Latest news with #DerekChang
Yahoo
23-05-2025
- Automotive
- Yahoo
Derek Chang: Liberty has taken F1 'well beyond' a core sports product
Liberty Media chief executive Derek Chang believes Formula 1 has shifted from being a series to becoming a 'cultural phenomenon' in the past decade. Chang was appointed as successor to Greg Maffei at the start of January, eight years on from when Liberty completed its acquisition of F1 and set about taking the series to new audiences, in new markets. Advertisement The findings of the 2025 Global F1 Fan Survey, a collaboration between F1 and the Motorsport Network, are set to be published soon but recent trends have shown an uptick in women engaging with the championship, as well as a younger demographic now being active fans. Chang, speaking at the Autosport Business Exchange: Monaco, feels the changes – which have also seen a groundswell of American interest with races added in Miami and Las Vegas – have elevated F1 to a different level. 'I think when Liberty acquired Formula 1 it was very much of a core motorsports activation,' he said. 'I think what we've done over the last 10 years, under the stewardship of Chase Carey and then Stefano [Domenicali] is really make this thing sort of a cultural phenomenon that's gone well beyond a core sports product. Advertisement 'It starts with what happens on the track. It's a compelling product that we have out there, but where we've gone to a much more mainstream and a broader entertainment asset. You've seen it in Drive to Survive, you know we have the Apple movie coming out this summer, which will, again, I think renew a whole new level of interest in the sport. Autosport Business Exchange - Monaco Autosport Business Exchange - Monaco Alberto Crippa Alberto Crippa 'Then I think what you've seen in terms of the drivers and how they participate within what this brand is all about now and the interest level that people have following the drivers - not just what happens to them on the track, but what happens to them in their lives. And again, as we continue to open the aperture of what Formula 1 is all about, I think you've seen new brands coming to us.' Advertisement Chang pointed to recent deals signed by F1 as examples of how its partnerships have branched out from more traditional B2B companies to customer-facing brands, which helps continue the fan engagement away from the track. 'We've gone from an endemic, advertising-based, sponsorship-based B2B to then B2C. We just announced a deal with Disney earlier this week, a tremendous deal with Lego that we did last year that of culminated in a great spectacle in Miami a few weeks ago with the life-size cars that we rolled around the track. 'And I think what you've seen is the viewership continues to increase for Formula 1…and you're bringing new people into the audience all the time. Kids, casual fans, all that sort of stuff.' While brands and fans continue to pour in from most corners of the globe, Chang admits there is still plenty of room for growth in the huge market in China. Advertisement The grand prix in Shanghai is now a firm fixture on the calendar but outside of the race, there is relatively low pick-up, including among partners. A former chief executive of the NBA in China, Chang is keen to expand into the large market the country offers. 'When I was running the NBA there, which probably was a preeminent global sports brand in China at the time - and probably still is - and being able to see the energy that the Chinese audience has for sports, I think Formula 1 can continue to grow in that country. Lando Norris, McLaren Lando Norris, McLaren Andy Hone / Motorsport Images Andy Hone / Motorsport Images 'We were set back, to be honest with you, with COVID because we didn't run a race there for four years. So we probably lost some time there over the years, but there is a legacy and a history of F1 in China. Advertisement 'We've been in Shanghai for 20 years at this point. We had a Chinese driver [Zhou Guanyu] who unfortunately is not on the grid this year, but maybe one day will come back. But look, it's 1.3billion people in China. 'People love sports there. They love brands there. And I think where F1 can continue to shine is that we are such a high-end brand and the brands that we actually associate with, you're going to see that take up continue to happen. 'We do need to continue to build there and invest in the sport there. We are across the major social media platforms. We're on the Tencent and CCTV (China Central Television), but we probably aren't where we would like to be. 'We're going to continue to invest and make that happen because it's such a big market and such a big market for major consumer brands that we really want to continue to develop that.' To read more articles visit our website.
