Stewart Grocery in Buffalo Gap closing after 8 decades of community service
Debbie Powers has been a store clerk at Stewart Grocery for about 5 years now, calling the place a 'home away from home', a sentiment that many in the community share. She tells KTAB/KRBC that the decision to close the store comes from a number of factors not the least of which are financial concerns due to the rising cost of stocking, insuring, and operating the beloved corner store.
Small Town Tales: Smithsonian Institute features Buffalo Gap in upcoming exhibit
'You have to have insurance on everything you sell out of the store to cover it. You have to have insurance on the property. That's went up probably 30, 40% over the last couple of years…it's kind of hard for a little mom and pops to compete with all the forward progress,' Powers said.
For all the bittersweet memories that have come up in the wake of the announcement, Powers hopes that the public will show up in force to say their farewells and buy their final goods throughout the coming week as their closing day approaches, Powers saying there is still time to make a few fond memories more.
'People come in and, you know, get a fountain drink visit. They always ask us how we're doing and we ask them how they're doing. I love that part. I'm going to miss that part of it…I myself am thankful for the community and their support and i know Mickey is thankful for it through the years. I would just say to them, don't be sad. Come out and give him a good sendoff. Help him clean the store out,' said Powers.
Cannonballs discovered in walls of historic courthouse in Buffalo Gap
Special deals on goods and store stock will be held all throughout the coming week leading up to the final day on Saturday, May 31. Powers saying that day will be the public's last chance to enjoy one of Mickey's famous ground meat hamburgers made from high quality chuck, as well as a slice of their well known pizza.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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New York Post
07-08-2025
- New York Post
New NYC Council proposal will tie up businesses in red tape, additional costs to post job notices: critics
Groups representing New York City industries are sounding the alarm about a new City Council proposal aimed at businesses, saying it will tie up firms in unnecessary red tape and additional costs when posting job notices. The bill introduced by Queens Councilwoman Selevena Brooks-Powers would go way beyond the law that took effect in 2022, requiring companies to reveal salary ranges on job postings, aimed at helping close the gender wage gap. The new measure, Intro 808-B, would force employers to document the reason for offering a job applicant a salary amount outside the listed range — and retain such records for three years. Advertisement 3 Groups representing New York City industries are opposing Council legislation, saying it will tie up firms in unnecessary red tape and additional costs when posting job notices. Bloomberg via Getty Images 'New York already has one of the nation's most heavily regulated business environments and most expensive litigation environments,' business advocates said in an Aug. 4 letter to the Council, obtained by The Post. 'Continuing to impose legal and regulatory burdens without regard to their impact on employers will have significant consequences for economic activity in the city.' Advertisement The legislation would require that job listings, aside from providing a description of the position, also detail information on promotions or transfer opportunities, along with the benefits available for the gig. Compensation information required to be included in the posting would also include bonuses, benefits, stocks, bonds, options, and equity or ownership, if any. Employers would be forced to disclose compensation information to current workers annually and upon request, for any equal or substantially similar positions to their current one, according to the bill. 3 The bill introduced by Queens Councilwoman Selevena Brooks-Powers would require companies to reveal salary ranges on job postings, aimed at helping close the gender wage gap. Paul Martinka Advertisement 'Many small businesses do not maintain formal job descriptions and, in industries like restaurants, employees are often expected to perform multiple roles based on daily needs,' the letter said. 'It is unclear how these mandates would advance gender pay equity,' the missive continued. 'All of these requirements would be impossible to implement without human resources professionals and legal counsel. Many small businesses have neither, and requiring them to consult these professionals is cost-prohibitive and unrealistic.' Advertisement The letter was signed by the chambers of commerce, the NYC Partnership, NYS Restaurant Association, Hotel Association of NYC, Real Estate Board of NY, the Building Congress, and the Retail Council, among others. Nonprofit employers oppose the bill as another unfunded government mandate, sources said. The legislation is scheduled to be voted on in September, a source briefed on the measure said. Brooks-Powers defended the bill and intends to pass it after getting input from the business community and others. 3 Brooks-Powers defended the bill and intends to pass it after getting input from the business community and others. Dan Herrick 'We've spent the past several months engaging a broad range of stakeholders to carefully shape and revise Introduction 808. Our goal has always been to strike the right balance: advancing pay equity for workers while ensuring the bill is clear and implementable for businesses of all sizes,' Brooks-Powers said. 'We have made numerous amendments to address concerns raised by the business community, and the current version of the bill includes specific provisions designed to ease compliance for small businesses.' Advertisement She said the legislation builds on the city existing wage transparency law and 'moves us closer to closing racial and gender pay gaps that persist in our economy.' The councilwoman thanked the Partnership for New York City for hosting roundtable discussions to get input from business interests as well as advocates for their support. 'We are proud of the thoughtful, collaborative process that brought us here, and we are committed to moving this bill forward,' Brooks-Powers said.
