Category: 3. Business

Roblox, the online gaming platform wildly popular with children and teenagers, is rolling out an open-source version of an artificial intelligence system it says can help preemptively detect predatory language in game chats.

The move comes as the company faces lawsuits and criticism accusing it of not doing enough to protect children from predators. For instance, a lawsuit filed last month in Iowa alleges that a 13-year-old girl was introduced to an adult predator on Roblox, then kidnapped and trafficked across multiple states and raped. The suit, filed in Iowa District Court in Polk County, claims that Roblox’s design features make children who use it “easy prey for pedophiles.”

Roblox says it strives to make its systems as safe as possible by default but notes that “no system is perfect, and one of the biggest challenges in the industry is to detect critical harms like potential child endangerment.”

The AI system, called Sentinel, helps detect early signs of possible child endangerment, such as sexually exploitative language. Roblox says the system has led the company to submit 1,200 reports of potential attempts at child exploitation to the National Center for Missing and Exploited Children in the first half of 2025. The company is now in the process of open-sourcing it so other platforms can use it too.

Preemptively detecting possible dangers to kids can be tricky for AI systems — and humans, too — because conversations can seem innocuous at first. Questions like “how old are you?” or “where are you from?” wouldn’t necessarily raise red flags on their own, but when put in context over the course of a longer conversation, they can take on a different meaning.

Roblox, which has more than 111 million monthly users, doesn’t allow users to share videos or images in chats and tries to block any personal information such as phone numbers, though — as with most moderation rules — people constantly find ways to get around such safeguards.

It also doesn’t allow kids under 13 to chat with other users outside of games unless they have explicit parental permission — and unlike many other platforms, it does not encrypt private chat conversations, so it can monitor and moderate them.

“We’ve had filters in place all along, but those filters tend to focus on what is said in a single line of text or within just a few lines of text. And that’s really good for doing things like blocking profanity and blocking different types of abusive language and things like that,” said Matt Kaufman, chief safety officer at Roblox. “But when you’re thinking about things related to child endangerment or grooming, the types of behaviors you’re looking at manifest over a very long period of time.”

Sentinel captures one-minute snapshots of chats across Roblox — about 6 billion messages per day — and analyzes them for potential harms. To do this, Roblox says it developed two indexes — one made up of benign messages and, the other, chats that were determined to contain child endangerment violations. Roblox says this lets the system recognize harmful patterns that go beyond simply flagging certain words or phrases, taking the entire conversation into context.

“That index gets better as we detect more bad actors, we just continuously update that index. Then we have another sample of what does a normal, regular user do?” said Naren Koneru, vice president of engineering for trust and safety at Roblox.

As users are chatting, the system keeps score — are they closer to the positive cluster or the negative cluster?

“It doesn’t happen on one message because you just send one message, but it happens because of all of your days’ interactions are leading towards one of these two,” Koneru said. “Then we say, okay, maybe this user is somebody who we need to take a much closer look at, and then we go pull all of their other conversations, other friends, and the games that they played, and all of those things.”

Humans review risky interactions and flag to law enforcement accordingly.

WASHINGTON (AP) — The number of Americans filing for jobless benefits rose modestly last week, a sign that employers still retaining workers despite economic uncertainty related to U.S. trade policy.

Jobless claims for the week ending Aug. 2 rose by 7,000 to 226,000, the Labor Department reported Thursday, slightly more than the 219,000 new applications that economists had forecast.

READ MORE: Trump says he plans to put 100% tariff on computer chips, likely increasing electronics costs

The report is the first government labor market data release since Friday’s grim July jobs report sent financial markets spiraling downward, spurring President Donald Trump to fire the head of the agency that tallies the monthly jobs numbers.

Weekly applications for jobless benefits are seen as a proxy for U.S. layoffs and have mostly settled in a historically healthy range between 200,000 and 250,000 since COVID-19 throttled the economy in the spring of 2020.

It was just the second time in eight weeks that jobless benefit applications rose.

While layoffs remain low by historical standards, there has been noticeable deterioration in the labor market this year.

Last week, the government reported that U.S. employers added just 73,000 jobs in July, well short of the 115,000 expected. Worse, revisions to the May and June jobs figures shaved a stunning 258,000 jobs off previous estimates and the unemployment rate ticked up to 4.2% from 4.1%.

