Liberty Media Corp Files 2023 Annual Report (10-K)

TL;DR

<b>Liberty Media Corp has submitted its 2023 10-K filing, detailing financial performance across its diverse business segments.</b>

AI Summary

Liberty Media Corp (FWONB) filed a Annual Report (10-K) with the SEC on February 28, 2024. Liberty Media Corp filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 12300 Liberty Boulevard, Englewood, CO 80112. The filing includes financial data for various segments, including Liberty Live Group, Liberty Braves Group, and Liberty Formula One Group. Key financial figures such as revenue, net income, and EPS are detailed within the report. The report covers the fiscal years 2021, 2022, and 2023, providing comparative financial information.

Why It Matters

For investors and stakeholders tracking Liberty Media Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Liberty Media Corp's financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's value and future prospects. The detailed segment reporting allows stakeholders to understand the individual contributions and trends within Liberty Live Group, Liberty Braves Group, and Liberty Formula One Group, aiding in strategic investment decisions.

Risk Assessment

Risk Level: medium — Liberty Media Corp shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not present immediate, significant positive or negative catalysts, making the risk assessment neutral to medium.

Analyst Insight

Investors should review the detailed segment performance and financial statements within the 10-K to understand the company's financial position and identify potential investment opportunities or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 0001560385 — Central Index Key (Company identifier)
• 4833 — SIC Code (Industry classification)

Key Players & Entities

• Liberty Media Corp (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• 12300 Liberty Boulevard (address) — Business address
• Englewood, CO 80112 (address) — Business address
• Liberty Live Group (company) — Business segment
• Liberty Braves Group (company) — Business segment
• Liberty Formula One Group (company) — Business segment

FAQ

Industry Context

Liberty Media Corp operates within the television broadcasting and media sector, with significant holdings in live entertainment, sports, and Formula One racing.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations annually.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the performance and financial details of each business segment: Liberty Live Group, Liberty Braves Group, and Liberty Formula One Group.
3. Examine any disclosures regarding significant events, risks, or changes in business operations presented in the Management's Discussion and Analysis section.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the most recent annual financial overview. Comparative data from previous years (2021, 2022) is included within the report for trend analysis.

Key Financial Figures

• $64 million — and the Braves Group paid approximately $64 million and $14 million, respectively, to the L
• $14 m — roup paid approximately $64 million and $14 million, respectively, to the Liberty Sir
• $202 million — he Formula One Group paid approximately $202 million to the Liberty SiriusXM Group to settle
• $71 million — he Formula One Group paid approximately $71 million to the Liberty SiriusXM Group to settle
• $575 m — , generating gross proceeds to LMAC of $575 million, which were placed in a U.S.-base

Filing Documents

• lmca-20231231x10k.htm (10-K) — 5499KB
• lmca-20231231xex4d13.htm (EX-4.13) — 104KB
• lmca-20231231xex21.htm (EX-21) — 48KB
• lmca-20231231xex23d1.htm (EX-23.1) — 3KB
• lmca-20231231xex31d1.htm (EX-31.1) — 19KB
• lmca-20231231xex31d2.htm (EX-31.2) — 15KB
• lmca-20231231xex32.htm (EX-32) — 10KB
• lmca-20231231xex97.htm (EX-97) — 49KB
• lmca-20231231xex99d1.htm (EX-99.1) — 2167KB
• 0001558370-24-002013.txt (&nbsp;) — 29336KB
• lmca-20231231.xsd (EX-101.SCH) — 113KB
• lmca-20231231_cal.xml (EX-101.CAL) — 153KB
• lmca-20231231_def.xml (EX-101.DEF) — 704KB
• lmca-20231231_lab.xml (EX-101.LAB) — 961KB
• lmca-20231231_pre.xml (EX-101.PRE) — 960KB
• lmca-20231231x10k_htm.xml (XML) — 6932KB

Business

Business I4 Item 1A.

Risk Factors

Risk Factors I-26 Item 1B. Unresolved Staff Comments I-66 Item 1C. Cybersecurity I-66 Item 2.

Properties

Properties I-68 Item 3.

Legal Proceedings

Legal Proceedings I-68 Item 4. Mine Safety Disclosures I-68 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities II1 Item 6. [ Reserved ] II3 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations II4 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk II25 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data II25 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure II25 Item 9A.

Controls and Procedures

Controls and Procedures II26 Item 9B. Other Information II26 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections II26 Part III Item 10. Directors, Executive Officers and Corporate Governance III1 Item 11.

Executive Compensation

Executive Compensation III1 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters III1 Item 13. Certain Relationships and Related Transactions, and Director Independence III1 Item 14. Principal Accountant Fees and Services III1 Part IV Item 15. Exhibits and Financial Statement Schedules IV1 Item 16. Form 10-K Summary IV4 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTORS Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding business, product and marketing plans, strategies and initiatives; new service offerings; renewal of licenses and authorizations; revenue growth and subscriber trends at Sirius XM Holdings Inc. ("Sirius XM Holdings"); the proposed Transactions (as defined below); our ownership interest in Sirius XM Holdings; the recoverability of goodwill and other long-lived assets; the performance of our equity affiliates; projected sources and uses of cash; the payment of dividends by Sirius XM Holdings; 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. In particular, statements under Item 1. "Business," Item 1A. "Risk Factors," Item 2. "Properties," Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" contain forward-looking statements. 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

Business

Item 1. Business. General Development of Business Liberty Media Corporation ("Liberty", the "Company", "we", "us" and "our") owns interests in subsidiaries and other companies that are engaged in the media and entertainment industries primarily in North America and the U.K. Our principal businesses and assets include our consolidated subsidiaries Sirius XM Holdings and Formula 1 and our equity affiliate, Live Nation. Braves Holdings, LLC ("Braves Holdings") was a subsidiary of the Company until the Split-Off (defined below) on July 18, 2023. Braves Holdings is not presented as a discontinued operation in the Company's consolidated financial statements as the Split-Off did not represent a strategic shift that had a major effect on the Company's operations and financial results. On April 15, 2016, the Company reclassified its then-outstanding shares of common stock into three new tracking stocks—Liberty Braves common stock, Liberty Media common stock and Liberty SiriusXM common stock (the "Recapitalization"). The Liberty Media common stock was renamed the Liberty Formula One common stock in January 2017. 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. On July 18, 2023, the Company completed the split-off (the "Split-Off") of its wholly owned subsidiary, ABH. The Split-Off was accomplished by a redemption by the Company of each outstanding share of Liberty Braves common stock in exchange for one share of the corresponding series of ABH common stock. ABH is comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (the "Braves Group") immediately prior to the Split-Off, except for the intergroup interests in the Braves Group attributed to the Liberty SiriusXM Group and the Formula One Group, which were settled and extinguished in connection with the Split-Off

View Full Filing

View this 10-K filing on SEC EDGAR