$	3,630	(1,031)	2,599	3,630	(936)	2,694
Customer relationships		3,054	(1,809)	1,245	3,053	(1,679)	1,374
Licensing agreements		359	(257)	102	355	(243)	112
Other		2,066	(1,467)	599	1,933	(1,316)	617
Total	$	9,109	(4,564)	4,545	8,971	(4,174)	4,797

Schedule of future amortization expense

Based on its amortizable intangible assets as of June 30, 2022, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):

Remainder of 2022	$	385
2023	$	745
2024	$	419
2025	$	366
2026	$	349

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Long-term Debt Instruments

	Outstanding		Carrying value
	Principal		June 30,		December 31,
	June 30, 2022		2022		2021
	amounts in millions
Liberty SiriusXM Group
Corporate level notes and loans:
1.375% Cash Convertible Senior Notes due 2023 (1)	$	1,000		1,182	1,540
2.125% Exchangeable Senior Debentures due 2048 (1)		387		387	416
2.25% Exchangeable Senior Debentures due 2048 (1)		—		—	644
2.75% Exchangeable Senior Debentures due 2049 (1)		586		565	624
0.5% Exchangeable Senior Debentures due 2050 (1)		920		1,031	1,332
Sirius XM Holdings Margin Loan		875		875	875
Live Nation Margin Loan		—		—	—
Subsidiary notes and loans:
Sirius XM 3.125% Senior Notes due 2026		1,000		991	990
Sirius XM 5.0% Senior Notes due 2027		1,500		1,492	1,491
Sirius XM 4.0% Senior Notes due 2028		2,000		1,980	1,979
Sirius XM 5.50% Senior Notes due 2029		1,250		1,240	1,239
Sirius XM 4.125% Senior Notes due 2030		1,500		1,486	1,485
Sirius XM 3.875% Senior Notes due 2031		1,500		1,484	1,484
Pandora 1.75% Convertible Senior Notes due 2023		193		193	177
Sirius XM Senior Secured Revolving Credit Facility		510		510	—
Sirius XM Incremental Term Loan		500		500	—
Deferred financing costs				(13)	(14)
Total Liberty SiriusXM Group		13,721		13,903	14,262
Braves Group
Subsidiary notes and loans:
Notes and loans		602		602	700
Deferred financing costs				(3)	(3)
Total Braves Group		602		599	697
Formula One Group
Corporate level notes and loans:
1% Cash Convertible Notes due 2023 (1)		240		416	666
Other		66		66	69
Subsidiary notes and loans:
Senior Loan Facility		2,902		2,902	2,902
Deferred financing costs				(4)	(6)
Total Formula One Group		3,208		3,380	3,631
Total debt	$	17,531		17,882	18,590
Debt classified as current				(911)	(2,891)
Total long-term debt			$	16,971	15,699

(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):

	June 30, 2022
Sirius XM 3.125% Senior Notes due 2026	$	880
Sirius XM 5.0% Senior Notes due 2027	$	1,387
Sirius XM 4.0% Senior Notes due 2028	$	1,720
Sirius XM 5.50% Senior Notes due 2029	$	1,144
Sirius XM 4.125% Senior Notes due 2030	$	1,245
Sirius XM 3.875% Senior Notes due 2031	$	1,193
Pandora 1.75% Convertible Senior Notes due 2023	$	212

Braves Holdings

Schedule of Braves Holdings Debt

	Carrying value			As of June 30, 2022
	June 30,		December 31,	Borrowing	Weighted avg	Maturity
	2022		2021	Capacity	interest rate	Date
	amounts in millions
Operating credit facilities	$	—	120	185	NA	various
Ballpark funding
Senior secured note		175	178	NA	3.77%	September 2041
Floating rate notes		52	55	NA	3.95%	September 2029
Stadium credit facility		44	46	45	2.87%	July 2026
Mixed-use credit facilities and loans		301	271	316	3.87%	various
Spring training credit facility		30	30	NA	3.65%	December 2030
Total Braves Holdings	$	602	700

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Liberty Media Acquisition Corporation (Tables)

6 Months Ended

Jun. 30, 2022

Liberty Media Acquisition Corporation.

Schedule of changes in the components of redeemable noncontrolling interests

The changes in the components of redeemable noncontrolling interests were as follows (in millions):

Balance at January 1, 2022	$	575
Net earnings (loss) attributable to the noncontrolling interests		11
Change in redemption value of redeemable noncontrolling interests		(10)
Balance at June 30, 2022	$	576

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Information About Liberty's Operating Segments (Tables)

6 Months Ended

Jun. 30, 2022

Information About Liberty's Operating Segments

Schedule of revenue disaggregated by source

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings:
Subscriber	$	1,719	1,641	3,432	3,252
Advertising		452	429	835	783
Equipment		45	51	98	108
Other		38	38	75	74
Total Liberty SiriusXM Group		2,254	2,159	4,440	4,217
Braves Group
Corporate and other:
Baseball		247	204	258	211
Development		13	12	25	21
Total Braves Group		260	216	283	232
Formula One Group
Formula 1:
Primary		628	464	915	623
Other		116	37	189	58
Total Formula One Group		744	501	1,104	681
Consolidated Liberty	$	3,258	2,876	5,827	5,130

Adjusted OIBDA by segment

	Three months ended			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	679	699	1,369	1,381
Live Nation		480	10	689	(142)
Corporate and other		(4)	(2)	(9)	(7)
		1,155	707	2,049	1,232
Eliminate equity method affiliate		(480)	(10)	(689)	142
Total Liberty SiriusXM Group		675	697	1,360	1,374
Braves Group
Corporate and other		55	53	36	31
Total Braves Group		55	53	36	31
Formula One Group
Formula 1		154	66	276	132
Corporate and other		(8)	(3)	(18)	(10)
Total Formula One Group		146	63	258	122
Consolidated Liberty	$	876	813	1,654	1,527

Other Information By Segment

	June 30, 2022
	Total		Investments	Capital
	assets		in affiliates	expenditures
	amounts in millions
Liberty SiriusXM Group
Sirius XM Holdings	$	29,769	711	196
Live Nation		16,421	328	102
Corporate and other		1,383	112	—
		47,573	1,151	298
Eliminate equity method affiliate		(16,421)	(328)	(102)
Total Liberty SiriusXM Group		31,152	823	196
Braves Group
Corporate and other		1,609	115	8
Total Braves Group		1,609	115	8
Formula One Group
Formula 1		9,039	—	8
Corporate and other		2,531	28	243
Total Formula One Group		11,570	28	251
Elimination (1)		(571)	—	—
Consolidated Liberty	$	43,760	966	455

(1) This amount is primarily comprised of 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. See note 2 for information regarding the intergroup interests. 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			Six months ended
	June 30,			June 30,
	2022		2021	2022	2021
	amounts in millions
Adjusted OIBDA	$	876	813	1,654	1,527
Impairment, restructuring and acquisition costs, net of recoveries (note 10)		(1)	137	(1)	(108)
Stock-based compensation		(57)	(60)	(112)	(123)
Depreciation and amortization		(262)	(268)	(522)	(532)
Operating income (loss)		556	622	1,019	764
Interest expense		(161)	(158)	(318)	(316)
Share of earnings (losses) of affiliates, net		61	(48)	47	(143)
Realized and unrealized gains (losses) on financial instruments, net		380	155	439	106
Other, net		22	13	67	28
Earnings (loss) before income taxes	$	858	584	1,254	439

XML

Financial Information for Tracking Stock Groups (Tables)

6 Months Ended

Jun. 30, 2022

Condensed Balance Sheets

BALANCE SHEET INFORMATION

June 30, 2022

(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	$	494	207	1,944	—	2,645
Trade and other receivables, net		660	74	89	—	823
Other current assets		348	81	229	—	658
Total current assets		1,502	362	2,262	—	4,126
Intergroup interests (note 1)		363	—	163	(526)	—
Investments in affiliates, accounted for using the equity method (note 1)		823	115	28	—	966
Property and equipment, at cost		2,886	1,002	451	—	4,339
Accumulated depreciation		(1,768)	(254)	(91)	—	(2,113)
		1,118	748	360	—	2,226
Intangible assets not subject to amortization
Goodwill		15,209	176	3,956	—	19,341
FCC licenses		8,600	—	—	—	8,600
Other		1,242	124	—	—	1,366
		25,051	300	3,956	—	29,307
Intangible assets subject to amortization, net		1,190	20	3,335	—	4,545
Other assets		1,105	64	1,466	(45)	2,590
Total assets	$	31,152	1,609	11,570	(571)	43,760
Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	7	(9)	2	—	—
Accounts payable and accrued liabilities		1,372	71	271	—	1,714
Current portion of debt		387	80	444	—	911
Deferred revenue		1,432	131	426	—	1,989
Other current liabilities		66	4	25	—	95
Total current liabilities		3,264	277	1,168	—	4,709
Long-term debt (note 1)		13,516	519	2,936	—	16,971
Deferred income tax liabilities		2,240	58	—	(45)	2,253
Redeemable intergroup interests (note 1)		—	221	305	(526)	—
Other liabilities		565	177	152	—	894
Total liabilities		19,585	1,252	4,561	(571)	24,827
Redeemable noncontrolling interests in equity of subsidiary		—	—	576	—	576
Equity / Attributed net assets		8,411	357	6,408	—	15,176
Noncontrolling interests in equity of subsidiaries		3,156	—	25	—	3,181
Total liabilities and equity	$	31,152	1,609	11,570	(571)	43,760

