What the changes say
- Integration of MotoGP operations dominates new risks following the Dorna acquisition.
- Corporate debt dropped to $499 million from $1.7 billion.
- John Malone's 49% voting control is protected by exchange agreements.
What changed since the prior 10-K
New
- NewRisks Relating to our Corporate History, Macroeconomic Conditions and Industry
the long-term, a future pandemic or epidemic could impede economic activity in impacted regions or globally, causing a global recession, leading to a further decline in discretionary spending on sports and entertainment events and other leisure activities, which could result in long-term effects on our businesses
A future pandemic or global epidemic could cause a recession and reduce discretionary spending on Formula 1 and MotoGP events.
- NewRisks Relating to Our Businesses
Termination of the FIM Agreement could cause MotoGP to discontinue its operations
MotoGP's operations depend on the FIM Agreement, which expires on December 31, 2060, and can be terminated for material breach or unpermitted change of control.
- NewRisks Relating to Our Businesses
Termination of the IRTA Agreements could cause MotoGP to discontinue its operations, and a reduction in the number of MotoGP Teams could reduce the appeal of the MotoGP Championship
MotoGP relies on IRTA Agreements expiring at the end of 2026 to contract with teams and riders, and failure to renew could hurt the championship.
- NewRisks Relating to Our Businesses
The FIM may take actions that are not in MotoGP’s interest
The FIM, as the governing body of MotoGP, may disagree with commercial decisions or withhold circuit homologation and calendar approvals.
- NewRisks Relating to Our Businesses
Variable rate indebtedness subjects Formula 1 and MotoGP to interest rate risk, which could cause their respective debt service obligations to increase significantly
Variable rate borrowings under Formula 1 and MotoGP credit facilities expose them to increased debt service obligations if interest rates rise.
- NewRisks Relating to Our Businesses
indebtedness could increase even though the amount borrowed remained the same, and net income and cash flow could decrease
Formula 1 and MotoGP use interest rate swaps and caps to manage rate risk, but failure to secure them could hurt cash flows.
- NewRisks Relating to the Ownership of our Common Stock
Our multi-series structure may depress the trading price of the shares of our common stock
A multi-series stock structure with different voting rights may face opposition from advisory firms, depressing share prices and causing adverse publicity.
- NewRisks Relating to the Ownership of our Common Stock
The market price of our common stock may be volatile and could fluctuate significantly
Common stock market prices may fluctuate due to operating results, debt or equity issuances, analyst estimates, or general market conditions.
- NewRisks Relating to the Ownership of our Common Stock
We have not in the past and may not in the future pay dividends on our common stock
The company does not intend to pay cash dividends on common stock for the foreseeable future, making capital appreciation the sole source of gain.
- NewRisks Relating to the Ownership of our Common Stock
It may be difficult for a third party to acquire our Company, even if doing so may be beneficial to our stockholders
Multiple classes of stock, staggered board terms, and restrictions on special meetings make it difficult for a third party to acquire the company.
- NewRisks Relating to the Ownership of our Common Stock
continuity of our management, or which could be used to dilute the stock ownership of persons seeking to obtain control of our Company
Mr. Malone controls roughly 49% of aggregate voting power, and an exchange agreement keeps his voting power near 49%, discouraging third-party takeovers.
Dropped
- DroppedRisks Relating to our Company, as a Whole
The historical financial information of the Formula One Group and the Liberty Live Group included in this Annual Report on Form 10-K may not necessarily reflect their results had they been separate companies
Historical financial info of Formula One Group and Liberty Live Group may not reflect separate results.
- DroppedRisks Relating to our Company, as a Whole
A substantial portion of our consolidated debt is held above the operating subsidiary level, and we could be unable in the future to obtain cash in amounts sufficient to service that debt and our other financial obligations
- DroppedRisks Relating to our Company, as a Whole
The success of businesses attributed to each of our tracking stock groups, in part, depends on their popularity with audiences, which is difficult to predict
Consolidated debt held above operating subsidiary level, including $1.7 billion of corporate-level debt.
- DroppedRisks Relating to our Company, as a Whole
The unfavorable outcome of pending or future litigation could have a material adverse impact on the operations and financial condition of businesses attributed to each of our groups
Success of tracking stock groups depends on unpredictable audience popularity.
