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  • Why Trump-Putin talks unlikely to bring rapid end to Ukraine war

    Why Trump-Putin talks unlikely to bring rapid end to Ukraine war

    Vitaliy Shevchenko

    BBC Monitoring Russia editor

    EPA A woman wearing a red jumper and holding her phone walks past a bombed-out residential building in Kyiv on 21 July.EPA

    Three rounds of talks between Russia and Ukraine held at Trump’s behest have failed to bring the two sides any closer to peace

    The war in Ukraine, sparked by Russia’s full-scale invasion in February 2022, shows no sign of abating.

    In the east of Ukraine, Russia presses on in a grinding and bloody advance. Deadly aerial strikes are a nightly occurrence across the country, while Russia’s refineries and energy facilities come under regular attack from Kyiv’s drones.

    It is against this backdrop that the Kremlin confirmed a meeting between Donald Trump and Vladimir Putin was being planned and due to take place soon. “I’m here to get [the war] over with,” the US leader said on Wednesday.

    Three rounds of talks between Russia and Ukraine held at his behest between May and July have failed to bring the two sides any closer to peace, and Trump may hope that taking the situation into his own hands could finally result in a ceasefire.

    But the gulf between Kyiv and Moscow is so large that even Trump-mediated talks could make it difficult to bridge.

    In a memorandum presented to the Ukrainians by Russia in June, Moscow outlined its maximalist demands for a “final settlement” of the conflict. They include the recognition of Russian sovereignty over the Ukrainian regions of Crimea, Donetsk, Luhansk, Zaporizhzhia and Kherson as well as Ukraine agreeing to demilitarisation, neutrality, no foreign military involvement and new elections.

    Getty Images Firefighters and rescuers sift through the rubble of a destroyed buildingGetty Images

    Firefighters and rescuers sift through the rubble following a Russian cruise missile attack on a residential building in Kyiv last week

    “The Russian side can frame this in a dozen different ways, creating the impression that Moscow is open to concessions and serious negotiation,” wrote Russian political analyst Tatiana Stanovaya. “But the core position remains unchanged: Russia wants Kyiv to surrender.”

    Following a meeting between Putin and US envoy Steve Witkoff, US Secretary of State Marco Rubio said on Wednesday that Washington had a better understanding of the conditions under which Russia would be prepared to end the war.

    We don’t know if those conditions have changed. However, only last week Putin – likely referencing the memorandum – said Russia had made its goals known in June, and that those goals had stayed the same.

    Therefore, despite the Kremlin agreeing to a Trump-Putin meeting, there is no reason to believe Moscow is ready to budge on its tough preconditions.

    So why would Putin be agreeing to talks at this stage?

    One possibility is that it hopes engaging in dialogue could fend off the secondary sanctions Trump has threatened to impose on Moscow’s trading partners as soon as Friday. The Kremlin may also feel it could convince Trump of the merits of its conditions to end the war.

    Getty Images Trump and Putin shaking hands in front of a lectern reading "Helsinki". American and Russian flags are in the backgroundGetty Images

    Trump’s comments following his meeting with Putin in Helsinki in 2018 left many stunned

    At the start of his second term in office, Trump appeared to be more aligned with Russia than Ukraine, labelling Zelensky a “dictator” and suggesting he was to blame for the war with Russia.

    Although he has since signalled his impatience with Putin – “he’s just tapping me along”, he said in April – Trump has also refused to say whether he felt the Russian leader had been lying to him over his readiness to move towards a ceasefire.

    Whether because of personal affinity or an aligned worldview, Trump has been reluctant to ever fully condemn Putin for his actions.

    When the two met in Helsinki in 2018 – during Trump’s first term as president – many were left stunned to see Trump side with the Kremlin over accusations of Russian meddling in the 2016 US election and take responsibility for the tense state of US-Russia relations.

    It is perhaps partly to fend off the possibility of Trump being swayed by Putin that Kyiv wants to be involved in any ceasefire talks.

    Through his envoy Steve Witkoff, Trump has also suggested holding a trilateral with Putin and Zelensky. But the Russian president has batted off these suggestions, saying the conditions for a meeting are still far off.

    Now some in Ukraine are concerned a Trump-Putin meeting may result in the US president giving in to Putin’s demands.