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2022

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,254	—	—	2,254
Formula 1 revenue		—	—	744	744
Other revenue		—	260	—	260
Total revenue		2,254	260	744	3,258
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		711	—	—	711
Programming and content		152	—	—	152
Customer service and billing		126	—	—	126
Other		58	—	—	58
Cost of Formula 1 revenue		—	—	534	534
Subscriber acquisition costs		91	—	—	91
Other operating expenses		72	175	—	247
Selling, general and administrative		419	33	68	520
Impairment, restructuring and acquisition costs, net of recoveries		1	—	—	1
Depreciation and amortization		152	17	93	262
		1,782	225	695	2,702
Operating income (loss)		472	35	49	556
Other income (expense):
Interest expense		(125)	(6)	(30)	(161)
Share of earnings (losses) of affiliates, net		54	8	(1)	61
Realized and unrealized gains (losses) on financial instruments, net		296	1	83	380
Unrealized gains (losses) on intergroup interests (note 1)		(35)	35	—	—
Other, net		4	1	17	22
		194	39	69	302
Earnings (loss) before income taxes		666	74	118	858
Income tax (expense) benefit		(168)	(10)	(6)	(184)
Net earnings (loss)		498	64	112	674
Less net earnings (loss) attributable to the noncontrolling interests		51	—	2	53
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	(1)	(1)
Net earnings (loss) attributable to Liberty stockholders	$	447	64	111	622

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2021

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,159	—	—	2,159
Formula 1 revenue		—	—	501	501
Other revenue		—	216	—	216
Total revenue		2,159	216	501	2,876
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		663	—	—	663
Programming and content		135	—	—	135
Customer service and billing		127	—	—	127
Other		58	—	—	58
Cost of Formula 1 revenue		—	—	398	398
Subscriber acquisition costs		89	—	—	89
Other operating expenses		66	142	—	208
Selling, general and administrative		374	24	47	445
Impairment, restructuring and acquisition costs, net of recoveries		(137)	—	—	(137)
Depreciation and amortization		150	19	99	268
		1,525	185	544	2,254
Operating income (loss)		634	31	(43)	622
Other income (expense):
Interest expense		(123)	(6)	(29)	(158)
Share of earnings (losses) of affiliates, net		(70)	8	14	(48)
Realized and unrealized gains (losses) on financial instruments, net		86	(1)	70	155
Unrealized gains (losses) on intergroup interests (note 1)		22	1	(23)	—
Other, net		8	1	4	13
		(77)	3	36	(38)
Earnings (loss) before income taxes		557	34	(7)	584
Income tax (expense) benefit		(125)	(9)	78	(56)
Net earnings (loss)		432	25	71	528
Less net earnings (loss) attributable to the noncontrolling interests		95	—	16	111
Net earnings (loss) attributable to Liberty stockholders	$	337	25	55	417

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2022

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	4,440	—	—	4,440
Formula 1 revenue		—	—	1,104	1,104
Other revenue		—	283	—	283
Total revenue		4,440	283	1,104	5,827
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,381	—	—	1,381
Programming and content		292	—	—	292
Customer service and billing		251	—	—	251
Other		112	—	—	112
Cost of Formula 1 revenue		—	—	729	729
Subscriber acquisition costs		181	—	—	181
Other operating expenses		139	198	—	337
Selling, general and administrative		823	55	124	1,002
Impairment, restructuring and acquisition costs, net of recoveries		1	—	—	1
Depreciation and amortization		304	35	183	522
		3,484	288	1,036	4,808
Operating income (loss)		956	(5)	68	1,019
Other income (expense):
Interest expense		(247)	(12)	(59)	(318)
Share of earnings (losses) of affiliates, net		36	12	(1)	47
Realized and unrealized gains (losses) on financial instruments, net		357	6	76	439
Unrealized gains (losses) on intergroup interest (note 1)		(15)	36	(21)	—
Other, net		24	21	22	67
		155	63	17	235
Earnings (loss) before income taxes		1,111	58	85	1,254
Income tax (expense) benefit		(269)	(7)	(8)	(284)
Net earnings (loss)		842	51	77	970
Less net earnings (loss) attributable to the noncontrolling interests		107	—	11	118
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	(10)	(10)
Net earnings (loss) attributable to Liberty stockholders	$	735	51	76	862

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2021

(unaudited)

		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	4,217	—	—	4,217
Formula 1 revenue		—	—	681	681
Other revenue		—	232	—	232
Total revenue		4,217	232	681	5,130
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,303	—	—	1,303
Programming and content		265	—	—	265
Customer service and billing		244	—	—	244
Other		110	—	—	110
Cost of Formula 1 revenue		—	—	482	482
Subscriber acquisition costs		175	—	—	175
Other operating expenses		130	162	—	292
Selling, general and administrative		720	45	90	855
Impairment, restructuring and acquisition costs, net of recoveries		108	—	—	108
Depreciation and amortization		299	34	199	532
		3,354	241	771	4,366
Operating income (loss)		863	(9)	(90)	764
Other income (expense):
Interest expense		(243)	(12)	(61)	(316)
Share of earnings (losses) of affiliates, net		(183)	11	29	(143)
Realized and unrealized gains (losses) on financial instruments, net		—	1	105	106
Unrealized gains (losses) on intergroup interests (note 1)		32	(27)	(5)	—
Other, net		19	—	9	28
		(375)	(27)	77	(325)
Earnings (loss) before income taxes		488	(36)	(13)	439
Income tax (expense) benefit		(18)	2	91	75
Net earnings (loss)		470	(34)	78	514
Less net earnings (loss) attributable to the noncontrolling interests		144	—	16	160
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	53	53
Net earnings (loss) attributable to Liberty stockholders	$	326	(34)	9	301

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2022

(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)	$	842	51	77	970
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		304	35	183	522
Stock-based compensation		99	6	7	112
Share of (earnings) loss of affiliates, net		(36)	(12)	1	(47)
Unrealized (gains) losses on intergroup interests, net		15	(36)	21	—
Realized and unrealized (gains) losses on financial instruments, net		(357)	(6)	(76)	(439)
Deferred income tax expense (benefit)		161	(6)	26	181
Intergroup tax allocation		65	13	(78)	—
Intergroup tax (payments) receipts		(42)	9	33	—
Other charges (credits), net		(13)	(11)	(10)	(34)
Changes in operating assets and liabilities
Current and other assets		11	(8)	(117)	(114)
Payables and other liabilities		(162)	65	167	70
Net cash provided (used) by operating activities		887	100	234	1,221
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(1)	(5)	(3)	(9)
Cash proceeds from dispositions		50	47	51	148
Cash (paid) received for acquisitions, net of cash acquired		(137)	—	—	(137)
Capital expended for property and equipment, including internal-use software and website development		(196)	(8)	(251)	(455)
Other investing activities, net		4	—	74	78
Net cash provided (used) by investing activities		(280)	34	(129)	(375)
Cash flows from financing activities:
Borrowings of debt		2,634	40	—	2,674
Repayments of debt		(2,320)	(138)	(243)	(2,701)
Liberty stock repurchases		(319)	—	(37)	(356)
Subsidiary shares repurchased by subsidiary		(415)	—	—	(415)
Cash dividends paid by subsidiary		(217)	—	—	(217)
Taxes paid in lieu of shares issued for stock-based compensation		(71)	—	26	(45)
Other financing activities, net		(3)	(7)	27	17
Net cash provided (used) by financing activities		(711)	(105)	(227)	(1,043)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(8)	(8)
Net increase (decrease) in cash, cash equivalents and restricted cash		(104)	29	(130)	(205)
Cash, cash equivalents and restricted cash at beginning of period		606	244	2,074	2,924
Cash, cash equivalents and restricted cash at end of period	$	502	273	1,944	2,719

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2021

(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)	$	470	(34)	78	514
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		299	34	199	532
Stock-based compensation		104	6	13	123
Non-cash impairment and restructuring costs		245	—	—	245
Share of (earnings) loss of affiliates, net		183	(11)	(29)	143
Unrealized (gains) losses on intergroup interests, net		(32)	27	5	—
Realized and unrealized (gains) losses on financial instruments, net		—	(1)	(105)	(106)
Deferred income tax expense (benefit)		(13)	(3)	(85)	(101)
Intergroup tax allocation		2	2	(4)	—
Other charges (credits), net		(2)	3	2	3
Changes in operating assets and liabilities
Current and other assets		(90)	2	(88)	(176)
Payables and other liabilities		(291)	23	326	58
Net cash provided (used) by operating activities		875	48	312	1,235
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(61)	—	(124)	(185)
Investment of subsidiary initial public offering proceeds into trust account		—	—	(575)	(575)
Cash proceeds from dispositions		—	2	167	169
Cash (paid) received for acquisitions, net of cash acquired		(14)	—	—	(14)
Capital expended for property and equipment, including internal-use software and website development		(164)	(19)	(7)	(190)
Other investing activities, net		4	—	37	41
Net cash provided (used) by investing activities		(235)	(17)	(502)	(754)
Cash flows from financing activities:
Borrowings of debt		3,722	72	—	3,794
Repayments of debt		(2,270)	(53)	(190)	(2,513)
Liberty stock repurchases		(243)	—	—	(243)
Subsidiary shares repurchased by subsidiary		(856)	—	—	(856)
Cash dividends paid by subsidiary		(28)	—	—	(28)
Taxes paid in lieu of shares issued for stock-based compensation		(44)	—	(1)	(45)
Proceeds from initial public offering of subsidiary		—	—	575	575
Settlement of intergroup call spread		(384)	—	384	—
Other financing activities, net		5	(4)	(35)	(34)
Net cash provided (used) by financing activities		(98)	15	733	650
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(2)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash		542	46	541	1,129
Cash, cash equivalents and restricted cash at beginning of period		1,008	185	1,684	2,877
Cash, cash equivalents and restricted cash at end of period	$	1,550	231	2,225	4,006

