Liberty Media Corporation Reports Fourth Quarter and Year End 2020 Financial Results

ENGLEWOOD, Colo.–(BUSINESS WIRE)–Liberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported fourth quarter and year end 2020 results. Headlines include (1):

  • Attributed to Liberty SiriusXM Group

    • SiriusXM reported strong full year 2020 results

      • SiriusXM self-pay net subscriber additions of 909,000 for the year
      • Revenue of $8.04 billion in 2020
      • Full year net income of $131 million; diluted EPS of $0.03 or $0.25, excluding $976 million non-cash impairment charge
      • 2020 adjusted EBITDA(2) hit record $2.58 billion, up 6%
      • SiriusXM capital returns totaled $1.81 billion in 2020
      • SiriusXM confirmed 2021 guidance
    • Liberty Media’s ownership of SiriusXM stood at 76.4% as of January 29th
    • From November 1st through January 31st, Liberty repurchased 2.4 million LSXMA/K shares for total cash consideration of $99 million
    • Balance sheet improvements at Liberty SiriusXM Group

      • In November 2020, amended Live Nation margin loan and reduced number of underlying shares pledged from 53.7 million to 9.0 million with $200 million currently undrawn
      • In February 2021, increased capacity under SiriusXM margin loan from $1.35 billion to $1.75 billion with $875 million currently undrawn
  • Attributed to Formula One Group

    • F1 successfully completed 17 race calendar in 2020
    • Planning for record 23 race calendar in 2021, beginning in Bahrain on March 28th
    • Average TV viewers per race was 87.4 million
    • Social media followers increased 36% to 35 million; fastest growth in social engagement compared to all other major sports with a 99% increase
    • Liberty Media Acquisition Corporation (“LMAC”) completed its IPO on January 26th for gross proceeds of $575 million

      • Sponsor’s 20% interest in LMAC attributed to Formula One Group
  • Attributed to Braves Group

    • Braves received numerous performance accolades in 2020, including Freddie Freeman as National League MVP
    • Battery development generated a solid $5 million of operating income and $18 million of net operating income (“NOI”)(2) in 2020

      • 97% of Battery tenants currently open

“We want to thank our employees and management teams who did a tremendous job navigating and operating in an extremely challenging 2020. SiriusXM posted very strong annual results and returned over $1.8 billion in capital to shareholders. Formula 1 successfully completed a 17 race season with solid viewership. We welcome Jennifer Witz and Stefano Domenicali in their new CEO roles,” said Greg Maffei, Liberty Media President and CEO.

Note on COVID-19

Liberty Media continues to monitor and assess the effects of the COVID-19 pandemic on its operations, wholly-owned businesses and various investments. The global spread of COVID-19 prompted 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 F1 season was delayed until the beginning of July 2020 and the Major League Baseball season was delayed until the end of July 2020. In addition, in mid-March 2020, Live Nation suspended all large-scale live entertainment events but has continued to host alternative types of concerts and live events in various global locations that are compliant with local safety standards. Liberty Media and our portfolio companies will continue to comply with the recommendations of various government agencies and focus on the safety of our employees, partners and customers. Liberty Media, SiriusXM, Formula 1 and Braves Holdings are in compliance with all debt covenants as of December 31, 2020.

Corporate Updates

On January 26, 2021, LMAC completed its IPO of 57.5 million units (the “Units”). LMAC is a newly incorporated blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. 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 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 Units were sold at a price of $10.00 per Unit, generating gross proceeds to LMAC of $575 million. Concurrently with the IPO, LMAC completed the private sale of 10 million warrants to its sponsor, Liberty Media Acquisition Sponsor LLC (the “Sponsor”), a wholly-owned subsidiary of Liberty Media.