    Ukrainian MP Iryna Herashchenko said it was becoming evident that demands for territorial concessions by Ukraine would be made and added being absent from the negotiating table would be “very dangerous” for Kyiv.

    “Ukraine is not afraid of meetings and expects the same bold approach from the Russian side,” Zelensky said on Thursday.

    But the gulf between Russia and Ukraine remains.

    And should the Kremlin eventually agree to a trilateral meeting, Moscow’s demands for a ceasefire have proven so intractable that it is unclear what bringing Zelensky and Putin face-to-face might achieve.

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  • James Gunn to Direct ‘Superman’ Sequel: ‘Next Movie in Super-Family’

    James Gunn to Direct ‘Superman’ Sequel: ‘Next Movie in Super-Family’

    James Gunn will write and direct “the next installment in the Super-Family,” Warner Bros. Discovery CEO David Zaslav confirmed during the company’s earnings call.

    Gunn had previously said in various interviews during his “Superman” press tour that he was writing a new movie featuring David Corenswet’s Superman in it, although he always remained coy on whether it was a standalone “Superman” sequel or something else. Zaslav provided no clarity there, opting to say “next movie in the Super-Family,” but it’s news that Gunn will direct the movie in addition to writing the screenplay. He served the same dual role on “Superman.”

    Warner Bros. recently relaunched the DC Universe with Gunn’s “Superman,” which ignited to $125 million domestically in early July and has since generated $315 million in North America and $550 million globally.

    Next up for the franchise is “Peacemaker” Season 2, followed by the “Supergirl” movie and the “Lanterns” television series in 2026. Plus there’s “Clayface,” which is set to film this year. Gunn recently told CBS Mornings that fans should expect each entry to have its own flavor and tone, just like actual comic books.

    “‘Clayface’ is a totally different thing. Although it’s in the same universe, it’s a complete horror film, and that’s one of the things we want to do,” Gunn said. “There’s not a company style. It’s not like every movie is gonna be like ‘Superman.’ The artists and the directors and the writers that create each one will bring their own sense to it. … We don’t want people being bored.”

    James Gunn and Peter Safran were hired in 2022 to reset the state of DC Studios, which has long struggled to keep up with Disney’s wildly successful Marvel Cinematic Universe. Beyond “Superman,” portrayed in this world by David Corenswet, Gunn and Safran have outlined an ambitious, 10-year plan of interconnected sequels and spinoffs. Their efforts will continue with two blockbuster hopefuls in 2026, “Supergirl” and “Clayface,” as well as a new take on “Wonder Woman.”

    Warner Bros. Discovery CEO David Zaslav has praised the team of Gunn and Safran for “breathing new life and excitement into one of the most iconic storytelling franchises in the world.” Although “Superman” has been a start, DC still faces challenges because “Supergirl” and “Clayface” are led by relatively unknown protagonists. That’s compared to Superman, who had an advantage as one of the most recognizable heroes on the planet. And as Disney is starting to learn the hard way with the MCU’s uneven box office streak, not all heroes are received equally on the big screen.

    That’s no matter to Zaslav, who is loudly congratulating the Man of Steel for charting a new path forward. “The DC vision is clear, the momentum is real,” he said after “Superman” landed in theaters. “I couldn’t be more excited for what’s ahead.”


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  • How to watch Crystal Palace vs Liverpool live: Community Shield stream, TV channel, team news, prediction

    How to watch Crystal Palace vs Liverpool live: Community Shield stream, TV channel, team news, prediction

    Crystal Palace and Liverpool meet at Wembley on Sunday in the FA Community Shield, the traditional curtain-raiser for the domestic season in England.

    FA Cup holders Palace will be eager to win even more silverware as Oliver Glasner’s side have had a disrupted summer following their heroic defeat of Manchester City in the FA Cup final at the end of last season. Palace have been demoted from the UEFA Europa League to the Conference League due to rules regarding multi-club ownership but they’ve appealed that decision to the Court of Arbitration for Sport (CAS) and will find out the verdict soon. American billionaire Woody Johnson has agreed to buy the majority stake in the club from fellow American John Textor whose Eagles Football group are at the center of the dispute over Palace’s demotion to the Conference League. On the pitch they’ve managed to keep hold of key players Marc Guehi and Eberechi Eze for now.

