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Investments in Affiliates Accounted for Using the Equity Method | 6 Months Ended
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Jun. 30, 2025
Investments in Affiliates Accounted for Using the Equity Method |
Investments in Affiliates Accounted for Using the Equity Method | (7) Investments in Affiliates Accounted for Using the Equity Method Liberty has various investments accounted for using the equity method. The following table includes the Company's carrying amount and percentage ownership of the more significant investments in affiliates at June 30, 2025 and the carrying amount at December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025 | ​ | December 31, 2024 | ​
​ |  | Percentage |  | Fair Value |  | Carrying |  | Carrying |
​ | ​ | ownership | ​ | (Level 1) | ​ | amount | ​ | amount | ​
​ | ​ | dollar amounts in millions | ​
Formula One Group | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other |  | various | ​ |  | NA | ​ | $ | 33 |  | 33 | ​
Total Formula One Group | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 33 | ​ | 33 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liberty Live Group | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Live Nation | ​ | 30 | % | $ | 10,536 | ​ | ​ | 557 | ​ | 430 | ​
Other | ​ | ​ | ​ | ​ | NA | ​ | ​ | 32 | ​ | 28 | ​
Total Liberty Live Group | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 589 | ​ | 458 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consolidated Liberty | ​ | ​ | ​ | ​ | ​ | ​ | $ | 622 |  | 491 | ​
​ ​ The following table presents the Company's share of earnings (losses) of affiliates: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
​ | ​ | amounts in millions | ​
Formula One Group | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other | ​ | $ | (2) |  | (2) |  | (5) |  | (5) | ​
Total Formula One Group | ​ | ​ | (2) | ​ | (2) | ​ | (5) | ​ | (5) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liberty Live Group | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Live Nation | ​ | ​ | 69 | ​ | 83 | ​ | 73 | ​ | 63 | ​
Other | ​ | ​ | 4 | ​ | 2 | ​ | 4 | ​ | 1 | ​
Total Liberty Live Group | ​ | ​ | 73 | ​ | 85 | ​ | 77 | ​ | 64 | ​
Consolidated Liberty | ​ | $ | 71 |  | 83 |  | 72 |  | 59 | ​
​ Live Nation Live Nation is considered the world’s leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show. See note 8 for details regarding the number and fair value of shares pledged as collateral pursuant to the margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”) and the Live Nation Forward Contracts as of June 30, 2025. Summarized financial information for Live Nation is as follows: Balance Sheets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025 |  | December 31, 2024 |
​ | ​ | amounts in millions | ​
Current assets | ​ | $ | 11,823 |  | 9,290 |
Property, plant and equipment, net | ​ |  | 2,949 |  | 2,442 |
Intangible assets | ​ | ​ | 1,461 | ​ | 1,366 | ​
Goodwill | ​ |  | 2,821 |  | 2,621 |
Investments in affiliates | ​ | ​ | 484 | ​ | 504 | ​
Other assets | ​ | ​ | 3,612 | ​ | 3,416 | ​
Total assets | ​ | $ | 23,150 |  | 19,639 |
​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | 13,458 | ​ | 9,358 | ​
Long-term debt, net | ​ | ​ | 4,991 | ​ | 6,177 | ​
Other liabilities | ​ | ​ | 2,395 | ​ | 2,159 | ​
Redeemable noncontrolling interests | ​ | ​ | 1,378 | ​ | 1,126 | ​
Equity | ​ | ​ | 928 | ​ | 819 | ​
Total liabilities and equity | ​ | $ | 23,150 | ​ | 19,639 | ​
​ Statements of Operations ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2025 |  | 2024 |  | 2025 | ​ | 2024 | ​
​ | ​ | amounts in millions | ​
Revenue | ​ | $ | 7,007 |  | 6,023 |  | 10,389 | ​ | 9,823 | ​
Operating expenses: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct operating expenses | ​ | ​ | 5,211 | ​ | 4,408 | ​ | 7,466 | ​ | 7,060 | ​
Selling, general and administrative expenses | ​ |  | 1,003 |  | 926 |  | 1,782 | ​ | 1,908 | ​
Depreciation and amortization | ​ | ​ | 159 | ​ | 138 | ​ | 308 | ​ | 270 | ​
Other operating expenses | ​ | ​ | 147 | ​ | 85 | ​ | 232 | ​ | 161 | ​
​ | ​ | ​ | 6,520 |  | 5,557 |  | 9,788 | ​ | 9,399 | ​
Operating income (loss) | ​ | ​ | 487 | ​ | 466 | ​ | 601 | ​ | 424 | ​
Interest expense | ​ | ​ | (72) | ​ | (80) | ​ | (152) | ​ | (161) | ​
Other income (expense), net | ​ | ​ | 5 | ​ | 70 | ​ | 37 | ​ | 192 | ​
Earnings (loss) before income taxes | ​ | ​ | 420 | ​ | 456 | ​ | 486 | ​ | 455 | ​
Income tax (expense) benefit | ​ | ​ | (117) | ​ | (80) | ​ | (137) | ​ | (121) | ​
Net earnings (loss) | ​ | ​ | 303 | ​ | 376 | ​ | 349 | ​ | 334 | ​
Less net earnings (loss) attributable to noncontrolling interests | ​ | ​ | 60 | ​ | 78 | ​ | 82 | ​ | 91 | ​
Net earnings (loss) attributable to Live Nation stockholders | ​ | $ | 243 | ​ | 298 | ​ | 267 | ​ | 243 | ​
​

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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