XML

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC and GCI Liberty
Basis of Presentation
Related Party Transaction, Amounts of Transaction	$ 6	$ 8	$ 12	$ 13

XML

Tracking Stocks (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Jul. 14, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Nov. 30, 2020	Nov. 26, 2019	Dec. 31, 2018	Mar. 06, 2018	Jan. 23, 2017	Oct. 17, 2013
Tracking Stocks
Cash and cash equivalents		$ 2,645		$ 2,814
Cash dividends paid by subsidiary		217	$ 28
Liberty SiriusXM Group
Tracking Stocks
Cash and cash equivalents		494
Cash dividends paid by subsidiary		$ 217	$ 28
Liberty SiriusXM Group | Braves Group
Tracking Stocks
Investment Owned, Balance, Shares		2,292,037
Percentage ownership		3.70%
Liberty SiriusXM Group | Formula One Group
Tracking Stocks
Investment Owned, Balance, Shares		5,271,475
Liberty SiriusXM Group | Live Nation
Tracking Stocks
Percentage ownership		31.00%
Braves Group
Tracking Stocks
Cash and cash equivalents		$ 207
Formula One Group
Tracking Stocks
Cash and cash equivalents		$ 1,944
Formula One Group | Braves Group
Tracking Stocks
Investment Owned, Balance, Shares		6,792,903
Percentage ownership		11.00%
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 | Liberty SiriusXM 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%
2.25% Exchangeable Senior Debentures due 2048 | Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)		2.25%					2.25%
0.5% Exchangeable Senior Debentures due 2050 | Liberty SiriusXM Group
Tracking Stocks
Debt instrument interest rate (as a percent)		0.50%			0.50%
Sirius XM Holdings
Tracking Stocks
Dividend paid to parent company		$ 942
Payments of Dividends		$ 1,159
Sirius XM Holdings | Subsequent Event
Tracking Stocks
Common stock, dividends declared	$ 0.0219615
Sirius XM Holdings | Formula One Group
Tracking Stocks
Investment Owned, Balance, Shares		5,271,475
Percentage ownership		2.20%
Sirius XM Holdings | Liberty SiriusXM Group
Tracking Stocks
Cash and cash equivalents		$ 126
Formula 1 | Formula One Group
Tracking Stocks
Cash and cash equivalents		935
Braves Holdings | Braves Group
Tracking Stocks
Cash and cash equivalents		$ 117

XML

Stock-Based Compensation - Stock-based compensation expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation
Stock-based compensation	$ 57	$ 60	$ 112	$ 123
Operating operating expense
Stock-Based Compensation
Stock-based compensation	9	7	17	17
Selling, General and Administrative Expenses
Stock-Based Compensation
Stock-based compensation	36	41	73	84
Sirius XM Holdings | Programming and content expense
Stock-Based Compensation
Stock-based compensation	8	8	16	16
Sirius XM Holdings | Customer service and billing
Stock-Based Compensation
Stock-based compensation	2	2	3	3
Sirius XM Holdings | Other cost of subscriber services
Stock-Based Compensation
Stock-based compensation	$ 2	$ 2	$ 3	$ 3

XML

Stock-Based Compensation - Grants of stock options (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Stock-Based Compensation
Dividend rate	0.00%
Liberty SiriusXM Group | Common Class A
Stock-Based Compensation
Options granted	0
Liberty SiriusXM Group | Common Class B
Stock-Based Compensation
Options granted	0
Liberty SiriusXM Group | Series C
Stock-Based Compensation
Options granted	212,000
Liberty SiriusXM Group | Chief Executive Officer | Series C
Stock-Based Compensation
Options granted	212,000
Weighted average GDFV | $ / shares	$ 14.45
Formula One Group | Common Class A
Stock-Based Compensation
Options granted	0
Formula One Group | Common Class B
Stock-Based Compensation
Options granted	0
Formula One Group | Series C
Stock-Based Compensation
Options granted	267,000
Formula One Group | Chief Executive Officer | Series C
Stock-Based Compensation
Options granted	181,000
Weighted average GDFV | $ / shares	$ 21.31
Formula One Group | Formula 1 employees | Series C
Stock-Based Compensation
Options granted	86,000
Weighted average GDFV | $ / shares	$ 21.31
Braves Group | Common Class A
Stock-Based Compensation
Options granted	0
Braves Group | Common Class B
Stock-Based Compensation
Options granted	0
Braves Group | Series C
Stock-Based Compensation
Options granted	95,000
Braves Group | Chief Executive Officer | Series C
Stock-Based Compensation
Options granted	95,000
Weighted average GDFV | $ / shares	$ 9.16

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Stock-Based Compensation - Liberty - Outstanding Awards (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Additional disclosures
Total unrecognized compensation cost related to unvested equity awards | $	$ 44
Weighted average period of recognition related to unvested equity awards (in years)	1 year 8 months 12 days
Liberty SiriusXM Group
Additional disclosures
Common stock reserved for issuance	7,100,000
Liberty SiriusXM Group | Common Class A
Number of options
Granted	0
Outstanding at end of period	0
Liberty SiriusXM Group | Common Class B
Number of options
Granted	0
Outstanding at end of period	0
Liberty SiriusXM Group | Series C
Number of options
Outstanding at beginning of period	7,369,000
Granted	212,000
Exercised	(441,000)
Outstanding at end of period	7,140,000
Exercisable at end of period	4,774,000
WAEP
Outstanding at beginning of period | $ / shares	$ 38.79
Granted | $ / shares	44.80
Exercised | $ / shares	31.25
Outstanding at end of period | $ / shares	39.43
Exercisable at end of period | $ / shares	$ 36.87
Additional disclosures
Weighted average remaining life, outstanding	3 years 2 months 12 days
Weighted average remaining life, exercisable	2 years 3 months 18 days
Aggregate intrinsic value, outstanding | $	$ 9
Aggregate intrinsic value, exercisable | $	$ 9
Formula One Group
Additional disclosures
Common stock reserved for issuance	8,200,000
Formula One Group | Common Class A
Number of options
Granted	0
Formula One Group | Common Class B
Number of options
Granted	0
Outstanding at end of period	0
Formula One Group | Series C
Number of options
Outstanding at beginning of period	9,114,000
Granted	267,000
Exercised	(1,184,000)
Outstanding at end of period	8,197,000
Exercisable at end of period	6,367,000
WAEP
Outstanding at beginning of period | $ / shares	$ 34.38
Granted | $ / shares	57.67
Exercised | $ / shares	31.63
Outstanding at end of period | $ / shares	35.54
Exercisable at end of period | $ / shares	$ 32.75
Additional disclosures
Weighted average remaining life, outstanding	4 years 1 month 6 days
Weighted average remaining life, exercisable	3 years 9 months 18 days
Aggregate intrinsic value, outstanding | $	$ 229
Aggregate intrinsic value, exercisable | $	$ 196
Braves Group
Additional disclosures
Common stock reserved for issuance	3,200,000
Braves Group | Common Class A
Number of options
Granted	0
Outstanding at end of period	1,000
Exercisable at end of period	1,000
WAEP
Outstanding at end of period | $ / shares	$ 12.35
Exercisable at end of period | $ / shares	$ 12.35
Additional disclosures
Weighted average period of recognition related to unvested equity awards (in years)	6 months
Braves Group | Common Class B
Number of options
Granted	0
Outstanding at end of period	0
Braves Group | Series C
Number of options
Outstanding at beginning of period	3,125,000
Granted	95,000
Exercised	(63,000)
Outstanding at end of period	3,157,000
Exercisable at end of period	586,000
WAEP
Outstanding at beginning of period | $ / shares	$ 25.86
Granted | $ / shares	25.49
Exercised | $ / shares	18.14
Outstanding at end of period | $ / shares	26.00
Exercisable at end of period | $ / shares	$ 20.85
Additional disclosures
Weighted average remaining life, outstanding	4 years 9 months 18 days
Weighted average remaining life, exercisable	2 years 3 months 18 days
Aggregate intrinsic value, outstanding | $	$ 2
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation
Stock-based compensation expense			$ 112	$ 123
Total unrecognized compensation cost related to unvested equity awards	$ 44		$ 44
Weighted average period of recognition related to unvested equity awards (in years)			1 year 8 months 12 days
Sirius XM Holdings
Stock-Based Compensation
Outstanding options	156		156
Exercisable options	98		98
Outstanding WAEP	$ 5.35		$ 5.35
Exercisable WAEP	$ 4.92		$ 4.92
Aggregate intrinsic value, outstanding	$ 138		$ 138
Aggregate intrinsic value, exercisable	128		128
Stock-based compensation expense	47	$ 47	92	$ 98
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 3 months 18 days
Sirius XM Holdings | RSUs
Stock-Based Compensation
RSUs granted			15
RSUs GDFV			$ 6.78

