Liberty Media Corp at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kurt Simon - Goldman Sachs - Analyst : Spun the Braves. I guess, a typical Liberty year, but maybe we'll start there. What's your thought on your portfolio? And what have you accomplished in the last 12 months?

Question: Kurt Simon - Goldman Sachs - Analyst : So let's start on convergence between tech and media. I think most people know you. Obviously, you spent time at Microsoft. You spent time at Oracle. A lot of your career, obviously, is on the media side. Give us a sense for how that convergence is going. It doesn't seem like traditional media is faring too well, but maybe start there.

Question: Kurt Simon - Goldman Sachs - Analyst : Right. So when Skydance bought, I guess [depending if you're] Paramount, they made a big deal about bringing new tech to the studio, in the cloud, rethinking a tech stack at Paramount. Any thoughts on that or further consolidation on the media side?

Question: Kurt Simon - Goldman Sachs - Analyst : Yes. So streaming economics, is it a bad business or a good business with too many competitors?

Question: Kurt Simon - Goldman Sachs - Analyst : Now you have a renewal coming up with ESPN in Formula One at some point, like relatively soon.

Question: Kurt Simon - Goldman Sachs - Analyst : And we saw what happened with the NBA and obviously, Amazon, NBC, Peacock. Could we see F1 on the streaming platforms in the future? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2024 / 10:05PM, FWONA.OQ - Liberty Media Corp at Goldman Sachs Communacopia & Technology Conference

Question: Kurt Simon - Goldman Sachs - Analyst : Sports rights in general, some say they've been a peak. I think the NBA would say, for example, particularly at the moment, that not being at a peak. But if you look at the Premier League, I think last year --

Question: Kurt Simon - Goldman Sachs - Analyst : Effectively went down a little bit. Got more games but keep at the same price. But if you think about across the globe, and sports rights in general, do you think we're getting close to peak pricing?

Question: Kurt Simon - Goldman Sachs - Analyst : Sticking with sports, new growth opportunities for Liberty in general. When you think about E-sports, women's sports, I assume there's a long runway still left in sports in general, right?

Question: Kurt Simon - Goldman Sachs - Analyst : What about college sports, I mean college football, as an example? College football roughly than NFL is under monetized, right?

Question: Kurt Simon - Goldman Sachs - Analyst : But hard to figure out how it all --

Question: Kurt Simon - Goldman Sachs - Analyst : In NIL.

Question: Kurt Simon - Goldman Sachs - Analyst : Let's go back to your portfolio. So Sirius congrats on that. I know it's a long journey. But Liberty is involved, I know you're personally going to be on the Board, but Liberty's involvement going forward.

Question: Kurt Simon - Goldman Sachs - Analyst : What do you think about future opportunities for Sirius going forward?

Question: Kurt Simon - Goldman Sachs - Analyst : And if you look at your investment track record, I assume that would be if not the top, the top.

Question: Kurt Simon - Goldman Sachs - Analyst : So pretty well done. You see the NFL talking to private equity, maybe at the time, a top somewhere. Obviously, private equity in the PGA Tour now, too. It's probably definitely going to be a more meaningful competitor for you going forward here.

Question: Kurt Simon - Goldman Sachs - Analyst : Yes. And I think the NFL is probably more just -- not that many people could afford those kind of checks anymore, right? It had to bring in capital.

Question: Kurt Simon - Goldman Sachs - Analyst : All right. Let's move over to F1. Talk about the ecosystem and how it's doing and how it's changed since your stewardship?

Question: Kurt Simon - Goldman Sachs - Analyst : Team values.

Question: Kurt Simon - Goldman Sachs - Analyst : So Vegas was undeniable success at year one?

Question: Kurt Simon - Goldman Sachs - Analyst : What should we expect differently for year two?

Question: Kurt Simon - Goldman Sachs - Analyst : If you think about F1 going forward and kind of keep growing the ecosystem, sponsorships, premium hospitality, is it still a long runway ahead of you?

