Liberty Media Corp and Atlanta Braves Holdings Inc Q2 2024 Earnings Call Transcript

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

Question: Bryan Kraft - Deutsche Bank - Analyst : Hi, good morning. I wanted to ask what Formula One and its promoters are seeing in the coincident leading indicators for our Quint demand in terms of ticket sales, pricing, percentage sellout on-site spending or whatever metrics you look at, has there been any moderation at on the strength of demand? And maybe specifically, if you could comment on what you're seeing since the Vegas tickets went on sale in late March. Thank you.

Question: Bryan Kraft - Deutsche Bank - Analyst : Encouraging to hear. Thank you.

Question: Bryan Kraft - Deutsche Bank - Analyst : Thank you very much, Renee.

Question: Peter Supino - Wolfe Research - Analyst : Hi, good morning. I'm going to ask about promotion revenue at F1. It was relatively flat year-over-year despite the two additional races. You cited event mix as the reason. I just wondered if you could give any more color on that mix specifically and how we should be thinking about those dynamics into 2024? And then I wanted to ask about the Concorde Agreement and wondered if you have any fresh thoughts on that process. Thank you.

Question: Peter Supino - Wolfe Research - Analyst : Thanks, Stefano.

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Thanks. Good morning, everyone. I guess two questions probably for Greg. Live Nation can use to perform really well from a business perspective with the stock obviously limited, given the DOJ overhang. It's curious from your perspective is there's any appetite. From Liberty's point of view, I'd have to think about a breakup of the company kind of proactively obviously, that's not the desired outcome from the lawsuit. But to the extent these things can take years to play out and limit the equity, if there's any thought that you would share on potential expression like that and then a few words or Stefano, I want to take this. But what prevented the and ready from joining F1, and obviously, there's some DOJ know-how. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 08, 2024 / 2:00PM, FWONA.OQ - Q2 2024 Liberty Media Corp and Atlanta Braves Holdings Inc Earnings Call Is there, I guess keeping on theme, which I'm imagining you're probably not too worried about, but just curious if that's something that might be revisited in the future if you think team expansion is something that makes sense for the sport and any comment would be interesting and helpful. Thanks.

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Thanks, Greg.

Question: David Joyce Seaport - Seaport Research Partners - Analyst : A question on Quint, if you could please help us understand how the relationship works before you acquired it in terms of would they buy tickets from you on wholesale basis as part of their wholesale hospitality packages. But now that it's inside, what are the impacts on revenue from expenses and EBITDA in terms of and the eliminations from your activities specifically at F1 events? Thanks.

Question: David Joyce Seaport - Seaport Research Partners - Analyst : Appreciate it. Thank you very much.

Question: Vijay Jayant - Evercore ISI - Analyst : Thanks. Greg, you've been now saying a few times that you're really excited about the sponsorship business. Obviously, that's probably the most [opaque] for us on the other side. And anything you could share on what it is and how meaningful is it going to be? There's obviously been some press reports that LVMH is going to be a new partner, anything on that be really helpful? And then just also look for RenTe on the Vegas rate, just for clarity, your hotel partners that you sort of curate high and hospitality with Williams and has been driven by ticket and from you directly and then do it or is it some other form of arrangement? Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 08, 2024 / 2:00PM, FWONA.OQ - Q2 2024 Liberty Media Corp and Atlanta Braves Holdings Inc Earnings Call

Question: Vijay Jayant - Evercore ISI - Analyst : Great. Thanks so much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 08, 2024 / 2:00PM, FWONA.OQ - Q2 2024 Liberty Media Corp and Atlanta Braves Holdings Inc Earnings Call

Question: David Karnovsky - JPMorgan - Analyst : Thank you. Greg, as you noted really tight performance in the constructor standards, which is great to see you have new car and rigs coming in 2026. And historically, that kind of change has been associated with the temporary period of one-team dominance. And what confidence do you have that the rules you have put into place or will put in place can prevent that kind of outcome. And then on Stefano, as you noted, I think nearly all of your Americas deals are expiring this year and next year. Interested to know if you see any prospect for a multi country deal and whether there be any benefit financially or otherwise for that type of structure? Thank you.

Question: David Karnovsky - JPMorgan - Analyst : Okay. Thank you.

Question: Barton Crockett - Rosenblatt Securities, Inc. - Analyst : Thanks for taking the questions. Two the first one, hopefully is quick on the race promotion revenue discussion with Formula One, you guys, I think you have 24 races this year, I think 22 last year. Normally I would assume that there's growth in promotion revenue per race. But given what we can see from the mix and what you've seen this year, is there any reason to think differently about that for 2024 slots on Formula One. On the Braves switching gears a little bit, I was curious, you've been off of Comcast for most of the season because of their dispute with Diamond, has that had any meaningful impact on the business in terms of fan interest or sales of anything or not? And if not, what does it what does that say about the value of the TV promotion?

Question: Barton Crockett - Rosenblatt Securities, Inc. - Analyst : Did you guys tried to do any type of additional streaming push to offset that? And if not why not? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 08, 2024 / 2:00PM, FWONA.OQ - Q2 2024 Liberty Media Corp and Atlanta Braves Holdings Inc Earnings Call

Question: Barton Crockett - Rosenblatt Securities, Inc. - Analyst : Thank you.

Question: Stephen Laszczyk - Goldman Sachs - Analyst : Great. Thank you to on Formula One, you called out other strong demand for race promotion, the commitments you're seeing for improved hospitality from promoters. Maybe a longer-term question here, but I'm curious how you would encourage us to think about the financial opportunity from improved hospitality over the next few years. Any goals perhaps on the patent cliff capacity side of the equation? And then just quickly on team payments for Brian. You called out some of the seasonal aspects around the payout this year. Curious if there's anything more you'd be willing to add on how that dynamic works and perhaps what that could mean for the pace of operating leverage on key payments the rest of this year? Thank you.

Question: Stephen Laszczyk - Goldman Sachs - Analyst : Great. Thank you for that.