- DroppedRisks Relating to the Formula One Group
If confidential information regarding Formula 1’s business arrangements is disclosed or leaked, it could affect Formula 1’s relationships with counterparties and/or Teams and result in less favorable commercial contracts and adversely affect Formula 1’s business and the Formula One Group
- DroppedRisks Relating to the Liberty Live Group
We do not have the right to manage our business affiliate, Live Nation, which means we are not able to cause it to operate in a manner that is favorable to us
- DroppedRisks Relating to the Liberty Live Group
Our equity method investment in Live Nation may have a material impact on net earnings of Liberty and the Liberty Live Group
- DroppedRisks Relating to the Liberty Live Group
Live Nation’s business is highly sensitive to public tastes and is dependent on its ability to secure popular artists and other live music events, and Live Nation and its ticketing clients may be unable to anticipate or respond to changes in consumer preferences, which may result in decreased demand for its services
Unfavorable outcome of pending or future litigation could impact operations and financial condition.
- DroppedRisks Relating to the Liberty Live Group
Live Nation’s business depends on relationships between key promoters, executives, agents, managers, artists and clients and any adverse changes in these relationships could adversely affect Live Nation’s business, financial condition and results of operations
- DroppedRisks Relating to the Liberty Live Group
Live Nation faces intense competition in the live music and ticketing industries, and it may not be able to maintain or increase its current revenue, which could adversely affect its business, financial condition and results of operations
- DroppedRisks Relating to the Liberty Live Group
Live Nation may fail to adequately protect its intellectual property rights or may be accused of infringing upon intellectual property rights of third parties
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
The following risks relate to the ownership of our common stock due to our tracking stock capitalization
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Holders of Liberty Formula One common stock and Liberty Live common stock are common stockholders of our Company and, therefore, are subject to risks associated with an investment in our Company as a whole, even if a holder does not own shares of common stock of both of our groups
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Possible market confusion may result from holders of our tracking stocks mistakenly believing that they (i) directly own stock of a company that is attributed to one of our tracking stocks and (ii) have any equity or voting interests with respect to companies attributed to one of our tracking stocks
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Our Board of Directors’ ability to reattribute businesses, assets and expenses between and among tracking stock groups may make it difficult to assess the future prospects of our tracking stock groups based on past performance
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
We could be required to use assets attributed to one group to pay liabilities attributed to another group
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
The market price of Liberty Formula One common stock and Liberty Live common stock may not reflect the performance of the businesses and assets attributed to the Formula One Group and the Liberty Live Group, respectively, as we intend
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
The market price of Liberty Formula One common stock and Liberty Live common stock may be volatile, could fluctuate substantially and could be affected by factors that do not affect traditional common stock
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
The market value of Liberty Formula One common stock or Liberty Live common stock could be adversely affected by events involving the assets and businesses attributed to the other group
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
We may not pay dividends equally or at all on Liberty Formula One common stock or Liberty Live common stock
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Our tracking stock capital structure could create conflicts of interest, and our Board of Directors may make decisions that could adversely affect only some holders of our common stock
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Our directors’ or officers’ equity ownership may create or appear to create conflicts of interest
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Other than pursuant to our management and allocation policies, we have not adopted any specific procedures for consideration of matters involving a divergence of interests among holders of shares of stock relating to our two groups, or among holders of different series of stock relating to a specific group
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Our Board of Directors may change the management and allocation policies to the detriment of one or more groups without stockholder approval
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Holders of shares of stock relating to a particular group may not have any remedies if any action by our directors or officers has an adverse effect on only that stock, or on a particular series of that stock
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Stockholders will not vote on how to attribute consideration received in connection with a merger involving our Company among holders of Liberty Formula One common stock and Liberty Live common stock
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
We may dispose of assets of the Formula One Group or the Liberty Live Group without stockholder approval
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
In this type of a transaction, holders of the disposing group’s common stock may receive less value than the value that a third-party buyer might pay for all or substantially all of the assets of the disposing group
Disclosure of confidential Formula 1 business information could affect counterparty and team relationships.