LMAC intends to search for a target in the media, digital media, music, entertainment, communications, telecommunications and technology industries. Liberty Media, through the Sponsor, owns 20% of LMAC’s issued and outstanding common stock and 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 warrant to purchase one share of LMAC’s Series A common stock) pursuant to a forward purchase agreement that will close substantially concurrently with the consummation of LMAC’s initial business combination. Liberty Media’s ownership interest in LMAC will consist primarily of Series B common stock following the consummation of LMAC’s initial business combination, and is initially being attributed to the Formula One Group tracking stock.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months or year ended December 31, 2020 to the same period in 2019.

LIBERTY SIRIUSXM GROUP – The following table provides the financial results attributed to Liberty SiriusXM Group for the fourth quarter and full year 2020. Approximately $7 million and $41 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Liberty SiriusXM Group in the fourth quarter and full year 2020, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

 

 

Twelve months ended

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2019

 

2020

 

% Change

 

 

2019

 

2020

 

 

% Change

 

 

amounts in millions

 

 

 

 

 

 

amounts in millions

 

 

 

 

Liberty SiriusXM Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sirius XM Holdings

 

$

2,062

 

 

$

2,189

 

 

 

6

%

 

 

$

7,794

 

 

$

8,040

 

 

 

3

 

%

Total Liberty SiriusXM Group

 

$

2,062

 

 

$

2,189

 

 

 

6

%

 

 

$

7,794

 

 

$

8,040

 

 

 

3

 

%

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sirius XM Holdings

 

 

382

 

 

 

(520

)

 

 

NM

 

 

 

 

1,578

 

 

 

790

 

 

 

(50

)

%

Corporate and other

 

 

(12

)

 

 

(7

)

 

 

42

%

 

 

 

(34

)

 

 

(41

)

 

 

(21

)

%

Total Liberty SiriusXM Group

 

$

370

 

 

$

(527

)

 

 

NM

 

 

 

$

1,544

 

 

$

749

 

 

 

(51

)

%

Adjusted OIBDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sirius XM Holdings

 

 

582

 

 

 

660

 

 

 

13

%

 

 

 

2,453

 

 

 

2,575

 

 

 

5

 

%

Corporate and other

 

 

(7

)

 

 

(5

)

 

 

29

%

 

 

 

(17

)

 

 

(31

)

 

 

(82

)

%

Total Liberty SiriusXM Group

 

$

575

 

 

$

655

 

 

 

14

%

 

 

$

2,436

 

 

$

2,544

 

 

 

4

 

%

The financial results above include the results of Pandora beginning February 1, 2019, the date SiriusXM completed the acquisition of Pandora. Pro forma results for SiriusXM including Pandora for 2019, including adjustments related to amortization of acquired intangible assets, depreciation of property and equipment, acquisition costs, fair value of gain or loss on the Pandora investment and associated tax impacts, can be found in Liberty Media’s Form 10-K for the year ended December 31, 2020.

SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission. SiriusXM reported its stand-alone fourth quarter and full year results on February 2, 2021. For additional detail on SiriusXM’s financial results, please see SiriusXM’s earnings release posted to its Investor Relations website. For presentation purposes on page one of this release, we include the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. Liberty Media believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results is best understood in the context of SiriusXM’s historical financial presentation.

The businesses and assets attributed to Liberty SiriusXM Group consist primarily of Liberty Media’s interests in SiriusXM, which includes its subsidiary Pandora, and Live Nation.

FORMULA ONE GROUP – The following table provides the financial results attributed to the Formula One Group for the fourth quarter and full year 2020. Approximately $13 million and $46 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Formula One Group in the fourth quarter and full year 2020, respectively.