Business Wire
07-08-2025
- Business Wire
Liberty Media Corporation Reports Second Quarter 2025 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation ('Liberty Media' or 'Liberty') (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported second quarter 2025 results. Headlines include (1): Attributed to Formula One Group Completed acquisition of MotoGP on July 3 rd Renewed agreement with Canadian Grand Prix through 2035 with a long-term extension to Bell Media's media rights deal and renewed Austrian Grand Prix through 2041 Secured PepsiCo as new Official Partner of F1 through 2030 and extended Global Partnership with MSC Cruises through 2030 Announced new licensing agreement with Disney's Mickey & Friends beginning in 2026 F1 The Movie opened globally on June 27 th and is Apple's highest-grossing film ever Attributed to Liberty Live Group Fair value of Live Nation investment was $10.5 billion as of June 30 th Filed preliminary proxy statement on July 25 th, expect to complete split-off in fourth quarter 2025 'We made excellent progress since last quarter on our stated priorities, including completing the acquisition of MotoGP, advancing the split-off of Liberty Live and continuing excellent financial and operating results at Formula 1,' said Derek Chang, Liberty Media President & CEO. 'Formula 1's global strength continues to drive commercial momentum and financial success, with new partners signed and record fan engagement demonstrating the breadth and appeal of the brand. We are thrilled to begin our partnership with the MotoGP management team and, while early days, are working closely with them to support their strategic direction and accelerate the company's growth.' Corporate Updates On July 3, 2025, Liberty Media completed the acquisition of Dorna Sports, S.L. ('MotoGP'), the exclusive commercial rights holder of the MotoGP™ World Championship, and will consolidate its financial results from that point forward. Following the acquisition, Liberty Media owns approximately 84% of MotoGP with MotoGP management retaining 16% of the business. MotoGP is attributed to the Formula One Group tracking stock. Due to the timing of the acquisition, the initial accounting for the acquisition is not reflected in the below financial results. Discussion of Results Unless otherwise noted, the following discussion compares financial information for the three and six months ended June 30, 2025 to the same period in 2024. FORMULA ONE GROUP – The following table provides the financial results attributed to Formula One Group for the second quarter of 2025. In the second quarter, Formula One Group incurred $14 million of corporate level selling, general and administrative expense (including stock-based compensation expense). For the periods presented below, the businesses and assets attributed to Formula One Group consist primarily of Liberty Media's subsidiaries, F1 and Quint. F1 Operating Results 'This season has showcased phenomenal racing, with multiple teams and drivers competing at the very highest level. The F1 movie from Apple debuted to well-deserved accolades, marking the largest box office theatrical release for any streaming service and captivating audiences of both core and new F1 fans alike. Cultural moments like the F1 movie alongside exciting on-track action are generating strong viewership trends and especially robust social and digital engagement, including a record number of social impressions delivered by content posted on official F1 channels. Thanks to the efforts of our teams, partners and the F1 community, we are driving excellent momentum at Formula 1 on and off the track,' said Stefano Domenicali, Formula 1 President and CEO. The following table provides the operating results of Formula 1 ('F1'). ____________________ a) Includes $61 million and $50 million of amortization related to purchase accounting for the three months ended June 30, 2024 and June 30, 2025, respectively, that is excluded from calculations for purposes of team payments, and $123 million and $100 million of amortization related to purchase accounting for the six months ended June 30, 2024 and June 30, 2025, respectively, that is excluded from calculations for purposes of team payments. Expand Primary F1 revenue represents the majority of F1's revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees. There were nine races held in the second quarter of 2025 compared to eight