Time of India
15-05-2025
- Automotive
- Time of India
Formula 1's American dream faces reality check as Liberty Media CEO discusses TV rights and fan engagement
Liberty Media's CEO discusses Formula 1's challenges in securing U.S. TV rights, raising concerns about audience engagement and American market growth. (Credit: Getty Images) When Liberty Media took the reins of Formula 1 in 2017, it kickstarted a new era for the sport—one that embraced storytelling, social media, and global expansion like never before. Fast-forward to 2025, and the picture is evolving. The U.S. market, once viewed as a cornerstone of F1's future, is no longer being treated as the primary growth engine. Instead, Liberty Media is starting to look beyond American borders, signalling a possible pivot to untapped international opportunities. Liberty Media chief sheds light on Formula 1's battle to win American viewers and secure better TV deals Newly appointed Liberty Media CEO Derek Chang made this shift clear during his remarks at the J.P. Morgan Global Technology, Media, and Communications Conference. 'In the US, we [F1] are not a major player, but globally, we are,' he stated bluntly. This candid admission reveals a sobering reality: despite the surge in American F1 interest driven by Netflix's Drive to Survive, Formula 1 still sits on the periphery of mainstream U.S. sports culture. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Seniors in the Philippines Can Enjoy Affordable Private Health Insurance! (See List) Local Plan Search Now Undo The Vegas experiment has been a wake-up call. Liberty Media's direct involvement in organising and promoting the Las Vegas Grand Prix was seen as a major commitment to the U.S. market. But year-over-year enthusiasm has dimmed. 'The fall-off from the first year to the second year was a bit more dramatic than anticipated,' Chang admitted. Still, he remains 'cautiously optimistic,' noting improved ticket movement this season, a signal that lessons have been learned and adjustments made. Yet, the American media landscape is proving to be another tough nut to crack. ESPN currently holds F1 broadcasting rights through 2025, but their future involvement remains uncertain. Formula 1 is reportedly eyeing a $180 million per year deal from 2026, yet heavyweights like NBC have already bowed out of the race for rights, while ESPN may not see the value at such a price point. Chang, however, isn't just looking for the biggest check—he wants a media partner who can embed F1 deeper into American culture. 'We're obviously looking for a partner that can help us continue to grow the fan base,' Chang said. He emphasized that Formula 1, compared to leagues like the NFL, NBA, and MLB, still has 'a lot of headroom' in the U.S. 'It's up to us to go out and capitalize on that.' Interestingly, Chang isn't fixated on traditional media deals. In his view, F1 is no longer merely a racing series—it's a content-rich, cultural phenomenon. In the age of streaming, where digital platforms hunger for compelling content, the sport has become more about lifestyle, drama, and cinematic appeal. This cultural momentum is set to get another boost with the upcoming Brad Pitt-led F1 film, which hits theatres June 25. 'I think this is a pretty significant moment in terms of the amount of investment and promotion that Apple and Warner Bros are putting into a project like this,' said Chang, expressing optimism for its impact. Globally, Chang sees brighter prospects. Markets like China and India are now on Liberty Media's radar. 'You look at a market like China where we've actually had a race, and we probably haven't probably not invested what we should,' he noted. India, with its deep love for entertainment and sports, is another frontier with immense potential. 'Can we break through in a way?' Chang asked, drawing parallels between F1's glitzy appeal and Bollywood or the IPL. What emerges from Chang's vision is not a retreat from the U.S., but a recalibration. The goal is no longer solely to 'Americanize' Formula 1, but to globalise it with tailored strategies for each region. The sport may never rival American football stateside, but worldwide, it's gearing up to tap into the next billion fans. In many ways, Liberty Media is back at the drawing board—armed with data, experience, and now, the humility to accept that not every market responds the same way. But for a brand as visually thrilling and globally revered as Formula 1, the track ahead is still filled with opportunity. Also Read: F1 drivers get more freedom of speech as FIA eases swearing penalties after backlash from fans and teams Get IPL 2025 match schedules , squads , points table , and live scores for CSK , MI , RCB , KKR , SRH , LSG , DC , GT , PBKS , and RR . Check the latest IPL Orange Cap and Purple Cap standings.