“I am thrilled to join the Formula 1 organization and continue to build on the strong foundation set by Chase Carey and the team,” said Stefano Domenicali, Formula 1 President and CEO. “We are planning a record-setting 23 race calendar in 2021 and continue to work with governments, promoters and local organizations as we navigate COVID-19 protocols and regulations. We’ve been excited to see drivers, celebrities and fans engage as we once again hosted the F1 Esports Virtual Grand Prix in 2021 and we look forward to the start of the season in Bahrain on March 28th.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Twelve months ended

 

 

December 31,

 

 

December 31,

 

 

2019

 

2020

 

 

2019

 

2020

 

 

amounts in millions

 

 

amounts in millions

Formula One Group

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Formula 1

 

$

523

 

 

$

485

 

 

 

$

2,022

 

 

$

1,145

 

Total Formula One Group

 

$

523

 

 

$

485

 

 

 

$

2,022

 

 

$

1,145

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Formula 1

 

$

(6

)

 

$

(23

)

 

 

$

17

 

 

$

(386

)

Corporate and other

 

 

(17

)

 

 

(18

)

 

 

 

(52

)

 

 

(58

)

Total Formula One Group

 

$

(23

)

 

$

(41

)

 

 

$

(35

)

 

$

(444

)

Adjusted OIBDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Formula 1

 

$

110

 

 

$

90

 

 

 

$

482

 

 

$

56

 

Corporate and other

 

 

(13

)

 

 

(12

)

 

 

 

(36

)

 

 

(38

)

Total Formula One Group

 

$

97

 

 

$

78

 

 

 

$

446

 

 

$

18

 

The following table provides the operating results of Formula 1 (“F1”).

F1 Operating Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Twelve months ended

 

 

 

 

December 31,

 

 

 

 

December 31,

 

 

 

 

2019

 

2020

 

% Change

 

2019

 

2020

 

% Change

 

(unaudited)

 

 

 

(unaudited)

 

 

 

amounts in USD millions

 

 

 

amounts in USD millions

 

 

Primary Formula 1 revenue

$

382

 

 

$

415

 

 

9

 

%

 

$

1,664

 

 

$

964

 

 

(42

)

%

Other Formula 1 revenue

 

141

 

 

 

70

 

 

(50

)

%

 

 

358

 

 

 

181

 

 

(49

)

%

Total Formula 1 revenue

$

523

 

 

$

485

 

 

(7

)

%

 

$

2,022

 

 

$

1,145

 

 

(43

)

%

Operating expenses (excluding stock-based compensation included below):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Team payments

 

(246

)

 

 

(270

)

 

(10

)

%

 

 

(1,012

)

 

 

(711

)

 

30

 

%

Other cost of Formula 1 revenue

 

(124

)

 

 

(94

)

 

24

 

%

 

 

(381

)

 

 

(263

)

 

31

 

%

Cost of Formula 1 revenue

$

(370

)

 

$

(364

)

 

2

 

%

 

$

(1,393

)

 

$

(974

)

 

30

 

%

Selling, general and administrative expenses

 

(43

)

 

 

(31

)

 

28

 

%

 

 

(147

)

 

 

(115

)

 

22

 

%

Adjusted OIBDA

$

110

 

 

$

90

 

 

(18

)

%

 

$

482

 

 

$

56

 

 

(88

)

%

Stock-based compensation

 

(4

)

 

 

(2

)

 

50

 

%

 

 

(19

)

 

 

(13

)

 

32

 

%

Depreciation and Amortization

 

(112

)

 

 

(111

)

 

1

 

%

 

 

(446

)

 

 

(429

)

 

4

 

%

Operating income (loss)

$

(6

)

 

 

(23

)

 

(283

)

%

 

$

17

 

 

 

(386

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of races in period

 

5

 

 

 

7

 

 

 

 

 

 

21

 

 

 

17

 

 

 

 

Due to the COVID-19 pandemic, the start of the 2020 season was postponed until early July, with certain races cancelled and others rescheduled to later dates. The 2020 revised calendar consisted of 17 events beginning July 5th and ending December 13th. Fans were only in attendance in reduced numbers at three races in 2020.

Primary F1 revenue represents the majority of F1’s revenue and is derived from (i) race promotion fees, (ii) broadcasting fees and (iii) advertising and sponsorship fees. For the year ended December 31, 2020, these revenue streams comprised 12%, 55% and 17%, respectively, of total F1 revenue.

