Q3 2024 Liberty Media Corp Earnings Call and Business Update

November 7, 2024

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Operator: Welcome to Liberty Media Corporation's 2024 Q3 earnings call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press star one on your telephone keypad. As a reminder, this conference will be recorded 7 November 2024. I would now like to turn the call over to Shane Kleinstein, Senior Vice President of Investor Relations. Please go ahead.

Speaker Change: Welcome to Liberty Media Corporation, 2024 third quarter earnings call.

Thank you.

During the presentation, all participants will be in a listen only mode. Afterwards, we will conduct a question and answer session at that time. If you have a question. Please press star one on your telephone keypad.

As a reminder, this conference will be recorded November 7th.

Speaker Change: I would now like to turn the call over to Shane claims Qi Senior Vice President of Investor Relations. Please go ahead.

Shane Kleinstein: Thank you, and good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q, filed by Liberty Media with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements 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. On today's call, we will discuss our non-GAAP financial measures for Liberty Media, including Adjusted OIBDA.

Speaker Change: Thank you and good morning, before we begin we'd like to remind everyone that this call includes certain forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.

Speaker Change: Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent forms 10-K, and 10-Q filed by Liberty media would be as you see.

Speaker Change: These forward looking statements speak only as of the date of this call and Liberty media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained herein to reflect any change in liberty media's expectations with regard there to or any change in events conditions or circumstances on which any.

Speaker Change: Such statements are based.

Speaker Change: On today's call, we will discuss non-GAAP financial measures for Liberty media and putting adjusted OIBDA the required definitions and reconciliations for Liberty media schedule. One can be found at the end of the earnings press release issued today, which is available on our website now I would like to turn the call over to Greg was saying and Liberty's President and CEO.

Shane Kleinstein: The required definition and reconciliation for Liberty Media Schedule One can be found at the end of the earnings press release issued today, which is available on our website. Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.

Greg Maffei: Thank you. Good morning. Today, speaking in the call, we will also have Formula One's President and CEO, Stefano Domenicali, and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. So let me start with a couple of corporate updates. As you may recall, we completed the LSXMA SiriusXM merger on 9 September 2024. I look forward to remaining involved as board chair and a shareholder at SiriusXM, but Liberty's ties are cut. We also announced updates to our voting and governance at the Atlanta Braves Holdings, and we are transitioning services directly to the Atlanta team. They held their earnings call yesterday. This is the next step in their evolution as a standalone private company, and I want to thank all the Braves management team for their partnership over the years. It's been so fruitful.

Speaker Change: Thank you good morning today speaking on the call. We will also have formula one's president and CEO definitely Timna Kelly Ann.

Speaker Change: Liberty's, Chief accounting and principal financial Officer, Brian Wendling. So.

Speaker Change: So let me start with a couple of corporate updates.

Speaker Change: As you May recall, we completed the L. S X M. Siri merger on the ninth of September I look forward to remaining involved as board chair and a shareholder in theory, but liberty's ties or cut we also announced updates to our voting and governance at the Atlanta Braves Holdings, and we are transitioning services directly to the Atlanta team.

Speaker Change: They held their earnings call yesterday. This is the next step in their evolution as a standalone private company.

Speaker Change: And I want to thank all the breaks management team for their partnership over the years, it's been so far.

Greg Maffei: Now let me turn to the underlying businesses, beginning with the Formula One Group and looking at it from some corporate update perspective. We refinanced the F1 debt. The Term Loan B was refinanced at SOFR + 200 bps. We expect to step down to SOFR + 175 bps upon the deleveraging post the MotoGP transaction. We raised an incremental $850 million Term Loan B and $150 million Term Loan A commitments to fund that MotoGP transaction. All of that is deal contingent. We also issued 949 million FWONK shares, replacing the equity consideration to the sellers in the transaction, so we'll directly pay them cash. We issued that stock at only a 4% discount to the market price, and it was placed with long-term holders.

Speaker Change: Now, let me turn to the underlying businesses beginning with Formula One group looking at from some corporate update perspective, we refinanced the <unk>. The term loan B was refinanced itself plus 200 bps.

Speaker Change: We expect to step down to suffer plus 175 bps upon the deleveraging post the Moto GP transaction.

Speaker Change: We raised an incremental 850, <unk> term loan b and $150 million term loan a.

Speaker Change: Commitments to fund that Moto GP transaction.

Speaker Change: All of that is deal contingent.

Speaker Change: We also issued $949 million of flock shares.

Speaker Change: Replacing the equity consideration to the sellers and the transactions that will directly pay them cash.

Speaker Change: We issued that stock at only a 4% discount to the market price and it was placed with long term holders.

Greg Maffei: Those transactions complete the necessary funding for our MotoGP acquisition, and we expect F1 leverage to be between 3.5 to 4 times, assuming a year-end close on that MotoGP deal. The F1 season itself remains highly competitive. Both the Constructors' and Drivers' Championship are coming down to the final races. We've seen also similarly incredible financial performance at Formula One year to date, with revenue up 15% and Adjusted OIBDA up 21%. We've seen double-digit growth across all of our revenue streams, boosted by 2 additional races, and we've benefited from new partners signed, contractual uplifts in our contracts, and the performance of F1 TV and our hospitality products. I know we've signed several new commercial agreements, which we begin next year.

Speaker Change: That completes those transactions complete the necessary funding for our Moto G. P acquisition, and we expect <unk> leverage to be between three five to four times, assuming a yearend close on that.

Speaker Change: P deal.

Speaker Change: The F. One season itself remains highly competitive both the constructors and drivers championship for coming down to the final races.

Speaker Change: We've seen also some really incredible financial performance at Formula one year to date with revenue up 15% and adjusted OIBDA up 21%.

Speaker Change: We've seen double digit growth across all of our revenue streams boosted by two additional races, and we benefited from new partners signed contractual uplifts in our contracts and the performance of F. One TV at our hospitality products.

Speaker Change: I know, we signed several new commercial agreements, which we begin next year.

Greg Maffei: LVMH and Amex were introduced to F1 through LBGP in terms of their relationship, but now they've become broader partners with F1. We feel that partners continue to be attracted to the growth of the sport in the US and our younger demographic, which has also grown, and correspondingly, we feel good about the pipeline for commercial activity in 2026. We all look forward to the LBGP in the coming weeks. We'll expect it'll be another great spectacle for fans attending and watching at home. We will have a free daytime fan experience, which will bring energy and welcome local Las Vegas fans to F1. We expect great entertainment, including Ludacris, Alesso and One Republic. Now, let me turn briefly and give you a MotoGP transaction update.

Speaker Change: L B MH and Amex for introduced F. One through LPG paid in terms of their relationship, but now they've become broader partners with F. One.

Speaker Change: We feel that partners continue be attracted to the growth of the sport in the U S and our younger demographic, which is also crop.

Speaker Change: And correspondingly we feel good about the pipeline for commercial activity in 2026.

Speaker Change: We all look forward to the L. B G P in the coming weeks.

Speaker Change: That will be another great spectacle for spam spectacle for fans attending and watching at home.

Speaker Change: We will have a free daytime fan experience, which.

Speaker Change: Which will bring energy and welcomed local Las Vegas fans to F. One and.

Speaker Change: And we expect great entertainment, including Ludacris, a lessor with one Republic.

Speaker Change: Now, let me turn briefly and give you a moto G. P transaction update we are making progress with the European Commission, which is our only remaining regulatory jurisdictional hurdle.

Greg Maffei: We are making progress with the European Commission, which is our only remaining regulatory jurisdictional hurdle, and we continue to expect a year-end close. Looking at the underlying MotoGP business, the Valencia race was canceled due to the tragic flooding in that region. Our thoughts were with the entire community. We give credit to Carmelo and the management team at MotoGP for their quick and thoughtful response. They will pivot, such that the final race will be in Barcelona, will be hosted there in solidarity with Valencia, and that will be the final race of the season. Various initiatives are also underway there to support relief efforts for Valencia during that weekend. MotoGP racing has continued to be great, with only 24 points separating the title fight participants.

Speaker Change: And we continue to expect a year end close.

Speaker Change: And looking at the underlying Moto GP business.

Speaker Change: The Valencia race was canceled due to the tragic flooding in that region, our thoughts for the entire community.

Speaker Change: We give credit to Carmelo and the management team at Moto G P for their click and thoughtful response.

Speaker Change: They will pivot such as the final race will be in Barcelona will be hosted there in solidarity with Valencia.

Speaker Change: And that will be the final race of the season.

Speaker Change: Various initiatives are also underway there to support relief efforts for Oberland Sia during that weekend.

Speaker Change: Oh G. P racing has continued to be great with only 24 point separating the title fight participants.

Greg Maffei: Attendance is trending well, with 2.9 million attendees year to date, which is +9% on like-for-like races, and 6 races have set all-time attendance records this year. Looking at the business updates, MotoGP extended its rights agreement with FIM, their regulator, until 2060. They've announced their 2025 MotoGP calendar with 22 races across 18 countries, and they expect to release a new brand identity post-season. We look forward to more exciting racing and Liberty's involvement. Turning briefly to Quint. As you may recall, Q3 is a seasonally light quarter. We've seen strong F1 experiences during the quarter, and we are also seeing positive movement across MotoGP products that they are selling.

Speaker Change: <unk> tended to is trending well.

Speaker Change: With $2 9 million attendees year to date, which is plus 9% on a like for like races and.

