Liberty Media Business Segments [2024]
Liberty Media owns remarkable businesses and offers them on public markets in an unorthodox way.
Liberty Media Corporation is based in Englewood, Colorado. It owns a variety of assets in media, communications, and entertainment. Liberty reports three major business segments at the start of 2024: Sirius XM, Formula One, and Live Nation. While Liberty Media Corp files a single 10-K with the Securities and Exchange Commission (SEC), it has an unusual structure.
Tracking Stock Structure
The company has three tracking stocks: Liberty SiriusXM Group, Formula One Group, and Liberty Live Group. These stocks represent different parts of the business. They trade on the Nasdaq and OTC Markets. The SiriusXM Group focuses on SiriusXM and Pandora. The Formula One Group includes F1. The Liberty Live Group involves Live Nation and related investments.
Liberty explains the tracking stock structure:
A tracking stock is a type of common stock that the issuing company intends to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. – Liberty Media 2023 10-K
You can access a free, interactive version of this chart of Liberty Media Segments that includes panning and zooming to explore the details.
This chart is made with Lexchart for automatic organization charts.
The 10-K elaborates that the structure differs from legal entities where shareholders have claims on the assets of the entity:
While the Liberty SiriusXM Group, the Formula One Group and the Liberty Live Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Holders of tracking stock have no direct claim to the group’s stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as Sirius XM Holdings, in which Liberty holds an interest that is attributed to a Liberty tracking stock group, the Liberty SiriusXM Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. – Liberty Media 2023 10-K
Liberty has announced significant changes to its structure and business mix for Sirius XM coming in 2024](https://www.libertymedia.com/investors/news-events/press-releases/detail/522/liberty-media-and-siriusxm-announce-transaction-to-simplify), so stay tuned.
Sirius XM
Sirius XM operates as a leading audio entertainment company, primarily known for its satellite radio services. It includes the SiriusXM and Pandora brands.
The Series A, Series B and Series C Liberty SiriusXM common stock trade on the Nasdaq Global Select Market under the stock symbols LSXMA, LSXMB and LSXMK, respectively.
Formula One
Formula One Group owns the Formula 1 World Championship and related assets. Formula 1 is powerful global sports brand.
The Series A and Series C Liberty Formula One common stock trade on the Nasdaq Global Select Market under the stock symbols FWONA and FWONK, respectively. The Series B Liberty Formula One common stock is quoted on the OTC Markets under the symbol FWONB.
Live Nation
Live Nation's operations span concert promotions, venue operations, sponsorship, ticketing solutions, and artist management.
The Series A and Series C Liberty Live common stock trade on the Nasdaq Global Select Market under the stock symbols LLYVA and LLYVK, respectively. The Series B Liberty Live common stock is quoted on the OTC Markets under the symbol LLYVB.
Conclusion
Each of these segments represents a distinct facet of Liberty Media's investment in the dynamic landscape of media, entertainment, and sports, driven by innovation, audience engagement, and strategic growth initiatives.
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