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spk_0: they've been gentlemen thank you for standing by welcome to the liberty media corporation two thousand and twenty one que to earnings call during the presentation all participants will be in a listen only mode afterwards we will conduct a question and answer session at that time if you have a question please press star one on your telephone as a reminder this conference has been recorded august i would now like to join the conference over to courtney chun chief portfolio officer please go ahead
spk_1: thank you for having and we'd like to remind everyone of calling for like your favorite an immediate the private security reform act actual events without a different materially due to a number of risk and uncertainty could he not to mention and liberty media matters recent one can can can kill for liberty media acquisitions form as one registration filed with the ftc is for the kid famous the only have a date of the call and liberty media and liberty media likely the plane any obligation or hundred and seventy any updates a revision any for like a statement contained herein to reflect any change and liberty media or liberty media corporations expectations with regard to you or any change in events conditions are circumstances on which any such thing i did it calmly will discuss or non gaap financial measures for liberty media three fact that it will you just my dad against and even though the required definitions and reconciliation for liberty media and sirius xm pedals one creepy and be found at the end of the earnings his press release issued today which is available on the website now i'd like to turn the call over the greatness a liberties president and ceo thank you card and good morning to all of you
spk_2: today's began the call will also have formula one president dios definitely college and liberties cheap accounting and principal financial officer brian when when so beginning with the be sirius xm we continued to repurchase shares purchasing hundred and forty one million across our sex the mayor and the case years from major july the give can remain and we therefore purchased at a look your price for ansari of just over four dollars per year we continue to take advantage of a discount opportunity i expect we will continue to do going forward and are ownership of series exam is seventy eight point one percent as of july twenty third looking now at serious itself they had an upstanding cool results for the quarter another been raise with record low churn at one point five percent even are also said a new courtly record and new car penetration increased to eighty two for said we've continued focus on growing the already strong presence in the car to be there are one hundred and forty million vehicles on the road today which are unable for series exam and the three sixty l it and hands feature shed would continue to evolve are based on data received from ross also growing to went outside of the car and rebranded as exam app is gaining traction the bearable margins are as good or better than satellite i encourage you to get it today and please don't forget we are growing our advertising platform with a hundred and fifty million listeners the largest did it digital audio ad platform in north america what all these combined platforms and capabilities we believe serious exam for them a compelling comprehensive often for talent media and social brands created a montage audio experiences the trying to live nation the reopening accelerated led by outdoor concerts in the us in the uk with other countries coming along as vaccination levels creek the festival to amphitheaters are the focus for the summer led by lollapalooza growling allowed hip hop festival in miami
spk_3: latitude and the uk
spk_2: between them they all had seven hundred and fifty thousand fans which is back to pre college level live nation is helping to put on the new york reopening concert in central park on august twenty first and beeps or streaming service continues to be incremental live revenue stream for us with bob bob dylan show later this month i live expects all segments to return to a high probability in the second half of twenty one and all sides continue point to a great twenty twenty two and we expect twenty twenty two activity and finance road salt will extreme twenty ninth
spk_4: turning out of the formula one group
spk_2: that was phenomenal racing the first half the season up until the summer break with a few years balance between louis and max among the rest of the drivers there is a tight competition for third and the constructor championships also highly competitive with mercedes and red bull going wheel to wheel and mcfly mclaren and ferrari battling for the third spot we remain impressed with the way from and one is continues to navigate the continued challenges for the pandemic i lost count of how many times we have made changes to the twenty twenty one calendar but we continue to move forward and the formula one team continues to plan for the known and unknown variable that combat we did welcome a whole crowd at silverstone three hundred and fifty six thousand fans over the weekend which with tremendous and we remain confident are believed to have a or twenty three races we also had our first sprint event there which was a resounding success we make meaningful progress on sponsorship we continue to and were consistently announcing two partners if you haven't already i encourage you to tune into the business breakdowns podcast with stefano race quite articulate about the future the business the linked to it is on our i our own picked the braves baseball fans nationwide but particularly in atlanta and here in certain parts of colorado were devastated steve coogan and his season early we do wish him a