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Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Nov. 26, 2019	Mar. 06, 2018
Diluted earnings per share calculation for the unrealized gain or loss
Basic earnings (loss) attributable to stockholders	$ 622	$ 417	$ 862	$ 301
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	329,000,000	335,000,000	330,000,000	336,000,000
Potentially dilutive shares	19,000,000	2,000,000	20,000,000	2,000,000
Diluted WASO	348,000,000	337,000,000	350,000,000	338,000,000
Diluted earnings per share calculation for the unrealized gain or loss
Basic earnings (loss) attributable to stockholders	$ 447	$ 337	$ 735	$ 326
Adjustment	(14)		(13)
Diluted earnings (loss) attributable to stockholders	$ 433	$ 337	$ 722	$ 326
Liberty SiriusXM Group | Braves Group
Investment owned shares
Investment Owned, Balance, Shares	2,292,037		2,292,037
Liberty SiriusXM Group | Formula One Group
Investment owned shares
Investment Owned, Balance, Shares	5,271,475		5,271,475
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048
Investment owned shares
Debt instrument interest rate (as a percent)	2.125%		2.125%			2.125%
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049
Investment owned shares
Debt instrument interest rate (as a percent)	2.75%		2.75%		2.75%
Liberty SiriusXM Group | ASU 2020-06 | Cumulative Effect, Period of Adoption, Adjustment
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share
Diluted earnings per share	$ 0.12		$ 0.15
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		22,000,000
Braves Group
Weighted average outstanding shares of common stock
Basic WASO	53,000,000	52,000,000	53,000,000	52,000,000
Potentially dilutive shares	9,000,000	9,000,000	9,000,000	9,000,000
Diluted WASO	62,000,000	61,000,000	62,000,000	61,000,000
Diluted earnings per share calculation for the unrealized gain or loss
Basic earnings (loss) attributable to stockholders	$ 64	$ 25	$ 51	$ (34)
Adjustment	(35)	(1)	(36)	27
Diluted earnings (loss) attributable to stockholders	$ 29	$ 24	$ 15	$ (7)
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	5,000,000		9,000,000
Formula One Group
Weighted average outstanding shares of common stock
Basic WASO	232,000,000	232,000,000	232,000,000	232,000,000
Potentially dilutive shares	9,000,000	8,000,000	9,000,000	8,000,000
Diluted WASO	241,000,000	240,000,000	241,000,000	240,000,000
Diluted earnings per share calculation for the unrealized gain or loss
Basic earnings (loss) attributable to stockholders	$ 111	$ 55	$ 76	$ 9
Adjustment	(27)	24	(7)	25
Diluted earnings (loss) attributable to stockholders	$ 84	$ 79	$ 69	$ 34
Formula One Group | Braves Group
Investment owned shares
Investment Owned, Balance, Shares	6,792,903		6,792,903
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	5,000,000		8,000,000

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Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Current Assets
Assets and Liabilities Measured at Fair Value
Financial instrument assets	$ 1	$ 527
Other Noncurrent Assets
Assets and Liabilities Measured at Fair Value
Financial instrument assets	403	113
Recurring
Assets and Liabilities Measured at Fair Value
Cash equivalents	2,276	2,436
Investment in trust account	576	575
Debt and equity securities	106	217
Financial instrument assets	404	640
Debt	3,581	5,222
Financial instrument liabilities	6	59
Level 1 | Recurring
Assets and Liabilities Measured at Fair Value
Cash equivalents	2,276	2,436
Investment in trust account	576	575
Debt and equity securities	106	217
Financial instrument assets	83	99
Financial instrument liabilities	6	20
Level 2 | Recurring
Assets and Liabilities Measured at Fair Value
Financial instrument assets	321	541
Debt	$ 3,581	5,222
Financial instrument liabilities		$ 39

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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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	$ 380	$ 155	$ 439	$ 106
Debt and equity securities
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	(7)	167	(12)	216
Debt measured at fair value
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	577	(71)	646	(184)
Gain (loss) on changes in fair value	52	(8)	41	(68)
Cumulative amount of gain in changes in fair value	109		109
Change in fair value of bond hedges
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	(201)	46	(269)	59
Other
Assets and Liabilities Measured at Fair Value
Realized and unrealized gains (losses) on financial instruments, net	$ 11	$ 13	$ 74	$ 15

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Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	$ 966	$ 945
Liberty SiriusXM Group
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	$ 823	805
Liberty SiriusXM Group | Live Nation
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	31.00%
Fair value	$ 5,751
Investments in affiliates	$ 112	89
Liberty SiriusXM Group | Sirius XM Canada
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	70.00%
Investments in affiliates	$ 639	642
Liberty SiriusXM Group | Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	72	74
Braves Group
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	115	110
Braves Group | Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	115	110
Formula One Group
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	28	30
Formula One Group | Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates	$ 28	$ 30

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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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	$ 61	$ (48)	$ 47	$ (143)
Liberty SiriusXM Group
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	54	(70)	36	(183)
Liberty SiriusXM Group | Sirius XM Canada
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	3	3	6	7
Liberty SiriusXM Group | Live Nation
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	54	(67)	33	(178)
Liberty SiriusXM Group | Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	(3)	(6)	(3)	(12)
Braves Group
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	8	8	12	11
Braves Group | Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	8	8	12	11
Formula One Group
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	(1)	14	(1)	29
Formula One Group | Other Investments
Investments in Affiliates Accounted for Using the Equity Method
Earnings (loss) before income taxes	$ (1)	$ 14	$ (1)	$ 29

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Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 31, 2017
Live Nation | Maximum
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	100.00%		100.00%
Sirius XM Holdings | Sirius XM Canada
Investments in Affiliates Accounted for Using the Equity Method
Due from related parties current assets	$ 19		$ 19
Revenue from related parties	28	$ 25	55	$ 50
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					$ 131
Due from Related Parties	8		8
Loan obligation reduced	$ 113		$ 113
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%
Gross Dividends				$ 1
Sirius XM Holdings | Sirius XM Canada | Maximum
Investments in Affiliates Accounted for Using the Equity Method
Gross Dividends	$ 1	$ 1	$ 1

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Investments In Affiliates Accounted For Using The Equity Method - SoundCloud (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Feb. 29, 2020
Investments in Affiliates Accounted for Using the Equity Method
Equity Method Investments	$ 966		$ 966		$ 945
Sirius XM Holdings | SoundCloud Holdings, LLC | Pandora Soundcloud Advertising Agreement
Investments in Affiliates Accounted for Using the Equity Method
Revenue share expense	14	$ 14	27	$ 27
Due to related parties, non-current	$ 18		$ 18
Sirius XM Holdings | SoundCloud Holdings, LLC
Investments in Affiliates Accounted for Using the Equity Method
Equity Method Investments						$ 75

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Intangible Assets - Goodwill Rollforward (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 19,248
Acquisitions	97
Other	(4)
Goodwill, Ending Balance	19,341
Sirius XM Holdings
Goodwill
Goodwill, Beginning Balance	15,112
Acquisitions	97
Goodwill, Ending Balance	15,209
Formula 1
Goodwill
Goodwill, Beginning Balance	3,956
Goodwill, Ending Balance	3,956
Corporate And Other.
Goodwill
Goodwill, Beginning Balance	180
Other	(4)
Goodwill, Ending Balance	$ 176

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Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Intangible Assets
Gross carrying amount	$ 9,109	$ 8,971
Accumulated amortization	(4,564)	(4,174)
Net carrying amount	4,545	4,797
FIA Agreement
Intangible Assets
Gross carrying amount	3,630	3,630
Accumulated amortization	(1,031)	(936)
Net carrying amount	2,599	2,694
Customer Relationships
Intangible Assets
Gross carrying amount	3,054	3,053
Accumulated amortization	(1,809)	(1,679)
Net carrying amount	1,245	1,374
Licensing Agreements
Intangible Assets
Gross carrying amount	359	355
Accumulated amortization	(257)	(243)
Net carrying amount	102	112
Other Intangible Assets
Intangible Assets
Gross carrying amount	2,066	1,933
Accumulated amortization	(1,467)	(1,316)
Net carrying amount	$ 599	$ 617

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Intangible Assets - Amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Intangible Assets
Amortization of Intangible Assets	$ 196	$ 202	$ 391	$ 401
Remainder of 2022	385		385
2023	745		745
2024	419		419
2025	366		366
2026	$ 349		$ 349

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Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Nov. 30, 2020	Nov. 26, 2019	Dec. 31, 2018	Mar. 06, 2018	Jan. 23, 2017	Oct. 17, 2013
Debt Instrument
Outstanding principal	$ 17,531
Total debt	17,882	$ 18,590
Debt classified as current	(911)	(2,891)
Total long-term debt	16,971	15,699
Liberty SiriusXM Group
Debt Instrument
Outstanding principal	13,721
Deferred financing costs	(13)	(14)
Total debt	13,903	14,262
Debt classified as current	(387)
Total long-term debt	$ 13,516
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
Long term debt	$ 1,182	1,540
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	$ 387
Long term debt	$ 387	416
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048
Debt Instrument
Debt instrument interest rate (as a percent)	2.25%				2.25%
Long term debt		644
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	$ 586
Long term debt	$ 565	624
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050
Debt Instrument
Debt instrument interest rate (as a percent)	0.50%		0.50%
Outstanding principal	$ 920
Long term debt	1,031	1,332
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan
Debt Instrument
Outstanding principal	875
Long term debt	$ 875	875
Liberty SiriusXM Group | Sirius XM 3.125% Senior Notes due 2026
Debt Instrument
Debt instrument interest rate (as a percent)	3.125%
Outstanding principal	$ 1,000
Long term debt	$ 991	990
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
Long term debt	$ 1,492	1,491
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028
Debt Instrument
Debt instrument interest rate (as a percent)	4.00%
Outstanding principal	$ 2,000
Long term debt	$ 1,980	1,979
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
Long term debt	$ 1,240	1,239
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030
Debt Instrument
Debt instrument interest rate (as a percent)	4.125%
Outstanding principal	$ 1,500
Long term debt	$ 1,486	1,485
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2031
Debt Instrument
Debt instrument interest rate (as a percent)	3.875%
Outstanding principal	$ 1,500
Long term debt	$ 1,484	1,484
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
Long term debt	$ 193	177
Liberty SiriusXM Group | Sirius XM credit facility
Debt Instrument
Debt instrument interest rate (as a percent)	3.14%
Outstanding principal	$ 510
Long term debt	$ 510
Liberty SiriusXM Group | Sirius XM Incremental Term Loan
Debt Instrument
Debt instrument interest rate (as a percent)	2.32%
Outstanding principal	$ 500
Long term debt	500
Braves Group
Debt Instrument
Outstanding principal	602
Deferred financing costs	(3)	(3)
Total debt	599	697
Debt classified as current	(80)
Total long-term debt	519
Braves Group | Notes and loans
Debt Instrument
Outstanding principal	602
Long term debt	602	700
Formula One Group
Debt Instrument
Outstanding principal	3,208
Deferred financing costs	(4)	(6)
Total debt	3,380	3,631
Debt classified as current	(444)
Total long-term debt	$ 2,936
Formula One Group | 1% Cash Convertible Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)	1.00%						1.00%
Outstanding principal	$ 240
Long term debt	416	666
Formula One Group | Other Debt Obligations
Debt Instrument
Outstanding principal	66
Long term debt	66	69
Formula One Group | Senior Loan Facility
Debt Instrument
Outstanding principal	2,902
Long term debt	$ 2,902	$ 2,902