Business Wire
07-05-2025
- Automotive
- Business Wire
Liberty Media Corporation Reports First Quarter 2025 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation ('Liberty Media' or 'Liberty') (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported first quarter 2025 results. Headlines include (1): Attributed to Formula One Group Renewed agreements for Mexico Grand Prix through 2028 and Miami Grand Prix through 2041 Secured new sponsorship deals including Barilla Pasta and PWC as Official Partners Formula 1 and all ten teams signed 2026 Concorde Commercial Agreement Grand Prix Plaza in Las Vegas opened to the public on May 2 nd, providing immersive F1 attractions year-round Liberty continues to work constructively with the European Commission on regulatory process for the MotoGP acquisition Attributed to Liberty Live Group Fair value of Live Nation investment was $9.1 billion as of March 31 st '2025 is off to a strong start. Formula 1 is benefiting from exciting racing on the track and financial momentum underpinned by new commercial partnerships that took effect this year,' said Derek Chang, Liberty Media President & CEO. 'We believe Formula 1's contracted and diversified revenue streams position it well against the current macro and consumer backdrop. The business fundamentals remain strong and we're confident in our ability to deliver long-term value. At Live Nation, strong first quarter results and key forward indicators are pointing to another record year ahead with sustained demand for live music and continued growth in the global experience economy.' Discussion of Results Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2025 to the same period in 2024. FORMULA ONE GROUP – The following table provides the financial results attributed to Formula One Group for the first quarter of 2025. In the first quarter, Formula One Group incurred $14 million of corporate level selling, general and administrative expense (including stock-based compensation expense). The businesses and assets attributed to Formula One Group consist primarily of Liberty Media's subsidiaries, F1 and Quint. F1 Operating Results 'Formula 1 is six races into another incredible season and delighting fans in new and creative ways. Close racing throughout the field has created captivating on-track action, helping drive viewership growth on linear and digital platforms. Our promoter partners continue to innovate on their race weekend experiences, generating demand and sell-out crowds,' said Stefano Domenicali, Formula 1 President and CEO. 'Importantly, we agreed to the commercial terms with all F1 teams for the 2026 Concorde Agreement which is financially attractive to all parties and provides stability for our future.' 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 periods ended March 31, 2024 and March 31, 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 two races held in the first quarter of 2025 compared to three races held in the first quarter of 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 decreased in the first quarter with declines across media rights, race promotion and sponsorship driven by the calendar variance compared to the prior year. Race promotion revenue decreased due to one less race in the quarter and the different mix of races held. Lower media rights and sponsorship revenue was driven by one fewer race held in the current period resulting in a lower proportion of season-based revenue recognized, and sponsorship revenue also decreased due to the impact of the mix of races on event specific revenue. The decline in media rights revenue recognized was partially offset by contractual increases in fees and continued growth in F1 TV subscription revenue. The decline in sponsorship revenue was largely offset by revenue recognized from new sponsors and growth in revenue from existing contracts. Other F1 revenue decreased in the first quarter primarily due to lower hospitality and experiences revenue driven by one less Paddock Club and the mix of events held, partially offset by higher freight income. Operating income and Adjusted OIBDA (2) decreased in the first quarter. Team payments decreased due to the pro rata recognition of payments across the race season with one less race held in the current period, partially offset by the expectation of higher team payments for the full year. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities. These costs increased due to higher freight costs driven by the mix of races and longer routes required as well as increased commissions and partner servicing costs associated with servicing Primary F1 revenue streams for the full year, partially offset by lower hospitality and experiences, travel and FIA regulatory costs due to one fewer event. Other cost of F1 revenue in the first quarter was also impacted by higher costs associated with the Grand Prix Plaza in Las Vegas due to more activity in its events business. Selling, general and administrative expense increased primarily due to higher marketing costs associated with the 75 th season launch event at London's The O2 and increased personnel costs. Corporate and Other Operating Results Corporate and Other revenue increased in the first quarter due to Quint results. There was $6 million of rental income related to the Las Vegas Grand Prix Plaza in the first quarter compared to $7 million in the prior year period. In the first quarter, Quint results were primarily driven by NBA Experiences and F1 Experiences across the two races held. Quint's revenue is seasonal around its largest events, which are generally during the second and fourth quarters. Corporate and Other Adjusted OIBDA includes the rental income related to the Las Vegas Grand Prix Plaza, Quint results and other corporate overhead for the first quarter of 2025 and the prior year period. LIBERTY LIVE GROUP – In the first quarter, $4 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. There were no repurchases of Liberty Media's common stock from February 1 through April 30, 2025. The total remaining repurchase authorization for Liberty Media as of May 1, 2025 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks. FOOTNOTES NOTES The following financial information with respect to Liberty Media's equity affiliates, available for sale securities, cash and debt is intended to supplement Liberty Media's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended March 31, 2025. Fair Value of Corporate Public Holdings ______________ a) Represents the fair value of the equity investment in Live Nation. 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 condensed consolidated balance sheet at $430 million and $451 million as of December 31, 2024 and March 31, 2025, respectively. Expand Cash and Debt The following presentation is provided to separately identify cash and debt information. ______________ a) Includes $1,310 million and $1,547 million of cash held at F1 as of December 31, 2024 and March 31, 2025, respectively, and $78 million and $69 million of cash held at Quint as of December 31, 2024 and March 31, 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 March 31, 2025. Total cash and cash equivalents attributed to Formula One Group increased $202 million during the first quarter primarily due to cash from operations at F1, partially offset by $131 million of an extension payment related to the MotoGP acquisition and capital expenditures at F1. Total debt attributed to Formula One Group was relatively flat in the first quarter. Total cash and cash equivalents attributed to Liberty Live Group decreased $11 million during the first quarter primarily due to interest payments and corporate overhead. Total debt attributed to Liberty Live Group was flat during the first 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 May 7, 2025. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748883 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, the planned acquisition of MotoGP, expectations regarding Formula 1 and Live Nation's businesses 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 to closing for the transaction with MotoGP, 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 BALANCE SHEET INFORMATION Attributed Formula Liberty One Live Intergroup Consolidated amounts in millions Assets Current assets: Cash and cash equivalents $ 2,833 314 — 3,147 Trade and other receivables, net 143 1 — 144 Other current assets 376 — — 376 Total current assets 3,352 315 — 3,667 Investments in affiliates, accounted for using the equity method 31 479 — 510 Property and equipment, at cost 1,039 — — 1,039 Accumulated depreciation (214 ) — — (214 ) 825 — — 825 Goodwill 4,134 — — 4,134 Intangible assets subject to amortization, net 2,632 — — 2,632 Deferred income tax assets 600 220 (32 ) 788 Other assets 512 217 — 729 Total assets $ 12,086 1,231 (32 ) 13,285 