speedy recovery the team is been babbling despite setbacks and impressive come back last by to sweep the cardinals in the brains are now over five hundred and two with they had to his part fans are backed made big way we expanded to capacity of one hundred percent in really may a baseball revenue per home game is up in the second quarter compared to twenty twenty one despite only partial capacity really in ticket sales concessions and retail per caps are all training very favorably we are having trouble keeping jersey in thought i quality problem with the braves do lead major league baseball in total attendance at over one point five million and average attendance at over twenty nine thousand per game with our financial strength we are reinvesting and on field talent before the trade deadline you asked to that run and at the battery development revenue continues up in the corner due to rental income from new tenant tk and papa john's and the end of covert related modified rents are you'll also see phase two office tower we're confident he will be policemen your time and just crop will move into their new headquarters later this month finally we continue to make good progress on l mack this back we think the trends in this back market which are challenging for many actually play the benefit of liberty with that i will turn over to brian are more on our financial results
spk_5: thank you greg and good morning everyone there were serious exam group had attributed cash restricted cash and liquid investment approximately four hundred eighty million schooling one point one billion of cash mr did cash held in tears accent we also have one point one billion of undrawn margin lung capacity of up related to our syria my mission martin know that a portion of our cash will be used later and twenty twenty one repair two point two five percent i nation exchangeable bomb based on the very valuable i thought it would random on cashews would be five hundred seventeen my thoughts as of august fifth the value are serious exam stock held at liberty sirius xm group was over twenty billion dollars value the live nation state was nearly six billion dollars we have three point two billion a principal amount of dad against these old photo liberties years exam group attributed principal amount of debt fourteen point one billion which includes the nine point nine billion of debt the tell directly tears
spk_2: formula one group that attributed cash and the good investments one point seven billion a quarter of lose five hundred thirty seven million in cash l directly at have one the corporate cash balance includes three hundred eighty four million that was received from halifax like them into to related to settling out calls for it
spk_5: oh formula one group attributed principal amount of that was three point four billion which includes two point nine billion in debt and of one leaving five hundred and forty six ninety four remote at once five hundred million five hundred million are of all remains on wrong but we're still in the cut the period of a covenant waiver that of one target leverage the business remained on my behalf bombs right now the during the three months ended march thirty one twenty twenty one of one began reclassifying certain components previously reported another revenue and a primary of one revenue back to better align with the way currently of i with proponents reclassified and the primary up one revenue include of one tv subscriptions up to and up three related these broadcast origination and support these digital advertising additional detail including the impact of the revenue reclassification for years ended december thirty one nineteen and twenty can be found in schedule three of our earnings is presently posted to our website i have we did the braves a quarter and brave have attributed cash liquid investments restricted cash two hundred and thirty one million attributed principal amount of data six hundred ninety four liberty in arkansas into tears are in compliance with that covenants guerra
spk_6: with adults and it over to stefano to discuss formula one
spk_7: thank you brian they two thousand and twenty one season is exceeding expectations of those people each weekend on the like the brings drama and the unexpected the german gp did not be supplied as i can't blame if maybe the city and opi pies first i've been you would abandon he and i was impressed with his expense ties holding off i'd from for the letters loves the rivalry between know if own expense years they'll be dead by police for the campus which culminated with the initiative of them and we be unpredictable outcome today i'm into them update as and for the celebrate the slightly ahead understand and the battle for the furthest i've between not a spotless embedded the contest among the perspective is just as fierce between about what i'm seriously burst and mclaren and ferrari sector for one is leading up to the promise and the fans are responding we have a full crowds of sobers boston three hundred of fifty six thousand over the weekend we the hundred and forty thousand and time we sort of of them this isn't my golden sport attendance was certainly aided by the i'd buy them for the championship the inaugural f one sprint event up produced competitive races and the return up the publica on the spring the first of events in the season we have received overwhelmingly positive feedback from the thieves drivers and silence and certainly this provides additional opportunities for the our promoted media as possible we will continue to discuss any lessons learned from the form of with the things of the fundamentals are strong we believe this candidates be expanded the two thousand and twenty two i look forward to the next drink the of size as engaging across the altar we have data to to