Speaker Change: Six races have set all time attendance records this year.

Speaker Change: And looking at the business updates.

Speaker Change: No.

Speaker Change: Moto GP extended its rights agreement with FIM their regulator until 2016.

Speaker Change: They've announced their 2025 Moto G P calendar with 22 races across 18 countries and they expect to.

Speaker Change: Released a new brand identity post season.

Speaker Change: We look forward to more exciting racing and Liberty's involvement.

Speaker Change: Turning briefly to quit.

Speaker Change: As you May recall Q3 is a seasonally light quarter we've.

Speaker Change: We've seen strong F. One experienced during the quarter and we are also seeing positive movement across Moto G kind of products that they are selling.

Greg Maffei: Profitability in the quarter was partially offset by softness at a different sporting event, and there was an agreement with a rights holder, which was subsequently terminated by mutual agreement, which impacted our Q3 results. Just touching on Live Nation, they've had strong performance in the first half despite fewer stadium concerts. They are set up very well for 2025, which will be a monster stadium year. But I won't comment further on results because they did not release their earnings until Tuesday. With that, I'll turn it over to Brian for more on our financial results.

Speaker Change: Profitability in the quarter was partially by offset by softness at a different sporting again and there was an agreement with a rights holder, which was subsequently terminated by mutual agreement, which impacted our third quarter results.

Speaker Change: And just touching on live nation.

Speaker Change: They've had strong performance through the first half despite fewer stadium concert.

Speaker Change: They are set up very well for 2025, which will be a monster stadium here.

Speaker Change: But I won't comment further on our results because Oh IV did not released their earnings until Tuesday.

Speaker Change: And with that I'll turn it over to Brian for more on our financial results. Thank you Frank and good morning, everyone. The merger of Liberty Sirius XM with Sirius XM.

Brian Wendling: Thank you, Greg, and good morning, everyone. The merger of Liberty Sirius XM with Sirius XM closed on September 9. Please note that Sirius XM Holdings is presented as a discontinued operation in Liberty's consolidated financial statements. Please also note that due to the timing of the Live Nation release of their reported results, as Greg mentioned, Liberty does not expect to file its 10-Q until Tuesday, November 12. At quarter-end, Formula One Group had attributed cash, liquid investments, and monetizable public holdings of $2.7 billion, which includes $1.4 billion of cash at F1 and $65 million of cash at Quint. The cash balance as of 9:30 also includes proceeds from the previously mentioned block share issuance.

Brian Wendling: Closed on September 9th please note that Sirius XM holdings is presented as a discontinued operation and Liberty's consolidated financial statements.

Speaker Change: Please also note that due to the timing of the live nation.

Speaker Change: Release of their reported results as Greg mentioned Liberty does not expect to file its 10-Q until Tuesday November 12.

Speaker Change: At quarter end Formula One group had attributed cash liquid investments and monetize public holding $2 7 billion, which includes $1 4 billion of cash at F. One and 65 million of cash it Quinn.

Speaker Change: The cash balance balance as of 930 also includes proceeds from the previously mentioned work share issuance.

Brian Wendling: Total Formula One Group attributed principal amount of debt was $2.9 billion at quarter end, which includes $2.4 billion of debt at F1, leaving $530 million at the corporate level. F1's $500 million revolver is undrawn, and their leverage at September 30 was 1.1 times. During the quarter, Liberty entered into additional interest rate swaps, and as of quarter end, $2.2 billion of the $2.4 billion of F1 debt was at a fixed rate. In September, F1 refinanced its term loan B and extended the maturities of its debt facilities. The term loan A and revolving credit facility now mature in September 2029, and the term loan B matures in September 2031.

Speaker Change: Total Formula One group attributed principal amount of debt was $2 9 billion at quarter end, which includes $2 4 billion of debt at up one leaving $530 million at the corporate level.

Speaker Change: F one $500 million.

Speaker Change: Or is undrawn and their leverage at 930 was one one times during.

Speaker Change: During the quarter Liberty entered into additional interest rate swaps and as of quarter end $2 2 billion to two of the $2 4 billion of F. One.

Speaker Change: That was at a fixed rate.

Speaker Change: In September F. One refinanced its term loan b and extended the maturities of its debt facilities. The term loan a and revolving credit facility now mature in September 29, and the term loan B matures in September 2031.

Brian Wendling: The margin on F1's Term Loan B was permanently reduced from 2.25% to 2%, with the potential to step down to 1.75% if certain leverage is met after the MotoGP acquisition closes. In connection with the refinance, F1 secured incremental funding for the new MotoGP transaction, and all acquisition-related financing is now complete. Reminder that we also obtained commitments for an incremental EUR 150 million Term Loan A, and an upsized EUR 100 million revolver at Dorna to be entered into subject to the transaction close. Turning to the F1 business, I'll make comments on Q3, but remind you that the business is best analyzed on an annual basis, given the impact that both the race count and mix can have on quarterly results.

Speaker Change: The margin on F ones term loan B was permanently reduced from $2, two 5% to 2% with a potential to step down to 175% if certain leverage is Matt after the Moto G. P acquisition closes.

Speaker Change: In connection with the refinance F. One secured incremental funding for the new Moto GP transaction and all acquisition related financing is now complete.

Speaker Change: A reminder, that we also obtained commitments for an incremental 150 million euro.

Speaker Change: <unk> million term loan, a and an upsize of $100 million.

Speaker Change: Euro revolver at door not to be entered into subject to the transaction close.

Speaker Change: Turning to the F. One business I'll make comments on Q3, but remind you that the business is best analyzed on an annual basis, given the impact there.

Speaker Change: Both the race count and mix can have on quarterly results.

Brian Wendling: During Q3, F1 recognized a lower proportion of season-based income, with 7 out of 24 races, or 29%, occurring during the period, compared to 8 out of 22, or 36% in the prior year period. Sponsorship revenue declined due to this lower pro rata revenue recognition. The recognition of sponsorship income varies based on the mix of races during the quarter, including the allocation of title sponsorship and other race-specific sponsorship packages. To a lesser extent, this also contributed to the sponsorship revenue decline for Q3. This was partially offset by revenue from new partners compared to the prior year period. The decline in pro rata recognition of media rights revenue was partially offset by contractual fee increases and continued F1 TV growth.

Speaker Change: During the third quarter up one recognized a lower proportion of season based income was 724 races for 29%.

Speaker Change: Occurring during the period compared to eight out of 22 or 36% in the prior year period.

Speaker Change: <unk> revenue declined due to this lower pro rata revenue recognition. The recognition of sponsorship income varies based on the mix of races during the quarter, including the allocation of title sponsorship and other race specific sponsorship packages.

Speaker Change: To a lesser extent. This also contributed to the sponsorship revenue declined for the third quarter.

Speaker Change: This was partially offset by revenue from new partners compared to the prior year period.

Speaker Change: The decline in pro rata recognition of media rights revenue was partially offset by contractual fee increases and continued F. One TV growth.

Brian Wendling: Race promotion revenue increased in Q3, despite one less race being held due to the mix of events year over year, with Azerbaijan this year compared to Austin, Austria, pardon me, and Japan last year. Other revenue increased due to the higher licensing revenue, and revenue from third-party events at Grand Prix Plaza. Hospitality and experiences income decreased due to the mix of events in Q3, though note that the Paddock Club is seeing very strong growth year to date. Adjusted OIBDA grew in the quarter due to the lower pro rata recognition of team payments, partially offset by the expectation of increased team payments for the full year over 2023. Team payments represented 62.2% of pre-team Adjusted OIBDA year to date through Q3, compared to 64.6% in the prior year.

Speaker Change: Race promotion revenue increased in the third quarter. Despite one less race being held due to the mix of events year over year with Azerbaijan This year compared to Austin.

Speaker Change: Austria Pardon me and Japan last year.

Speaker Change: Other revenue increased due to the higher licensing revenue.

Speaker Change: Revenue from third party events and Grand Prix Plaza hospitality experiences income decreased due to the mix of events in Q3. So note that the paddock club is seeing very strong growth year to date.

Speaker Change: Adjusted OIBDA grew in the quarter due to the lower pro rata recognition of team payments, partially offset by the expectation of increased claim payments for the full year over 2023 <unk>.

Speaker Change: Payments represented 62, 2% of pre team adjusted away, but a year to date through Q3 compared to $64 six in the prior year.

Brian Wendling: Reminder that Q2 and Q3 tend to have the highest percentage payout ratios based on the greater mix of European races. We continue to expect slight leverage on team payments for the full year 2024, relative to our year-to-date payout as a percent of pre-team share Adjusted OIBDA. It's consistent with the message we communicated on our Q2 call. Other cost of F1 revenue and SG&A should be viewed as a percent of total revenue, and looking on a year-to-date basis, the Adjusted OIBDA margin improved from 24.4% to 25.8% through Q3 2024. Looking briefly at corporate and other results in the third quarter, corporate and other revenue was $70 million, which includes Quint results and approximately $7 million of rental income related to the Las Vegas Grand Prix Plaza.

Speaker Change: Reminder, that Q2 and Q3 tend to have the highest.

Speaker Change: Percentage payout ratios based on the greater mix of European races.

Speaker Change: We continue to expect slight leverage on team payments for the full year 'twenty four relative to.

Speaker Change: Our year to date payout as a percent of pre team Sherwood.

Speaker Change: That's consistent with the message we communicated on our Q2 call.

