Liberty Media Corp Q3 2024 Earnings Call Summary

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

Question: David Karnovsky - JP Morgan - Analyst : Hey, thanks for the question. First for Greg or Stefano, just on Concord from any potential updates to provide their own progress, tone of talks or expected timing? And then a second one for Brian. Just on the team payment accruals 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. I just wanted to see if there's anything specific to call out inter-quarter that shifted as far as your assumptions on pre-team profit for the year? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 07, 2024 / 3:00PM, FWONA.OQ - Q3 2024 Liberty Media Corp Earnings Call

Question: David Karnovsky - JP Morgan - Analyst : Thank you.

Question: Megan McGrath - Evercore ISI - Analyst : Good morning and thanks for taking the question. Just on Formula One sponsorship. Clearly, there's a lot of momentum there. You've announced a number of new and expanded agreements. Seems like 2025 is going to 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 revenue growth outlook can be in the coming years? Thank you.

Question: Megan McGrath - Evercore ISI - Analyst : Perfect., Thank you.

Question: Stephen Laszczyk - Goldman Sachs & Company, Inc. - Analyst : 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 be in 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.

Question: Megan McGrath - Evercore ISI - Analyst : That's great. Thank you both. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 07, 2024 / 3:00PM, FWONA.OQ - Q3 2024 Liberty Media Corp Earnings Call

Question: Benjamin Swinburne - Morgan Stanley & Co. LLC - Analyst : Thanks, Good morning. I'm not sure, Greg, how much you would be willing to comment, but live nation stock has been quite strong the 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 [debt], Brian, I think you've shown over 200 basis points of leverage year to date. How you think about the full year versus that? And how much of a swing factor is Las Vegas? Is that sort of at a larger than normal variable when you think about your business as we think about the full year? Thanks so much.

Question: Benjamin Swinburne - Morgan Stanley & Co. LLC - Analyst : Thanks a lot.

Question: Ryan Cardiff - UBS - Analyst : Great. Thank you. 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. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 07, 2024 / 3:00PM, FWONA.OQ - Q3 2024 Liberty Media Corp Earnings Call

Question: Ryan Cardiff - UBS - Analyst : Great, Thank you.

Question: Bryan Kraft - Deutsche Bank - Analyst : Hi, good morning. And 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 in Americas media rights deal rather than just the US contract this time around? And then also related to that, how has what you've value from here to US media partner change 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, 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 ticket revenue is going to be down. Is that a fair interpretation of what Renee was going through before? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 07, 2024 / 3:00PM, FWONA.OQ - Q3 2024 Liberty Media Corp Earnings Call

Question: Bryan Kraft - Deutsche Bank - Analyst : Thank you.

Question: David Joyce - Seaport Global Securities LLC - Analyst : Thank you. 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. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 07, 2024 / 3:00PM, FWONA.OQ - Q3 2024 Liberty Media Corp Earnings Call

Question: David Joyce - Seaport Global Securities LLC - Analyst : Okay. Thank you.

Question: Barton Crockett - Rosenblatt Securities Inc - Analyst : Okay, great, thanks for taking the question. I guess a couple, if I can. One is 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 maybe the margin profile. And I was just wondering if you could give us an update of your progress there. Are you really doing anything meaningful in the off-season? You mentioned the film. I'm just wondering if there's anything meaningful happening

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

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

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

Question: Jonathan Navarrete - TD Cowen - Analyst : 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? And 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?

Question: Jonathan Navarrete - TD Cowen - Analyst : Thank you.