the british grand prix and on the digital from unique it was his for the f one website and app the season as up over eighty percent of that doesn't turn social engagement computers to grow reaches over forty million socially connected with the biggest mp and there we've seen this growth reflected in our total number of those little me as wow social media with no sad at all sports media did he oh this is up to any and we have see some girls over two thousand and twenty and two thousand and two that in many markets notably songs the netherlands norway spain sweden and the united states if one tv remains a great ways to pass to catch all the action of the race weekend a concurrent do stories days have consistently been more than two point five times higher than the two thousand and twenty season average with minuscule over ways we can also buy by more than two dozen times vessels lessees we are now level amazing into our plan twenty three races season this time last year we had only completed for the doesn't have the wife as presented some of the same challenges as two thousand and one along with some new ones i'm proud of our team and our partners as we continue to navigate the land on our last the only goes beginning of the have just been replaced by the trick is grumpy however you to probably fishing related to turkey we have to be compete with again and secure back to make races in hosted by moving the french company a weekend would the mentally we with a would suit to secure stuff for taking they didn't the callender as a replacement for the seem to put a grumpy all about these changes required great nimbler creativity and hard work on our partners and the countries in which me recently former one as a demonstrated ability to manage the logistics of cover this picture in multiple countries and a said the gold standard a guy's been an effect the product was to deal with possibly pitches for the british grand prix we have conducted fifty six thousand passed on drivers themes and personnel that produce okay positive pay
spk_2: his body positivity rate of zero point zero six percent
spk_7: fill these fine tuning operation we feel confident in would ability for safety that either twenty three races the mantle host a racist policies at all on high as evidenced by reading is the web be able to have been slump in two thousand twenty one and we will collapse into the still new venues that that now lauren funny part of that two thousand to be vocal enter and exit id badges that that open to hosting a stipulates as people in part of the world that is pages of and which are trump the i'm betting governors viewer and employees as an exciting way through to the public stage and want to be so bad clem a tremendous progress in two thousand twenty one sponsorship and the momentum as computers since our last on is putting they tape of a thong join us and global pilot and know would open as of the was being status and will become the efficiency the thought of to sponsor and as the end it's be hard and of f one they would present a brand new a gourd that would be announced that of the belgian grumpy there was a welcome be w the as the title sponsor are still double hither a last week announced that they will become and ones official worth of technology partner working with as one believe that a single use flash be free padlocks by plenty and more they died on the regional finals and they charge at the breeze popular that one across the uk and gym finally we completed a movie year extension of other fanatics the in poverty ecommerce and one factor all of a as can be bubble muscle i our have one a preschool saves on the official online of was good view by more than forty percent who doesn't like the and looks a to triple digit go to the first six months of two thousand twenty one the us market is the largest in town of saves on the f one side i live me they please read rather of the sport in the country day i would go to expand our reach we announced that for one importantly but a sport old than if one things would feature in the video game rocket league lakers fan beginning a movie and partnership we have like on how lethal the two thousand and twenty one season a plentiful two thousand twenty two has been ongoing for sometimes as mentioned before that is a high the my full name is to make two thousand and twenty two calendar and we have to announce the provisional calamity in september we can confirm that the much anticipated maybe grumpy will happen in the first off of me
spk_2: le mans will be think of is high even to say that now officially scott wilson is over to our more to some be look for the russian grumpy beginning in two thousand fifty three
spk_7: these i got a city will provide providers i mean that joke a little one
spk_8: we are leaving discussed the foundation the web will be in place over the last two years with cost gap regulation and then you can the video image we have created that a sustainable and the flourish flourishes ecosystem for the sport these along with a compelling products on the like isolated incident and open to