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Long-Term Debt - Narrative (Details)							1 Months Ended				6 Months Ended
	May 09, 2022 USD ($)	Feb. 24, 2021 USD ($)	Nov. 09, 2020 USD ($)	Nov. 26, 2019 USD ($) $ / shares shares	Mar. 06, 2018 USD ($) $ / shares shares	Jan. 23, 2017 USD ($) $ / shares	Jan. 31, 2022 USD ($)	Nov. 30, 2020 USD ($) $ / shares shares	Mar. 31, 2020 USD ($)	Dec. 31, 2018 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Apr. 11, 2022 USD ($)	Dec. 03, 2021 USD ($)	Oct. 17, 2013 USD ($)
Live Nation Margin Loan
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	2.00%
Line of Credit Facility, Remaining Borrowing Capacity											$ 400,000,000
Maximum borrowing capacity	$ 400,000,000		$ 200,000,000										$ 400,000,000
Undrawn commitment fee			0.50%
Live Nation Margin Loan | LIBOR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis			LIBOR
Debt Instrument, Basis Spread on Variable Rate			2.00%
Live Nation Margin Loan | Adjusted Term SOFR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis	Adjusted Term SOFR
Debt Instrument, Basis Spread on Variable Rate	0.10%
Live Nation | Live Nation Margin Loan
Debt Instrument
Share value											$ 741,000,000
Shares | shares											9,000,000.0
Warrant transaction | Common Class A
Debt Instrument
Securities Basket price per share | $ / shares											$ 53.85
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% Cash Convertible Notes Due 2023
Debt Instrument
Debt instrument interest rate (as a percent)						1.00%					1.00%
Principal amount						$ 450,000,000
Debt instrument, face amount per debenture						$ 1,000
Repurchase amount											$ 146,000,000
Payments of debt											$ 240,000,000
Formula One Group | 1% Cash Convertible Notes Due 2023 | Liberty Media Acquisition Corporation
Debt Instrument
Debt instrument interest rate (as a percent)											1.00%
Formula One Group | 1% Cash Convertible Notes Due 2023 | Series C
Debt Instrument
Debt Instrument, Convertible, Conversion Ratio						27.11
Conversion price for exchangeable debt | $ / shares						$ 36.89
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											1.0163
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes due 2023
Debt Instrument
Debt instrument interest rate (as a percent)											1.375%			1.375%
Principal amount														$ 1,000,000,000
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048
Debt Instrument
Debt instrument interest rate (as a percent)					2.125%						2.125%
Principal amount					$ 400,000,000
Extraordinary additional distribution											$ 12,000,000
Extraordinary additional distribution amount per debenture											$ 31.1731
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048
Debt Instrument
Debt instrument interest rate (as a percent)										2.25%	2.25%
Principal amount										$ 385,000,000
Payment for the settlement of exchangeable debentures							$ 664,000,000
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049
Debt Instrument
Debt instrument interest rate (as a percent)				2.75%							2.75%
Principal amount				$ 604,000,000
Extraordinary additional distribution											$ 18,000,000
Extraordinary additional distribution amount per debenture											$ 29.0057
Debt Instrument, Redemption Price, Percentage				100.00%
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050
Debt Instrument
Debt instrument interest rate (as a percent)								0.50%			0.50%
Principal amount								$ 920,000,000
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan
Debt Instrument
Effective interest rate											4.25%
Line of Credit Facility, Remaining Borrowing Capacity											$ 875,000,000
Undrawn commitment fee		0.50%							0.75%
Proceed from issuance of debt		$ 125,000,000
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | LIBOR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis		LIBOR							LIBOR
Debt Instrument, Basis Spread on Variable Rate		2.00%							2.05%
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Term loan
Debt Instrument
Principal amount		$ 875,000,000							$ 250,000,000
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Revolving Credit Facility
Debt Instrument
Principal amount		$ 875,000,000							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 4.0% Senior Notes Due 2028
Debt Instrument
Debt instrument interest rate (as a percent)											4.00%
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029
Debt Instrument
Debt instrument interest rate (as a percent)											5.50%
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027
Debt Instrument
Debt instrument interest rate (as a percent)											5.00%
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023
Debt Instrument
Debt instrument interest rate (as a percent)											1.75%
Liberty SiriusXM Group | Sirius XM credit facility
Debt Instrument
Debt instrument interest rate (as a percent)											3.14%
Line of Credit Facility, Remaining Borrowing Capacity											$ 1,240,000,000
Maximum borrowing capacity											$ 1,750,000,000
Undrawn commitment fee											0.25%
Liberty SiriusXM Group | Sirius XM credit facility | LIBOR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis											LIBOR
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030
Debt Instrument
Debt instrument interest rate (as a percent)											4.125%
Liberty SiriusXM Group | Sirius XM Incremental Term Loan
Debt Instrument
Debt instrument interest rate (as a percent)											2.32%
Principal amount												$ 500,000,000
Liberty SiriusXM Group | Sirius XM Holdings | 2.125% Exchangeable Senior Debentures Due 2048
Debt Instrument
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 | 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 | Sirius XM Holdings | Sirius XM Holdings Margin Loan
Debt Instrument
Share value											$ 6,130,000,000
Shares | shares											1,000,000,000.0
Liberty SiriusXM Group | 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
Liberty SiriusXM Group | Live Nation | 0.5% Exchangeable Senior Debentures due 2050
Debt Instrument
Shares underlying the debentures | shares								10,000,000
Conversion price for exchangeable debt | $ / shares								$ 90.10
Debt Instrument, Redemption Price, Percentage								100.00%
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
Liberty SiriusXM Group | Warrant transaction | Common Class A
Debt Instrument
Class of Warrant or Right, Outstanding | shares											21,429,600
Braves Group | Common Class A
Debt Instrument
Securities basket conversion ratio from shares of Liberty Media Corporation common stock											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
Braves Group | Warrant transaction | Common Class A
Debt Instrument
Class of Warrant or Right, Outstanding | shares											2,292,037

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Long-Term Debt - Braves Holdings Notes (Details) - Braves Holdings - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Long term debt	$ 602	$ 700
Senior Secured Notes
Debt Instrument
Weighted average interest rate	3.77%
Long term debt	$ 175	178
Floating Rate Notes
Debt Instrument
Weighted average interest rate	3.95%
Long term debt	$ 52	55
Stadium credit facility
Debt Instrument
Weighted average interest rate	2.87%
Long term debt	$ 44	46
Maximum borrowing capacity	45
Revolving Credit Facility | Operating Credit Facilities
Debt Instrument
Long term debt		120
Maximum borrowing capacity	$ 185
Revolving Credit Facility | Mixed Use Credit Facilities and Loans
Debt Instrument
Weighted average interest rate	3.87%
Long term debt	$ 301	271
Maximum borrowing capacity	$ 316
Revolving Credit 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	Jun. 30, 2022	Dec. 31, 2021
Formula 1 | Senior Loan Facility
Debt Instrument
Long term debt	$ 2,900
Line of Credit Facility, Maximum Borrowing Capacity	500
Line of Credit	$ 0
Effective interest rate	4.17%
Formula 1 | Interest Rate Swap | Senior Loan Facility
Debt Instrument
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	$ 2,100
Braves Holdings
Debt Instrument
Long term debt	602	$ 700
Formula One Group | Senior Loan Facility
Debt Instrument
Long term debt	$ 2,902	$ 2,902