    Liverpool continue to mourn the loss of Diogo Jota after his tragic death in a car accident in Spain over the summer. On the pitch, Arne Slot has added plenty of new players this summer with Hugo Ekitike, Florian Wirtz, Milos Kerkez and Jeremie Frimpong all arriving to boost his squad. Luis Diaz has left and Darwin Nunez appears to be on the way out too to help offset some of the huge spending, while Alexander Isak is also a target for Liverpool. It’s clear the Reds aim to make the most of their title win last season and are now focused on winning the Champions League, and everything else, too.

    For live updates and highlights throughout Crystal Palace vs Liverpool, check out PST’s live blog coverage below.

    How to watch Crystal Palace vs Liverpool live, stream link and start time

    Kick off time: 10am ET Sunday (August 10)
    Venue: Wembley Stadium — London
    TV Channel/Streaming: ESPN+

    Crystal Palace team news, focus

    Long-term absentees Chadi Riad and Cheick Doucoure remain out but Crystal Palace have a full squad to choose from aside from that. Oliver Glasner has called for some additions to be made but given the change in ownership dragging on and the uncertainty over which European competition they will play in, there hasn’t been much movement in Palace’s squad this summer. Eze, Guehi, Mateta, Henderson and Wharton are the spine of the team and that remains intact, while the likes of Munoz and Kamada will look to build on a superb end to last season.

    Liverpool team news, focus

    There are very few injury concerns for Liverpool as they lined up the quartet of Mohamed Salah, Wirtz, Ekitike and Cody Gakpo from the start against Athletic Bilbao at Anfield on Monday. Slot is trying to get the balance right so he can put as much attacking talent on the pitch as possible at the same time. Conor Bradley and Joe Gomez are struggling with injury, while Virgil van Dijk missed the games against Bilbao due to illness and goalkeeper Alisson returned to Brazil for private reasons.

    Crystal Palace vs Liverpool prediction

    This is always a funny game to predict but it feels like Liverpool will lay down a marker for the levels they’re going to try and reach this season. Given the uncertain offseason Palace have had, they’ll be competitive but it feels like they’ve stood still. Crystal Palace 1-3 Liverpool.


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  • Helicopters rescue people stranded by floods on key India pilgrim route

    Helicopters rescue people stranded by floods on key India pilgrim route


    SUMY: At a funeral home in the northeastern Ukrainian city of Sumy, Svitlana Ostapenko paced around as she prepared the dead for their final journey.

    After five years of working in the funeral home, she was used to seeing dead bodies, but the growing number of dead — including young people from Russia’s invasion — was starting to overwhelm even her.

    “Death doesn’t discriminate between young and old,” the funeral director told AFP, breaking down in tears.

    Ukraine’s funeral workers, who are living through the war themselves and have been repeatedly exposed to violent death throughout Russia’s invasion launched in early 2022, are shouldering a mounting emotional toll while supporting grieving families.

    What’s more, Ostapenko’s hometown of Sumy near the Russian border, has come under bombardment throughout the invasion but advancing Russian troops have brought the fighting to as close as 20 kilometers (12 miles) away.

    Every day, Ostapenko lays the region’s dead in coffins.

    “One way or another, I’m getting by. I take sedatives, that’s all,” the 59-year-old said.

    There has been no shortage of work.

    On April 13, a double Russian ballistic missile strike on the city killed 35 people and wounded dozens of others.

    Residents pass without giving a second thought to the facades of historic buildings that were pockmarked by missile fragments.

    “We buried families, a mother and her daughter, a young woman of 33 who had two children,” said Ostapenko.

    During attacks at night, she said she takes refuge in her hallway — her phone in hand in case her services are needed.

    Every day, the Ukrainian regional authorities compile reports on Russian strikes in a war that has claimed tens of thousands of lives.

    Petro Bondar, Svitlana’s colleague, said he noted the names of the victims in his notebook to “understand how much grief these bombings cause.”

    “They’re not just numbers,” he told AFP.

    “They were living people, souls.”

    Igor Kruzo knew them only too well.

    His job is to immortalize their names in granite tombstones, along with portraits he paints stroke by stroke.