spk_7: it is across the board these includes ongoing discussion and the highest lead in the with engine manufacturers who see the bread debuting former one as well as opportunities for the new engine and development of sustainable fields along these lines we continue to the valley programs and the my was released as one emissions but the british go be with a live in a couple of years of abroad we plan to think these nowadays as we want to was our goals for the showing all that funny themselves sustainable by twenty twenty five and on our way to become that the lookout and by two thousand and thirty we have also seen maybe that is tom oh yes in our plans for the expo my moment and you to be out the professors the of fuel and those posts a discussion of been to me but i would focus to increase diversity and inclusion of gospel no one we have recently announced commitments related to damage in a the scholarship for and the representative groups and apprentice and eighth in the she broke as we the the one flanagan disease we believe that that's a truly global sport we can make a difference by issuing that we are diverse of inclusive in our own community as the communities we serve around the world with changed for he said on the nation to funded these policies as we as into those rape the want to thank everyone up to the one he put it all of our drivers aims and business partners are they did the case and had worked so far this season enjoy some less as a time of and we look forward to as you may soon in august and denied about the that full speed ahead
spk_2: and now i will to the coup that overthrew great thinkers alleged provide yeah stefano and thank you this app know and brian in very exciting news or in better meeting will be held on thursday august eighteenth the all experience will be offered in person at the new york times center and virtually leave say the name is no details we provided some note that all in person attendees will need to be fully vaccinated against of and nineteen
spk_0: we appreciate your continued interest and liberty media and hope you all a favor and healthy and with that operator i'd like to open the line for question thing absolutely and if you would like ask a question please signal by pressing star one on your telephone keypad if used in a speakerphone please make sure your meat function is turned off to allow signal to retire equipment once again and we went to ask a question press star one on your telephone and will pause for a quick moment assemble a team
spk_9: or in our first question will come from ben swinburn with morgan stanley please go ahead
spk_10: they good morning everybody
spk_11: greg just to clarify that august eighteenth or november eighteenth
spk_12: november eighteenth birthday august
spk_10: he did yeah which i thought you meant november so thanks for clarifying any exciting for and for in person q actual questions if i could break just looking at the discounts your liberty broadband i know this isn't a liberty robin call but i think it's relevant for liberty theory that discount has not improved have a wide and even since that the that buyback kicked in the in a substantial levels and i'm just wondering what you take from that as we think about the opportunity to through go after the discount liberty serious since you can in theory have access to lot more capital
spk_9: the died some point where the next quarter to
spk_10: and then you know you guys commented in the release about for me on t v contributing to revenue growth i feel like that product when first than we were really focused on as a business to sort of fading and now i'm sort of wondering you know given covered and just that the popularity of the sport increasing what's the vision there
spk_13: that for limit you guys are investing more in do see that as a big revenue opportunity or is it more of and enhancer of kind of the core rights and maybe a driver of engagement just maybe you can update us on high you're thinking about the o t t in a streaming product at this point
spk_14: term ah thank you ben
spk_2: first on the discounts well you know i happen to be well aware that we have a liberty brush simple of what's going on there and we actually
spk_15: during the quarter for example charter was up about fifteen percent and are any v per share of liberty broadband of charter was up about seventy percent cause we were able to buy as much as we were able to buy this year at a discount
spk_2: we're actually driving the any be of a charter bus is the of l b or the up substantially faster than charter itself oh look i think it will happen desired result the good things come to those who wait weird not necessarily hoping are suggesting everyone's going away forever but we believe and ultimately pay to our benefit and we can already see those results mathematically what happened to the any the per share of lpr d of the to getting annoying charter so i think will go at it as you point out we're going to have more capital we expect in the coming months we'll see we'll weed how it how respond on the vision for apple when t v i think it has evolved alleged stefano comment as well but i think you'll just the sheer half of what the amount of content we have caused us to think about whether that was gonna be a meaningful way to connect with our customers or an enhanced way i would be a primary way on enhance way and i think it's build going to be enhanced how much of it because incremental revenue how much will becomes a weight of to to join with our customers' data live ball but it you seen what happened for example you with w w e going into peacock and obviously the skill content they be much higher than us i think it's very difficult for a point service to think you're gonna replace but we have currently with gale and aggregated services whether those are linear or whether those are
spk_7: scaled aggregated digital services though one way or another i think that is that those are going to be the primary way we get paid but we will find other ways to add value and revenue through things like f one tv trial by didn't tell you that of their capital now greg it and i think that you add more bubbly spot on and i think benny some apple blood mega said in the f one td is a huge potential to make sure that we gonna have experience with modem will come into our customers and that we're exploring project together with would remove this to give the real and law