Many economists contend that Trump’s erratic tariff rollout in April created uncertainty for employers, who have grown reluctant to expand their payrolls.

The grim jobs data raised the ire of Trump, who alleged that the data was manipulated for political reasons and ordered the firing of Erika McEntarfer, the head of the Bureau of Labor Statistics, which produces the monthly jobs figures.

The firing was roundly criticized by economists, who, along with Wall Street investors, have long considered the job figures reliable. Stock and bond markets often react sharply when they are released.

U.S. markets recoiled at last week’s jobs report, with the Dow Jones Industrial Average tumbling more than 600 points on Friday.

The BLS does not contribute to the weekly unemployment benefits report except to calculate the annual seasonal adjustments that account for changes in weather, holidays, and school schedules.

The Department of Labor’s Employment and Training Administration collects the weekly unemployment insurance claims reported by each state.

There was another indicator that the labor market is softening in a government report last week that revealed employers posted 7.4 million job vacancies in June, down from 7.7 million in May. The number of people quitting their jobs — a sign of confidence in finding a better job — fell in June to the lowest level since December. Hiring also fell from May.

Major companies have announced job cuts this year, including Procter & Gamble, Dow, CNN, Starbucks, Southwest Airlines, Microsoft, Google and Facebook parent company Meta. Most recently, Intel and The Walt Disney Co. announced staff reductions.

The deadline on most of Trump’s stiff proposed taxes on imports kicked in on Thursday, though some deals have been made and other deadlines to negotiate have been extended. Unless Trump reaches deals with countries to lower the tariffs, economists fear they could act as a drag on the economy and spark another rise in inflation.

Thursday’s report also showed that the four-week average of claims, which smooths out some of the week-to-week volatility, fell by 500 to 220,750.

The total number of Americans collecting unemployment benefits for the previous week of July 26 jumped by 38,000 to 1.97 million, the highest level since November of 2021.

President Donald Trump on Thursday demanded that the CEO of the tech firm Intel resign immediately, saying he is “highly conflicted” because of alleged ties to China.

“There is no other solution to this problem,” Trump wrote on Truth Social.

Trump’s attack on the Intel chief is his latest attempt to pressure the semiconductor industry, which has fueled the boom in artificial intelligence. On Wednesday, he said he would hit imported computer chips with a 100% tariff unless companies are making them, or plan to make them, in the United States.

The demand also comes after Sen. Tom Cotton wrote to Intel Chairman Frank Yeary to “express concerns about the security and integrity of Intel’s operations and its potential impact on U.S. national security.”

Cotton, a Republican from Arkansas, claims in the letter that Intel’s recently named CEO, Lip-Bu Tan, “reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People’s Liberation Army.”

Cotton asked Intel whether it had asked Tan to “divest from his positions in semiconductor firms linked to the Chinese Communist Party or the People’s Liberation Army and any other concerning entities in China that could pose a conflict of interest?”

Cotton also asked the company if it was aware of any subpoenas that Tan’s former firm received and if Tan has disclosed any other ties to China.

Intel has not responded to NBC News’ request for comment on Cotton’s letter and Trump’s social media post.

The senator’s letter cites a recent Reuters story that said Tan “has invested in hundreds of Chinese tech firms, including at least eight with links to the People’s Liberation Army, according to a Reuters review of Chinese and U.S. corporate filings.”

In March, Yeary announced that Tan had been named Intel CEO. Tan started working at the company on March 18. Tan was previously chief executive of Cadence Design Systems, an American chip design company based in California, from 2009 to 2021.

Intel’s rivals such as Taiwan Semiconductor, Samsung, GlobalFoundries and Nvidia have all announced plans to invest billions of dollars in their existing U.S. chipmaking infrastructure or deepen partnerships with U.S. companies like Apple to dodge those long-promised tariffs.

Further management turmoil for Intel likely spells more trouble and delays as it continues to try to play catch up with its competitors. The company’s stock market value, just shy of $90 billion, lags far behind most of its rivals. Its stock dropped more than 2% Thursday, erasing its gains for the year and underperforming the S&P 500’s 9% gain this year.