Primary F1 revenue increased in the fourth quarter primarily due to growth in broadcast revenue as a result of the pro-rata recognition of such revenue, with 7 of the 17 races taking place in the fourth quarter of 2020 compared to 5 of the 21 races taking place in the fourth quarter of 2019, partly offset by the impact of one-time contract fee renegotiations with certain broadcasters for 2020. Race promotion and advertising & sponsorship revenue both declined in the fourth quarter. Race promotion revenue was limited as fans were prohibited from attending all but two races during the fourth quarter. Advertising & sponsorship fees declined driven by one-time changes in sponsorship contracts due to the cancellation of races to which contracted sponsorship inventory specifically related and the limited activities at the races, including hospitality.

Primary F1 revenue declined in the full year. Race promotion revenue decreased as fans were prohibited from attending all but three races, which led to one-time changes in the contractual terms of the originally scheduled races that remained on the 2020 calendar and limited revenue generated from the replacement races that were added. Broadcast revenue decreased as the altered schedule triggered lower fees pursuant to the contractual terms of certain broadcast agreements, as well as other one-time contract negotiations that took place in 2020. Advertising & sponsorship revenue declined as F1 was prevented from delivering all elements of a typical sponsorship offering due to the cancellation of certain events to which contracted sponsorship inventory related and the limited activities available at the races, including hospitality. This led to a number of one-time changes in sponsorship fees for 2020, and in some cases the deferral of revenue related to undelivered sponsorship contract rights into future years.

Other F1 revenue decreased in the fourth quarter due to the non-operation of the Paddock Club at all events but one race, and even then with strictly limited capacity, and lower freight revenue driven by fewer flyaway races, partially offset by increased revenue from the F2 and F3 support series as there were two additional races in the current period compared to the prior year. For the full year, other F1 revenue decreased due to less races held, the non-operation of the Paddock Club and lower freight revenue, partially offset by increases in licensing and digital media income driven primarily by growth in F1 TV subscriptions.

Operating loss grew and adjusted OIBDA decreased in the fourth quarter and full year 2020. Team payments increased in the fourth quarter due to the pro rata recognition of prize fund payments across the race season, and team payments decreased in the full year driven by the contraction in F1 revenue and the associated impact on the calculation of variable elements of team payments. Team payments in 2020 included one-time fees paid to teams upon signing the 2021 Concorde Agreement.

Other cost of F1 revenue is largely variable in nature and mostly relates to revenue opportunities. These costs decreased in the fourth quarter and full year due to lower hospitality and lower freight costs from fewer, logistically cheaper races. Selling, general and administrative expense decreased in the fourth quarter and full year primarily due to lower personnel and other expenses and reduced discretionary marketing expense.

The Liberty SiriusXM Group holds an approximate 2.2% intergroup interest (5.3 million notional shares) in the Formula One Group as of January 31, 2021. These shares are not included in the outstanding share count of Formula One Group in Liberty Media’s most recent Form 10-K. Assuming the issuance of the shares underlying this intergroup interest, the Formula One Group outstanding share count as of January 31, 2021 would have been 237 million.

The businesses and assets attributed to the Formula One Group consist of Liberty Media’s subsidiary F1 and other minority investments, including Liberty Media Acquisition Corporation, AT&T and an inter-group interest in the Braves Group.