    The 60-year-old artist and veteran said he found it difficult to live with the faces he has rendered for gravestones.

    Soldiers, civilians, children, “all local people,” he said.

    “When you paint them, you observe their image, each with their own destiny,” he said, never speaking of himself in the first person, avoiding eye contact.

    At the cemetery, bereaved families told him about the deaths of their loved ones.

    “They need to be heard.”

    The conversations helped him cope psychologically, he said.

    “But it all cuts you to the bone,” he added.

    He used to paint elderly people, but found himself rejuvenating their features under his brush.

    He remembered a mother who was killed protecting her child with her body at the beginning of the war. “A beautiful woman, full of life,” whom he knew, he said.

    “And you find yourself there, having to engrave her image.”

    In recent months, his work had taken an increasingly heavier toll.

    In the new wing of the cemetery reserved for soldiers, a sea of yellow and blue flags was nestled among the gravestones.

    Enveloped by pine trees, workers bustled around a dozen newly dug holes, ready to welcome young combatants.

    In February, Ukrainian President Volodymyr Zelensky announced that 46,000 Ukrainian soldiers had been killed since 2022, and “tens of thousands” more were missing or in captivity — a figure that observers believed to be an underestimate.

    Russia has not published its combat losses, but a tally by the independent newspaper Meduza and the BBC estimates the military death toll at more than 119,000.

    “The dead appear in my dreams,” Kruzo said.

    He said he saw soldiers crying over graves, or his daughter’s friends lying lifeless in the cemetery aisle.

    “For the past three years, all my dreams have been about the war. All of them.”

    Ironically, he said he was drowning himself in work because “it’s easier.”

    He said he had never broken down, that he was tough man who served in the Soviet army, but that he was living in a “kind of numbness.”

    “I don’t want to get depressed,” he said, taking a drag on his cigarette.

    Behind him, a young, pregnant woman fixed her eyes on the portrait of a soldier smiling at her from the marble slab set in the earth.

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  • Liberty Media Corporation Reports Second Quarter 2025 Financial Results :: Liberty Media Corporation (FWONA)

    Liberty Media Corporation Reports Second Quarter 2025 Financial Results :: Liberty Media Corporation (FWONA)






    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 3rd

      • 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 27th 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 30th

      • Filed preliminary proxy statement on July 25th, 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 75th 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.

     

    Shane Kleinstein, (720) 875-5432

    Source: Liberty Media Corporation

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  • Knowledge mapping and research trends of exosomes in spinal cord injur

    Knowledge mapping and research trends of exosomes in spinal cord injur

    Introduction

    Spinal cord injury (SCI), is an extremely strong neurologic deficit that causes the complete or partial loss of motoric power sensations and autonomic functions beneath the level of lesion.1 SCI has a complex pathophysiology that involves primary mechanical damage followed by secondary injury cascades including inflammation, oxidative stress, and apoptosis associated with progressive tissue degeneration culminating in functional failure.2,3 Even with advances in acute care and rehabilitation, effective therapies resulting in extensive neurological recovery following SCIs are absent.4,5 Recent research identified targeting these secondary injury processes for neuroprotection and repair following SCI. One of the models under investigation is intercellular communication that promotes both injury and healing. Among these, extracellular vesicles and more specifically exosomes attracted increasing attention for their pivotal roles in cellular crosstalk following SCI.6–8