spk_16: the to weekend alpha in his best completion to the to the one that than ten be to the to the events and then expanded the up the type of add a unique counted for indeed in i will cap of you know the to little that experience we that's media any for mental whale but adding more and more an apathetic onto the people that that level former
spk_7: one a on the tv right generally talking i mean we have the privilege of that and many of our major deal of dinner on a be a complete the been so we added but not enough to bleach when we can really see the bullshit on the tv right because it is on be that is not you to go meet people and some reason to be easy and the did you develop with for should ever be hitting the to
spk_17: and so we ended up leading position of i did the biggest tub to leave read the on and then the added that says blood's like the what we are producing today though the to be read the bright eyed to maximize the bag the pool what he's really great today
spk_0: that makes sense stacey they spoke the of
spk_18: and up next will take a question from brian impressed with deutsche bank please go ahead hi thanks good morning on the have one for stefano one for greg i'm greg it a curious if there's anything from the infrastructure legislation that could be an opportunity or risk for liberty that you're watching with it's something for an existing portfolio company or new opportunity for libert each and best behind i'm sort of an open ended question but you know curious your thoughts there and then stefano sports betting was one of the opportunities that the taste had identified when he first became ceo i'm just wondering if you could give some perspective on that opportunity for formula one going forward and a planter activity
spk_2: i'm the you have going on in the sports betting area thank you though touching first on the infrastructure bill i think we're we're we're full on l b r d questions in a way that today already in the l m c call and let's all right we'll lot i think there are some opportunities that will arise most of them are going to rise at charter for jeezy i and be look at our businesses
spk_5: i don't think we're going to see a massive change
spk_2: in theory i guess if you think about greater productivity in general that probably a plots for three sixty know that it's on the margin it's not like a massive opportunity i think of an opposite
spk_6: the jewish or acceleration of on going to rent
spk_2: the rest of the businesses formula one the braves
spk_13: not as i live nation not as obvious to me how the infrastructure bill is helpful obviously a broadband and charter and gc i'm there are both opportunities there in terms of increasing customer
spk_2: supply of have been to buy broadband increasing money around broadband probably helping us expense of a bar our broadband footprint but their office and threat there were new entrants maybe encourage so cluttered gibbs and takes in that bill i would say respect for or
spk_19: dc i could have been far worse for some of the initial proposal i think the ones terms of the threat level or way down from what might have been initially proposed about provinces for fiber over coal acts preferences for overbilled references from you need beauty build all those things are muted compared to what
spk_7: might have been if i may bryan on the only applies to win against the bathroom first a boat with enough to forget we have already my partner he's money that and that there were working together but the as you know you and yeah the idea that is an area with a lot to be should be bending on the legion on the country now will lead to make sure that they've david
spk_18: he is it a repeat of that time for sure that it's a big opportunity that good that the explode in the future so once again looking progress to make sure that they did did the next that bilbao impoverish you will be that i glad to have they mention opportunity that could be good for front of the sport
spk_0: good thank you
spk_20: up next we'll hear from david karnofsky with tp morgan please go ahead
spk_18: i thank you
spk_21: the little one of know can you discuss in more detail your take a reason for grace format both in terms of hey think it was received by the fans but also by are partners and or his promotion and elders inside night i think you mentioned movie expanding the format next year in on any sense for how many raised as you grow this how to and then million for bragging
spk_7: you mentioned could progress on l mack and a you're somewhat limited in what you can sanders but it's very you know anymore color you can provide on enter your position and back market overall and the can for the question well first of all well we talk about be street former the idea was to offer something different that you know the to make sure that the was sunday new that we can offer to all this thing called in for my employment one yeah that is said that we want the three three tests one that has been done in service than the other one would be in in in in my mom's up and the other one of the be at the end of the season in brazil a gamble is complete that gonna have a plan in a to see what would be the next step what again or that you say that after the first that a sprint that invented and superstorm be the respond they'll be app both from the drivers from the thieves but he get and be a relief as be and also put up with the promoter because if you think that the every day we have something new to sake the people come out a check on friday whether a tool for for for the first one final again five it so the outcome of the posted them as be dramatically possibly financing and it's great because i had doubts wrote that mention is that has to be that also partners because it affects the that the ability for the job voted the dot com and that so we have already seen of and i should legalize be positive support that has been at if i may say good a good sign and very very very bothered sign and i we will produce that will be said we gotta have that of poor lad the brief be viewed by my said at the end of the season you have a plan for the future of course we have the benefit that the fine to me some of the comment that with the seat and that what i can say that that each long as we should i do we did so in that direction the future for sure that would be not every race web idea as to brave especially month for certain start of a grumpy and said them a special a was the we want to offer an added to the added incredible tottenham for well on so a very very positive the comments of the first the exercise as ready to play at at the end of the of the of the three bands set a proposal that can be home what we can see hopefully would be a big step of that says at the from teaching for one was a know