Intel’s last CEO, Patrick Gelsinger, was forced out at the end of 2024 after the company fell behind Nvidia, AMD and other chip firms in the AI race. That came as Gelsinger sought to transform the long-struggling company by attempting to build major chip factories in the U.S.

But Intel’s debt load and the lead time that other companies already had on Intel were too much for Gelsinger to overcome.

In November, Intel received a nearly $8 billion grant under the Biden administration’s “CHIPS Act” for factory build-outs and to make secure chips for the Defense Department.

But that grant was less than Intel was originally set to receive. It was reduced because U.S. officials worried about Intel’s ability to deliver what was promised, The New York Times reported.

Press Release:
14:30 CEST • 07 Aug 2025

News release from Vestas Northern & Central Europe
Hamburg, 7 August 2025

Vestas is proud to announce the following order as part of our Q3 order intake:

Country	Region	Customer	Project name	MW	Turbine variant	Service agreement	Delivery & commissioning
Germany	EMEA	Prezeller Wind GmbH & Co. KG, Lanze-Lomitz Wind GmbH & Co. KG and Eurowind Energy A/S	Prezelle and Lanze-Lomitz	74	12 x V162-6.2 MW	20-year AOM4000 Service Agreement	Delivery planned to begin in Q3 2026, commissioning scheduled for Q4 2026

For more information, please contact:
Frederikke Lundskov Røhl
Communication Coordinator, Vestas Northern & Central Europe
Mail: frlkr@vestas.com
Tel: +45 2894 2984

About Vestas
Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 190 GW of wind turbines in 88 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 157 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 35,000 employees are bringing the world sustainable energy solutions to power a bright future.

For updated Vestas photographs and videos, please visit our media images page on: https://www.vestas.com/en/media/images.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Delaware’s chancery court stands between Elon Musk and investors willingly offering him a fortune. In 2018, when Tesla was worth around $50bn, the carmaker’s shareholders approved a plan to link Mr Musk’s pay to the value of the company. By January 2024, when the court ruled that the pay package was illegal, the carmaker and Mr Musk’s stock options were worth more than $600bn and $50bn respectively. Tesla’s board of directors had not been transparent about how Mr Musk’s pay was set, the judge said. That summer Tesla’s shareholders voted to reincorporate the company in Texas and reapprove the compensation package. The court killed it again in winter.

ENGLEWOOD, Colo.–(BUSINESS WIRE)–
Liberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported second quarter 2025 results. Headlines include⁽¹⁾:

• Attributed to Formula One Group
  • Completed acquisition of MotoGP on July 3^rd

  • Renewed agreement with Canadian Grand Prix through 2035 with a long-term extension to Bell Media’s media rights deal and renewed Austrian Grand Prix through 2041

  • Secured PepsiCo as new Official Partner of F1 through 2030 and extended Global Partnership with MSC Cruises through 2030

  • Announced new licensing agreement with Disney’s Mickey & Friends beginning in 2026

  • F1 The Movie opened globally on June 27^th and is Apple’s highest-grossing film ever

• Attributed to Liberty Live Group
  • Fair value of Live Nation investment was $10.5 billion as of June 30^th

  • Filed preliminary proxy statement on July 25^th, expect to complete split-off in fourth quarter 2025

“We made excellent progress since last quarter on our stated priorities, including completing the acquisition of MotoGP, advancing the split-off of Liberty Live and continuing excellent financial and operating results at Formula 1,” said Derek Chang, Liberty Media President & CEO. “Formula 1’s global strength continues to drive commercial momentum and financial success, with new partners signed and record fan engagement demonstrating the breadth and appeal of the brand. We are thrilled to begin our partnership with the MotoGP management team and, while early days, are working closely with them to support their strategic direction and accelerate the company’s growth.”

Corporate Updates

On July 3, 2025, Liberty Media completed the acquisition of Dorna Sports, S.L. (“MotoGP”), the exclusive commercial rights holder of the MotoGP™ World Championship, and will consolidate its financial results from that point forward. Following the acquisition, Liberty Media owns approximately 84% of MotoGP with MotoGP management retaining 16% of the business. MotoGP is attributed to the Formula One Group tracking stock. Due to the timing of the acquisition, the initial accounting for the acquisition is not reflected in the below financial results.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three and six months ended June 30, 2025 to the same period in 2024.