Question: Kurt Simon - Goldman Sachs - Analyst : You bought Quint last year in the theme of premium fan experience. But talk about what you're doing with Quint, how important that is to driving fan experience?

Question: Kurt Simon - Goldman Sachs - Analyst : And I know you get asked, every time you're up at events like this, about the Concorde Agreement. And anything you want to comment on?

Question: Kurt Simon - Goldman Sachs - Analyst : MotoGP, which you kind of referenced here, talk a little bit about it. I know that's an asset you guys have covered it for some time, but rationale for that.

Question: Kurt Simon - Goldman Sachs - Analyst : When you announced -- you talked about being -- the importance of being a league level owner in the economics. Maybe talk a little bit about..

Question: Kurt Simon - Goldman Sachs - Analyst : You recently completed [F3] race at the Formula One level. Do you want to talk a little bit how you're going to finance MotoGP and just broadly capital allocation for F1 going forward?

Question: Kurt Simon - Goldman Sachs - Analyst : On the Braves, which you mentioned, you spun out into the last year. Your role recently changed. Anything you want to REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2024 / 10:05PM, FWONA.OQ - Liberty Media Corp at Goldman Sachs Communacopia & Technology Conference

Question: Kurt Simon - Goldman Sachs - Analyst : Let's go to Libby Broadband. And coming back to what we talked about with what's going in the media ecosystem. I know a lot of people here could not watch the Jets 49ers game and I saw the Disney offer to put ABC News on for a three-hour block, so people here could watch the debate of your DIRECTVs .

Question: Kurt Simon - Goldman Sachs - Analyst : What do you think about -- and obviously, you have the charter side you guys were involved in that last August, but what do you think about the DIRECTV Disney dispute? And is that, I guess, a sign of things to come? Because it sounds like -- I mean, I would have thought it would have added before last night, but .

Question: Kurt Simon - Goldman Sachs - Analyst : Yes. Yes, for sure. Sports bundle. Venue, I guess, is pending in the court. I don't know if you saw the New York sports next put together like a New York Sports bundle $50 a month, Something like that was achieved. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2024 / 10:05PM, FWONA.OQ - Liberty Media Corp at Goldman Sachs Communacopia & Technology Conference It wasn't cheap. -- if you want to watch the Mets and Yankees and Rangers and Kicks and Met. But is there a role for Sports Bundles here? I guess? And how is that audience?

Question: Kurt Simon - Goldman Sachs - Analyst : Venue.

Question: Kurt Simon - Goldman Sachs - Analyst : So back to charter, you saw T-Mobile has been active buying fiber companies Verizon obviously bought Frontier [indiscernible] Frontier last week. What are you seeing competitively with fixed wireless, fiber and the charter footprint? And to people like this cable need to have owner's economics and wireless at some point?

Question: Kurt Simon - Goldman Sachs - Analyst : Moving to Liberty Live. It seems like a lot of tailwinds behind live entertainment and concerts. Any sign of that abating.

Question: Kurt Simon - Goldman Sachs - Analyst : People want to spend on experiences, right?

Question: Kurt Simon - Goldman Sachs - Analyst : And ticket pricing at the concept level here to stay at premium levels?

Question: Kurt Simon - Goldman Sachs - Analyst : It's got a math.

Question: Kurt Simon - Goldman Sachs - Analyst : And I guess from a structural perspective around Liberty Live, what do you see about optionality down the road around that?

Question: Kurt Simon - Goldman Sachs - Analyst : So maybe the last question I have is, so we're seeing a recovery in the M&A market off of a low

Question: Kurt Simon - Goldman Sachs - Analyst : So it's up about 35% but off a low base, right? But we're still well, well below where we were in '21. And I guess, you think about the opportunity set going forward for Liberty Media. Are you as excited over the next three to five years. as you were, if you go back kind of pre F1, pre MotoGP.

Question: Kurt Simon - Goldman Sachs - Analyst : Braves in or out wildcard.

Question: Kurt Simon - Goldman Sachs - Analyst : Listen, thank you.

Question: Kurt Simon - Goldman Sachs - Analyst : It was a pleasure to have you.