Speaker Change: Other cost of F. One revenue and SG&A should be viewed as a percent of total revenue and looking out a year to date basis. The adjusted OIBDA margin improved from 24, 4% to 25, 8% through Q3 'twenty four.

Speaker Change: Looking briefly at corporate and other results in the third quarter corporate and other revenue was $70 million, which includes quick results in approximately $7 million of rental income related to the Las Vegas Grand Prix Plaza.

Brian Wendling: Corporate and other Adjusted OIBDA loss was $14 million and includes Grand Prix Plaza rental income, Quint results, and corporate expenses. Quint results in the third quarter were primarily driven by F1 experiences across the seven races held, and note that Q3 is a seasonally light quarter for Quint. Turning to the Liberty Live Group, there's attributed cash of $388 million. There's $400 million of undrawn margin loan capacity related to our Live Nation margin loan. As of 6 November, the value of the Live Nation stock held at Liberty Live Group was $8.8 billion. We have $1.2 billion in principal amount of debt against these holdings. In August, Liberty issued a redemption notice for all of its 0.5% Live Nation exchangeable debentures.

Speaker Change: Corporate and other adjusted OIBDA loss was $14 million and includes a Grand Prix Plaza rental income results in corporate expenses.

Speaker Change: When results in the third quarter were primarily driven by a point experiences across the seven races held and note that Q3 is a seasonally light quarter for Quinn.

Speaker Change: Yeah.

Speaker Change: Turning to the Liberty live group Theres attributed cash of $388 million.

Speaker Change: There's $400 million of Undrawn margin loan capacity related to our live nation margin loan.

Speaker Change: As of November six the value of the live nation stock held at Liberty Life Group was $8 8 million.

Speaker Change: We have $1 2 billion in principal amount of debt against these holdings.

Speaker Change: In August Liberty issued a redemption notice for all of its <unk>, 5% live nation exchangeable debentures, approximately $12 million of debentures were redeemed and settled in the third quarter and the remainder were exchanged by holders in September but did not settle out until October.

Brian Wendling: Approximately $12 million of the debentures were redeemed and settled in Q3, and the remainder were exchanged by holders in September, but did not settle out until October. The $50 million remaining debentures that settled in October were funded with cash on hand. Liberty and F1 are in compliance with their debt covenants at quarter end. With that, I'll turn it over to Stefano to discuss Formula One.

Speaker Change: The $50 million remaining debentures that settled in October was funded with cash on hand.

Speaker Change: In half one our liberty in F. One are in compliance with our debt covenants at quarter end and with that I'll turn it over to Stephane to discuss formula one.

Stefano Domenicali: Thanks, Brian. It's been a fantastic season at F1. The competition across the grid is captivating audiences in the stands and on the screen. We just completed a triple header in the Americas with amazing action and excitement on and off the track. We have a three-way battle for the Constructors' Championship between McLaren, Ferrari, and Red Bull, and the Drivers' Championship is still very alive as we head to, into the final races, between Verstappen and Norris, following three events in Austin, Mexico, and Brazil, in front of huge crowds. It has been great to see the variety of winners this year, something that is treating fans and raises excitement and the participation for a special season in 2025. Looking at our engagement across the season, 5.8 million fans have attended Grand Prix through Brazil.

Stephane: Thanks, Brian.

Stephane: It's been a fantastic season that that's one of the.

Speaker Change: The competition across the fleet is kept debating audiences in the sense and on the screen. We just completed the three people out there in the Americas with amazing that shouldn't excitement on and off the track.

Speaker Change: We have a three way battle for the constructive chimp wishing between the cloud and for the Red book and the drivers Championship is still very alive as we head into the final races between the first step in the noise fully and freely events in Austin, Mexico, and Brazil in front of huge crowds.

Speaker Change: It has been great to see that but I had to witness this year something that is threatening fans and raises excitement and the participation for a special season in 2025.

Speaker Change: Looking at our engagement across the season.

Speaker Change: Five one in medium fans out of a tender ground leases through Brazil.

Stefano Domenicali: Attendance is up season to date, with sellout crowds on many races and several races setting new attendance records, including the British Grand Prix, which welcomed 480,000 fans over the weekend, the largest crowd for the season. In Q3, we had massive crowds over 300,000 at the Hungarian Grand Prix, Belgian Grand Prix, Dutch Grand Prix, and Italian Grand Prix. We also had strong Paddock Club results this season, with attendance up across almost all races and 14 sold out. We have been expanding and innovating our hospitality products like the F1 Garage and the Monaco Yacht to continue to provide premium experiences to our fans. Our promoter partners are investing in improved infrastructure and enhanced fan experiences with live entertainment and on-site activations. Better fan experiences benefited the promoters and the broader F1 brand.

Speaker Change: Attendees up season to date with sellout crowds and maybe leases and 70 basis setting new attendance records, including the British Grand Prix, which welcomed 480000 fans over the weekend the largest crop for the season.

Speaker Change: The third quarter, we have massive crowds of over 300000 of them gallium, Belgium, that's and they tell them grown pretty.

Speaker Change: We have also that has shrunk, but the plant, Brazil disease with attendance up across almost all races. In 14, so that we.

Speaker Change: We have been expanding and innovating our hospitality brothers like the F. One garage and the monocle yacht to continue to provide premium experience to our offense.

Speaker Change: Our promoting partners that investing in improved infrastructure and in house Fundings Peterson with live entertainment in the onsite activation.

Speaker Change: That's a fun experience benefited the promoters and the broad F. One brand.

Stefano Domenicali: In Silverstone, concert with Kings of Leon and Stormzy drew crowds on Thursday and Friday evenings. In Singapore, they had a festival lineup with over 100 hours of live entertainment in addition to the on-track action, including concert with Kylie Minogue and Lenny Kravitz. In Austin, over 100,000 fans attended Eminem performance. The Sprint races are also successfully drawing incremental audiences. Attendance on Friday of Sprint weekends is up approximately 30% compared to non-Sprint weekends. TV viewership on Sprint weekends is also, on average, 10% greater than non-Sprint weekends. This content offers incremental benefit for our promoters, broadcast partners, and sponsors with increased exposure. Beyond Sprints, average viewership for race weekends through Singapore averaged 65 million on linear TV channels, with around 20 million of incremental viewers on digital channels, including YouTube and F1 TV.

Speaker Change: You can see the most Don Carson with Kings of lie in those phones.

Speaker Change: Crowds on Thursday, and Friday evenings, Singapore, They had the first people standing up with over 100 hours of live Entertainment. In addition to the on track action, including concept, we the Kylie Minogue and many crowds.

Speaker Change: In Austin.

Speaker Change: 100000 fans attended Zamin named performance Miss.

Speaker Change: With sprint races, and also successfully drawing incremental notices.

Speaker Change: As of Friday of Springs weekends at approximately 30% compared to no screens that weekends PV.

Speaker Change: T V live sheep on screen. The weekend. These also on average 10% greater than non sprint do we get.

Speaker Change: Discounted offers incremental benefit for our promo.

Speaker Change: Hope cast partners and sponsors with increased exposure.

Speaker Change: On screens average viewership for race weekend to Singapore that but it is just 65 millions on linear TV channels with around 20 million of incremental views on digital channels, including Youtube and F. One TD.

Stefano Domenicali: Viewership on digital channels continued to increase year over year. Looking at a few races in particular, the British Grand Prix was the most viewed European race ever in the UK and drew record viewership in the US for the event. F1 TV subscriber growth continued to be robust, with subscribers up 10% year over year and particularly strong in the US market. We continue to innovate on digital platforms with creative ways for fans to experience the world of F1. For example, this season, we introduced video episodes for our F1 Beyond the Grid podcast, and watch time is up over 30% since this format was introduced. Social media followers grew 38% year over year to 94 million, in part due to the new platform launches like Threads and WhatsApp. Our WhatsApp partnership enables a closer direct relationship with fans through the messaging platform.

Speaker Change: Viewership on digital channels continued to increase year over year.

Speaker Change: Looking at a few races in particular, the British Grand Prix was the most viewed the European recent ever in the U K and do what they can viewership in the U S for the EBIT F. One TD subscriber growth continued to be robust with subscribers up 10% year over year, and particularly strong in the U S market.

Speaker Change: We continue to innovate on digital platforms, we granted wasteful fans to experience the world of that full rollout.

Speaker Change: For example, this season, we introduced video episodes for our F. One beyond the Gilead pulp costs and what's the time is up over 30% since this format was introduced.

Speaker Change: Social media followers grew 38% year over year to 94 million in part due to the new platform launches like <unk> and Whatsapp.

Speaker Change: What's our partnership enables a closer direct relationship with fans to the messaging platform on.

Stefano Domenicali: On the F1 app, we registered 6 million unique user in Q3, and we have seen continued growth on the platform, contributed to a younger audience and higher engagement. F1 Arcade was thrilled to open their Washington, DC, location on 13 October 2024, the second venue in the US. Their opening party on 9 October 2024 had nearly 1,000 guests. The DC location is hosting a number of Grand Prix watch party this season, including one last month for the Austin Grand Prix, and it is inviting fans for other F1 inspired gatherings, like the live recording of the F1 Explained podcast during the Mexican Grand Prix. F1 Arcade is on track to open its Las Vegas location in Q3 2025.

Speaker Change: On the F. One app, we registered a 6 million unique users in the third quarter and we have seen continued growth from the platform contributed to a younger audience and higher than engaging and.