FORMULA ONE GROUP – The following table provides the financial results attributed to Formula One Group for the second quarter of 2025. In the second quarter, Formula One Group incurred $14 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

For the periods presented below, the businesses and assets attributed to Formula One Group consist primarily of Liberty Media’s subsidiaries, F1 and Quint.

		Three months ended								Six months ended
		June 30,								June 30,
		2024				2025				2024				2025
		amounts in millions								amounts in millions
Formula One Group
Revenue
Formula 1		$	871			$	1,226			$	1,424				1,629
Corporate and other			141				145				185				198
Intergroup elimination			(24	)			(30	)			(34	)			(39	)
Total Formula One Group		$	988			$	1,341			$	1,575				1,788
Operating Income (Loss)
Formula 1		$	84			$	293			$	220				265
Corporate and other			(25	)			(13	)			(66	)			(52	)
Total Formula One Group		$	59			$	280			$	154				213
Adjusted OIBDA (Loss)
Formula 1		$	160			$	361			$	368				446
Corporate and other			5				8				(1	)			(4	)
Total Formula One Group		$	165			$	369			$	367				442

F1 Operating Results

“This season has showcased phenomenal racing, with multiple teams and drivers competing at the very highest level. The F1 movie from Apple debuted to well-deserved accolades, marking the largest box office theatrical release for any streaming service and captivating audiences of both core and new F1 fans alike. Cultural moments like the F1 movie alongside exciting on-track action are generating strong viewership trends and especially robust social and digital engagement, including a record number of social impressions delivered by content posted on official F1 channels. Thanks to the efforts of our teams, partners and the F1 community, we are driving excellent momentum at Formula 1 on and off the track,” said Stefano Domenicali, Formula 1 President and CEO.

The following table provides the operating results of Formula 1 (“F1”).

		Three months ended											Six months ended
		June 30,											June 30,
		2024				2025				% Change			2024				2025				% Change
		$ amounts in millions											$ amounts in millions
Number of races in period			8				9							11				11
Primary Formula 1 revenue		$	739			$	1,032			40	%		$	1,202			$	1,351			12	%
Other Formula 1 revenue			132				194			47	%			222				278			25	%
Total Formula 1 revenue		$	871			$	1,226			41	%		$	1,424			$	1,629			14	%
Operating expenses (excluding stock-based compensation):
Team payments, excluding Concorde incentive payments			(435	)			(513	)		(18	)%			(598	)			(627	)		(5	)%
Other cost of Formula 1 revenue			(210	)			(274	)		(30	)%			(333	)			(402	)		(21	)%
Cost of Formula 1 revenue, excluding Concorde incentive payments		$	(645	)		$	(787	)		(22	)%		$	(931	)		$	(1,029	)		(11	)%
Selling, general and administrative expenses			(66	)			(78	)		(18	)%			(125	)			(154	)		(23	)%
Adjusted OIBDA		$	160			$	361			126	%		$	368			$	446			21	%
Concorde incentive payments			—				—			NM				—				(50	)		NM
Stock-based compensation			(1	)			—			NM				(1	)			—			NM
Depreciation and Amortization(a)			(75	)			(68	)		9	%			(147	)			(131	)		11	%
Operating income (loss)		$	84			$	293			249	%		$	220			$	265			20	%

____________________
a)		Includes $61 million and $50 million of amortization related to purchase accounting for the three months ended June 30, 2024 and June 30, 2025, respectively, that is excluded from calculations for purposes of team payments, and $123 million and $100 million of amortization related to purchase accounting for the six months ended June 30, 2024 and June 30, 2025, respectively, that is excluded from calculations for purposes of team payments.

Primary F1 revenue represents the majority of F1’s revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.

There were nine races held in the second quarter of 2025 compared to eight races held in the second quarter of 2024. There were 11 races held year-to-date through the second quarter of both 2025 and 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season, which will impact the year-over-year revenue and cost comparisons on a quarterly basis.