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 330 — — 330 Current portion of debt 30 — — 30 Deferred revenue 1,009 — — 1,009 Financial instrument liabilities 30 — — 30 Other current liabilities 47 — — 47 Total current liabilities 1,446 — — 1,446 Long-term debt 2,952 1,582 — 4,534 Other liabilities 277 1 (32 ) 246 Total liabilities 4,675 1,583 (32 ) 6,226 Equity / Attributed net assets 7,411 (374 ) — 7,037 Noncontrolling interests in equity of subsidiaries — 22 — 22 Total liabilities and equity $ 12,086 1,231 (32 ) 13,285 Expand LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS INFORMATION Three months ended March 31, 2025 (unaudited) Attributed Formula Liberty One Live Consolidated Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 400 — 400 Other revenue 47 — 47 Total revenue 447 — 447 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 286 — 286 Other cost of sales 39 — 39 Other operating expenses 1 — 1 Selling, general and administrative (1) 100 4 104 Acquisition costs 11 — 11 Depreciation and amortization 77 — 77 514 4 518 Operating income (loss) (67 ) (4 ) (71 ) Other income (expense): Interest expense (48 ) (7 ) (55 ) Share of earnings (losses) of affiliates, net (3 ) 4 1 Realized and unrealized gains (losses) on financial instruments, net 82 (17 ) 65 Other, net 34 2 36 65 (18 ) 47 Earnings (loss) before income taxes (2 ) (22 ) (24 ) Income tax (expense) benefit 24 5 29 Net earnings (loss) 22 (17 ) 5 Less net earnings (loss) attributable to the noncontrolling interests — — — Net earnings (loss) attributable to Liberty stockholders $ 22 (17 ) 5 (1) Includes stock-based compensation expense as follows: Selling, general and administrative $ 2 — 2 Expand LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS INFORMATION Three months ended March 31, 2024 (unaudited) Attributed One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 550 — — 550 Other revenue 37 — — 37 Total revenue 587 — — 587 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 279 — — 279 Other cost of sales 26 — — 26 Other operating expenses 1 — — 1 Selling, general and administrative (1) 91 2 — 93 Acquisition costs 9 — — 9 Depreciation and amortization 86 — — 86 492 2 — 494 Operating income (loss) 95 (2 ) — 93 Other income (expense): Interest expense (55 ) (7 ) — (62 ) Share of earnings (losses) of affiliates, net (3 ) (21 ) — (24 ) Realized and unrealized gains (losses) on financial instruments, net 48 (69 ) — (21 ) Other, net 15 6 — 21 5 (91 ) — (86 ) Earnings (loss) from continuing operations before income taxes 100 (93 ) — 7 Income tax (expense) benefit (23 ) 20 — (3 ) Net earnings (loss) from continuing operations 77 (73 ) — 4 Net earnings (loss) from discontinued operations — — 241 241 Net earnings (loss) 77 (73 ) 241 245 Less net earnings (loss) attributable to the noncontrolling interests — — 42 42 Net earnings (loss) attributable to Liberty stockholders $ 77 (73 ) 199 203 (1) Includes stock-based compensation expense as follows: Selling, general and administrative $ 12 1 — 13 Expand LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2025 (unaudited) Attributed Formula Liberty One Live Consolidated Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 22 (17 ) 5 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 77 — 77 Stock-based compensation 2 — 2 Share of (earnings) loss of affiliates, net 3 (4 ) (1 ) Realized and unrealized (gains) losses on financial instruments, net (82 ) 17 (65 ) Deferred income tax expense (benefit) (25 ) (4 ) (29 ) Other, net (1 ) 1 — Changes in operating assets and liabilities Current and other assets (143 ) — (143 ) Payables and other liabilities 538 (3 ) 535 Net cash provided (used) by operating activities 391 (10 ) 381 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (5 ) (1 ) (6 ) Cash (paid) received for acquisitions, net of cash acquired (131 ) — (131 ) Capital expended for property and equipment, including internal-use software and website development (33 ) — (33 ) Other investing activities, net (11 ) — (11 ) Net cash provided (used) by investing activities (180 ) (1 ) (181 ) Cash flows from financing activities: Repayments of debt (6 ) — (6 ) Other financing activities, net (7 ) — (7 ) Net cash provided (used) by financing activities (13 ) — (13 ) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 4 — 4 Net increase (decrease) in cash, cash equivalents and restricted cash 202 (11 ) 191 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 $ 2,840 