races held in the second quarter of 2024. There were 11 races held year-to-date through the second quarter of both 2025 and 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season, which will impact the year-over-year revenue and cost comparisons on a quarterly basis. Primary F1 revenue increased in the three months ended June 30, 2025 primarily due to the calendar variance compared to the prior year, which drove additional race promotion revenue and higher sponsorship and media rights revenue with a larger proportion of season-based income recognized during the period, as well as contractual increases in fees across all primary revenue streams. Sponsorship revenue also benefitted from revenue recognized from new sponsors. Media rights revenue also increased due to continued growth in F1 TV subscriptions and the recognition of one-time revenue associated with the release of the F1 movie. Other F1 revenue increased in the second quarter primarily due to higher hospitality and experiences revenue and growth in licensing income. The increase in hospitality and experiences revenue was driven by underlying Paddock Club growth as well as one additional event and the mix of races held. The calendar variance and mix of events also led to higher revenue from travel, technical and freight services in the second quarter. Primary F1 revenue increased in the six months ended June 30, 2025 with growth across all revenue streams compared to the prior year. Sponsorship revenue grew due to revenue recognized from new sponsors and growth in revenue from existing contracts. Media rights revenue grew due to contractual increases in fees, continued growth in F1 TV subscriptions and the recognition of one-time revenue associated with the release of the F1 movie. Race promotion revenue increased due to contractual increases in fees and growth in other support race fees. Other F1 revenue increased in the six months ended June 30, 2025 primarily driven by higher freight income due to the different routes flown and the pass through of increased freight costs, higher hospitality from growing attendance at Paddock Clubs and growth in revenue from licensing. Operating income and Adjusted OIBDA (2) grew in the three and six months ended June 30, 2025. Team payments increased for both periods due to the pro rata recognition of expected higher team payments for the full year. Other cost of F1 revenue is largely variable in nature and derived from servicing both Primary and Other F1 revenue opportunities. These costs increased for both the three and six months ended June 30, 2025 due to higher freight costs associated with the different order of events, higher commissions and partner servicing costs linked to underlying revenue growth, higher Paddock Club costs due to increased attendance, increased costs to service new sponsors, higher costs of delivering F1 TV to a growing subscriber base and expense associated with the Grand Prix Plaza in Las Vegas, which launched new activations and other events in the second quarter. Growth in other cost of F1 revenue in the three months ended June 30, 2025 was also impacted by the additional race held, which impacted costs of the Paddock Club, technical, travel and freight services. Selling, general and administrative expense increased in the three and six months ended June 30, 2025 primarily due to higher personnel and marketing expense, including marketing costs associated with the 75 th season launch event at London's The O2 in the six-month period. Corporate and Other Operating Results Corporate and Other Adjusted OIBDA includes the rental income related to Grand Prix Plaza in Las Vegas, Quint results and other corporate overhead for the second quarter of 2025 and the prior year period. Corporate and Other revenue increased in the second quarter due to Quint results. There was $6 million of rental income related to Grand Prix Plaza in Las Vegas in the second quarter of both 2025 and 2024. In the second quarter, Quint results were primarily driven by F1 Experiences across the nine races held and the Kentucky Derby. Quint's revenue is seasonal around its largest events, which are generally during the second and fourth quarters. LIBERTY LIVE GROUP – In the second quarter, $7 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group. The businesses and assets attributed to Liberty Live Group consist of Liberty Media's interest in Live Nation and other minority investments. Share Repurchases There were no repurchases of Liberty Media's common stock from May 1 through July 31, 2025. The total remaining repurchase authorization for Liberty Media as of August 1, 2025 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks. FOOTNOTES 1) Liberty Media will discuss these headlines and other matters on Liberty Media's earnings conference call that will begin at 10:00 a.m. (E.T.) on August 7, 2025. For information regarding how to access the call, please see 'Important Notice' later in this document. 