Primary F1 revenue increased in the three months ended June 30, 2025 primarily due to the calendar variance compared to the prior year, which drove additional race promotion revenue and higher sponsorship and media rights revenue with a larger proportion of season-based income recognized during the period, as well as contractual increases in fees across all primary revenue streams. Sponsorship revenue also benefitted from revenue recognized from new sponsors. Media rights revenue also increased due to continued growth in F1 TV subscriptions and the recognition of one-time revenue associated with the release of the F1 movie. Other F1 revenue increased in the second quarter primarily due to higher hospitality and experiences revenue and growth in licensing income. The increase in hospitality and experiences revenue was driven by underlying Paddock Club growth as well as one additional event and the mix of races held. The calendar variance and mix of events also led to higher revenue from travel, technical and freight services in the second quarter.

Primary F1 revenue increased in the six months ended June 30, 2025 with growth across all revenue streams compared to the prior year. Sponsorship revenue grew due to revenue recognized from new sponsors and growth in revenue from existing contracts. Media rights revenue grew due to contractual increases in fees, continued growth in F1 TV subscriptions and the recognition of one-time revenue associated with the release of the F1 movie. Race promotion revenue increased due to contractual increases in fees and growth in other support race fees. Other F1 revenue increased in the six months ended June 30, 2025 primarily driven by higher freight income due to the different routes flown and the pass through of increased freight costs, higher hospitality from growing attendance at Paddock Clubs and growth in revenue from licensing.

Operating income and Adjusted OIBDA⁽²⁾ grew in the three and six months ended June 30, 2025. Team payments increased for both periods due to the pro rata recognition of expected higher team payments for the full year. Other cost of F1 revenue is largely variable in nature and derived from servicing both Primary and Other F1 revenue opportunities. These costs increased for both the three and six months ended June 30, 2025 due to higher freight costs associated with the different order of events, higher commissions and partner servicing costs linked to underlying revenue growth, higher Paddock Club costs due to increased attendance, increased costs to service new sponsors, higher costs of delivering F1 TV to a growing subscriber base and expense associated with the Grand Prix Plaza in Las Vegas, which launched new activations and other events in the second quarter. Growth in other cost of F1 revenue in the three months ended June 30, 2025 was also impacted by the additional race held, which impacted costs of the Paddock Club, technical, travel and freight services. Selling, general and administrative expense increased in the three and six months ended June 30, 2025 primarily due to higher personnel and marketing expense, including marketing costs associated with the 75^th season launch event at London’s The O2 in the six-month period.

Corporate and Other Operating Results

Corporate and Other Adjusted OIBDA includes the rental income related to Grand Prix Plaza in Las Vegas, Quint results and other corporate overhead for the second quarter of 2025 and the prior year period. Corporate and Other revenue increased in the second quarter due to Quint results. There was $6 million of rental income related to Grand Prix Plaza in Las Vegas in the second quarter of both 2025 and 2024. In the second quarter, Quint results were primarily driven by F1 Experiences across the nine races held and the Kentucky Derby. Quint’s revenue is seasonal around its largest events, which are generally during the second and fourth quarters.

LIBERTY LIVE GROUP – In the second quarter, $7 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group.

The businesses and assets attributed to Liberty Live Group consist of Liberty Media’s interest in Live Nation and other minority investments.

Share Repurchases

There were no repurchases of Liberty Media’s common stock from May 1 through July 31, 2025. The total remaining repurchase authorization for Liberty Media as of August 1, 2025 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks.

FOOTNOTES

1)		Liberty Media will discuss these headlines and other matters on Liberty Media’s earnings conference call that will begin at 10:00 a.m. (E.T.) on August 7, 2025. For information regarding how to access the call, please see “Important Notice” later in this document.
2)		For a definition of Adjusted OIBDA (as defined by Liberty Media) and the applicable reconciliation, see the accompanying schedule.

NOTES

Cash and Debt

The following presentation is provided to separately identify cash and debt information. The acquisition of MotoGP was completed on July 3, 2025 and is not reflected in cash and debt presented below.