Speaker Change: And for Kate was two two opened in Washington D. C. Locational double 13th the second venue in the US Then opening five feet on October 9th and nearly 1000 guests. The dislocation is hosted in a number of Grand Prix Watch party. This season, including one last month for the Austin Grumbling Net's inviting fast.

Speaker Change: For the other.

Speaker Change: If one inspire gatherings like the library coding of the F. When they split Baucus, you wouldn't the Mexican the membrane.

Speaker Change: And one of the Cape is on track to open each Las Vegas location in the third quarter of 2025.

Stefano Domenicali: The F1 Exhibition reached the fourth stop of its global tour in London, opening on 23 August, with great reviews from visitors. The location is already seeing incredible demand, with 135,000 tickets sold, and, as a result, the exhibition stays at the location, has been extended through Q1 2025. Turning to commercial updates, we have had incredible momentum in 2024, and that continues this quarter. Most notably, our new partnership with LVMH for 2025, and expanded agreement with American Express and Lenovo, demonstrate our ability to bring in iconic brands and scale our partnership into broader and larger deals. LVMH first partnered with Formula One for last year's inaugural Las Vegas Grand Prix, with representation primarily from its Vulcan Tequila brand.

Speaker Change: They have one exhibition reached the full stop of its global tour in London opening on August 23rd with greater the views from these of course the location is already seen incredible demand with 135000 tickets sold and as a result, the exhibition stays at the location has been extended through the first quarter 2020.

Speaker Change: Two five.

Speaker Change: Turning to commercial updates we have had incredible momentum in 2024 and that continues this quarter.

Speaker Change: And most notably our new partnership with <unk> for 2025 and expanded the agreement with American Express and Lenovo demonstrate our ability to bring an iconic brands and scale, our partnership into broader and larger deals.

Speaker Change: As the MH first partner with Formula one for the last two using that where Las Vegas Grand Prix with representation, primarily from his Vulcan Tequila brand well.

Stefano Domenicali: We will now welcome LVMH as a global partner under a groundbreaking 10-year deal beginning in 2025, which we'll see us partner with their iconic Maison Louis Vuitton, Moët Hennessy, and TAG Heuer. We will provide additional details on specific activation by this brand early next year. American Express initially partnered with F1 in 2023 as original sponsor with branding and activation rights in the Americas. Beginning in 25, we will expand our relationship globally, with American Express becoming an official partner encompassing Australia, Asia, Europe, the Americas, and the Middle East. Similarly, we have announced that beginning in 2025, Lenovo will be expanded to a global partner from their previous official partner sponsorship. We are also actively adding partnership in the new verticals.

Speaker Change: We will now welcome nvme to as a global partner and then a groundbreaking 10 years, beginning in 2025, which will see as Bob that we then iconic mizzone. We don't lay in his seat and secondly, we will provide additional details on specific activation by these brands, adding next year.

Speaker Change: American Express initially partnered with the F. One and 2023 as a regional sponsor with branding activation of vaccines. The Americas, but you need 25, we will expand our relationship with nobody with American Express, becoming an official partner and compassion, Australia Asia Europe, the Americas and the Middle East Similarly.

Speaker Change: We have announced that beginning pleasant twenty-five lenovo will be expanded to a global pattern from their previous official partner sponsorship.

Speaker Change: We are also actively adding partners shipments a new vertical something Deb join us Zawada official retail banking partners and our multiyear agreement beginning as best we identified this partnership to support something that's open bank product their digital bank that is particularly focused on U S market expansion.

Stefano Domenicali: Santander joined as our official retail banking partner in a multi-year agreement beginning in 2025. This partnership supports Santander's Open Bank product, their digital bank that is particularly focused on US market expansion. Formula One success in the US market was a key factor in securing the Santander partnership. One other area of focus gaining momentum is licensing. We were thrilled to announce recent partnership with both LEGO and Mattel, both of which bring the world of F1 into our fans' day-to-day lives and extend our brand to new audiences. The LEGO product range features all F1 teams, engaging content across LEGO digital platform, and presence at F1 race weekends, including a fan zone activation. Our Mattel partnership kicks off this season with the release of a one-of-a-kind F1 car and the full range of Hot Wheels product we release next year.

Speaker Change: From a lot of success in the U S market was a key factor in securing the symptoms desktop one other area of focus is gaining momentum. These links sentencing, we were thrilled to announce recent partnership with both legal and let them both of which bring the world of F. One into our fence day to day life lips and extend our brand into new World. This is the <unk>.

Speaker Change: Product range of feature all F. One teams engaging content that cost legal digital platform versus a F. One races weekend, including Fanzone activation.

Speaker Change: Our Martel partnership kick off the season with the release of a one off kind F. One car and the full range of hot wheels product, we release next year.

Stefano Domenicali: Looking to the rest of the season, we are weeks away from the second Las Vegas Grand Prix. The Las Vegas race has continued to serve as a test bed of innovation that we can leverage across the broader F1 calendar, including opportunities in the hospitality, tailored sponsorship, and licensing. Just last week, we announced the first of its kind special merchandise collection for Las Vegas, ranging from a streetwear collaboration with the Peters Brand to one-of-a-kind Vegas Golden Knights and Raiders swap. Since posting this merchandise collaboration on LVGP social channels, we've garnered over 1.2 million organic impressions across the post, with more than 93,000 engagements and 86,000 likes. This year's Las Vegas Grand Prix leverages learnings from last year across the whole event, including hospitality, logistics, ticketing, and more.

Speaker Change: Looking to the rest of the season, we got a weeks away from the second less because we're opening the Las Vegas race has continued to serve as a testbed of innovation that we can leverage across the blow. The F. One calendar include the opportunities in the hospitality generally the sponsorship and licensing just last week, we announced.

Speaker Change: The first of its kind special merchandise collection for Las Vegas, ranging from streetwear collaboration with the Peanuts brand to one of a kind of Vegas Golden Knights and read this flow sheet.

Speaker Change: As he said posting these emotions nice collaboration them as the GB social channels, we've gotten over one 2 million were getting impressions across the post with more than 93000 engagement and 86000 likes. This she is Las Vegas grow pre leverages, our learnings from last year that caused the wall event, including hospitality.

Speaker Change: They're getting anymore.

Stefano Domenicali: We will continue to test, learn, and innovate in this year ahead. We are proud of our sustainability strategy and continue to make progress throughout the organization on our environmental, social, and governance effort. In September, we made our first investment in sustainable aviation fuels, working with our partner DHL. These purchases cover approximately 11% of the estimated carbon flight emission across the 2024 season, and flights powered by sustainable aviation fuel have an estimated 80% reduction in carbon emission per flight. We look forward to more progress through the end of this year and into 2025. In closing, Formula One is in a great position with a strong financial growth and incredible on-track action. It's looking like the three-way battle for the constructor will come down to the final races.

Speaker Change: We will continue to test learn and innovate in this year that we are proud that I was just in the BDC strategy and continued to make drugs throughout the organization will now would've been environmental social and governance affords in September when we made our first investment these sustainable aviation fuels working with our partner DHL. These purchases covered our Prost.

Speaker Change: 11% of the estimated capital flight emission across the 2034 season and the flights powered by sustainable Aviation food lab and nice to meet the 80% reduction in carbon emission per flight.

Speaker Change: We look forward to more progress through the end of this year and into 2025.

Speaker Change: In closing for one is in a great position with a strong financial growth and incredible on track action is looking like the three way battle for the constructor would come down to the final basis.

Stefano Domenicali: We thank our fans, teams, and partners for their support in this record season, and look forward to more action to come. Avanti tutta! Full speed ahead. And now, I will turn the call back over to Greg. Thank you. Ciao.

Speaker Change: We think our fence teams and partners for their support in these regular season and look forward to more actions to come.

Speaker Change: A multitude of full speed ahead.

Speaker Change: And now I will turn the call back over to Beth Thank you Joe.

Greg Maffei: Thanks, Stefano and Brian. I want to clear up one thing I might have misspoken during our corporate upgrade. On the Braves, they are transitioning to a standalone public company. We look forward to seeing you on Thursday, 14 November 2024, for our annual investor meeting. You can tune in virtually or join us in person at our new location, Jazz at Lincoln Center. If you plan to attend in person, please make sure to register by Monday, 11 November 2024, as there will be no on-site registration. The link to register can be found on our website. John Malone and I will be hosting our annual Q&A session. If you would like to submit questions in advance, you can email investorday@libertymedia.com. We appreciate your continued interest in Liberty Media. And operator, with that, I'd like to open the line for questions.

Beth: Thanks, Stefano and Brian.

Speaker Change: I want to clear up one thing I might have misspoken during our corporate upgrade on the Braves. They are transitioning to a standalone public company.

Speaker Change: We look forward to seeing you on Thursday November 14th for our annual Investor meeting you can tuning virtually or join us in person at our new location jazz at Lincoln Center. If you plan to attend in person. Please make sure to register by Monday November 11th as there will be no onsite residue registration the link to register can be found on our website.

Speaker Change: John Malone, and I will be hosting our annual Q&A session. If you would like to submit questions. In advance you can email investor day at Liberty Media Dot com.

Speaker Change: We appreciate your continued interest in Liberty media.

Speaker Change: And operator with that I'd like to open the line for questions.