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Holders of Liberty Formula One common stock or Liberty Live common stock may receive less consideration upon a sale of the assets attributed to that group than if that group were a separate company
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
In the event of a liquidation of Liberty, holders of Liberty Formula One common stock and Liberty Live common stock will not have a priority with respect to the assets attributed to the related tracking stock group remaining for distribution to stockholders
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
The Board of Directors may elect to convert the common stock relating to one group into common stock relating to other group, thereby changing the nature of a stockholder’s investment and possibly diluting their economic interest in our Company, which could result in a loss in value to them
- DroppedRisks Relating to the Ownership of Our Common Stock Due to Our Tracking Stock Capitalization
Holders of Liberty Formula One common stock and Liberty Live common stock vote together and have limited separate voting rights
- DroppedRisks Relating to the proposed Liberty Live Split-Off
We have announced a plan to split-off our Liberty Live Group into an independent, publicly-traded company in the second half of 2025. The proposed transactions may not be completed on the currently contemplated timeline or at all and may not achieve the intended benefits
- DroppedRisks Relating to the proposed Liberty Live Split-Off
We expect to incur costs and expenses in connection with the Liberty Live Split-Off
Lack of management rights over business affiliate Live Nation prevents causing favorable actions.
Reworded
- 93% rewrittenRisks Relating to the Ownership of our Common Stock
Transactions in our common stock by our insiders could depress the market price of our common stock
Updated insider transaction risks to specifically name John C. Malone alongside directors and executive officers instead of the Chairman of the Board.
Was: Transactions in Liberty Formula One common stock and Liberty Live common stock by our insiders could depress the market price of those stocks
- 78% rewrittenRisks Relating to our Corporate History, Macroeconomic Conditions and Industry
Our businesses may not realize the benefits of acquisitions or other strategic investments and initiatives
Replaced the acquisition of Dorna with the acquisition of MotoGP as a strategic initiative subject to integration and management risks.
Was: Our businesses attributed to the Formula One Group and the Liberty Live Group, such as Formula 1 and Live Nation, may not realize the benefits of acquisitions or other strategic investments and initiatives
- 71% rewrittenRisks Relating to our Corporate History, Macroeconomic Conditions and Industry
We may have future capital needs and may not be able to obtain additional financing on acceptable terms and/or may not be able to obtain cash in amounts sufficient to service our corporate-level debt and other financial obligations
Updated corporate debt figure from $1.7 billion as of December 31, 2024, to $499 million as of December 31, 2025.
Was: We may have future capital needs and may not be able to obtain additional financing on acceptable terms
- 69% rewrittenRisks Relating to Our Businesses
Fluctuations in the value of the U.S. dollar and/or the Euro against the functional currencies of Formula 1 or MotoGP’s respective businesses and Formula 1 or MotoGP’s respective counterparties’ business could adversely affect Formula 1’s or MotoGP’s respective profitability and the Company
Expanded foreign currency risk analysis to include Euro-denominated debt and operational exposures for MotoGP alongside Formula 1.
Was: Fluctuations in the value of the U.S. dollar against the functional currencies of Formula 1’s business and Formula 1’s counterparties’ business could adversely affect Formula 1’s profitability and the Formula One Group
- 69% rewrittenRisks Relating to Our Businesses
Changes in consumer viewing habits and the emergence of new content distribution platforms could adversely affect Formula 1 or MotoGP’s respective businesses and the Company
Added MotoGP alongside Formula 1 regarding risks from changing consumer viewing habits and new content distribution platforms.
Was: Changes in consumer viewing habits and the emergence of new content distribution platforms could adversely affect Formula 1’s business and the Formula One Group
- 68% rewrittenRisks Relating to Our Businesses
Accidents during Events may cause losses that are not covered by insurance, disrupt an Event and cause Formula 1 and/or MotoGP reputational damage
Included MotoGP alongside Formula 1 regarding racing accident risks, fatalities, insurance coverage, and team/rider policies.
Was: Accidents during Events may cause losses that are not covered by insurance, disrupt an Event and cause Formula 1 reputational damage
- 67% rewrittenRisks Relating to Our Businesses
Terrorist acts during Events may cause Formula 1 and/or MotoGP damage and losses that are not covered by insurance
Added MotoGP alongside Formula 1 regarding terrorist threats, security requirements, event cancellations, and annual insurance policies.
Was: Terrorist acts during Events may cause Formula 1 damage and losses that are not covered by insurance
- 66% rewrittenRisks Relating to Our Businesses
Formula 1 Teams may, in certain circumstances, terminate their existing commitment to participate in the F1 Championship or breach their obligations and withdraw
Updated F1 team commitments to the 2026 Concorde Commercial Agreement expiring December 31, 2030, covering 11 teams.