BRAVES GROUP – The following table provides the financial results attributed to the Braves Group for the fourth quarter and full year 2020. Approximately $2 million and $7 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Braves Group in the fourth quarter and full year 2020, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Twelve months ended

 

 

December 31,

 

 

December 31,

 

 

2019

 

2020

 

 

2019

 

2020

 

 

 

amounts in millions

 

 

amounts in millions

Braves Group

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

$

34

 

 

$

35

 

 

 

$

476

 

 

$

178

 

Total Braves Group

 

$

34

 

 

$

35

 

 

 

$

476

 

 

$

178

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

 

(45

)

 

 

(35

)

 

 

 

(39

)

 

 

(128

)

Total Braves Group

 

$

(45

)

 

$

(35

)

 

 

$

(39

)

 

$

(128

)

Adjusted OIBDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

 

(24

)

 

 

(4

)

 

 

 

49

 

 

 

(53

)

Total Braves Group

 

$

(24

)

 

$

(4

)

 

 

$

49

 

 

$

(53

)

The following table provides the operating results of Braves Holdings, LLC (“Braves”).

Braves Operating Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Twelve months ended

 

 

 

 

December 31,

 

 

 

 

December 31,

 

 

 

 

2019

 

2020

 

% Change

 

2019

 

2020

 

% Change

 

amounts in millions

 

 

 

 

 

 

 

 

 

 

 

 

Baseball revenue

$

23

 

 

$

23

 

 

 

%

 

$

438

 

 

$

142

 

 

(68

)

%

Development revenue

 

11

 

 

 

12

 

 

9

 

%

 

 

38

 

 

 

36

 

 

(5

)

%

Total revenue

$

34

 

 

$

35

 

 

3

 

%

 

$

476

 

 

$

178

 

 

(63

)

%

Operating expenses (excluding stock-based compensation included below):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating expenses

 

(39

)

 

 

(27

)

 

31

 

%

 

 

(344

)

 

 

(170

)

 

51

 

%

Selling, general and administrative expenses

 

(18

)

 

 

(12

)

 

33

 

%

 

 

(78

)

 

 

(57

)

 

27

 

%

Adjusted OIBDA

$

(23

)

 

$

(4

)

 

83

 

%

 

$

54

 

 

$

(49

)

 

NM

 

 

Stock-based compensation

 

(4

)

 

 

(14

)

 

(250

)

%

 

 

(15

)

 

 

(3

)

 

80

 

%

Depreciation and Amortization

 

(17

)

 

 

(15

)

 

12

 

%

 

 

(71

)

 

 

(69

)

 

3

 

%

Operating income (loss)

$

(44

)

 

$

(33

)

 

25

 

%

 

$

(32

)

 

$

(121

)

 

(278

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regular season home games in period

 

 

 

 

 

 

 

 

 

 

81

 

 

 

30

 

 

 

 

Postseason home games in period

 

3

 

 

 

7

 

 

 

 

 

 

3

 

 

 

7

 

 

 

 

Due to the outbreak of COVID-19, MLB postponed the start of the 2020 season until late July. The regular season included 60 games (30 home and 30 away) beginning July 24th and ending September 27th. Accordingly, the majority of Braves revenue in 2020 was recognized during the third quarter with modest postseason revenue recognized in the fourth quarter, compared to an ordinary 162 game season with revenue recognized primarily over the second and third quarters. There were no fans in attendance during the 2020 season.

Baseball revenue is comprised of (i) ballpark operations (ticket sales, concessions, corporate sales, retail, suites, premium seat fees and postseason), (ii) local broadcast rights and (iii) national broadcast, licensing and other shared MLB revenue streams. Development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income.

Baseball revenue was flat in the fourth quarter despite more postseason games held given the structure of the MLB postseason to accommodate COVID-19 safety protocols. The decrease in baseball revenue for the full year was primarily driven by fewer games held without fans, which led to lower ballpark operations revenue from decreased ticket and concession sales. Fewer games also negatively impacted broadcasting revenue. Development revenue increased in the fourth quarter primarily due to increased parking revenue and decreased for the full year driven by the deferral of rental income from certain tenants at the mixed-use development.