Stefano Domenicali: Thank you. Ladies and gentlemen, as a reminder, if you'd like to join the question queue, please press star one on your telephone keypad. Our next question, our first question, sorry, comes from the line of David Karnovsky with JP Morgan. Please proceed with your question.

Operator: Thank you. Ladies and gentlemen, as a reminder, if you'd like to join the question queue, please press star one on your telephone keypad. Our next question, our first question, sorry, comes from the line of David Karnovsky with JP Morgan. Please proceed with your question.

Speaker Change: Thank you, ladies and gentlemen, as a reminder, if you'd like to join the question queue. Please press star one on your telephone keypad. Our next question. Our first question sorry. It comes from the line of David Karnofsky with Jpmorgan. Please proceed with your question.

David Karnovsky: Hey, thanks for the question. First for Greg or Stefano, just on Concord. Any potential updates you can provide there on progress, tone of talks, or expected timing? And then a second one for Brian. Just on the team payment accrual in the quarter or even year to date, the figures do imply a lower full year figure relative to what you had given at Q1 or Q2. Just wanted to see if there's anything specific to call out interquarter that shifted as far as your assumptions on pre-team profit for the year. Thank you.

Speaker Change: Hey, Thanks for the question first for Greg or Stefano just on Concorde.

Speaker Change: Any potential updates you can provide there on progress tone of talks or expected timing and then a second one for Brian.

Speaker Change: The team payment accrual in the quarter or even year to date.

Speaker Change: It appears to imply a lower full year figure relative to what you would given at Q1 or Q2 I just wanted to see if there's anything specific to call out intra quarter that shifted as far as your assumptions on pre teen profit for the year. Thank you.

Greg Maffei: Stefano, I'll let you take a first cut at the Concord.

Speaker Change: Definitely I'll, let you take a first cut at the Concord.

Stefano Domenicali: Yeah. Thank you, Greg. Thanks, David. I mean, as we said, first of all, first of all, it's very important to remember that we have still plenty of time under the existing Concord Agreement, so there is no urgent rush. You know, conversations are progressing very well, and as we said before, very, very positive, because at this moment, you know, it's the ecosystem is very solid, and also all the teams and all the relevant stakeholders have had huge benefit from everyone in this moment. So the financial securement for the future and stability that we have today, you know, it's, it's underlining in what we are preparing, and as soon as we have everything ready, of course, we will inform everyone. But as always, as I said, we want to do the right thing and consider there's no rush.

Speaker Change: Yes, Thank you Greg and thanks, David I mean, as we said first of all first of all it's very important to remember that we have still plenty of time under the existing coal coke. So there is not urgent rush conversation that are progressing very well and as we said before very very positive because at this moment you know it's the ecosystem is very solid and also all.

Speaker Change: The teams and those developers who had the huge benefit from some everyone. In this moment so the financial security for the future the stability that we have today, even though it's a underlining in the wells we are preparing and as soon as we have everything ready of course, we will inform everyone, but as always as I said, we want to do that I think in the.

Speaker Change: Consider there is no rush everything is progressing well as we said and looking forward to confirm to you when we're going to announce something.

Stefano Domenicali: Everything is progressing well, as we said, and looking forward to confirm to you when we're going to announce something, concrete.

Speaker Change: Great.

Greg Maffei: So I would just add that, to Stefano's point, the most important thing for everybody, including ourselves and the teams, is to get it right. And so we're progressing at a good pace with the expectation that everyone will sign with glee on their face. Yeah, and David, on the team payments, as you rightly point out, they've come down just a little bit on a per race basis. I think that represents some conservatism towards Vegas, because really, that's the last remaining uncontracted revenue stream that we have for the year. And, you know, it largely reflects typical year two trends that promoters see. So that would be the primary reason.

Speaker Change: So I would just add that to Stefanos point, the most important thing for everybody, including ourselves and the team just to get it right and so we're progressing at a good pace with the expectation that everyone will sign with Glee on their face.

Speaker Change: Yes, David on the on the T payments as you rightly point out point out they've come down just a little bit on a per race basis, I think that that represents.

Speaker Change: Some conservatism towards Vegas, because really that's the last remaining contracted revenue stream that we have for the year.

Speaker Change: And it largely.

Speaker Change: Reflects typical year two trends that promoter CS so that would be the primary reason.

David Karnovsky: Thanks.

Speaker Change: Okay.

Operator: Thank you. Our next question comes from the line of Ketan Mamtora with Evercore ISI. Please proceed with your question.

Speaker Change: Thank you. Our next question comes from the line of Kirk and morale with Evercore ISI. Please proceed with your question.

Ketan Mamtora: Good morning, and thanks for taking the question. Just on Formula 1 sponsorship, clearly, there's a lot of momentum there. You've announced a number of new and expanded agreements. Seems like 2025 is gonna be a banner year. And Greg, I think you commented that you feel good about the pipeline for commercial activity in 2026 as well. Can you help us just think about how meaningful the sponsorship or revenue growth outlook can be in the coming years? Thank you.

Speaker Change: Good morning, and thanks for taking the question just on Formula one sponsorship could clearly theres a lot of momentum there you've announced a number of new and expanded agreements. It seems like 2025 is gonna be a banner year and Greg I think you commented that you feel good.

Speaker Change: The pipeline for commercial activity in 2026, as well can you help us just think about how meaningful the sponsorship revenue growth outlook can be in the coming years. Thank you.

Greg Maffei: I'll take a first cut, if it's okay, Stefano.

Speaker Change: I'll take a first kind of it's okay.

Stefano Domenicali: Yes, absolutely.

Speaker Change: Okay. Yeah, absolutely you have seen the announcements here that are mostly 25 related it's unusual one would not expect to be making announcements yet about 26 related deals, but we have a lot of activity going on.

Greg Maffei: Look, you've seen the announcements here that are mostly 25 related. It's unusual. One would not expect to be making announcements yet about 26 related deals, but we have a lot of activity going on, around potential sponsorship, around licensing and other activities. So it's, it's very hard, you know, you're still quite a ways out from those, but I feel good about the progress. I don't know if you add anything, Stefano.

Speaker Change: Around potential sponsorship around licensing and other activities. So it's very hard.

Speaker Change: Still quite a ways out from those but I feel good about the progress I don't know if you'd add anything Stephanie.

Stefano Domenicali: No, I would say for sure, and as always, we need to remember where we were just a couple of years ago in terms of quantity and also quality of our partnership. Now, we are grown significantly in terms of quantity, and of course, now the time is really to check in terms of restructuring the deals, in terms of global, regional, official partner, due to the fact that we have a strong interest in our market so far. So there are for sure, others that we will exploit in the future, but the only thing that I can confirm, as Greg was mentioning, is really, you know, we are really bringing in the interest that we are having from partners that are high, high, high value in the market.

Speaker Change: No I would say for sure and as always we need to remember where we had just a couple of years ago until one P. And also poised to have a partnership now we have grown significantly in terms of quantity and of course now all the time is really to check in terms of restructuring the deals in terms of global the regional official partner.

Speaker Change: Due to the fact that we have a strong interest in our mind, so far so they're not sure either that we will exploit in the future.

Speaker Change: The only thing that I can confirm I spoke with mentioned these really.

Speaker Change: We are really bringing in the interest that we are having some problems that they have a high high high value in the market and that would be another leverage to go through our b to b business growth. It seems that at least we can create with other partners we can create even more.

Stefano Domenicali: That would be another leverage, because through a B2B business growth within the relationship we can create with all the partners, we can create even more interest in our platform. As I said, you know, look back and see where we were and look where we are, and I think that the future is always. It will be very positive again.

Speaker Change: Our platform. So as I said, you know look back and see where we were and look where we are and I think that the future is always it will be very positive again.

Ketan Mamtora: Yeah, and one thing-

Speaker Change: And one thing I would add.

Greg Maffei: I would add almost more towards David's question, that the sponsorship that we've announced for 2025, you've also seen, you know, that's all, that's all moving into 2025. So any expectations that we had for those new agreements for 2024 also had that impact on team payments.

Speaker Change: Almost more towards David's question that the sponsorship that we've announced for 2025, you've also seen.

Speaker Change: That's all that's all moving into 'twenty five so any expectations that we had for those new agreements for 24 also have that impact on prepayments.

Ketan Mamtora: Perfect. Thank you.

Speaker Change: Perfect. Thank you.

Operator: Thank you. Our next question comes from the line of Stephen Laszczyk with Goldman Sachs. Please proceed with your question.

Speaker Change: Thank you. Our next question comes from the line of Stephen <unk> with Goldman Sachs. Please proceed with your question.

Stephen Laszczyk: Hey, great. Thanks for taking the questions. Two on Formula One, maybe first, for Greg on media rights. Just curious for your latest thoughts on the sports media rights landscape heading into the US renewal next year and maybe how you're approaching your negotiations with ESPN. And then second, on Vegas. Brian, you mentioned, the Las Vegas Grand Prix being the last uncontracted piece of the puzzle here. Just curious, if there's anything more you can say on demand for Vegas heading into the final few weeks and any expectations around revenue and profitability for the event this year. Thank you.

Speaker Change: Hey, great. Thanks for taking the questions two on Formula One maybe first for Greg on media rights just curious for your latest thoughts on the sports media rights landscape heading into the U S renewal next year and maybe how youre approaching here in negotiations with ESPN.

Speaker Change: And then second on Vegas, Brian You mentioned that Las Vegas Grand Prix being the last on contracted piece of the puzzle here just curious.

