State of Delaware

​

37-1699499

(State or other jurisdiction of

incorporation or organization)

​

(I.R.S. Employer

Identification No.)

​

​

​

12300 Liberty Boulevard
Englewood, Colorado

​

80112

(Address of principal executive offices)

​

(Zip Code)

Large Accelerated Filer ☒

​

Accelerated Filer ☐

​

Non-accelerated Filer ☐

​

Smaller Reporting Company ☐

​

Emerging Growth Company ☐

​

​

​

​

​

​

​

​

​

​

Series A

​

Series B

​

Series C

​

Liberty SiriusXM common stock

​

101,421,551

​

9,808,105

​

232,276,238

​

Liberty Braves common stock

​

10,312,685

​

981,814

​

39,929,761

​

Liberty Formula One common stock

​

25,834,452

​

2,448,115

​

203,442,287

​

Part I – Financial Information

​

Item 1. Financial Statements

​

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited)

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited)

I-5

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)

I-7

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited)

I-8

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Equity (unaudited)

I-10

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

I-14

​

​

​

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

I-46

​

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-66

​

Item 4. Controls and Procedures

I-67

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​

Part II — Other Information

​

​

Item 1. Legal Proceedings

II-1

​

Item 1A. Risk Factors

II-1

​

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

II-2

​

Item 6. Exhibits

II-3

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​

SIGNATURES

II-4

​

June 30, 2020

December 31, 2019

​

amounts in millions

Assets

​

​

​

​

​

Current assets:

​

​

​

​

​

Cash and cash equivalents

$

3,999

1,222

​

Trade and other receivables, net

673

767

​

Other current assets

709

416

​

Total current assets

5,381

2,405

​

Investments in affiliates, accounted for using the equity method (note 7)

1,274

1,625

​

​

​

​

​

​

​

Property and equipment, at cost

3,849

3,780

​

Accumulated depreciation

(1,604)

(1,518)

​

​

2,245

2,262

​

Intangible assets not subject to amortization (note 8):

​

​

​

​

​

Goodwill

19,956

19,939

​

FCC licenses

8,600

8,600

​

Other

1,405

1,405

​

​

29,961

29,944

​

Intangible assets subject to amortization, net (note 8)

5,653

5,940

​

Other assets

1,694

2,013

​

Total assets

$

46,208

44,189

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

Current liabilities:

​

​

​

​

​

Accounts payable and accrued liabilities

$

1,401

1,621

​

Current portion of debt (note 9)

​

1,874

​

60

​

Deferred revenue

2,638

2,113

​

Other current liabilities

102

94

​

Total current liabilities

6,015

3,888

​

Long-term debt, including $3,091 million and $3,678 million measured at fair value at June 30, 2020 and December 31, 2019, respectively (note 9)

14,980

15,416

​

Deferred income tax liabilities

2,004

1,913

​

Other liabilities

1,121

1,047

​

Total liabilities

24,120

22,264

​

​

​

​

​

​

​

​

​

June 30, 2020

December 31, 2019

​

​

amounts in millions,

​

​

except share amounts

Stockholders' equity:

​

​

​

​

​

​

Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued

​

—

—

​

Series A Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 101,421,424 shares at June 30, 2020 and 103,339,016 shares at December 31, 2019 (note 2)

​

​

1

​

1

​

Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,312,675 shares at June 30, 2020 and 10,312,639 shares at December 31, 2019 (note 2)

​

​

—

​

—

​

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 25,834,426 shares at June 30, 2020 and 25,834,334 shares at December 31, 2019 (note 2)

​

​

—

​

—

​

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,808,232 shares at June 30, 2020 and 9,808,601 at December 31, 2019 (note 2)

​

​

—

​

—

​

Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,824 shares at June 30, 2020 and 981,860 at December 31, 2019 (note 2)

​

​

—

​

—

​

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,448,141 shares at June 30, 2020 and 2,448,233 shares at December 31, 2019 (note 2)

​

​

—

​

—

​

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 232,276,212 shares at June 30, 2020 and 203,324,574 shares at December 31, 2019 (note 2)

​

​

2

​

2

​

Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 39,929,761 shares at June 30, 2020 and 39,894,784 shares at December 31, 2019 (note 2)

​

​

—

​

—

​

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 203,442,287 shares at June 30, 2020 and 203,366,419 shares at December 31, 2019 (note 2)

​

​

2

​

2

​

Additional paid-in capital

​

3,110

2,575

​

Accumulated other comprehensive earnings (loss), net of taxes

​

156

(33)

​

Retained earnings

​

13,339

13,748

​

Total stockholders' equity

​

16,610

16,295

​

Noncontrolling interests in equity of subsidiaries

​

5,478

5,630

​

Total equity

​

22,088

21,925

​

Commitments and contingencies (note 10)

​

​

​

​

​

​

Total liabilities and equity

​

$

46,208

44,189

​

​

​

Three months ended

Six months ended

​

​

June 30,

​

June 30,

​

2020

2019

2020

2019

​

​

amounts in millions,

​

​

except per share amounts

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

1,874

1,977

3,826

3,721

​

Formula 1 revenue

​

​

24

​

620

​

63

​

866

​

Other revenue

​

11

208

33

230

​

Total revenue

​

1,909

2,805

3,922

4,817

​

Operating costs and expenses, including stock-based compensation (note 4):

​

​

​

​

​

​

​

​

​

​

Cost of services (exclusive of depreciation shown separately below):

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

587

600

1,157

1,092

​

Programming and content

​

110

116

228

222

​

Customer service and billing

​

122

119

240

232

​

Other

​

47

47

91

84

​

Cost of Formula 1 revenue

​

​

16

​

441

​

59

​

589

​

Subscriber acquisition costs

​

48

104

147

212

​

Other operating expense

​

85

203

185

288

​

Selling, general and administrative

​

390

436

798

835

​

Acquisition and restructuring (note 3)

​

​

24

​

7

​

24

​

83

​

Depreciation and amortization

​

266

271

533

519

​

​

​

1,695

2,344

3,462

4,156

​

Operating income (loss)

​

214

461

460

661

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

(163)

(167)

(327)

(326)

​

Share of earnings (losses) of affiliates, net (note 7)

​

(193)

34

(255)

14

​

Realized and unrealized gains (losses) on financial instruments, net (note 6)

​

(180)

(87)

(179)

(185)

​

Other, net

​

14

21

31

29

​

​

​

(522)

(199)

(730)

(468)

​

Earnings (loss) before income taxes

​

(308)

262

(270)

193

​

Income tax (expense) benefit

​

46

(70)

10

(128)

​

Net earnings (loss)

​

(262)

192

(260)

65

​

Less net earnings (loss) attributable to the noncontrolling interests

​

64

76

142

107

​

Net earnings (loss) attributable to Liberty stockholders

​

$

(326)

116

(402)

(42)

​

​