(amounts in millions)		3/31/2025				6/30/2025
Cash and Cash Equivalents Attributable to:
Formula One Group(a)		$	2,833			$	3,140
Liberty Live Group			314				308
Total Consolidated Cash and Cash Equivalents (GAAP)		$	3,147			$	3,448
Debt:
2.25% convertible notes due 2027(b)			475				475
Formula 1 term loan and revolving credit facility			2,376				2,372
Other corporate level debt			51				50
Total Attributed Formula One Group Debt		$	2,902			$	2,897
Fair market value adjustment			80				133
Total Attributed Formula One Group Debt (GAAP)		$	2,982			$	3,030
Formula 1 leverage(c)			1.2x				0.7x
2.375% Live Nation exchangeable senior debentures due 2053(b)			1,150				1,150
Live Nation margin loan			—				—
Total Attributed Liberty Live Group Debt		$	1,150			$	1,150
Fair market value adjustment			432				619
Total Attributed Liberty Live Group Debt (GAAP)		$	1,582			$	1,769
Total Liberty Media Corporation Debt (GAAP)		$	4,564			$	4,799

____________________
a)		Includes $1,547 million and $1,775 million of cash held at F1 as of March 31, 2025 and June 30, 2025, respectively, and $69 million and $70 million of cash held at Quint as of March 31, 2025 and June 30, 2025, respectively.
b)		Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment.
c)		Net leverage as defined in F1’s credit facilities for covenant calculations.

Liberty Media and F1 are in compliance with their debt covenants as of June 30, 2025.

Total cash and cash equivalents attributed to Formula One Group increased $307 million during the second quarter primarily due to net cash from operations at F1 and proceeds from the partial settlement of derivative contracts related to MotoGP transaction financing, partially offset by capital expenditures at F1. Total debt attributed to Formula One Group was relatively flat in the second quarter.

Total cash and cash equivalents attributed to Liberty Live Group decreased $6 million during the second quarter primarily due to interest payments and corporate overhead. Total debt attributed to Liberty Live Group was flat during the second quarter.

Important Notice: Liberty Media Corporation (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media’s earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on August 7, 2025. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748884 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertymedia.com/investors/news-events/ir-calendar. Links to this press release will also be available on the Liberty Media website.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, the Formula 1 race calendar, expectations regarding Formula 1’s business, the planned split-off of Liberty Live and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of all conditions for the split-off of Liberty Live, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of future litigation, the failure to realize benefits of acquisitions, rapid industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, 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. Please refer to the publicly filed documents of Liberty Media, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media’s business which may affect the statements made in this press release.

LIBERTY MEDIA CORPORATION
BALANCE SHEET INFORMATION
June 30, 2025 (unaudited)
		Attributed
		Formula				Liberty
		One				Live			Intergroup			Consolidated
		Group				Group			Eliminations			Liberty
		amounts in millions
Assets
Current assets:
Cash and cash equivalents		$	3,140			308			—			3,448
Trade and other receivables, net			143			1			—			144
Other current assets			510			—			—			510
Total current assets			3,793			309			—			4,102
Investments in affiliates, accounted for using the equity method			33			589			—			622
Property and equipment, at cost			1,012			—			—			1,012
Accumulated depreciation			(184	)		—			—			(184	)
			828			—			—			828
Goodwill			4,135			—			—			4,135
Intangible assets subject to amortization, net			2,570			—			—			2,570
Deferred income tax assets			569			256			(35	)		790
Other assets			557			217			—			774
Total assets		$	12,485			1,371			(35	)		13,821
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities		$	469			1			—			470
Current portion of debt			34			1,769			—			1,803
Deferred revenue			780			—			—			780
Other current liabilities			50			—			—			50
Total current liabilities			1,333			1,770			—			3,103
Long-term debt			2,996			—			—			2,996
Other liabilities			304			90			(35	)		359
Total liabilities			4,633			1,860			(35	)		6,458
Equity / Attributed net assets			7,852			(511	)		—			7,341
Noncontrolling interests in equity of subsidiaries			—			22			—			22
Total liabilities and equity		$	12,485			1,371			(35	)		13,821