    Exosomes, defined as small extracellular vesicles (approximately 30–150 nm), have been identified to be essential in intercellular communication and are able to carry biologically active proteins, lipids, and nucleic acids from one cell type into another.9,10 Mechanistically, exosomes facilitate SCI recovery through multiple pathways. They deliver anti-inflammatory microRNAs (such as miR-124 and miR-133b) that modulate microglial polarization from pro-inflammatory M1 to anti-inflammatory M2 phenotype, transfer growth factors and cytokines that promote neural stem cell proliferation and differentiation, and carry proteins involved in axonal guidance and synaptic plasticity restoration.11 The cargo composition of therapeutic exosomes typically includes neuroprotective proteins (BDNF, VEGF), regenerative microRNAs, and anti-apoptotic factors that collectively target key signaling pathways including PI3K/Akt, Wnt/β-catenin, and MAPK cascades.12,13 Exosomes derived from mesenchymal stem cell (MSCs) are a novel type of transport medium for direct delivery, there is mounting evidence supports that contributing to the neuroprotective and regeneration manner of exogenous exosomal preparation against SCI.14,15 These mechanisms comprise the reduction of inflammation, cell death, and previous vessel formation as well an increase in axon growth through activation of endogenous repair processes.16–18 Compared to alternative therapeutic approaches such as direct stem cell transplantation or biomaterial scaffolds, exosome-based therapies offer distinct advantages including reduced immunogenicity, ability to cross the blood-spinal cord barrier, and lower risk of tumorigenesis while maintaining the regenerative potential of parent cells.19,20 Recently, research on exosomes as a treatment for SCI has attracted much attention. In animal models of SCI, exosome-based treatments robustly improve functional recovery in a variety of preclinical studies.21 Recently, advances in exosome engineering and the development of new methods for delivery have generated a great potential to improve the therapeutic effects by using exosomes.22–24 However, a global analysis of the existing works and trends in this quickly changing area is still lacking.

    Bibliometric analysis has gained substantial importance as a tool to quantitatively evaluate the productivity and impact of science in any area.25,26 Unlike traditional narrative reviews that may be subject to selection bias, bibliometric analysis provides objective, data-driven insights into research trends, collaboration patterns, and knowledge evolution through statistical analysis of publication metadata. This approach is particularly valuable for rapidly evolving fields like exosome research, where comprehensive manual review becomes increasingly challenging due to exponential growth in publications.27,28 By scrutinizing publication trends, citation networks and research hotspots, bibliometric analysis can provide valuable insights into the development of a certain research field.29,30 These analyses provide researchers with information on gaps in knowledge and areas where additional research is most needed.31,32 The timeframe of 2000–2024 was selected to capture the complete evolution of exosome research in SCI, beginning from early foundational studies on extracellular vesicles around 2000 and extending through recent advances in exosome engineering and targeted delivery systems. This period encompasses key technological milestones including improved exosome isolation techniques (ultracentrifugation, size-exclusion chromatography), advanced characterization methods (nanoparticle tracking analysis, cryo-electron microscopy), and the emergence of exosome modification strategies for enhanced therapeutic efficacy.33,34 There are a few bibliometric studies that have investigated exosome-associated areas, revealing the characteristics of research trends and collaboration in this field. The first is that in the wider exosome literature Wei et al (2024)35 was a full bibliometric evaluation of exosomes based drug delivery all through 2013 to 2020 showing the surprising evolution in this field and development for therapeutic applications. Another study by Zhuo et al (2023),36 however, data from a bibliometric perspective has highlighted the novelty of exosomes in cerebral diseases for neurodegenerative processes and brain trauma. But, unfortunately there has not been a full in-depth bibliometrics article that applies on the merger topic with spinal cord injury and exosome yet. While Web of Science Core Collection provides comprehensive coverage of high-impact journals and standardized citation tracking essential for bibliometric analysis, we acknowledge limitations including potential exclusion of relevant non-English publications and regional journals not indexed in this database. However, WoS remains the gold standard for bibliometric studies due to its rigorous quality control and comprehensive citation network.37 To address this, the objective of this study is to provide a comprehensive bibliometric review on SCI and exosome related publications.

    Materials and Methods

    Search Strategies and Data Collection

    We conducted a comprehensive literature search spanning 2000 to 2024 using the Web of Science Core Collection (WoSCC) database. Search formula. (TS=(spinal cord injury OR spinal cord injuries)) AND TS=(exosome OR exosomes OR exosomal OR exosomic)).27,38 To minimize selection bias, researchers conducted the literature screening process following predefined inclusion criteria. (1) studies investigating exosomes in the context of spinal cord injury; (2) original research articles with primary data; (3) English language publications; and (4) articles published between January 2000 and May 2024. Exclusion criteria. (1) duplicate records; (2) reviews; (3) editorial material; (4) letter; (5) meeting abstract; (6) non-english publication. The data was collected in text format as “Full Records and References”. Extracted information provided from each publication included the number of publications and citations, titles, author names, institutions, countries/regions, keywords, and details about the journals. A total of 281 eligible publications were analyzed in the present study. The flowchart of data screening is shown in Figure 1. In the initial database search, a total of 315 records were identified as potentially relevant. The titles and abstracts of 303 records that remained following the removal of 12 duplicates were scrutinized. This initial screen yielded 283 articles for full-text review. Only the 281 articles that met all inclusion criteria were included in this final analysis of bibliometrics following a substantial assessment process.