Was: Teams may, in certain circumstances, terminate their existing commitment to participate in the World Championship until (and including) 2025 or breach their obligations and withdraw
- 64% rewrittenRisks Relating to Our Businesses
Formula 1 and MotoGP’s processing, storing, sharing, use, disclosure and protection of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements and policies or differing views of personal privacy rights
Was: Formula 1’s processing, storing, sharing, use, disclosure and protection of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements and policies or differing views of personal privacy rights
- 64% rewrittenRisks Relating to Our Businesses
Formula 1 and MotoGP are exposed to credit-related losses in the event of non-performance by counterparties to Formula 1’s and MotoGP’s respective key commercial contracts
Was: Formula 1 is exposed to credit-related losses in the event of non-performance by counterparties to Formula 1’s key commercial contracts
- 60% rewrittenRisks Relating to our Corporate History, Macroeconomic Conditions and Industry
We may be subject to significant tax liabilities related to the Liberty Sirius XM Holdings Split-Off and the Liberty Live Split-Off
Was: We may be subject to significant tax liabilities related to the Liberty Sirius XM Holdings Split-Off
- 59% rewrittenRisks Relating to Our Businesses
The Formula 1 Teams have certain governance rights under the 2026 Concorde Commercial Agreement that may limit or, at a minimum, influence actions that the Company may seek to cause Formula 1 to take
Was: The Teams have certain governance rights under the 2021 Concorde Agreement that may limit or, at a minimum, influence actions that Liberty may seek to cause Formula 1 to take
- 58% rewrittenRisks Relating to Our Businesses
Formula 1 and MotoGP may face difficulties expanding into new markets, including as a result of being unable to attract race promoters for new Events
Was: Formula 1 may face difficulties expanding into new markets, including as a result of being unable to attract race promoters for new Events
- 55% rewrittenRisks Relating to Our Businesses
There could be a decline in the popularity of Formula 1 or MotoGP, which may have a material adverse effect on Formula 1 or MotoGP’s ability to exploit its commercial rights to the F1 Championship or the MotoGP Championship, respectively
Was: There could be a decline in the popularity of Formula 1, which may have a material adverse effect on Formula 1’s ability to exploit its commercial rights to the World Championship
- 55% rewrittenRisks Relating to Our Businesses
The FIA may take actions that are not in Formula 1’s interest
Was: The FIA may take actions which are not in Formula 1’s interest
- 55% rewrittenRisks Relating to Our Businesses
Potential challenges by tax authorities in the jurisdictions in which Formula 1 and MotoGP operate could adversely affect Formula 1 and MotoGP’s respective financial results and position and in turn, the Company
Was: Potential challenges by tax authorities in the jurisdictions in which Formula 1 operates could adversely affect Formula 1’s financial results and position and in turn, the Formula One Group
- 53% rewrittenRisks Relating to our Corporate History, Macroeconomic Conditions and Industry
Weak and uncertain economic conditions may reduce consumer demand for products, services and events offered by our businesses
Was: Weak and uncertain economic conditions may reduce consumer demand for products, services and events offered by our businesses attributed to each of our groups
- 52% rewrittenRisks Relating to Our Businesses
Events beyond Formula 1 or MotoGP’s control may cause one or more Events to be cancelled or postponed or prevent Formula 1 or MotoGP from providing an international television feed, each of which could result in the loss of revenue under Formula 1 or MotoGP’s respective commercial contracts
Was: Events beyond Formula 1’s control may cause one or more Events to be cancelled or postponed or prevent Formula 1 from providing an international television feed, each of which could result in the loss of revenue under Formula 1’s commercial contracts
- 51% rewrittenRisks Relating to Our Businesses
Formula 1 and MotoGP’s respective businesses are subject to laws and regulations including with respect to advertising, media rights and the environment, and changes in and judicial interpretations of such laws and regulations could materially and adversely affect Formula 1, MotoGP and/or the Company
Was: Formula 1’s business is subject to laws and regulations including with respect to advertising, media rights and the environment, and changes in and judicial interpretations of such laws and regulations could have a material adverse effect on Formula 1 and the Formula One Group
- 51% rewrittenRisks Relating to Our Businesses