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Long-Term Debt - Fair Value of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt, measured at fair value	$ 2,778	$ 2,372
Liberty SiriusXM Group | Sirius XM 3.125% Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	3.125%
Long-term debt, measured at fair value	$ 880
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	$ 1,387
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	4.00%
Long-term debt, measured at fair value	$ 1,720
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	$ 1,144
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%
Long-term debt, measured at fair value	$ 1,245
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument interest rate (as a percent)	3.875%
Long-term debt, measured at fair value	$ 1,193
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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Liberty Media Acquisition Corporation (Details)		1 Months Ended	6 Months Ended
	Jan. 26, 2021 USD ($) $ / shares $ / item shares	Nov. 30, 2020 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022
Schedule of Investments [Line Items]
Proceeds from issuance IPO | $			$ 575,000,000
Liberty Media Acquisition Corporation
Schedule of Investments [Line Items]
Ownership percentage				20.00%
Liberty Media Acquisition Corporation
Schedule of Investments [Line Items]
Founder shares purchased | shares		14,400,000
Payment for founder shares | $		$ 25,000
Liberty Media Acquisition Corporation | IPO
Schedule of Investments [Line Items]
Units issued | $	57,500,000
Issue price per share | $ / shares	$ 10.00
Proceeds from issuance IPO | $	$ 575,000,000
Liberty Media Acquisition Corporation | Over-Allotment Option
Schedule of Investments [Line Items]
Units issued | $	7,500,000
Liberty Media Acquisition Corporation | Warrant | IPO
Schedule of Investments [Line Items]
Number of warrants issued per unit | shares	0.2
Liberty Media Acquisition Corporation | Warrant | Liberty Media Acquisition Sponsor LLC | Private Placement
Schedule of Investments [Line Items]
Warrants outstanding | shares	10,000,000
Number of shares issued per unit | shares	1
Strike price | $ / item	11.50
Adjustment period after the completion of LMAC's initial business combination	30 days
Adjustment period after the closing of the IPO	12 months
Proceeds from Issuance of Warrants | $	$ 15,000,000
Liberty Media Acquisition Corporation | Common Class A | IPO
Schedule of Investments [Line Items]
Number of shares issued per unit | shares	1
Liberty Media Acquisition Corporation | Common Class A | Warrant | IPO
Schedule of Investments [Line Items]
Strike price | $ / item	11.50
Adjustment period after the completion of LMAC's initial business combination	30 days
Adjustment period after the closing of the IPO	12 months
Liberty Media Acquisition Corporation | Forward Purchase Agreement | Warrant
Schedule of Investments [Line Items]
Issue price per share | $ / shares	$ 10.00
Liberty Media Acquisition Corporation | Forward Purchase Agreement | Common Class A | Warrant
Schedule of Investments [Line Items]
Number of warrants issued per unit | shares	0.2
Liberty Media Acquisition Corporation | Forward Purchase Agreement | Common Class B
Schedule of Investments [Line Items]
Number of shares issued per unit | shares	1
Liberty Media Acquisition Sponsor LLC | Forward Purchase Agreement
Schedule of Investments [Line Items]
Other Commitment | $	$ 250,000,000

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Liberty Media Acquisition Corporation - Redeemable noncontrolling interests (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Apr. 15, 2021	Jan. 26, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable noncontrolling interests, beginning balance	$ 575.0
Net earnings (loss) attributable to the noncontrolling interests	11.0
Change in redemption value of redeemable noncontrolling interests	(10.0)
Redeemable noncontrolling interests, ending balance	576.0
Warrant liability	6.0			$ 20.0
Long-term debt	17,882.0	$ 18,590.0
Liberty Media Acquisition Sponsor LLC | LMAC Working Capital Loan
Increase (Decrease) in Temporary Equity [Roll Forward]
Long-term debt	3.0
Maximum borrowing capacity	4.0		$ 2.5
Maximum loans convertible into warrants	$ 2.5
Price of warrants	$ 1.50

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Commitments and Contingencies (Details) $ in Millions	3 Months Ended			6 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2022 item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 item	Jun. 30, 2022 USD ($)
Commitments and Contingencies
Number of baseball games | item					162	161	60
Number of scheduled Formula 1 Events | item					22	23
Number of Formula One events | item						22	17
Braves Holdings
Commitments and Contingencies
Compensation guarantee aggregate total								$ 553
Amounts payable under guarantee in 2022								199
Amounts payable under guarantee in 2024								115
Amounts payable under guarantee in 2025								73
Amounts payable under guarantee in 2026								50
Amounts payable under guarantee thereafter								$ 116
Sirius XM Holdings
Commitments and Contingencies
Asset impairment charges				$ 18
Accrued restructuring expense		$ 6		6
Write-off of leasehold improvements				1
Restructuring costs and asset impairment charges				$ 25
Sirius XM Holdings | SXM-7 Satellite
Commitments and Contingencies
Impairment charge			$ 220
Insurance policy coverage						$ 225
Insurance Recoveries	$ 85	$ 140

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Information About Liberty's Operating Segments (Details)	6 Months Ended
	Jun. 30, 2022 item
Live Nation
Information About Liberty's Operating Segments
Percentage included in segment reporting	100.00%
Live Nation | Maximum
Information About Liberty's Operating Segments
Percentage ownership	100.00%
Liberty SiriusXM Group | Live Nation
Information About Liberty's Operating Segments
Percentage ownership	31.00%
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
Number of satellite systems	2

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Information About Liberty's Operating Segments - Revenue and Adjusted OIBDA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Information About Liberty's Operating Segments
Revenue	$ 3,258	$ 2,876	$ 5,827	$ 5,130
Adjusted OIBDA	876	813	1,654	1,527
Live Nation
Information About Liberty's Operating Segments
Revenue	4,434	576	6,237	867
Liberty SiriusXM Group
Information About Liberty's Operating Segments
Revenue	2,254	2,159	4,440	4,217
Adjusted OIBDA	675	697	1,360	1,374
Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Adjusted OIBDA	679	699	1,369	1,381
Liberty SiriusXM Group | Operating Segments | Live Nation
Information About Liberty's Operating Segments
Adjusted OIBDA	480	10	689	(142)
Liberty SiriusXM Group | Corporate and other
Information About Liberty's Operating Segments
Adjusted OIBDA	(4)	(2)	(9)	(7)
Liberty SiriusXM Group | Operating Segments and Corporate and Other
Information About Liberty's Operating Segments
Adjusted OIBDA	1,155	707	2,049	1,232
Liberty SiriusXM Group | Consolidation Eliminations
Information About Liberty's Operating Segments
Adjusted OIBDA	(480)	(10)	(689)	142
Braves Group
Information About Liberty's Operating Segments
Revenue	260	216	283	232
Adjusted OIBDA	55	53	36	31
Braves Group | Corporate and other
Information About Liberty's Operating Segments
Adjusted OIBDA	55	53	36	31
Formula One Group
Information About Liberty's Operating Segments
Revenue	744	501	1,104	681
Adjusted OIBDA	146	63	258	122
Formula One Group | Operating Segments | Formula 1
Information About Liberty's Operating Segments
Adjusted OIBDA	154	66	276	132
Formula One Group | Corporate and other
Information About Liberty's Operating Segments
Adjusted OIBDA	(8)	(3)	(18)	(10)
Subscriber | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Revenue	1,719	1,641	3,432	3,252
Advertising | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Revenue	452	429	835	783
Equipment | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Revenue	45	51	98	108
Baseball | Braves Group | Corporate and other
Information About Liberty's Operating Segments
Revenue	247	204	258	211
Development | Braves Group | Corporate and other
Information About Liberty's Operating Segments
Revenue	13	12	25	21
Primary Formula 1
Information About Liberty's Operating Segments
Revenue	744	501	1,104	681
Primary Formula 1 | Formula One Group
Information About Liberty's Operating Segments
Revenue	744	501	1,104	681
Primary Formula 1 | Formula One Group | Operating Segments | Formula 1
Information About Liberty's Operating Segments
Revenue	628	464	915	623
Other.
Information About Liberty's Operating Segments
Revenue	260	216	283	232
Other. | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings
Information About Liberty's Operating Segments
Revenue	38	38	75	74
Other. | Braves Group
Information About Liberty's Operating Segments
Revenue	260	216	283	232
Other. | Formula One Group | Operating Segments | Formula 1
Information About Liberty's Operating Segments
Revenue	$ 116	$ 37	$ 189	$ 58

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Information About Liberty's Operating Segments - Performance obligations (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Information About Liberty's Operating Segments
Deferred revenue	$ 1,989	$ 1,790
Liberty SiriusXM Group
Information About Liberty's Operating Segments
Deferred revenue	1,432
Braves Group
Information About Liberty's Operating Segments
Deferred revenue	131
Formula One and Braves Holdings
Information About Liberty's Operating Segments
Deferred revenue	569	$ 347
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Remaining performance obligations
Remaining performance obligation, revenue expected to be recognized	$ 1,313
Expected timing of satisfaction period	6 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	$ 1,997
Expected timing of satisfaction period	12 months
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining performance obligations
Remaining performance obligation, revenue expected to be recognized	$ 1,699
Expected timing of satisfaction period	12 months
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Remaining performance obligations
Remaining performance obligation, revenue expected to be recognized	$ 3,939
Expected timing of satisfaction period	72 months
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Remaining performance obligations
Remaining performance obligation, revenue expected to be recognized	$ 787
Expected timing of satisfaction period	60 months