Speaker Change: If there's anything more you can say on demand for Vegas heading into the final few weeks and any expectations around revenue and profitability for the event. This year. Thank you.

Greg Maffei: Stephen, thanks for the question. I'll start on the media side. As I think is well known, we have a partnership with ESPN that runs to the end of 2025. It would be not atypical that there is some negotiating period with them. I'm obviously not going to disclose the specifics. ESPN has been a great partner. We will look to see what we can do with them, but there's also a lot of other interest from partners, and we'll try and construct the deal that manages to bring both the best economic opportunity for F1, but even more importantly, perhaps, expose our fans to the best experience in a logical way across as much breadth as possible. So as always, we're going to play between economics and reach, and hopefully come up with the best result for our F1 fans and ourselves.

Speaker Change: Stephen Thanks for the question I'll start on the media side.

Speaker Change: I think as well know we have a partnership with ESPN that runs to the end of 'twenty five.

Speaker Change: Not atypical that there is some negotiating period with them I'm, obviously not going to disclose the specifics ESPN.

Speaker Change: It's been a great partner.

Speaker Change: We will look to see what we can do with them, but there's also a lot of other interest from partners and we'll try and construct.

Speaker Change: The deal that manages to bring both the best economic opportunity for F. One, but even more importantly, perhaps expose our fans the best experience in a logical way across as much breath as possible. So.

Speaker Change: As always we're going to play between <unk>.

Speaker Change: Economics and reach.

Speaker Change: And hopefully come up with the best result for our F. One fans and ourselves.

Greg Maffei: I'll let Renee talk a little bit about Las Vegas.

Speaker Change: I'll, let Renee talk a little bit about Las Vegas.

Renee Wilm: Thanks, Greg. So maybe we can just take a step back, focus on what we've been working on here in year two. Obviously, year one, we were very much focused on the quality of the fan experience. Year two has been a lot of focus around cost structure and optimizing our product ladder. We do expect that to continue going into years three and beyond. We made a number of improvements coming into this year, which have allowed us to continue to be dynamic in adjusting products and pricing based on real-time feedback we're receiving from the market. We would note the all-in cost of a Vegas race weekend has come into line with the other US races, and we would refer you to the commentary from our hotel partners, Wynn and Caesars, regarding the continued strength of F1.

Speaker Change: Greg.

Greg Maffei: Maybe we can take a step back and focus on what we've been working on here in your tail. Obviously year. One we are very much focused on the quality of the fan experience.

Speaker Change: <unk> has been a lot of focus around cost structure and optimizing our product ladder, we do expect that to continue going into years three and beyond.

Speaker Change: We made a number of improvements coming into this year, which have allowed us to continue to be dynamic and adjusting products and pricing based on real time feedback, we're receiving from the market.

Speaker Change: We would note the all in cost of our Vegas race weekend has come into line with the other U S races, and we would refer you to the commentary from our hotel partners went in Caesars regarding the continued strength of F. One.

Renee Wilm: In terms of recent activity, as expected, we are seeing an uptick in traffic and conversion rates around ticket sales, and we expect that to continue as we get closer to the race weekend. We are, of course, benefiting from the very competitive championship this year, and we have seen success with our recent promotions, including the Lewis Hamilton package and some special offerings that we've run in partnership with our sponsors, Timo and Amex. We still have room to grow on ticket sales, but we are very excited to see year two come together over the next couple of weeks. And of course, we remain very positive on the benefits that Vegas is providing to the broader ecosystem of Formula One, including the LVMH deal, American Express, and getting back to the media rights renewal.

Speaker Change: In terms of recent activity as expected we are seeing an uptick in traffic and conversion rates around tickets out and we expect that to continue as we get closer to the race weekend. We are of course benefiting from the very competitive championship. This year and we have seen success with our recent promotions, including the Lewis Hamilton pack.

Speaker Change: <unk> and some special offerings that we've run in partnership with our sponsors T Mo and Amex, we still have room to grow on ticket sales, but we are very excited to see or to come together over the next couple of weeks and of course, we remain very positive on the benefits of that Vegas is providing to the broader ecosystem of formula one.

Speaker Change: Including LDL HDL American Express.

Speaker Change: And getting back to the media rights renewal, we're looking to see the benefit of Vegas next year as well and great start to this discussion.

Renee Wilm: We're looking to see the benefit of Vegas next year as well when Greg starts those discussions.

Speaker Change: Okay.

Stefano Domenicali: That's great. Thank you both.

Stephen Laszczyk: That's great. Thank you both.

Speaker Change: That's great. Thank you Beth.

Operator: Thank you. Our next question comes from the line of Ben Swinburne with Morgan Stanley. Please proceed with your question.

Speaker Change: Thank you. Our next question comes from the line of Ben Swinburne with Morgan Stanley. Please proceed with your question.

Ben Swinburne: Thanks. Good morning. I'm not sure, Greg, how much everyone would want to comment, but Live Nation stock's been quite strong last few months. Some of that, I think, in anticipation, correctly, I guess, of the election outcome. What do you think a Republican DOJ means for the range of outcomes for the lawsuit against Live Nation and its ability to navigate that successfully from a shareholder point of view? And then, at the risk of beating team payments to death, Brian, I think you've shown over two hundred basis points of leverage year to date. How are you thinking about the full year versus that? And how much of a swing factor is Las Vegas?

Speaker Change: Yeah.

Ben Swinburne: Thanks, Good morning.

Speaker Change: I'm not sure Greg how much you would be willing to comment but live nation stock has been quite strong last few months some of that I think in anticipation correctly I guess of the election outcome. What do you think a Republican Doj means for the range of outcomes for the lawsuit against live nation and its ability to navigate.

Ben Swinburne: That successfully from a shareholder point of view.

Speaker Change: And then at the risk of beating team payments to death, Brian.

Speaker Change: I think you're you've shown over of over 200 basis points of leverage year to date.

Speaker Change: How are you thinking about the full year versus that and how much of a swing factor is Las Vegas is that sort of at a.

Ben Swinburne: Is that sort of an, you know, a larger than normal variable when you think about your business as we think about the full year? Thanks so much.

Speaker Change: A larger than normal variable when you think about your business as we think about the full year. Thanks, so much.

Greg Maffei: Ben, it was nice of you to set up and acknowledge it would be very difficult for me to comment on, I think, the concept. Look, Live Nation continues to prosper as a business and continue to believe it serves customers well, and there is no basis for the lawsuit, and I don't think that's gonna change. Their view is not gonna change regardless of administration. Brian?

Speaker Change: And it was nice of you to set up an acknowledged it would be very difficult for me to comment on I think.

Speaker Change: But five nation continues to prosper as a business and continue to believe it serves customers well and there is no basis for the lawsuit and I don't think that's going to change their view is not going to change regardless of administration.

Speaker Change: Brett Bryan, Yes, I've seen payments.

Renee Wilm: Yeah, on team payments, like we said, like we said last quarter, Ben, slight leverage. I think, de minimis might have been the words I used-

Brian Wendling: Yeah, on team payments, like we said, like we said last quarter, Ben, slight leverage. I think, de minimis might have been the words I used-

Speaker Change: Like we said like we said last quarter been slight leverage I think de Minimis might've been the words I used when we were at 61, 9% year to date Q Q2, So we're going to stick with that.

Greg Maffei: Yeah

Renee Wilm: ... when we were at 61.9% year-to-date Q2, so we're gonna stick with that. In terms of Vegas being a swing factor, I mean, if you think about our business, most of the revenues are contracted, most of the costs are contracted. The two big swing factors in any given year are the sponsorship go get, and then Vegas ticket sales, because, you know, those have the highest volatility. So yeah, as you get closer to the end of the year, you start to get more clarity on both of those. Although Vegas, being a last-minute market, as we've pointed out many times, there's lots of work to be done as you enter Q4. So it can be a swing factor, but we continue to be optimistic here.

Brian Wendling: ... when we were at 61.9% year-to-date Q2, so we're gonna stick with that. In terms of Vegas being a swing factor, I mean, if you think about our business, most of the revenues are contracted, most of the costs are contracted. The two big swing factors in any given year are the sponsorship go get, and then Vegas ticket sales, because, you know, those have the highest volatility. So yeah, as you get closer to the end of the year, you start to get more clarity on both of those. Although Vegas, being a last-minute market, as we've pointed out many times, there's lots of work to be done as you enter Q4. So it can be a swing factor, but we continue to be optimistic here.

Ben Swinburne: In terms of Vegas being a swing factor I mean, if you think about our business. Most of the revenues are contracted most of the costs are contracted the two big swing factors in any given year are the sponsorship go gurt and then Vegas ticket sales.

Ben Swinburne: Because that does have the highest volatility so yeah as you get closer to the end of the year you start to get more clarity on both of those although vegas being a last minute market as we've pointed out many times, there's there's lots of work to be done.

Ben Swinburne: As you enter Q4 so.

Ben Swinburne: It can be a swing factor, but we continue to be optimistic here.

Ben Swinburne: Thanks a lot.

Speaker Change: Thanks, a lot.

Operator: Thank you. Our next question comes from the line of Ryan Pardett with UBS. Please proceed with your question.

Speaker Change: Thank you. Our next question comes from the line of Ryan <unk> with UBS. Please proceed with your question.