spk_0: sporty proposition
spk_22: or and moving on we are taken a questionnaire from james radcliffe with every poor i as i please go ahead thanks i wanna and i'll affect them in one on from the one of my good for person on samuel one in a couple of recent sponsorship deals can just give us an update on how many meanings or verticals you think are really available to you and or track of opportunities and secondly on liberty formula one a back one hundred between me on will be serious he brought back on hundred and forty million bucks and stock and a quarter presumably are going to be able to get the cash flows from serious tax free run at the end of the year why not accelerate the by that now got a billion dollars in debt so more than that directly in march and loans i ending of the method are you serious stake
spk_2: why not pick that buyback activity up to have known as ramp it up now i've been waiting till you have a good though the to get because tax free like
spk_7: definitely a good henceforth just line of the you are caused by take it thank you get a james the meta and by a for my perspective that gives you know that be a great that mumbai be shitty in in the sponsorship back go said that there is connected to old was we have cb you know in the champs that they going to the on that question regarding to look how many both because you believe that could be as be open in in the as an hour our global partners i would say they be one of them and there may be the one of which were working on but he's very broad the production knowledgeable by you know that is something related to our possible the promotional offer that we want to a slight to played build them of the available of world that's made me i would say that the most important one that i think it
spk_2: will be pulled the first of if i could add on sponsorship
spk_23: i think it's an evolving market and we certainly see new categories and technology is definite point out is one
spk_2: you know when we bought the business nearly five years ago i don't think we thought about it crypto sponsorship i don't think that was really on our horizon i now it's a meaningful number so i think new categories are created things change no beat up u t was a team spots are neither one of our sponsors things move around too i not to static and been able to answer that this many or this number i think it moves around and there are lots of opportunities go out there and it's are challenged to go to pursue them on the question of lf example i think we have been ramping we do have a plan we will have more capital to comes and i think you know given that are that the waiters support the det att l a them is primarily with flows from a serious recognizing we don't have an operating business we've been relatively cautious with margin dead and the leg and we've been relatively constrained and how much exchangeable can do x amount of liquidity though i i think we'll you'll see a plan that probably more aggressive
spk_0: recognizing what's coming but those have been some of the constraining factors
spk_24: thank you and our next question will come from david joyce with barclays please but they you a couple of questions one on when we will one it was wondering given over fluidity in be
spk_21: burger the rescheduled this year
spk_24: i'm have be race promotion contract been a renegotiate is based on the regulatory well for of capacity or they know or have they been fixed with the presumption that you still have you have some girls the come back later in your would seem that next year and kind of and we all that would you be too kind of enormously period you think and capacity and race promotion revenue little by the fourth quarter or that a second question on liberty serious
spk_2: which is kind of tax related in terms of your options are in hypothetically if you were to sell in two
spk_7: the of periods or share buyback program once you're over eighty percent ah with your else fails spock from how be your tax free or is there any greek it from them peggy don't like greg get on base and affairs know you are you first know okay thank you where are they get the as you said he defeated the is really add to the thing that we had to manage to be she and that and we're heading into the second part of the season where would that would be be the topic douglas thing is that the it's and situation we have to manage his unique different that and because every agreement it even from the one mad the we have moved on to my calculate my place i have to say that because the authorities always to make sure that the from all that point that would love it and of course also have the financial side this bloke denies it added the dimension of eight than minimize the any negative possible that we can have a we have agreements were honest me that the did the number of a building doesn't mean anything to add some other we get working together to see what would be the benefit of he can bring home the federal the situation and we are working closely with all the promoters and the author