The terms of Formula 1 and MotoGP’s respective indebtedness may limit their financial and operating flexibility
Was: The terms of Formula 1’s indebtedness may limit its financial and operating flexibility
- 49% rewrittenRisks Relating to Our Businesses
Formula 1 or MotoGP may be unable to renew, replace or renegotiate on favorable terms one or more of Formula 1’s or MotoGP’s respective race promotion, media rights or sponsorship contracts
Was: Formula 1 may be unable to renew, replace or renegotiate on favorable terms one or more of Formula 1’s race promotion, media rights or sponsorship contracts
- 47% rewrittenRisks Relating to Our Businesses
Changes in tax laws could adversely affect Formula 1, MotoGP and the Company
Was: Changes in tax laws could adversely affect Formula 1 and the Formula One Group
- 45% rewrittenRisks Relating to Our Businesses
Formula 1 and MotoGP may be subject to enforcement actions under competition laws
Was: Formula 1 may be subject to enforcement actions under competition laws
- 45% rewrittenRisks Relating to Our Businesses
Formula 1 and MotoGP depend on trademarks, copyrights and intellectual property
Was: Formula 1 depends on trademarks, copyrights and intellectual property
- 43% rewrittenRisks Relating to our Corporate History, Macroeconomic Conditions and Industry
Formula 1 and MotoGP have been, and may in the future be, materially impacted by a pandemic or epidemic, such as COVID-19
Was: Formula 1 and Live Nation have been, and may in the future be, materially impacted by a pandemic or epidemic, such as COVID-19
- 40% rewrittenRisks Relating to our Corporate History, Macroeconomic Conditions and Industry
Our Company has overlapping directors with QVC Group, Liberty Broadband, GCI Liberty and Liberty Live and overlapping management with Liberty Broadband, GCI Liberty and Liberty Live, which may lead to conflicting interests
Was: Our Company has overlapping directors and management with QVC Group, Liberty Broadband and TripCo, which may lead to conflicting interests
- 32% rewrittenRisks Relating to our Corporate History, Macroeconomic Conditions and Industry
Both of our operating subsidiaries have operations outside of the U.S. that are subject to numerous operational risks
Was: Certain of our subsidiaries and business affiliates have operations outside of the U.S. that are subject to numerous operational risks
All 40 risk factors
Headings as the filing states them, in filing order.
Risks Relating to our Corporate History, Macroeconomic Conditions and Industry
- 01Our businesses may not realize the benefits of acquisitions or other strategic investments and initiatives78% rewritten
- 02Weak and uncertain economic conditions may reduce consumer demand for products, services and events offered by our businesses53% rewritten
- 03Our Company has overlapping directors with QVC Group, Liberty Broadband, GCI Liberty and Liberty Live and overlapping management with Liberty Broadband, GCI Liberty and Liberty Live, which may lead to conflicting interests40% rewritten
- 04Both of our operating subsidiaries have operations outside of the U.S. that are subject to numerous operational risks32% rewritten
- 05We may be subject to significant tax liabilities related to the Liberty Sirius XM Holdings Split-Off and the Liberty Live Split-Off60% rewritten
- 06The degradation, failure or misuse of the Company’s information systems could cause a disruption of services or improper loss, use and disclosure of personal data or other confidential information, resulting in increased costs, liabilities or loss of revenue
- 07Formula 1 and MotoGP have been, and may in the future be, materially impacted by a pandemic or epidemic, such as COVID-1943% rewritten
- 08the long-term, a future pandemic or epidemic could impede economic activity in impacted regions or globally, causing a global recession, leading to a further decline in discretionary spending on sports and entertainment events and other leisure activities, which could result in long-term effects on our businessesNew
- 09We may have future capital needs and may not be able to obtain additional financing on acceptable terms and/or may not be able to obtain cash in amounts sufficient to service our corporate-level debt and other financial obligations71% rewritten
Risks Relating to Our Businesses
- 10There could be a decline in the popularity of Formula 1 or MotoGP, which may have a material adverse effect on Formula 1 or MotoGP’s ability to exploit its commercial rights to the F1 Championship or the MotoGP Championship, respectively55% rewritten
- 11Termination of the 100-Year Agreements could cause Formula 1 to discontinue its operations
- 12Termination of the FIM Agreement could cause MotoGP to discontinue its operationsNew
