Liberty Live Group Q3 FY2024 earnings call

• Corporate updates: Completed LSXM - Siri merger on September 9th; updated voting and governance at Atlanta Braves Holdings and transitioning services to the Atlanta team. - Formula One group: Refinanced Term Loan B, raised incremental debt for MotoGP transaction, issued FWONK shares; F1 season competitive, revenue and adjusted OIBDA growth; signed new commercial agreements; MotoGP making progress with European Commission, adjusted calendar due to Valencia flooding, extended rights agreement with FIM until 2060, announced 2025 calendar. - Quint: Third quarter driven by F1 experiences but affected by softness at other sporting events. - Live Nation: Strong first - half performance, set up well for 2025 stadium season. - F1 operational highlights: High attendance, strong TV viewership, F1 TV subscriber growth, social media follower growth, innovation in digital platforms and hospitality products, new commercial partnerships.

Formula One group: Year - to - date revenue up 15% and adjusted OIBDA up 21%. MotoGP: Year - to - date attendance 2.9 million, plus 9% on leg - for - leg races, six races set all - time attendance records. Quint: Q3 is seasonally light but saw strong F1 experiences. Live Nation: Strong performance in the first half, set up well for 2025 stadium season.

• F1 expects leverage to be between 3.5 to 4 times assuming year - end close on MotoGP deal. - MotoGP extended rights agreement with FIM until 2060 and announced 2025 calendar with 22 races across 18 countries. - Live Nation set up well for 2025 monster stadium year.

• Actual events or results could differ materially due to a number of risks and uncertainties including those mentioned in the most recent Forms 10 - K and 10 - Q filed by Liberty Media with the SEC. - Valencia flooding impacted MotoGP race schedule.

Q: Any potential updates on Concord progress, tone of talks, or expected timing?

A: Conversations are progressing well, no urgent rush, everything progressing well with expectation to announce concrete details when ready.

Q: Thoughts on Formula One sponsorship revenue growth outlook in coming years?

A: Lots of activity around potential sponsorship, licensing, etc., with announcements mostly '25 related but feeling good about progress.

Q: Latest thoughts on sports media rights landscape heading into U.S. renewal next year and approach to negotiations with ESPN?

A: ESPN is a great partner, will look to construct deal balancing economic opportunity and fan experience.

Q: Demand for Vegas heading into final few weeks and expectations around revenue and profitability for the event this year?

A: Seeing uptick in traffic and conversion rates, all - in cost of Vegas race weekend in line with other U.S. races, benefits broader F1 ecosystem.

Q: What do you think a Republican DOJ means for the range of outcomes for the lawsuit against Live Nation?

A: Live Nation continues to prosper as a business, no basis for the lawsuit and don't think it will change.

Q: How are you thinking about team payments full year versus year - to - date and swing factor of Vegas?

A: Slight leverage, Vegas is a swing factor with high volatility in sponsorship go - get and ticket sales.

Q: How are you thinking about the opportunity for race promotion and the race calendar in 2026?

A: Managing balance between economic benefits and market growth, having quality problem to handle with new venue demands.

Q: Are there other major markets in the Americas with media rights contracts coming up for renewal around the same time as the U.S.? How has what you value from your U.S. media partner changed since renewal with ESPN?

A: No huge renewals in Americas making it logical to bundle, streaming is a more major component of sports rights packages going forward.

Q: Is ticket revenue going to be down for Vegas?

A: Aggregate ticket revenue will be down from original budget, but costs have also been reduced, working to get best profitability.

Q: Any plans to expand the race calendar, especially in emerging markets?

A: Balance in race calendar numbers is right, propositions give possibility to make better choice, need to be balanced considering different regions.