Sixers' VJ Edgecombe pulls up to Tyrese Maxey Foundation golf tournament
Edgecombe was spotted at The Union League Golf Club for a round of 18 holes, along with Justin Edwards, Kyle Lowry and Maxey. The tournament was part of the foundation's second annual "Friends & Family Weekend" in Philadelphia.
Maxey will also host a basketball camp on Saturday, helping players aged 7-12 improve as overall athletes through game skills, intensive training, on-court instruction and more.
Edgecombe was the Big 12 Freshman of the Year, averaging 15 points, 5.6 rebounds, 3.2 assists and 2.1 steals on 34% shooting from 3-point range at Baylor. He finished in double figures 27 times, including a season-high 30 points on Jan. 22 in a win over Kansas State.
The third pick debuted with the Sixers in the NBA Summer League, averaging 21.5 points, eight rebounds, four assists, two steals and 1.5 blocks on 42.5% shooting from the field. He was limited to two appearances due to a left thumb sprain.
Edgecombe has had a brief opportunity to ingratiate himself with the team and city since joining the organization. He appears to be building good chemistry with his teammates, which should enable him to have a smooth transition to the NBA next season.
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Business Wire
an hour ago
- 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
USA Today
12 hours ago
- USA Today
Wizards' Tre Johnson threw out the ceremonial first pitch for the Nationals
Washington Wizards rookie Tre Johnson threw out the ceremonial first pitch on Wednesday as the Washington Nationals continued a three-game series against the Athletics. Johnson was joined by fellow first-year teammates Will Riley (No. 21 pick) and Jamir Watkins (No. 43 pick) at Nationals Park for the occasion. He took the mound, delivered the pitch and posed for photos afterward with right fielder Daylen Lile and Screech, the team mascot. The Nationals were looking to even the series against the Athletics after suffering a 16-7 loss on Tuesday, falling to 44-68 on the season. They are in last place in the NL East. Johnson was the SEC Freshman of the Year last season at Texas, averaging 19.9 points, 3.1 rebounds and 2.7 assists in 33 games on 39.7% shooting from 3-point range. He was the 10th player in program history to be honored as Freshman of the Year. The sixth pick in the NBA draft debuted with the Wizards in the NBA Summer League, averaging 19.5 points, three rebounds, 1.5 assists and one steal on 45.5% shooting from 3-point range in two appearances. He finished with 21 points on July 13. Johnson is among a crowded draft class for the Wizards as the organization continues to build toward the future. The team was excited to add the trio and is eager to watch the players take the court.
USA Today
14 hours ago
- USA Today
Story emerges of Sixers' Allen Iverson losing game of HORSE to rapper
Every basketball fan knows how prolific Allen Iverson was during his prime for the Philadelphia 76ers. The 6-foot guard from Georgetown was phenomenal with the ball in his hands, took home an MVP award, and lifted the Sixers to the finals in 2001. Overall, Iverson averaged 26.7 points, 6.2 assists, and 3.7 rebounds while being the smallest guy on the court more times than not. The man they called "The Answer" backed down from nobody and more often than not came out on top on the basketball court. However, even the greats take their losses. On the latest episode of The Wave's "7pm in Brooklyn", rapper Jermaine Dupri revealed that Iverson lost a game of HORSE against longtime rapper, Nelly: To his (Iverson's) defense, y'all be shooting the ball so high, and my ceiling ain't as high as the stadium. So unfortunately, a couple of times he shot the ball up it hit the Nelly was shooting like my gym was his gym. Iverson will never be able to live that down, but at the same time, losses do happen. One has to give credit to Nelly for coming out on top against one of the game's all-time greats.