2) For a definition of Adjusted OIBDA (as defined by Liberty Media) and the applicable reconciliation, see the accompanying schedule. Expand NOTES Cash and Debt The following presentation is provided to separately identify cash and debt information. The acquisition of MotoGP was completed on July 3, 2025 and is not reflected in cash and debt presented below. ____________________ a) Includes $1,547 million and $1,775 million of cash held at F1 as of March 31, 2025 and June 30, 2025, respectively, and $69 million and $70 million of cash held at Quint as of March 31, 2025 and June 30, 2025, respectively. b) Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment. c) Net leverage as defined in F1's credit facilities for covenant calculations. Expand Liberty Media and F1 are in compliance with their debt covenants as of June 30, 2025. Total cash and cash equivalents attributed to Formula One Group increased $307 million during the second quarter primarily due to net cash from operations at F1 and proceeds from the partial settlement of derivative contracts related to MotoGP transaction financing, partially offset by capital expenditures at F1. Total debt attributed to Formula One Group was relatively flat in the second quarter. Total cash and cash equivalents attributed to Liberty Live Group decreased $6 million during the second quarter primarily due to interest payments and corporate overhead. Total debt attributed to Liberty Live Group was flat during the second quarter. Important Notice: Liberty Media Corporation (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on August 7, 2025. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748884 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to Links to this press release will also be available on the Liberty Media website. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, the Formula 1 race calendar, expectations regarding Formula 1's business, the planned split-off of Liberty Live and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of all conditions for the split-off of Liberty Live, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of future litigation, the failure to realize benefits of acquisitions, rapid industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media's business which may affect the statements made in this press release. LIBERTY MEDIA CORPORATION June 30, 2025 (unaudited) Attributed Formula Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 3,140 308 — 3,448 Trade and other receivables, net 143 1 — 144 Other current assets 510 — — 510 Total current assets 3,793 309 — 4,102 Investments in affiliates, accounted for using the equity method 33 589 — 622 Property and equipment, at cost 1,012 — — 1,012 Accumulated depreciation (184 ) — — (184 ) 828 — — 828 Goodwill 4,135 — — 4,135 Intangible assets subject to amortization, net 2,570 — — 2,570 Deferred income tax assets 569 256 (35 ) 790 Other assets 557 217 — 774 Total assets $ 12,485 1,371 (35 ) 13,821 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 469 1 — 470 Current portion of debt 34 1,769 — 1,803 Deferred revenue 780 — — 780 Other current liabilities 50 — — 50 Total current liabilities 1,333 1,770 — 3,103 Long-term debt 2,996 — — 2,996 Other liabilities 304 90 (35 ) 359 Total liabilities 4,633 1,860 (35 ) 6,458 Equity / Attributed net assets 7,852 (511 ) — 7,341 Noncontrolling interests in equity of subsidiaries — 22 — 22 Total liabilities and equity $ 12,485 1,371 (35 ) 13,821 Expand LIBERTY MEDIA CORPORATION Three months ended June 30, 2025 (unaudited) Attributed Formula Liberty One Live Consolidated Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 1,203 — 1,203 Other revenue 138 — 138 Total revenue 1,341 — 1,341 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 779 — 779 Other cost of sales 88 — 88 Selling, general and administrative (1) 111 7 118 Acquisition costs 