LIBERTY MEDIA CORPORATION
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2025 (unaudited)
			Attributed
		Formula				Liberty
		One				Live			Consolidated
		Group				Group			Liberty
		amounts in millions
Revenue:
Formula 1 revenue		$	1,203			—			1,203
Other revenue			138			—			138
Total revenue			1,341			—			1,341
Operating costs and expenses:
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)			779			—			779
Other cost of sales			88			—			88
Selling, general and administrative (1)			111			7			118
Acquisition costs			3			—			3
Depreciation and amortization			80			—			80
			1,061			7			1,068
Operating income (loss)			280			(7	)		273
Other income (expense):
Interest expense			(49	)		(8	)		(57	)
Share of earnings (losses) of affiliates, net			(2	)		73			71
Realized and unrealized gains (losses) on financial instruments, net			160			(289	)		(129	)
Other, net			66			4			70
			175			(220	)		(45	)
Earnings (loss) before income taxes			455			(227	)		228
Income tax (expense) benefit			(73	)		49			(24	)
Net earnings (loss)			382			(178	)		204
Less net earnings (loss) attributable to the noncontrolling interests			—			—			—
Net earnings (loss) attributable to Liberty stockholders		$	382			(178	)		204
(1) Includes stock-based compensation expense as follows:
Selling, general and administrative		$	6			2			8

LIBERTY MEDIA CORPORATION
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2024 (unaudited)
			Attributed
		Formula				Liberty			Liberty
		One				Live			SiriusXM			Consolidated
		Group				Group			Group			Liberty
		amounts in millions
Revenue:
Formula 1 revenue		$	853			—			—			853
Other revenue			135			—			—			135
Total revenue			988			—			—			988
Operating costs and expenses:
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)			639			—			—			639
Other cost of sales			94			—			—			94
Selling, general and administrative (1)			96			2			—			98
Acquisition costs			11			—			—			11
Depreciation and amortization			89			—			—			89
			929			2			—			931
Operating income (loss)			59			(2	)		—			57
Other income (expense):
Interest expense			(53	)		(7	)		—			(60	)
Share of earnings (losses) of affiliates, net			(2	)		85			—			83
Realized and unrealized gains (losses) on financial instruments, net			(1	)		88			—			87
Other, net			20			6			—			26
			(36	)		172			—			136
Earnings (loss) from continuing operations before income taxes			23			170			—			193
Income tax (expense) benefit			1			(36	)		—			(35	)
Net earnings (loss) from continuing operations			24			134			—			158
Net earnings (loss) from discontinued operations			—			—			349			349
Net earnings (loss)			24			134			349			507
Less net earnings (loss) attributable to the noncontrolling interests			—			—			50			50
Net earnings (loss) attributable to Liberty stockholders		$	24			134			299			457
(1) Includes stock-based compensation expense as follows:
Selling, general and administrative		$	6			1			—			7

LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2025 (unaudited)
		Attributed
		Formula				Liberty
		One				Live			Consolidated
		Group				Group			Liberty
		amounts in millions
Cash flows from operating activities:
Net earnings (loss)		$	404			(195	)		209
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization			157			—			157
Stock-based compensation			8			2			10
Share of (earnings) loss of affiliates, net			5			(77	)		(72	)
Realized and unrealized (gains) losses on financial instruments, net			(242	)		306			64
Deferred income tax expense (benefit)			9			(51	)		(42	)
Intergroup tax allocation			3			(3	)		—
Other, net			(33	)		1			(32	)
Changes in operating assets and liabilities
Current and other assets			(147	)		—			(147	)
Payables and other liabilities			464			1			465
Net cash provided (used) by operating activities			628			(16	)		612
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities			(16	)		(1	)		(17	)
Cash proceeds from dispositions			26			—			26
Cash (paid) received for acquisitions, net of cash acquired			(131	)		—			(131	)
Capital expended for property and equipment, including internal-use software and website development			(55	)		—			(55	)
Cash proceeds from foreign currency forward contracts			71			—			71
Other investing activities, net			(14	)		—			(14	)
Net cash provided (used) by investing activities			(119	)		(1	)		(120	)
Cash flows from financing activities:
Repayments of debt			(11	)		—			(11	)
Other financing activities, net			19			—			19
Net cash provided (used) by financing activities			8			—			8
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash			9			—			9
Net increase (decrease) in cash, cash equivalents and restricted cash			526			(17	)		509
Cash, cash equivalents and restricted cash at beginning of period			2,638			325			2,963
Cash, cash equivalents and restricted cash at end of period		$	3,164			308			3,472
Cash and cash equivalents		$	3,140			308			3,448
Restricted cash included in other assets			24			—			24
Total cash, cash equivalents and restricted cash at end of period		$	3,164			308			3,472

LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2024 (unaudited)
			Attributed
		Formula				Liberty			Liberty
		One				Live			SiriusXM			Consolidated
		Group				Group			Group			Liberty
		amounts in millions
Cash flows from operating activities:
Net earnings (loss)		$	101			61			590			752
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Net (earnings) loss from discontinued operations			—			—			(590	)		(590	)
Depreciation and amortization			175			—			—			175
Stock-based compensation			18			2			—			20
Share of (earnings) loss of affiliates, net			5			(64	)		—			(59	)
Realized and unrealized (gains) losses on financial instruments, net			(47	)		(19	)		—			(66	)
Deferred income tax expense (benefit)			2			13			—			15
Intergroup tax allocation			(62	)		3			—			(59	)
Intergroup tax (payments) receipts			80			3			—			83
Other, net			5			(4	)		—			1
Changes in operating assets and liabilities
Current and other assets			(79	)		2			—			(77	)
Payables and other liabilities			203			(4	)		—			199
Net cash provided (used) by operating activities			401			(7	)		—			394
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities			(1	)		—			—			(1	)
Cash proceeds from dispositions			—			107			—			107
Cash (paid) received for acquisitions, net of cash acquired			(205	)		—			—			(205	)
Capital expended for property and equipment, including internal-use software and website development			(40	)		—			—			(40	)
Other investing activities, net			(62	)		1			—			(61	)
Net cash provided (used) by investing activities			(308	)		108			—			(200	)
Cash flows from financing activities:
Borrowings of debt			10			—			—			10
Repayments of debt			(31	)		—			—			(31	)
Other financing activities, net			27			—			—			27
Net cash provided (used) by financing activities			6			—			—			6
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash			(8	)		—			—			(8	)
Net cash provided (used) by discontinued operations:
Cash provided (used) by operating activities			—			—			753			753
Cash provided (used) by investing activities			—			—			(550	)		(550	)
Cash provided (used) by financing activities			—			—			(314	)		(314	)
Net cash provided (used) by discontinued operations			—			—			(111	)		(111	)
Net increase (decrease) in cash, cash equivalents and restricted cash			91			101			(111	)		81
Cash, cash equivalents and restricted cash at beginning of period			1,408			305			315			2,028
Cash, cash equivalents and restricted cash at end of period		$	1,499			406			204			2,109
Cash and cash equivalents		$	1,491			406			188			2,085
Restricted cash included in other current assets			8			—			—			8
Restricted cash included in current assets of discontinued operations			—			—			8			8
Restricted cash included in noncurrent assets of discontinued operations			—			—			8			8
Total cash, cash equivalents and restricted cash at end of period		$	1,499			406			204			2,109

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

SCHEDULE 1

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Formula One Group, together with reconciliations to operating income, as determined under GAAP. Liberty Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges.

Liberty Media believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Media’s management considers in assessing the results of operations and performance of its assets.

The following table provides a reconciliation of Adjusted OIBDA for Liberty Media to operating income (loss) calculated in accordance with GAAP for the three and six months ended June 30, 2024 and June 30, 2025.

QUARTERLY SUMMARY
		Three months ended								Six months ended
		June 30,								June 30,
		2024				2025				2024				2025
Formula One Group
Operating income (loss)		$	59			$	280			$	154			$	213
Depreciation and amortization			89				80				175				157
Stock compensation expense			6				6				18				8
Acquisition costs(a)			11				3				20				14
Concorde incentive payments			—				—				—				50
Adjusted OIBDA		$	165			$	369			$	367			$	442

____________________
(a)		Formula One Group incurred $11 million and $3 million of costs related to corporate acquisitions during the three months ended June 30, 2024 and June 30, 2025, respectively, and $20 million and $14 million of costs related to corporate acquisitions during the six months ended June 30, 2024 and June 30, 2025, respectively.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806869346/en/

Shane Kleinstein, (720) 875-5432

Source: Liberty Media Corporation

Released August 7, 2025

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