    Figure 1 Flowchart for selecting papers.

    Statistical Analysis

    The analysis and visualization of various research components, such as countries, institutions, authors and co-cited authors, journals and co-cited journals, co-cited references, and keywords, were conducted using VOSviewer (V.1.6.20), CiteSpace (V.6.3.R1), and an online bibliometric tool. Furthermore, CiteSpace was utilized to examine dual-map overlays, cluster co-cited references, and identify citation bursts and keyword burst citations. VOSviewer was used in this study to analyze the co-occurrence network of keywords in all the documents. Using the online analysis platform available, we visualized cooperative network relationships among countries and regions.

    The size of each node in the data visualization maps is proportional to the frequency with which the corresponding research component appears. These nodes are interconnected to show how research components co-occur, with the thickness of the connections representing the frequency of such co-occurrences.39 We employed total publications, total citations, average citations, the H-index, g-index and m-index to gauge the influence of research elements. The H-index serves as a key measure for evaluating the academic contributions of researchers and has the potential to predict their future scientific accomplishments.40 The g-index was proposed as an enhancement of the H-index by Leo Egghe and it gives more weight to highly cited articles.41 This is defined as the maximal number g of a specific publications with at least g highly cited articles, for which on average every article receives more than G citations. The m-index is a variation of the H-index that considers the number of years over which papers are published. It is calculated by dividing the H-index by the number of years since the researcher’s first publication, allowing for fairer comparisons between researchers at different career stages.42 The Journal Citation Report (JCR) Quartile rankings of 2024 ranks journals into four quartiles based on their Impact Factor within the subject categories where it is included. Journal quartile is based on the rank of specific journal in its field. Q1 represents the top 25% of journals in a field, Q2 the next 25%, and so on. By using these metrics, one can gain insights into both the collective and specific impacts of research elements.39,43

    Results

    An Overview of Publications in Research of Spinal Cord Injury and Exosomes

    We identified 281 relevant articles by our search efforts. The investigation uncovered 1,792 authors from 1,006 institutions in 66 countries had contributed to these publications. These articles were published in 153 journals, and a total of 11,131 references have been cited (Figure 2A).

    Figure 2 An overview of publications in research of spinal cord injury and exosomes. (A) Information on the data generated by the WoSCC database for exosomes in spinal cord injury; (B) The annual papers used exosomes for SCI from 2013 to 2024.

    Publication Trends

    Altogether these publications show an increasing trend from 2000 to 2024 for the period of every year as shown in Figure 2B. The data displays almost exponential growth, although with a slow start as prior to 2013 there were fewer than five publications reported per year. A turning point took place on 2013, when the most cited article in our analysis appeared. Between 2013 and 2015, that number increased gradually from around five to ten per year. Starting in 2015, the number of research articles doubled from just 10 papers published to a total output of twenty-two publications. This rapid growth trend continued until the field reached a new equilibrium with respect to 30–40 publications per year in 2017–2020. The research activity increased exceedingly in 2021, over fifty publications and similar numbers are also present in the year of 2022. The high point is attributed to the increased recognition of exosomes as extracellular vesicles, vehicles for drugs and treatment in spinal cord injury and advanced isolation techniques involving characters of exosome. Interestingly, some of the data for 2023 and early 2024 suggest a small decrease in publications if attributable to indexing delays rather than real reduced research output.

    Citation Analysis

    Citation analysis identified the key articles within this dataset and revealed that top 3 papers44–46 have been cited on average of 539, 300, and 254 times, respectively. It reflects how they have been very important to the scientific community because of their extensive citations and those are key insights into exosome involvement in SCI and its promising role as a therapeutic approach.