spk_2: it is to make sure you know that we can really late the right place for the future knowing that up as i read was a before the situation is a goal the computers me the and that the the we have to do is to make sure that we had a bill to eat actually that i wait and and and that the be that we can see so far today that that we didn't have any but because daschle but when our numbers i agree with governments comments and obviously you know we work with our promoter partners to maximize the audience allowable and fatally at each race and that will impact the revenue that occur allow impact obviously narrative to changing market every day delta lambda we'll see what happens were obviously designed to maximize attendant in the safest way past oh we skipped over a one comment or about l mack and it was we were so excited about on the letter or i think probably would have an outlook obvious it is limited amount i can comment
spk_25: our observations about the stock market or probably consistent with most of the investors and and what's on this call i it's gotten a lot harder to raise back money and it's gotten harder to get combinations done because the pike market is particularly difficult and the discount expected for
spk_2: fair trading value or probably widening ah all of those have meant that weaker players it have
spk_15: probably been washed out we know of deals that were proposed and x price that didn't get done at any price not just below the proposed price and i think that trend i'd like to believe weber's us both because we have a very strong investor group in l mack this back who have exp
spk_2: press willingness to a pipe with us but also because unlike many sponsors who are just plain for to promote we're putting up at least two hundred fifty million dollars into the deal and could put substantially more if we found the right opportunity and there are willing to affect be a pipe investor alongside pipe investors i think is a cafe reading thought too many you know i have recently been approached by numerous firms about hey we'd love to come along with you and partner on it on it felix sater up though i think there's plenty of capital available for odds for the right deal of the right deal is likely to involve something where there is more capital required the scale compared to a normal i p o or something like that and it's probably partly due to covered rated related recovery or the like so all of those
spk_26: are you decorations about what will see we have seen a lot of those kind of opportunities but have not found the perfectly price one or opportunity like yet but i'm confident we will
spk_0: ah on the question about selling into the buyback i'd our tax treatment will vary depending on whether we sell to the company we currently have no arrangement to do or whether we sell into the market and one the first would be the latter would be taxable the former would be tax free
spk_27: great thank you very much and the next we'll hear from jason bethany with city please go ahead
spk_2: but it is going to be an easy question true to answer but i'm just i just fast forward a bit and we get to the point where there is some sort of equity exchange or take over between ellis actually and syria where we get the one operating business in one security is it is it obvious to you which one of those is the surviving and did he could you just talk about the pros and cons
spk_5: pub thank you jason no i don't i don't think it's a known
spk_2: not sure it's an easy question jason i'm not sure it's known that you could imagine scenarios where and affects your he becomes a
spk_27: operating subsidiary of liberty
spk_0: with it's own tracking stock or you can imagine scenarios where there with effectively r m t reverse more trust where our shares were subsequently spawn out to our shareholders and siri became a really trading company both of those are imaginable scenario certainly
spk_28: okay so no no constraints to go either way for me personally no of like you
spk_29: right in our last question will come from matthew harrigan with benchmark please go ahead
spk_2: oh thank you are now it's gone takers it com comscore i get the default rate quest and a stepping back in the brave would get mlp overall it got your good new tv contracts you twenty eight albeit pretty bought out drag and a tiny having a lot of believe in the not baseball he was you have the real issues over a longer period of time with with rating for the or and and that to sit in the field ethic manfred in the owners group overall are amenable to berlin draconian measures like maybe even move back to the pitcher's mound to get more excited and in the game up i know that kind of a fourth question but apparently the financial the repair the time as well fact ah thank you matthew we remain super excited about the braves there are
spk_30: continuous work led by commission's which involve both
spk_2: owners' representatives by mlb rabbits as a player represent to look to make the game even more exciting a lot of that revolves around speed to try and shorten the playing times you know innovation like
spk_31: double headers
spk_2: we're going to seven innings at least for that period of time you've seen innovations around have you know during covered about starting out and tie game starting runners at second base things like that so there are certainly attempts to speed things up
spk_0: and i are not and then moving the pitcher's mound gonna be happening anytime soon but all things are open impossible i think people respected the tradition of the game but also on a great is much excitement as possible and that balance will be trying to maintain
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