Ryan Parde: Great, thank you. Maybe not to look too far ahead, but I guess, how are you thinking about the opportunity for race promotion and the race calendar in 2026? Is that a year when we could start to see some new venues added to the calendar? And just more broadly, how you're thinking about your positioning for renewals, given the elevated attendance you've seen over the past few years. Thanks.

Speaker Change: Alright, great. Thank you.

Speaker Change:

Speaker Change: Not to look too far ahead, but I guess, how are you thinking about the opportunity for race promotion in the race calendar in 2026.

Speaker Change: Is that a year when we could start to see some new venues added to the calendar.

Speaker Change: And just more broadly how you're thinking about your positioning for renewals given the elevated attendance you've seen over the past few years.

Greg Maffei: Stefano, do you want to take a cut?

Speaker Change: Stefano do you want to take a cut.

Stefano Domenicali: Okay, thanks. Thanks, Greg. Of course, 2026 race promotion. As you know, we have Madrid that will be part of the calendar. We have long-term deals on the other side, as you know, that is representing the vast majority of our situation today. And these allow us, of course, to work with them in order to promote better quality, to make sure that what we want to offer to our customers to level is the highest standard. In 2026 and further beyond, of course, we have some news to share very, very soon with regard to the possibility in the midterm to have some rotational European Grand Prix and some other new option coming later. And this is something that, of course, we'll clarify in the due course.

Speaker Change: Okay. Thanks, Thanks, Greg of course, 26 race promotion as you know we have moderate that would be part of the of the calendar. We have a long term deals on the other side as you know that is represented the vast majority of our situation today and these allow us of course to work with them in order to promote better.

Speaker Change: Quality to make sure that what we want to offer to our customer to level. These are the highest comping in 'twenty six.

Speaker Change: And further beyond of course, we have some some news to share very very soon with regard to the possibility in the mid term to have some rotational European grocery and some of the new option coming later and this is something that of course, we will try to find the due course it is true that we added.

Stefano Domenicali: It is true that we have the, we have a large demand of even new possible venues that wants to come in. And our choice will be always balanced between, you know, the right economical benefits that we can have as a system and also to leverage in the growth of the market, that we can see potentially will be beneficial for us to grow even further our business. So it's something that we are managing in the right way. And thank God today, you know, we have a quality problem to handle, that was not the case just a couple of years ago.

Speaker Change: We have a large demand of either new possible venues that wants to come in and now we chose will deal was balanced between the right economic benefits that we can have as a system and also due.

Speaker Change: Due to leverage in the growth of the market that we can see potential will be beneficial for us to grow even further our business. So it's something that we are managing in the right way and safeguard today, we have a quality problem to anvil.

Speaker Change: It was not the case, just a couple of years ago.

Ryan Parde: Great. Thank you.

Speaker Change: Great. Thank you.

Speaker Change: Yeah.

Operator: Thank you. Our next question comes from the line of Brian Kraft with Deutsche Bank. Please proceed with your question.

Speaker Change: Thank you. Our next question comes from the line of Bryan Kraft with Deutsche Bank. Please proceed with your question.

Bryan Kraft: Hi, good morning. I had two, if I could. First, on media rights, are there other major markets in the Americas that have media rights contracts coming up for renewal around the same time as the US? And might we consequently see an Americas media rights deal rather than just the US contract this time around? And then also related to that, how has what you value from your US media partner changed since the renewal with ESPN, given just how streaming has become such a larger part of the business now? And then just separately, sort of a follow-up on Vegas. You know, maybe to ask a little more bluntly, I mean, it sounds like promotion revenue is clearly gonna be up, but ticket prices are gonna be down, so probably overall ticket revenue is gonna be down.

Bryan Kraft: Hi, good morning.

Bryan Kraft: I had two if I could first on media rights are there are other major markets in the Americas that have media rights contracts coming up for renewal around the same time as the U S.

Bryan Kraft: Might we consequently see in Americas media rights deal rather than just the U S contract this time around.

Bryan Kraft: And then also related to that how has what you've value from your U S media partner change since the renewal with ESPN given just how streaming has become such a larger part of the business now.

Speaker Change: Then just separately as sort of a follow up on Vegas.

Speaker Change: Maybe to ask a little more bluntly I mean, it sounds like promotion revenue is clearly going to be up but ticket prices are going to be down so probably overall.

Speaker Change: Overall ticket revenue is going to be down is that a fair interpretation of what Rene was going through before thank you.

Bryan Kraft: Is that a fair interpretation of what Renee was going through before? Thank you.

Greg Maffei: So if it's okay, Stefano, I'll take a cut on the media. Look, we-

Speaker Change: So if it's okay Stefano I'll take a cut on the media look we look at.

Bryan Kraft: Absolutely.

Greg Maffei: We would love to find a partner who would take on more markets. That's always very interesting and, you know, make ease of perhaps for them and us. There are no huge renewals in the Americas that make it logical. Not to say it wouldn't happen, but I don't think it would be an enormous economic swing in any case if we bundled with somebody for all the Americas. We certainly have had rumors of, you know, larger deals, and in some cases, we certainly do have regional deals, but I'm not sure that's gonna work for the Americas that way, that there's some partner who is gonna take all of it that way. As far as streaming, obviously, we see the rise of streaming. We've noticed with a couple of costs across a couple of our businesses; we certainly noticed.

Bryan Kraft: We would love to find a partner.

Bryan Kraft: Who would take on more.

Bryan Kraft: Markets, that's always very interesting and make it easier perhaps for them and us.

Bryan Kraft: There are no huge renewals in the Americas that make it logical not to say it wouldn't happen, but I don't think it would be an enormous economic swing in any case, if we bundled with somebody for all of the Americas. We certainly have had rumors of larger deals and in some cases, we certainly do have regional deals, but I am not sure thats going to work for the Americas that way that Theres some partner.

Bryan Kraft: Who is going to take all of it that way.

Bryan Kraft: As far as streaming obviously, we see the rise of streaming we've noticed a couple of Kosovo.

Bryan Kraft: A couple of our businesses, we certainly notice.

Greg Maffei: The reality is we have a great streaming product in F1 TV ourselves, which has shown tremendous growth. And we would look to consider whether a media partner, you know, how we interacted with them on both a linear side, if it existed, and the streaming side, and how our F1 TV fit in. But clearly, streaming is going to be a more major component of all sports rights packages going forward.

Bryan Kraft: The.

Bryan Kraft: The reality is we have a great stream product in F. One TV ourselves.

Bryan Kraft: Which has shown tremendous growth.

Bryan Kraft: And we would look to consider whether a media partner, how we interacted with them on both a linear side of that existed in the streaming side and how our F. One TV fit in but clearly streaming is going to be.

Bryan Kraft: More major component of all sports rights packages going forward.

Bryan Kraft: Thank you. And on Vegas... Sorry, go ahead.

Speaker Change: Hi, Thank you in Vegas.

Speaker Change: I'm sorry.

Renee Wilm: Sure. Yes, happy to. So I guess just to reiterate, you know, we generally do not give race-specific economics. But with regard to your question on ticket revenue, aggregate ticket revenue will be down from what we originally budgeted in Q1. However, throughout the course of 2024, we have also continued to reduce costs from what we budgeted in Q1. So, you know, I would say that we're working hard to focus on getting the best profitability that we can from Vegas. And again, we would refer you to the broader benefit that it does bring to the F1 ecosystem.

Bryan Kraft: Sure, Yes happy to.

Bryan Kraft: I guess just to reiterate we generally do not give race specific economics, but with regard to your question on ticket revenue.

Bryan Kraft: Aggregate ticket revenue will be down from what we originally budgeted in Q1. However, it throughout the course of 'twenty. Four we have also continued to reduce cost from what we bought in Q1.

Bryan Kraft: I would say that we're working hard to focus on getting the best profitability that we can from Vegas and again, we would refer you to the broader benefit that it does bring to the <unk>.

Bryan Kraft: Thank you.

Speaker Change: Thank you.

Speaker Change: Yeah.

Operator: Thank you. Our next question comes from the line of David Joyce with Seaport Research Partners. Please proceed with your question.

Speaker Change: Thank you. Our next question comes from the line of David Joyce with Seaport Research Partners. Please proceed with your question.

David Joyce: Thank you. I had two little questions, please. One was just a little bit more on the media rights, just given that some of your recent deals have been extended beyond the typical kind of three-year period we used to see, and other sports leagues have done that as well. Just wondering how you're thinking about your objectives with these upcoming rights deals. And then the second question is on just a little one on the accounting of how you'll be recognizing the F1 movie next year. Thanks.

Speaker Change: Thank you two questions. Please.

Speaker Change: Just a little bit more on the media rights just given that some of your recent deals.

Speaker Change: They've been extended beyond the typical kind of three year period, we used to see in other sports leagues have done that as well just wondering.

Speaker Change: How youre thinking about your objectives with these upcoming rights deals and then the second question is on <unk>.

Speaker Change: And on the accounting of.

Speaker Change: You'll be recognizing the F. One moving next year. Thanks.

Greg Maffei: So I think on the media rights deals, I outlined some of our goals in terms of growing reach and making it a great experience for our fans, as well as payments to us. So I think all of those goals remain the same. We've chosen market by market, longer or shorter deals based on, you know, where we stood in the market, what our growth was, what our partners were doing, and what we wanted to go. And obviously, one of the reasons we cut a shorter deal in the US last time is we were confident and really betting on ourselves that we would get a larger renewal down the road. That did work the first time we did a three-year deal. I'm optimistic it will work again. I'm not projecting whether the deal will be shorter or longer.