3 — 3 Depreciation and amortization 80 — 80 1,061 7 1,068 Operating income (loss) 280 (7 ) 273 Other income (expense): Interest expense (49 ) (8 ) (57 ) Share of earnings (losses) of affiliates, net (2 ) 73 71 Realized and unrealized gains (losses) on financial instruments, net 160 (289 ) (129 ) Other, net 66 4 70 175 (220 ) (45 ) Earnings (loss) before income taxes 455 (227 ) 228 Income tax (expense) benefit (73 ) 49 (24 ) Net earnings (loss) 382 (178 ) 204 Less net earnings (loss) attributable to the noncontrolling interests — — — Net earnings (loss) attributable to Liberty stockholders $ 382 (178 ) 204 (1) Includes stock-based compensation expense as follows: Selling, general and administrative $ 6 2 8 Expand LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS INFORMATION Three months ended June 30, 2024 (unaudited) Attributed Formula Liberty Liberty One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 853 — — 853 Other revenue 135 — — 135 Total revenue 988 — — 988 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 639 — — 639 Other cost of sales 94 — — 94 Selling, general and administrative (1) 96 2 — 98 Acquisition costs 11 — — 11 Depreciation and amortization 89 — — 89 929 2 — 931 Operating income (loss) 59 (2 ) — 57 Other income (expense): Interest expense (53 ) (7 ) — (60 ) Share of earnings (losses) of affiliates, net (2 ) 85 — 83 Realized and unrealized gains (losses) on financial instruments, net (1 ) 88 — 87 Other, net 20 6 — 26 (36 ) 172 — 136 Earnings (loss) from continuing operations before income taxes 23 170 — 193 Income tax (expense) benefit 1 (36 ) — (35 ) Net earnings (loss) from continuing operations 24 134 — 158 Net earnings (loss) from discontinued operations — — 349 349 Net earnings (loss) 24 134 349 507 Less net earnings (loss) attributable to the noncontrolling interests — — 50 50 Net earnings (loss) attributable to Liberty stockholders $ 24 134 299 457 (1) Includes stock-based compensation expense as follows: Selling, general and administrative $ 6 1 — 7 Expand LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 2025 (unaudited) Attributed Formula Liberty One Live Consolidated Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 404 (195 ) 209 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 157 — 157 Stock-based compensation 8 2 10 Share of (earnings) loss of affiliates, net 5 (77 ) (72 ) Realized and unrealized (gains) losses on financial instruments, net (242 ) 306 64 Deferred income tax expense (benefit) 9 (51 ) (42 ) Intergroup tax allocation 3 (3 ) — Other, net (33 ) 1 (32 ) Changes in operating assets and liabilities Current and other assets (147 ) — (147 ) Payables and other liabilities 464 1 465 Net cash provided (used) by operating activities 628 (16 ) 612 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (16 ) (1 ) (17 ) Cash proceeds from dispositions 26 — 26 Cash (paid) received for acquisitions, net of cash acquired (131 ) — (131 ) Capital expended for property and equipment, including internal-use software and website development (55 ) — (55 ) Cash proceeds from foreign currency forward contracts 71 — 71 Other investing activities, net (14 ) — (14 ) Net cash provided (used) by investing activities (119 ) (1 ) (120 ) Cash flows from financing activities: Repayments of debt (11 ) — (11 ) Other financing activities, net 19 — 19 Net cash provided (used) by financing activities 8 — 8 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 9 — 9 Net increase (decrease) in cash, cash equivalents and restricted cash 526 (17 ) 509 Cash, cash equivalents and restricted cash at beginning of period 2,638 325 2,963 Cash, cash equivalents and restricted cash at end of period $ 3,164 308 3,472 Cash and cash equivalents $ 3,140 308 3,448 Restricted cash included in other assets 24 — 24 Total cash, cash equivalents and restricted cash at end of period $ 3,164 308 3,472 Expand LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 2024 (unaudited) Attributed Formula Liberty Liberty One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 101 61 590 752 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Net (earnings) loss from discontinued operations — — (590 ) (590 ) Depreciation and amortization 175 — — 175 Stock-based compensation 18 2 — 20 Share of (earnings) loss of affiliates, net 5 (64 ) — (59 ) Realized and unrealized (gains) losses on financial instruments, net (47 ) (19 ) — (66 ) Deferred income tax expense (benefit) 2 13 — 15 Intergroup tax allocation (62 ) 3 — (59 ) Intergroup tax (payments) receipts 80 3 — 83 Other, net 5 (4 ) — 1 Changes in operating assets and liabilities Current and other assets (79 ) 2 — (77 ) Payables and other liabilities 203 (4 ) — 199 Net cash provided (used) by operating activities 401 (7 ) — 394 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (1 ) — — (1 ) Cash proceeds from dispositions — 107 — 107 Cash (paid) received for acquisitions, net of cash acquired (205 ) — — (205 ) Capital expended for property and equipment, including internal-use software and website development (40 ) — — (40 ) Other investing activities, net (62 ) 1 — (61 ) Net cash provided (used) by investing activities (308 ) 108 — (200 ) Cash flows from financing activities: Borrowings of debt 10 — — 10 Repayments of debt (31 ) — — (31 ) Other financing activities, net 27 — — 27 Net cash provided (used) by financing activities 6 — — 6 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (8 ) — — (8 ) Net cash provided (used) by discontinued operations: Cash provided (used) by operating activities — — 753 753 Cash provided (used) by investing activities — — (550 ) (550 ) Cash provided (used) by financing activities — — (314 ) (314 ) Net cash provided (used) by discontinued operations — — (111 ) (111 ) Net increase (decrease) in cash, cash equivalents and restricted cash 91 101 (111 ) 81 Cash, cash equivalents and restricted cash at beginning of period 1,408 305 315 2,028 Cash, cash equivalents and restricted cash at end of period $ 1,499 406 204 2,109 Cash and cash equivalents $ 1,491 406 188 2,085 Restricted cash included in other current assets 8 — — 8 Restricted cash included in current assets of discontinued operations — — 8 8 Restricted cash included in noncurrent assets of discontinued operations — — 8 8 Total cash, cash equivalents and restricted cash at end of period $ 1,499 406 204 2,109 Expand NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES SCHEDULE 1 To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Formula One Group, together with reconciliations to operating income, as determined under GAAP. Liberty Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges. Liberty Media believes Adjusted OIBDA 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. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Media's management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for Liberty Media to operating income (loss) calculated in accordance with GAAP for the three and six months ended June 30, 2024 and June 30, 2025. ____________________ (a) Formula One Group incurred $11 million and $3 million of costs related to corporate acquisitions during the three months ended June 30, 2024 and June 30, 2025, respectively, and $20 million and $14 million of costs related to corporate acquisitions during the six months ended June 30, 2024 and June 30, 2025, respectively. Expand
Yahoo
04-08-2025
- Yahoo
Judges question whether Trump tariffs are authorized by emergency powers
WASHINGTON - U.S. appeals court judges sharply questioned on July 31 whether President Donald Trump's tariffs were justified by the president's emergency powers, after a lower court said he exceeded his authority with sweeping levies on imported goods. The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., is considering the legality of "reciprocal" tariffs that Trump imposed on a broad range of U.S. trading partners in April, as well as tariffs imposed in February against China, Canada and Mexico. In hearing arguments in two cases brought by five small U.S. businesses and 12 Democratic-led U.S. states, judges pressed government lawyer Brett Shumate to explain how the International Emergency Economic Powers Act (IEEPA), a 1977 law historically used for sanctioning enemies or freezing their assets, gave Trump the power to impose tariffs. More: Trump's final stumbling blocks for countries hoping to avoid tariff hikes: Live updates Trump is the first president to use IEEPA to impose tariffs. "IEEPA doesn't even say tariffs, doesn't even mention them," one of the judges said. Shumate said that the law allows for "extraordinary" authority in an emergency, including the ability to stop imports completely. He said IEEPA authorizes tariffs because it allows a president to "regulate" imports in a crisis. The states and businesses challenging the tariffs argued that they are not permissible