Liberty Media Corporation

Welcome to Liberty Media Corporation's 2025 Third Quarter Earnings Call. During the presentation, all participants will be in listen-only mode. Afterwards, we'll conduct a question-and-answer session. At that time, if you have a question, please press star 1 on your telephone. As a reminder, this conference will be recorded November 5th. I would now like to turn the call over to Shane Kleinstein, Senior Vice President, Investor Relations. Please go ahead.

Thank you, and good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. These forward-looking statements speak only as of the date of this call, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, including adjusted OIBDA. The required definition and reconciliation for Liberty Media Schedule 1 can be found at the end of the earnings press release issued today, which is available on Liberty Media's website. Speaking on the call today, we have Liberty's President and CEO, Derek Chang, Chief Accounting and Principal Financial Officer, Brian Wenling, Formula One's President and CEO, Stefano Domenicali, MotoGP CEO, Carmelo Espaleta, and other members of management will be available for Q&A. With that, I'll turn the call over to Derek.

Thank you, Shane. Good morning. We are entering the end of the year on a high note. It has been an incredibly productive period for Liberty, and we have executed all the priorities we laid out at the beginning of the year. First, on our planned split-off of Liberty Live, we currently expect to complete the split-off on December 15th. The stock is expected to begin trading as a standalone asset-backed equity the following day. Our shareholder vote will be on December 5th. The split-off is expected to better highlight the value of our attractive position in Live Nation and asset-backed equity that we believe will benefit from enhanced trading dynamics. Looking now at our operating businesses, we continue to invest behind their sustained growth. These aren't just sports properties, they're global entertainment brands. With this broader evolution comes expanded commercial opportunities, to monetize a growing fan base with creativity and innovative leadership. Looking first at Formula One, we continue to build upon the commercial momentum we've seen all year. Just this morning, F1 renewed with their global partner Heineken in another multi-year deal. Underlying fundamentals are robust and support strong financial results this quarter and year-to-date despite having one fewer race. They have successfully accelerated renewal cycles across revenue streams. extending media rights agreements, and renewing multiple promoter partners on attractive terms. Across sponsorship and licensing, F1 has partnered with an increasing number of high-quality consumer names, including Hello Kitty, Pottery Barn, and more as they consistently bring the sport closer to today's multidimensional fan. Additionally, F1 signed a landmark distribution partnership with Apple in the U.S. that seeks to highlight the innovation of both global lifestyle brands and position us well for the next leg of growth in the U.S. market. Stefano will provide more detail on this shortly. Next, on MonerGP, we closed the acquisition on July 3rd and have been working diligently with their management team in supporting their strategic plan. We're fortunate to have the involvement of Chase Carey, Stefano Domenicali, and Sean Bratches. Sean, as many of you know, previously led the commercial operations at F1. The top priority that MotoGP has laid out last quarter remains enhancing the Grand Prix experience, expanding MotoGP's global footprint through capturing new fans and deepening engagement with existing fans, and scaling our sponsorship roster. We are also in the early days in identifying areas of partnership between Formula One and MotoGP, some of which are more back-end in nature around sharing best practices and some of which we believe will drive commercial upside in the future. We are developing our long-term plans for MotoGP's broader monetization opportunities, many of which will build upon growth initiatives already underway prior to Liberty's ownership. Their adjusted EBITDA performance year-to-date reflects on elevated costs as these investments are already being made with the associated revenue growth to come. We don't expect a material change in the investment cycle ahead, but we do anticipate continued growth in the cost base as they scale efforts to build commercial functions enhanced sponsorship capabilities, and more. We look forward to continuing to update you on our progress, and we'll have more to share on behalf of Liberty and our portfolio of companies at our investor day on November 20th, just before the Las Vegas Grand Prix. Before turning it to Brian, I want to also recognize and thank John Malone. I'm sure you all saw our press release last week, noting that John will be stepping down from the Liberty Media Board and assuming the role of Chairman Emeritus. And Dob Bennett, Liberty's longtime board member and former CEO, will be named chairman. On behalf of Dob and myself, as well as the entire Liberty board and management team, it has been a privilege working with and learning from John for over three decades in partnership. His indelible influence on the industry, our company, and us personally goes without saying. And I'm sure I speak on behalf of all of you in saying that we look forward to having John for our annual Q&A at Liberty's Investor Day in a few weeks. Now I'll turn it over to Brian for more on Liberty's financial results.