Speaker Change: So I think on the media rights deals I outlined some of our goals in terms of growing reach.

Speaker Change: And making it a great experience for our fans as well as payments to us.

Speaker Change: So I think all of those goals remain the same.

Speaker Change: We've chosen market by market longer or shorter deals based on.

Bryan Kraft: Where we sit in the market what our growth was what our partners. We're doing what we wanted to go and obviously one of the reasons, we cut a shorter deal in the U S. Last time as we were confident and really betting on ourselves that we would get a larger renewal down the road.

Bryan Kraft: That didn't work the first time, we did a three year deal I'm optimistic it will work again.

Bryan Kraft: Not projecting whether the deal will be shorter or longer I would note, it's likely particularly if you went to another partner, which got you thats going to happen you probably would cut a longer deal just because that partner would want to have some period to grow into it and work together, but that's just observing on the media market, that's not projecting what we will or will not do in the U S.

Greg Maffei: I would note it's likely, particularly if you went to another partner, which I'm not sure that's gonna happen, you probably would cut a longer deal just because that partner would want to have some period to grow into it and work together. But that's just, observing on the media market. That's not projecting what we will or will not do on the US. And on the, F1 movie, we've been paid in 2023 and 2024 for, for their use of, of the paddock building and, and having access to certain races. I think going forward, the, the revenues that you would expect there would be pretty small.

Bryan Kraft: And on the F. One movie.

Bryan Kraft: We've been paid in 2023 and 2024 for their use of <unk>.

Bryan Kraft: The panic building and having access to certain races, I think going forward. The revenues that you would expect there would be pretty small.

David Joyce: Okay, thank you.

Speaker Change: Okay. Thank you.

Operator: Thank you. Our next question comes from the line of Barton Crockett with Rosenblatt Securities. Please proceed with your question.

Speaker Change: Thank you. Our next question comes from the line of Barton Crockett with Rosenblatt Securities. Please proceed with your question.

Bryan Kraft: Okay, great. Thanks for taking the question. Now, I guess a couple, if I can. You know, one is, you know, turning to Vegas, looking beyond the race, I know there's been some hope that the off-season could be monetized at Vegas, and that could help, you know, maybe the margin profile. And I was just wondering if you could give us an update of your progress. Are you really doing anything meaningful in the off-season? You mentioned the film. I'm just wondering if there's anything else meaningful happening.

Barton Crockett: Okay, great. Thanks for taking the question. Now, I guess a couple, if I can. You know, one is, you know, turning to Vegas, looking beyond the race, I know there's been some hope that the off-season could be monetized at Vegas, and that could help, you know, maybe the margin profile. And I was just wondering if you could give us an update of your progress. Are you really doing anything meaningful in the off-season? You mentioned the film. I'm just wondering if there's anything else meaningful happening.

Speaker Change: Okay, great. Thanks for taking the question.

Speaker Change: I guess a couple if I can one is turning to Vegas.

Speaker Change: Looking beyond the race I know theres been some hope that the off season could be monetized at Vegas in that could help maybe the margin profile and I was just wondering if you could give us an update of.

Speaker Change: We are progress how are you doing anything meaningful in the <unk>.

Speaker Change: <unk> you mentioned the film I'm, just wondering if theres anything else meaningful happening.

Renee Wilm: Sure. So we are working hard to launch the year-round business beyond just the event conference segment. Beginning in, I'd say, late Q1 of 2025, it's gonna be actually very much focused around educating new fans, bringing the new fans deeper into the sport. Obviously, Las Vegas is a destination. And we want to try to leverage that and bring these visitors to learn more about Formula One coming deeper into the US culture. There will be a karting business there. There will also be a fun interactive experience, or, you know, 3D, 4D type offering, which will also include a little bit of the legacy F1 exhibition type educational experience as well. And then we will be looking to package those experiences to enhance the event conference space.

Speaker Change: Sure. So we are working hard to launch their year end is it beyond just the event conference segment, beginning and I'd say late Q1 of 'twenty five.

Speaker Change: It's going to be actually very much focused around educating new fans, bringing new fans deeper into the sport, obviously Las Vegas is a destination.

Speaker Change: And we wanted to try to leverage that and bring these visitors to learn more about formula one.

Speaker Change: Coming deeper into the U S culture, there will there will be according to their it will also be assigned the interactive experience sorry, <unk> type offering which will also include a little bit of the the legacy F. One exhibition.

Speaker Change: Educational experience as well and then we will be looking to package those experiences to enhance the nonconference space. So a lot more to come and we hope to be giving more specifics around that business during race week.

Renee Wilm: So a lot more to come, and we hope to be giving more specifics around that business during race week.

Barton Crockett: Okay. And then, you know, if I could just follow up also on sponsorship. Just to be clear, I mean, with all these announcements starting in 2025, it sounds like 2025 is gonna be a strong year for sponsorship. But I was just wondering if you could comment on that more directly. Is that what we're seeing?

Speaker Change: Okay and then if.

Speaker Change: If I could just follow up also on sponsorship.

Speaker Change: Just to be clear I mean, if all of these announcements starting in 2025.

Speaker Change: It sounds like 2025, it's going to be a strong year for sponsorship.

Speaker Change: But I was wondering if you could comment on that more directly is that what we're seeing.

Greg Maffei: Yes.

Speaker Change: Yes.

Barton Crockett: Okay, great. Thank you.

Speaker Change: Okay, great. Thank you.

Greg Maffei: It's gonna be a good year, Martin. You called it correctly.

Speaker Change: Alright, so it can be a good year Barton you called it correctly.

Barton Crockett: Okay. Thank you.

Speaker Change: Okay.

Speaker Change: <unk>.

Operator: Thank you. Ladies and gentlemen, our final question this morning comes from the line of Jonathan Navrat with TD Cowen. Please proceed with your question.

Speaker Change: Thank you ladies and gentlemen, our final question. This morning comes from the line of Jonathan.

Speaker Change: TD Cowen. Please proceed with your question.

Jonnathan Navarrete: Hey, good morning. Just my question is around the new markets and expansion. Are there any plans to expand the race calendar, especially in emerging markets? Or, what I'm trying to get at is, I'm trying to get a sense for what your approach to balancing market expansion while maintaining the exclusivity or the allure of Formula One.

Jonathan Navarrete: Hey, good morning. Just my question is around the new markets and expansion. Are there any plans to expand the race calendar, especially in emerging markets? Or, what I'm trying to get at is, I'm trying to get a sense for what your approach to balancing market expansion while maintaining the exclusivity or the allure of Formula One.

Speaker Change: Hey, good morning.

Speaker Change: Just my question is about the.

Speaker Change: New markets and expansion are there any plans to expand the race calendar, especially in emerging markets.

Speaker Change: What I'm trying to get at is I'm trying to get a sense of what your approach to balancing market expansion, while maintaining the exclusivity or the allure of formula one.

Greg Maffei: Stefano, do you wanna talk about expanding-

Speaker Change: Jeff do you want to talk about expanding race count I think I know the answer but I'll, let you go off on it.

Stefano Domenicali: Yeah.

Greg Maffei: Race calendar? I think I know the answer, but I'll let you go off on it.

Stefano Domenicali: No, thanks. Thanks, Greg. I would say, as we said, we believe that the balance we have in terms of numbers is the right one. So 2040 is the balanced number that we feel is the right to keep exactly what you say, Jonathan. And I do believe that all the propositions that are coming and on our table is just giving us the possibility to make even the better choice for our future. So as always, need to be balanced, knowing that, you know, we cannot follow only the pure direct financial proposition because that is different from region to region. But it's up to us to propose to our stakeholders the right choice.

Jeff: Thanks, Thanks, Greg I would say as we've said we believe that the balance we have in terms of numbers like one.

Jeff: So 2014.

Jeff: Balanced number that would feel if the rights to keep exactly what did you say, Jonathan and I do believe that all of the proposition that are coming in.

Speaker Change: On our table is just giving us the possibility to make even the better choice, but our future so as always needs to be balanced knowing that we.

Speaker Change: We cannot follow only the pure data financial proposition because that is different from region to region, but these up led to propose to our stakeholders. The right choice and I think that we are in a good momentum to make sure that the strategies for the future.

Stefano Domenicali: I think that we are in a good momentum to make sure that the strategy for the future is it's even stronger. That's why we are so confident about the fact that this will help to enhance our platform on the sport, on social, and business perspective.

Speaker Change: It's even stronger and that's why we are so confident about the fact that these will help to enhance our platform on the sport on social and business perspective.

Jonnathan Navarrete: Thank you.

Jonathan Navarrete: Thank you.

Speaker Change: Thank you.

Greg Maffei: So I think that operator, we're done on questions, and we're done with the conference today. As I mentioned, we look forward to seeing many of you, either virtually or in person, next week at our Investor Day. Thanks for joining and your interest in Liberty Media.

Speaker Change: So I think that operator, we're done on questions and we're done with the conference today as I mentioned, we look forward to seeing many of you either virtually or in person next week at our Investor day.

Speaker Change: Thanks for joining and your interest in Liberty media.

Operator: Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

Speaker Change: Thank you. This concludes today's conference call you may disconnect. Your lines at this time. Thank you for your participation.

Q3 2024 Liberty Media Corp Earnings Call and Business Update

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