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Investments in Affiliates Accounted for Using the Equity Method (Tables) | 6 Months Ended
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Jun. 30, 2025
Schedule Of equity ownership and carrying amount | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
​
Schedule of liberty'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 |
Summarized financial information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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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