- 13Formula 1 Teams may, in certain circumstances, terminate their existing commitment to participate in the F1 Championship or breach their obligations and withdraw66% rewritten
- 14Termination of the IRTA Agreements could cause MotoGP to discontinue its operations, and a reduction in the number of MotoGP Teams could reduce the appeal of the MotoGP ChampionshipNew
- 15The FIA may take actions that are not in Formula 1’s interest55% rewritten
- 16The FIM may take actions that are not in MotoGP’s interestNew
- 17Formula 1 and MotoGP may be subject to enforcement actions under competition laws45% rewritten
- 18Formula 1 or MotoGP may be unable to renew, replace or renegotiate on favorable terms one or more of Formula 1’s or MotoGP’s respective race promotion, media rights or sponsorship contracts49% rewritten
- 19Formula 1 and MotoGP are exposed to credit-related losses in the event of non-performance by counterparties to Formula 1’s and MotoGP’s respective key commercial contracts64% rewritten
- 20Potential challenges by tax authorities in the jurisdictions in which Formula 1 and MotoGP operate could adversely affect Formula 1 and MotoGP’s respective financial results and position and in turn, the Company55% rewritten
- 21Changes in tax laws could adversely affect Formula 1, MotoGP and the Company47% rewritten
- 22Formula 1 and MotoGP may face difficulties expanding into new markets, including as a result of being unable to attract race promoters for new Events58% rewritten
- 23Formula 1 and MotoGP’s respective businesses are subject to laws and regulations including with respect to advertising, media rights and the environment, and changes in and judicial interpretations of such laws and regulations could materially and adversely affect Formula 1, MotoGP and/or the Company51% rewritten
- 24Events beyond Formula 1 or MotoGP’s control may cause one or more Events to be cancelled or postponed or prevent Formula 1 or MotoGP from providing an international television feed, each of which could result in the loss of revenue under Formula 1 or MotoGP’s respective commercial contracts52% rewritten
- 25Accidents during Events may cause losses that are not covered by insurance, disrupt an Event and cause Formula 1 and/or MotoGP reputational damage68% rewritten
- 26Terrorist acts during Events may cause Formula 1 and/or MotoGP damage and losses that are not covered by insurance67% rewritten
- 27Changes in consumer viewing habits and the emergence of new content distribution platforms could adversely affect Formula 1 or MotoGP’s respective businesses and the Company69% rewritten
- 28Formula 1 and MotoGP depend on trademarks, copyrights and intellectual property45% rewritten
- 29Formula 1 and MotoGP’s processing, storing, sharing, use, disclosure and protection of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements and policies or differing views of personal privacy rights64% rewritten
- 30The terms of Formula 1 and MotoGP’s respective indebtedness may limit their financial and operating flexibility51% rewritten
- 31Variable rate indebtedness subjects Formula 1 and MotoGP to interest rate risk, which could cause their respective debt service obligations to increase significantlyNew
- 32indebtedness could increase even though the amount borrowed remained the same, and net income and cash flow could decreaseNew
- 33Fluctuations in the value of the U.S. dollar and/or the Euro against the functional currencies of Formula 1 or MotoGP’s respective businesses and Formula 1 or MotoGP’s respective counterparties’ business could adversely affect Formula 1’s or MotoGP’s respective profitability and the Company69% rewritten
- 34The Formula 1 Teams have certain governance rights under the 2026 Concorde Commercial Agreement that may limit or, at a minimum, influence actions that the Company may seek to cause Formula 1 to take59% rewritten
Risks Relating to the Ownership of our Common Stock
- 35Our multi-series structure may depress the trading price of the shares of our common stockNew
- 36The market price of our common stock may be volatile and could fluctuate significantlyNew
- 37We have not in the past and may not in the future pay dividends on our common stockNew
- 38Transactions in our common stock by our insiders could depress the market price of our common stock93% rewritten
- 39It may be difficult for a third party to acquire our Company, even if doing so may be beneficial to our stockholdersNew
- 40continuity of our management, or which could be used to dilute the stock ownership of persons seeking to obtain control of our CompanyNew
Other Liberty Media 10-Ks
- FY2024 10-K risk factors63 risks
Liberty Media's risks are dominated by Formula 1 operational dependencies, debt service limits, and live-event consumer sensitivity. Live Nation and tracking stock structures also drive financial exposure.
Filed Feb 27, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.