Liberty Media Corp

Development of Business Liberty Media Corporation ( Liberty , the Company , we , us and our ), through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries with events held worldwide and operations primarily headquartered in the United Kingdom ( U.K. ) and Spain. Our most significant subsidiaries include Delta Topco Limited (the parent company of Formula 1) ( Delta Topco ) and MotoGP. Braves Holdings, LLC ("Braves Holdings") was a subsidiary of the Company until the Atlanta Braves Holdings Split-Off (defined below) on July 18, 2023. Sirius XM Holdings Inc. ( Sirius XM Holdings ) was a subsidiary of the Company until the Liberty Sirius XM Holdings Split-Off (defined below) on September 9, 2024. QuintEvents, LLC ( QuintEvents ) was a subsidiary of the Company and Live Nation Entertainment, Inc. ( Live Nation ) was an equity affiliate of the Company until the Liberty Live Split-Off (defined below) on December 15, 2025. The Company previously had a tracking stock structure. A tracking stock is a type of common stock that the issuing company intends to reflect or track the economic performance of a particular business or group, rather than the economic performance of the company as a whole. The Company completed the transactions disclosed below to separate certain collections of businesses, assets and liabilities into separate publicly traded companies. On July 18, 2023, the Company completed the split-off (the Atlanta Braves Holdings Split-Off ) of its wholly owned subsidiary, Atlanta Braves Holdings, Inc. ( Atlanta Braves Holdings ).