under IEEPA and that the U.S. Constitution grants Congress, and not the president, authority over tariffs and other taxes. Neal Katyal, a lawyer for the businesses, said the government's justification for the tariffs amounted to "a breathtaking claim to power that no president has asserted in years. The arguments - one day before Trump plans to increase tariff rates on imported goods from nearly all U.S. trading partners - mark the first test before a U.S. appeals court of the scope of his tariff authority. The president has made tariffs a central instrument of his foreign policy, wielding them aggressively in his second term as leverage in trade negotiations and to push back against what he has called unfair practices. Trump has said the April tariffs were a response to persistent U.S. trade imbalances and declining U.S. manufacturing power. More: Trade whiplash: Appeals Court allows Trump to keep tariffs while appeal plays out He said the tariffs against China, Canada and Mexico were appropriate because those countries were not doing enough to stop illegal fentanyl from crossing U.S. borders. The countries have denied that claim. "Tariffs are making America GREAT & RICH Again," Trump wrote in a social media post on July 31. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today." During the July 31 arguments, Shumate cited a 1975 appeals court decision that authorized President Richard Nixon's across-the board surcharge of 10% on imported merchandise to slow inflation. But that decision added that the president did not have authority to impose "whatever tariff rates he deems desirable." Shumate also said that courts cannot review a president's actions under IEEPA or impose additional limits that are not included in the law. Several judges said that the argument would essentially allow one law, IEEPA, to overwrite all other U.S. laws related to tariffs and imports. The case is being heard by a panel of all of the court's active judges, eight appointed by Democratic presidents and three appointed by former Republican presidents. The timing of the court's decision is uncertain, and the losing side will likely appeal quickly to the U.S. Supreme Court. Trade negotiations Tariffs are starting to build into a significant revenue source for the federal government, with customs duties in June quadrupling to about $27 billion, a record, and through June have topped $100 billion for the current fiscal year. That income could be crucial to offset lost revenue from Trump's tax bill passed into law earlier this month. But economists say the duties threaten to raise prices for U.S. consumers and reduce corporate profits. Trump's on-again, off-again tariff threats have roiled financial markets and disrupted U.S. companies' ability to manage supply chains, production, staffing and prices. Dan Rayfield, the attorney general of Oregon, one of the states challenging the levies, said that the tariffs were a "regressive tax" that is making household items more expensive. On May 28, a three-judge panel of the U.S. Court of International Trade sided with the Democratic states and small businesses that challenged Trump. It said that the IEEPA did not authorize tariffs related to longstanding trade deficits. The Federal Circuit has allowed the tariffs to remain in place while it considers the administration's appeal. The case will have no impact on tariffs levied under more traditional legal authority, such as duties on steel and aluminum imports. The president recently announced trade deals that set tariff rates on goods from the European Union and Japan, following smaller trade agreements with Britain, Indonesia and Vietnam. Trump's Department of Justice has argued that limiting the president's tariff authority could undermine ongoing trade negotiations, while other Trump officials have said that negotiations have continued with little change after the initial setback in court. Trump has set an August 1 date for higher tariffs on countries that don't negotiate new trade deals. There are at least seven other lawsuits challenging Trump's invocation of IEEPA, including cases brought by other small businesses and California. A federal judge in Washington, D.C., ruled against Trump in one of those cases, and no judge has yet backed Trump's claim of unlimited emergency tariff authority. This article originally appeared on USA TODAY: US court to review Trump's power to impose tariffs