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Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 43,760		$ 44,351
Investments in affiliates	966		945
Capital expenditures	455	$ 190
Consolidation Eliminations
Segment Reporting Information [Line Items]
Total assets	(571)
Liberty SiriusXM Group
Segment Reporting Information [Line Items]
Total assets	31,152
Investments in affiliates	823		805
Capital expenditures	196	164
Liberty SiriusXM Group | Corporate and other
Segment Reporting Information [Line Items]
Total assets	1,383
Investments in affiliates	112
Liberty SiriusXM Group | Operating Segments and Corporate and Other
Segment Reporting Information [Line Items]
Total assets	47,573
Investments in affiliates	1,151
Capital expenditures	298
Liberty SiriusXM Group | Consolidation Eliminations
Segment Reporting Information [Line Items]
Total assets	(16,421)
Investments in affiliates	(328)
Capital expenditures	(102)
Liberty SiriusXM Group | Sirius XM Holdings | Operating Segments
Segment Reporting Information [Line Items]
Total assets	29,769
Investments in affiliates	711
Capital expenditures	196
Liberty SiriusXM Group | Live Nation | Operating Segments
Segment Reporting Information [Line Items]
Total assets	16,421
Investments in affiliates	328
Capital expenditures	102
Braves Group
Segment Reporting Information [Line Items]
Total assets	1,609
Investments in affiliates	115		110
Capital expenditures	8	19
Braves Group | Corporate and other
Segment Reporting Information [Line Items]
Total assets	1,609
Investments in affiliates	115
Capital expenditures	8
Formula One Group
Segment Reporting Information [Line Items]
Total assets	11,570
Investments in affiliates	28		$ 30
Capital expenditures	251	$ 7
Formula One Group | Corporate and other
Segment Reporting Information [Line Items]
Total assets	2,531
Investments in affiliates	28
Capital expenditures	243
Formula One Group | Formula 1 | Operating Segments
Segment Reporting Information [Line Items]
Total assets	9,039
Capital expenditures	$ 8

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Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Information About Liberty's Operating Segments
Adjusted OIBDA	$ 876	$ 813	$ 1,654	$ 1,527
Stock-based compensation	(57)	(60)	(112)	(123)
Impairment, restructuring and acquisition costs, net of recoveries	(1)	137	(1)	(108)
Depreciation and amortization	(262)	(268)	(522)	(532)
Operating income (loss)	556	622	1,019	764
Interest expense	(161)	(158)	(318)	(316)
Share of earnings (losses) of affiliates, net	61	(48)	47	(143)
Realized and unrealized gains (losses) on financial instruments, net	380	155	439	106
Other, net	22	13	67	28
Earnings (loss) before income taxes	$ 858	$ 584	$ 1,254	$ 439

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Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,645	$ 2,814
Trade and other receivables, net	823	828
Other current assets	658	1,170
Total current assets	4,126	4,812
Investments in affiliates, accounted for using the equity method	966	945
Property and equipment, at cost	4,339	4,027
Accumulated depreciation	(2,113)	(2,017)
Property and equipment, net	2,226	2,010
Goodwill	19,341	19,248
FCC licenses	8,600	8,600
Other	1,366	1,385
Intangible assets not subject to amortization	29,307	29,233
Intangible assets subject to amortization, net	4,545	4,797
Other assets	2,590	2,554
Total assets	43,760	44,351
Current liabilities:
Accounts payable and accrued liabilities	1,714	1,832
Current portion of debt	911	2,891
Deferred revenue	1,989	1,790
Other current liabilities	95	97
Total current liabilities	4,709	6,610
Long-term debt	16,971	15,699
Deferred income tax liabilities	2,253	2,218
Other liabilities	894	987
Total liabilities	24,827	25,514
Redeemable noncontrolling interests in equity of subsidiary	576	575
Stockholders' equity:
Total stockholders' equity	15,176	14,672
Noncontrolling interests in equity of subsidiaries	3,181	3,590
Total liabilities and equity	43,760	44,351
Consolidation Eliminations
Current assets:
Intergroup interests	(526)
Other assets	(45)
Total assets	(571)
Current liabilities:
Deferred income tax liabilities	(45)
Redeemable intergroup interests	(526)
Total liabilities	(571)
Stockholders' equity:
Total liabilities and equity	(571)
Liberty SiriusXM Group
Current assets:
Cash and cash equivalents	494
Trade and other receivables, net	660
Other current assets	348
Total current assets	1,502
Intergroup interests	363
Investments in affiliates, accounted for using the equity method	823	805
Property and equipment, at cost	2,886
Accumulated depreciation	(1,768)
Property and equipment, net	1,118
Goodwill	15,209
FCC licenses	8,600
Other	1,242
Intangible assets not subject to amortization	25,051
Intangible assets subject to amortization, net	1,190
Other assets	1,105
Total assets	31,152
Current liabilities:
Intergroup payable (receivable)	7
Accounts payable and accrued liabilities	1,372
Current portion of debt	387
Deferred revenue	1,432
Other current liabilities	66
Total current liabilities	3,264
Long-term debt	13,516
Deferred income tax liabilities	2,240
Other liabilities	565
Total liabilities	19,585
Stockholders' equity:
Total stockholders' equity	8,411
Noncontrolling interests in equity of subsidiaries	3,156
Total liabilities and equity	31,152
Liberty SiriusXM Group | Consolidation Eliminations
Current assets:
Investments in affiliates, accounted for using the equity method	(328)
Total assets	(16,421)
Braves Group
Current assets:
Cash and cash equivalents	207
Trade and other receivables, net	74
Other current assets	81
Total current assets	362
Investments in affiliates, accounted for using the equity method	115	110
Property and equipment, at cost	1,002
Accumulated depreciation	(254)
Property and equipment, net	748
Goodwill	176
Other	124
Intangible assets not subject to amortization	300
Intangible assets subject to amortization, net	20
Other assets	64
Total assets	1,609
Current liabilities:
Intergroup payable (receivable)	(9)
Accounts payable and accrued liabilities	71
Current portion of debt	80
Deferred revenue	131
Other current liabilities	4
Total current liabilities	277
Long-term debt	519
Deferred income tax liabilities	58
Redeemable intergroup interests	221
Other liabilities	177
Total liabilities	1,252
Stockholders' equity:
Total stockholders' equity	357
Total liabilities and equity	1,609
Formula One Group
Current assets:
Cash and cash equivalents	1,944
Trade and other receivables, net	89
Other current assets	229
Total current assets	2,262
Intergroup interests	163
Investments in affiliates, accounted for using the equity method	28	$ 30
Property and equipment, at cost	451
Accumulated depreciation	(91)
Property and equipment, net	360
Goodwill	3,956
Intangible assets not subject to amortization	3,956
Intangible assets subject to amortization, net	3,335
Other assets	1,466
Total assets	11,570
Current liabilities:
Intergroup payable (receivable)	2
Accounts payable and accrued liabilities	271
Current portion of debt	444
Deferred revenue	426
Other current liabilities	25
Total current liabilities	1,168
Long-term debt	2,936
Redeemable intergroup interests	305
Other liabilities	152
Total liabilities	4,561
Redeemable noncontrolling interests in equity of subsidiary	576
Stockholders' equity:
Total stockholders' equity	6,408
Noncontrolling interests in equity of subsidiaries	25
Total liabilities and equity	$ 11,570

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Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Total revenue	$ 3,258	$ 2,876	$ 5,827	$ 5,130
Operating costs and expenses, including stock-based compensation:
Subscriber acquisition costs	91	89	181	175
Other operating expense	247	208	337	292
Selling, general and administrative	520	445	1,002	855
Impairment, restructuring and acquisition costs, net of recoveries	1	(137)	1	108
Depreciation and amortization	262	268	522	532
Total operating costs and expenses	2,702	2,254	4,808	4,366
Operating income (loss)	556	622	1,019	764
Other income (expense):
Interest expense	(161)	(158)	(318)	(316)
Share of earnings (losses) of affiliates, net	61	(48)	47	(143)
Realized and unrealized gains (losses) on financial instruments, net	380	155	439	106
Other, net	22	13	67	28
Total other income (expense)	302	(38)	235	(325)
Earnings (loss) before income taxes	858	584	1,254	439
Income tax benefit (expense)	(184)	(56)	(284)	75
Net earnings (loss)	674	528	970	514
Less net earnings (loss) attributable to the noncontrolling interests	53	111	118	160
Less net earnings (loss) attributable to redeemable noncontrolling interest	(1)		(10)	53
Net earnings (loss) attributable to Liberty stockholders	622	417	862	301
Liberty SiriusXM Group
Revenue:
Total revenue	2,254	2,159	4,440	4,217
Operating costs and expenses, including stock-based compensation:
Subscriber acquisition costs	91	89	181	175
Other operating expense	72	66	139	130
Selling, general and administrative	419	374	823	720
Impairment, restructuring and acquisition costs, net of recoveries	1	(137)	1	108
Depreciation and amortization	152	150	304	299
Total operating costs and expenses	1,782	1,525	3,484	3,354
Operating income (loss)	472	634	956	863
Other income (expense):
Interest expense	(125)	(123)	(247)	(243)
Share of earnings (losses) of affiliates, net	54	(70)	36	(183)
Realized and unrealized gains (losses) on financial instruments, net	296	86	357
Unrealized gains/( loss) on inter-group interests	(35)	22	(15)	32
Other, net	4	8	24	19
Total other income (expense)	194	(77)	155	(375)
Earnings (loss) before income taxes	666	557	1,111	488
Income tax benefit (expense)	(168)	(125)	(269)	(18)
Net earnings (loss)	498	432	842	470
Less net earnings (loss) attributable to the noncontrolling interests	51	95	107	144
Net earnings (loss) attributable to Liberty stockholders	447	337	735	326
Braves Group
Revenue:
Total revenue	260	216	283	232
Operating costs and expenses, including stock-based compensation:
Other operating expense	175	142	198	162
Selling, general and administrative	33	24	55	45
Depreciation and amortization	17	19	35	34
Total operating costs and expenses	225	185	288	241
Operating income (loss)	35	31	(5)	(9)
Other income (expense):
Interest expense	(6)	(6)	(12)	(12)
Share of earnings (losses) of affiliates, net	8	8	12	11
Realized and unrealized gains (losses) on financial instruments, net	1	(1)	6	1
Unrealized gains/( loss) on inter-group interests	35	1	36	(27)
Other, net	1	1	21
Total other income (expense)	39	3	63	(27)
Earnings (loss) before income taxes	74	34	58	(36)
Income tax benefit (expense)	(10)	(9)	(7)	2
Net earnings (loss)	64	25	51	(34)
Net earnings (loss) attributable to Liberty stockholders	64	25	51	(34)
Formula One Group
Revenue:
Total revenue	744	501	1,104	681
Operating costs and expenses, including stock-based compensation:
Selling, general and administrative	68	47	124	90
Depreciation and amortization	93	99	183	199
Total operating costs and expenses	695	544	1,036	771
Operating income (loss)	49	(43)	68	(90)
Other income (expense):
Interest expense	(30)	(29)	(59)	(61)
Share of earnings (losses) of affiliates, net	(1)	14	(1)	29
Realized and unrealized gains (losses) on financial instruments, net	83	70	76	105
Unrealized gains/( loss) on inter-group interests		(23)	(21)	(5)
Other, net	17	4	22	9
Total other income (expense)	69	36	17	77
Earnings (loss) before income taxes	118	(7)	85	(13)
Income tax benefit (expense)	(6)	78	(8)	91
Net earnings (loss)	112	71	77	78
Less net earnings (loss) attributable to the noncontrolling interests	2	16	11	16
Less net earnings (loss) attributable to redeemable noncontrolling interest	(1)		(10)	53
Net earnings (loss) attributable to Liberty stockholders	111	55	76	9
Sirius XM Holdings Revenue
Revenue:
Total revenue	2,254	2,159	4,440	4,217
Sirius XM Holdings Revenue | Liberty SiriusXM Group
Revenue:
Total revenue	2,254	2,159	4,440	4,217
Revenue Share And Royalties
Operating costs and expenses, including stock-based compensation:
Cost of services	711	663	1,381	1,303
Revenue Share And Royalties | Liberty SiriusXM Group
Operating costs and expenses, including stock-based compensation:
Cost of services	711	663	1,381	1,303
Programming and content expense
Operating costs and expenses, including stock-based compensation:
Cost of services	152	135	292	265
Programming and content expense | Liberty SiriusXM Group
Operating costs and expenses, including stock-based compensation:
Cost of services	152	135	292	265
Customer service and billing
Operating costs and expenses, including stock-based compensation:
Cost of services	126	127	251	244
Customer service and billing | Liberty SiriusXM Group
Operating costs and expenses, including stock-based compensation:
Cost of services	126	127	251	244
Other cost of subscriber services
Operating costs and expenses, including stock-based compensation:
Cost of services	58	58	112	110
Other cost of subscriber services | Liberty SiriusXM Group
Operating costs and expenses, including stock-based compensation:
Cost of services	58	58	112	110
Primary Formula 1
Revenue:
Total revenue	744	501	1,104	681
Operating costs and expenses, including stock-based compensation:
Cost of services	534	398	729	482
Primary Formula 1 | Formula One Group
Revenue:
Total revenue	744	501	1,104	681
Operating costs and expenses, including stock-based compensation:
Cost of services	534	398	729	482
Other.
Revenue:
Total revenue	260	216	283	232
Other. | Braves Group
Revenue:
Total revenue	$ 260	$ 216	$ 283	$ 232