314 3,154 Cash and cash equivalents $ 2,833 314 3,147 Restricted cash included in other current assets 7 — 7 Total cash, cash equivalents and restricted cash at end of period $ 2,840 314 3,154 Expand LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2024 (unaudited) Attributed One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 77 (73 ) 241 245 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Net (earnings) loss from discontinued operations — — (241 ) (241 ) Depreciation and amortization 86 — — 86 Stock-based compensation 12 1 — 13 Share of (earnings) loss of affiliates, net 3 21 — 24 Realized and unrealized (gains) losses on financial instruments, net (48 ) 69 — 21 Deferred income tax expense (benefit) 9 (18 ) — (9 ) Intergroup tax allocation (27 ) (2 ) — (29 ) Other, net 2 — — 2 Changes in operating assets and liabilities Current and other assets (90 ) (3 ) — (93 ) Payables and other liabilities 116 (4 ) — 112 Net cash provided (used) by operating activities 140 (9 ) — 131 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (1 ) — — (1 ) Cash (paid) received for acquisitions, net of cash acquired (205 ) — — (205 ) Capital expended for property and equipment, including internal-use software and website development (27 ) — — (27 ) Other investing activities, net (63 ) — — (63 ) Net cash provided (used) by investing activities (296 ) — — (296 ) Cash flows from financing activities: Repayments of debt (10 ) — — (10 ) Other financing activities, net (1 ) 2 — 1 Net cash provided (used) by financing activities (11 ) 2 — (9 ) Net cash provided (used) by discontinued operations: Cash provided (used) by operating activities — — 264 264 Cash provided (used) by investing activities — — (354 ) (354 ) Cash provided (used) by financing activities — — (73 ) (73 ) Net cash provided (used) by discontinued operations — — (163 ) (163 ) Net increase (decrease) in cash, cash equivalents and restricted cash (167 ) (7 ) (163 ) (337 ) 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 $ 1,241 298 152 1,691 Cash and cash equivalents $ 1,233 298 135 1,666 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 — — 9 9 Total cash, cash equivalents and restricted cash at end of period $ 1,241 298 152 1,691 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 and Liberty Live 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 months ended March 31, 2024 and March 31, 2025, respectively. QUARTERLY SUMMARY ______________ a) Formula One Group incurred $11 million and $9 million of costs related to corporate acquisitions during the three months ended March 31, 2025 and March 31, 2024, respectively. Expand
Associated Press
29-04-2025
- Business
- Associated Press
Liberty Media Corporation to Present at J.P. Morgan Global Technology, Media and Communications Conference
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Apr 29, 2025-- Liberty Media Corporation ('Liberty Media') (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) announced that Derek Chang, President and CEO of Liberty Media, will be presenting at the J.P. Morgan Global Technology, Media and Communications Conference on Tuesday, May 13 th at 11:30 a.m. E.T. in Boston. During his presentation, Mr. Chang may make observations regarding the company's financial performance and outlook, as well as other forward looking matters. The presentation will be broadcast live via the Internet. All interested persons should visit the Liberty Media website at to register for the webcast. An archive of the webcast will also be available on this website after appropriate filings have been made with the SEC. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in media, sports and entertainment businesses. Those businesses are attributed to two tracking stock groups: the Formula One Group and the Liberty Live Group. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include Liberty Media's subsidiaries Formula 1 and Quint, and other minority investments. The businesses and assets attributed to the Liberty Live Group (NASDAQ: LLYVA, LLYVK) include Liberty Media's interest in Live Nation and other minority investments. View source version on CONTACT: Liberty Media Corporation Shane Kleinstein, 720-875-5432 KEYWORD: UNITED STATES NORTH AMERICA COLORADO INDUSTRY KEYWORD: MEDIA GENERAL ENTERTAINMENT COMMUNICATIONS ENTERTAINMENT SOURCE: Liberty Media Corporation Copyright Business Wire 2025. PUB: 04/29/2025 08:15 AM/DISC: 04/29/2025 08:16 AM