    Analysis of Journals

    The fact that 281 papers have been published in 153 different journals, the breadth of interest in this topic spans various scientific disciplines. Table 1 is presenting top twenty journals as per H-index, it shows how important these publication sources are in this domain. Stem Cell Research & Therapy is the most forthcoming journal with an H-index of 9 and Journal of Nanobiotechnology takes second place with an H-index equal to 8. This suggests that these journals are very prolific in terms of publishing papers, and contribute significantly to the fields as per citations. Surprisingly Stem Cell Research & Therapy has an H-index of 97 (the highest) but still a lower impact factor of 7.5 as compared to journals listed below. ACS Nano is distinguished as it has an impact factor of 17.1, illustrating substantial reach among different scientific areas. The Journal Citation Reports (JCR2024) Quartile rankings also indicate that most of the journals are in Q1, belonging to the highest 25% in their fields.

    Table 1 Bibliometric Indicators of High-Impact Journals

    Co-occurrence networks of journals are presented in Figure 3A, which describes the association between various publication venues. We analyzed a total of 54 journals, each represented at least twice. Journal of Neurotrauma (68), Journal of Nanobiotechnology (52), and Stem Cell Research & Therapy (48) had the highest total link strength in these networks. Figure 3B illustrate the coupling of journals as networks that provide a new insight into their associations. This analysis consisted of 54 journals, with at least 2 couples in each journal. Stem Cell Research & Therapy (1,614), Journal of Nanobiotechnology (1,517), and Molecular Neurobiology (1,440) topped challenging journals with the total link strength in both networks.

    Figure 3 Visualization of journals analysis. (A) Co-occurrence Networks; (B) Coupling Networks. Journal Link Strength in co-occurrence networks measures the frequency with which two journals are cited together within the same articles or references. Journal Link Strength in coupling networks assesses the extent to which journals are linked based on the common references cited in their articles.

    Analysis of Countries

    A total of 66 countries/regions have published research in this field, which demonstrates the worldwide attention paid to spinal cord injury and exosome studies. Table 2 shows classification of top country wise publication and citation indices. The country with the largest number of articles was China (217; 77.2% of all publications). This was followed in the United States (6.4% of total articles) and then Iran (4.6%). Research coming from the US garnered 91.3 citations per paper, a huge lead over global average volumes across all countries. A number of countries with small publication volumes had high average citation rates that indicate their work is very influential despite its relatively low volume. For example, the average citation rate for Austria was 78.2 per paper (the second highest), but there were only four publications from there.

    Table 2 Publication and Citation Profiles of Leading Countries

    As shown in Figure S1, the publications of corresponding authors from different countries are distributed, and as expected, Chinese groups occupy a large proportion. Moreover, given that research trends have become more global in nature and large quantity of studies were published from China compared to other countries there is a need for future works investigating the geographic distribution of this field’s efforts and resources at worldwide level. Figure S2 also contains a network visualization of international collaborations, which highlights that among the 29 countries with at least two articles involved in a collaboration, China has been engaged in most (n = 16). The USA is next in line with 12 collaborations, followed by Austria on third place at seven. This network demonstrates the level of international collaboration in this area.

    Analysis of Authors

    We found that 1,792 authors have contributed to publications on spinal cord injury and exosome research, reflecting broad scientific engagement with the topic. Table 3 provides a comprehensive overview of the publication and citation profiles for the top 20 most impactful authors, based on different bibliometric metrics. The leading authors in terms of citations are Fan Jin and Cai Weihua, with 953 and 946 citations, respectively. Both started their publications in this field in 2019 and have quickly become prominent researchers. Cao Yong is recognized for having the highest total number of publications (12) and the earliest publication date (2017) among the top authors. This indicates a sustained and prolific contribution to the field over several years.

    Table 3 Publication and Citation Profiles of High-Impact Authors

    For the top authors, the H-index ranged from 5 to 10, with Fan Jin, Cai Weihua, and Cao Yong each attaining the highest H-index of 10, reflecting their major influence in the field. The g-index, which gives more weight to highly cited papers, provides additional insights into the impact of these authors’ work. Cao Yong leads with the highest g-index of 12, followed closely by Fan Jin and Cai Weihua, both with a g-index of 11. The m-index, which measures impact relative to career length, shows interesting trends. Hu Jianzhong has the highest m-index of 1.75, suggesting a notable impact since he began publishing in 2021. The co-authorship network visualized in Figure S3 reveals collaboration patterns among 303 authors who each contributed to at least 2 articles. Cai Weihua leads with the most collaborations (120), followed by Fan Jin (110) and Lu Hongbin (104). This analysis demonstrates a closely interconnected research community, with key authors acting as central hubs in the network of collaborations. The strong collaborative links suggest a high degree of knowledge sharing and joint research efforts in the field.