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Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net earnings (loss)	$ 674	$ 528	$ 970	$ 514
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	262	268	522	532
Stock-based compensation			112	123
Non-cash impairment and restructuring costs				245
Share of (earnings) loss of affiliates, net	(61)	48	(47)	143
Realized and unrealized (gains) losses on financial instruments, net	(380)	(155)	(439)	(106)
Deferred income tax expense (benefit)			181	(101)
Other charges (credits), net			(34)	3
Changes in operating assets and liabilities
Current and other assets			(114)	(176)
Payables and other liabilities			70	58
Net cash provided (used) by operating activities			1,221	1,235
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities			(9)	(185)
Investment of subsidiary initial public offering proceeds into trust account				(575)
Cash proceeds from dispositions			148	169
Cash (paid) received for acquisitions, net of cash acquired			(137)	(14)
Capital expended for property and equipment, including internal-use software and website development			(455)	(190)
Other investing activities, net			78	41
Net cash provided (used) by investing activities			(375)	(754)
Cash flows from financing activities:
Borrowings of debt			2,674	3,794
Repayments of debt			(2,701)	(2,513)
Liberty stock repurchases			(356)	(243)
Subsidiary shares repurchased by subsidiary			(415)	(856)
Cash dividends paid by subsidiary			(217)	(28)
Taxes paid in lieu of shares issued for stock-based compensation			(45)	(45)
Proceeds from initial public offering of subsidiary				575
Other financing activities, net			17	(34)
Net cash provided (used) by financing activities			(1,043)	650
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash			(8)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash			(205)	1,129
Cash, cash equivalents and restricted cash at beginning of period			2,924	2,877
Cash, cash equivalents and restricted cash at end of period	2,719	4,006	2,719	4,006
Liberty SiriusXM Group
Cash flows from operating activities:
Net earnings (loss)	498	432	842	470
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	152	150	304	299
Stock-based compensation			99	104
Non-cash impairment and restructuring costs				245
Share of (earnings) loss of affiliates, net	(54)	70	(36)	183
Unrealized (gains) losses on intergroup interests, net	35	(22)	15	(32)
Realized and unrealized (gains) losses on financial instruments, net	(296)	(86)	(357)
Deferred income tax expense (benefit)			161	(13)
Intergroup tax allocation			65	2
Intergroup tax (payments) receipts			(42)
Other charges (credits), net			(13)	(2)
Changes in operating assets and liabilities
Current and other assets			11	(90)
Payables and other liabilities			(162)	(291)
Net cash provided (used) by operating activities			887	875
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities			(1)	(61)
Cash proceeds from dispositions			50
Cash (paid) received for acquisitions, net of cash acquired			(137)	(14)
Capital expended for property and equipment, including internal-use software and website development			(196)	(164)
Other investing activities, net			4	4
Net cash provided (used) by investing activities			(280)	(235)
Cash flows from financing activities:
Borrowings of debt			2,634	3,722
Repayments of debt			(2,320)	(2,270)
Liberty stock repurchases			(319)	(243)
Subsidiary shares repurchased by subsidiary			(415)	(856)
Cash dividends paid by subsidiary			(217)	(28)
Taxes paid in lieu of shares issued for stock-based compensation			(71)	(44)
Settlement of intergroup call spread				(384)
Other financing activities, net			(3)	5
Net cash provided (used) by financing activities			(711)	(98)
Net increase (decrease) in cash, cash equivalents and restricted cash			(104)	542
Cash, cash equivalents and restricted cash at beginning of period			606	1,008
Cash, cash equivalents and restricted cash at end of period	502	1,550	502	1,550
Braves Group
Cash flows from operating activities:
Net earnings (loss)	64	25	51	(34)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	17	19	35	34
Stock-based compensation			6	6
Share of (earnings) loss of affiliates, net	(8)	(8)	(12)	(11)
Unrealized (gains) losses on intergroup interests, net	(35)	(1)	(36)	27
Realized and unrealized (gains) losses on financial instruments, net	(1)	1	(6)	(1)
Deferred income tax expense (benefit)			(6)	(3)
Intergroup tax allocation			13	2
Intergroup tax (payments) receipts			9
Other charges (credits), net			(11)	3
Changes in operating assets and liabilities
Current and other assets			(8)	2
Payables and other liabilities			65	23
Net cash provided (used) by operating activities			100	48
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities			(5)
Cash proceeds from dispositions			47	2
Capital expended for property and equipment, including internal-use software and website development			(8)	(19)
Net cash provided (used) by investing activities			34	(17)
Cash flows from financing activities:
Borrowings of debt			40	72
Repayments of debt			(138)	(53)
Other financing activities, net			(7)	(4)
Net cash provided (used) by financing activities			(105)	15
Net increase (decrease) in cash, cash equivalents and restricted cash			29	46
Cash, cash equivalents and restricted cash at beginning of period			244	185
Cash, cash equivalents and restricted cash at end of period	273	231	273	231
Formula One Group
Cash flows from operating activities:
Net earnings (loss)	112	71	77	78
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	93	99	183	199
Stock-based compensation			7	13
Share of (earnings) loss of affiliates, net	1	(14)	1	(29)
Unrealized (gains) losses on intergroup interests, net		23	21	5
Realized and unrealized (gains) losses on financial instruments, net	(83)	(70)	(76)	(105)
Deferred income tax expense (benefit)			26	(85)
Intergroup tax allocation			(78)	(4)
Intergroup tax (payments) receipts			33
Other charges (credits), net			(10)	2
Changes in operating assets and liabilities
Current and other assets			(117)	(88)
Payables and other liabilities			167	326
Net cash provided (used) by operating activities			234	312
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities			(3)	(124)
Investment of subsidiary initial public offering proceeds into trust account				(575)
Cash proceeds from dispositions			51	167
Capital expended for property and equipment, including internal-use software and website development			(251)	(7)
Other investing activities, net			74	37
Net cash provided (used) by investing activities			(129)	(502)
Cash flows from financing activities:
Repayments of debt			(243)	(190)
Liberty stock repurchases			(37)
Taxes paid in lieu of shares issued for stock-based compensation			26	(1)
Proceeds from initial public offering of subsidiary				575
Settlement of intergroup call spread				384
Other financing activities, net			27	(35)
Net cash provided (used) by financing activities			(227)	733
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash			(8)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash			(130)	541
Cash, cash equivalents and restricted cash at beginning of period			2,074	1,684
Cash, cash equivalents and restricted cash at end of period	$ 1,944	$ 2,225	$ 1,944	$ 2,225