Operating loss and adjusted OIBDA loss improved in the fourth quarter due to lower team costs and postseason operating expense as games were not held at Truist Park, as well as reduced marketing spend and winter player development expense. For the full year, operating loss increased and adjusted OIBDA declined. Lower revenue was partially offset by decreased operating expense as a result of lower player salaries, as players were paid a pro-rata portion of their salaries. Additionally, the Braves had lower facility and game day expenses driven by fewer games with no fans and lower selling, general and administrative expense primarily due to reduced marketing expense.

The Formula One Group holds an approximate 11.1% intergroup interest (6.8 million notional shares) and the Liberty SiriusXM Group holds an approximate 3.7% intergroup interest (2.3 million notional shares) in the Braves Group as of January 31, 2021. These shares are not included in the outstanding share count of the Braves Group in Liberty Media’s most recent Form 10-K. Assuming the issuance of the shares underlying these intergroup interests, the Braves Group outstanding share count as of January 31, 2021 would have been 61 million.

The businesses and assets attributed to the Braves Group consist primarily of Liberty Media’s subsidiary the Braves, which indirectly owns the Atlanta Braves Major League Baseball Club, four minor league baseball clubs (as of 2021) and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development project.

Share Repurchases

From November 1, 2020 through January 31, 2021, Liberty SiriusXM Group repurchased approximately 925 thousand Series C Liberty SiriusXM shares (Nasdaq: LSXMK) at an average cost per share of $41.23 for total cash consideration of $38 million and repurchased approximately 1.5 million Series A Liberty SiriusXM shares (Nasdaq: LSXMA) at an average cost per share of $41.10 for total cash consideration of $61 million.

The total remaining repurchase authorization for Liberty Media as of February 1, 2021 is approximately $1.0 billion and can be applied to repurchases of Series A and Series C shares of any of the Liberty Media Corporation tracking stocks.

FOOTNOTES

1)

Liberty Media’s President and CEO, Greg Maffei, will discuss these highlights and other matters in Liberty Media’s earnings conference call which will begin at 10:00 a.m. (E.S.T.) on February 26, 2021. For information regarding how to access the call, please see “Important Notice” later in this document.

2)

For definitions of adjusted OIBDA (as defined by Liberty Media), adjusted EBITDA (as defined by SiriusXM) and net operating income (as defined by Braves) and applicable reconciliations, see the accompanying schedules.

NOTES

The following financial information with respect to Liberty Media’s equity affiliates and available for sale securities is intended to supplement Liberty Media’s consolidated balance sheet and statement of operations to be included in its Form 10-K for the year ended December 31, 2020.

Fair Value of Corporate Public Holdings

 

 

 

 

 

 

 

 

(amounts in millions)

 

9/30/2020

 

12/31/2020

 

Liberty SiriusXM Group

 

 

 

 

 

 

 

Live Nation Investment(a)

 

$

3,752

 

$

5,118

 

iHeart(b)

 

 

57

 

 

91

 

Total Liberty SiriusXM Group(c)

 

$

3,809

 

$

5,209

 

Formula One Group

 

 

 

 

 

 

 

Public Holdings(d)

 

 

177

 

 

181

 

Total Formula One Group

 

$

177

 

$

181

 

Braves Group

 

 

N/A

 

 

N/A

 

Total Liberty Media

 

$

3,986

 

$

5,390

 


a)

Represents the fair value of the equity investment attributed to Formula One Group. In accordance with GAAP, Liberty Media accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its consolidated balance sheet at $289 million and $163 million as of September 30, 2020 and December 31, 2020, respectively. Includes all shares of Live Nation owned with no adjustment to fair value for the 34.8 million notional shares underlying the call spread held at the Formula One Group, which was valued at approximately $276 million and $371 million as of September 30, 2020 and December 31, 2020, respectively.

b)

Includes fair value of iHeart shares and warrants which are included in other long-term assets.

c)

Excludes Braves Group and Formula One Group intergroup interests.

d)

Represents the carrying value of other public holdings which are accounted for at fair value. Excludes Braves Group intergroup interest.

Contacts

Courtnee Chun (720) 875-5420

 

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