    Analysis of the Institutions

    We identified 1,006 institutions engaged in spinal cord injury and exosome research, highlighting a wide range of institutional participation. Figure 4 displays the top 10 institutions by research output, with Central South University in China leading with 20 publications. Nanjing Medical University follows with 18 publications, and Zhejiang University ranks third with 13 publications. The dominance of Chinese institutions in the top ranks aligns with the country-level analysis, further emphasizing China’s significant contribution to this research field.

    Figure 4 Top ten institutions by article count and rank (R bibliometrix).

    Figure S4 presents a network map of institutional collaborations involving 102 institutions that published at least 2 documents. The analysis illustrates detailed collaboration dynamics, showing Central South University as the top collaborator with 29 connections. Zhejiang University is second with 23 collaborations, and the Hunan Engineering Research Center for Sports & Health ranks third with 19. The strong collaborative networks centered around these institutions suggest that they play key roles in facilitating research partnerships and knowledge exchange in the field.

    Keyword Analysis

    Figure 5 provides a visual representation of the keyword co-occurrence network, with an analysis of a total of 132 keywords that occur at least 3 times. The top 5 keywords identified were. “Exosomes” (75 occurrences), “Inflammation” (55 occurrences), “Functional recovery” (49 occurrences), “Spinal-cord-injury” (48 occurrences), and “Expression” (46 occurrences). This network analysis identified numerous tight clusters, which correspond to different sub-themes in the field. A main cluster is located at the central part of its associated “exosomes”, tightly connected with “mesenchymal stem cells”, as well as with both of ‘neuroprotection’ and ‘regeneration’, implying heavy emphasis on research related-scientific concepts for therapeutic potentials of exosomes produced by stem cells. There is a further cluster consisting of “inflammation” and “microglia”, which highlights significant attention to the neuroinflammatory aspects in SCI, particularly on how exosomes could direct these events. Furthermore, a subcluster linking “functional recovery” to both rehabilitation and plasticity indicates continued efforts in the study of functional outcome relative to current understanding of underlying mechanisms for post-spinal cord injury.

    Figure 5 Visualization of Keywords analysis. This network visualization displays the co-occurrence of keywords in selected literature. Each node represents a keyword, with size indicating its frequency of occurrence. Links between nodes represent co-occurrence in the same documents, with thicker lines showing stronger associations. Colors reflect the average publication year of the articles, as indicated by the color gradient at the bottom right.

    Analysis of Burst Keyword

    Figure 6 displays the top-20 keywords with citation bursts from 1992 to 2024, characterizing hot points or emerging topics in research over time. Specifically, the keywords “methylprednisolone” and “neuroprotection” showed early bursts prior to 2015. In the middle period (2015–2020), elevations in mentions of terms such as “mesenchymal stem cells”, “exosomes” and “microRNA” demonstrated their emergence as impactful research fields. Key words including “microglia”, “neuroinflammation”, “extracellular vesicles”, and “biomarkers” related to topics with recent bursts post-2020. Keywords related to specific molecular mechanisms (eg, miR-126, miR-124) as well as delivery methods (eg, nanoparticles) have been more recently introduced, suggesting a shift towards the use of targeting technologies and increasingly sophisticated research methodologies for therapeutic RNA molecules at present time.

    Figure 6 Top 20 Keywords with the Strongest Citation Bursts (CiteSpace).

    Discussion

    The bibliometric analysis presents a detailed overview of the research environment related to SCI and exosomes, illustrating the growing interest, advancements, and notable contributions in this domain. Our results indeed indicate a substantial increase in research production over time with 2015 marking as the inception year of emerging publications while peaking upon reaching the year 2022, illustrating how rapidly this field has been expanding. Regarding the global perspective, China leads in publication volume, while the United States shows high citation impact. It also names top institutions and authors conducting high-impact research with a trend toward specialized journals and theme-specific studies. Our keyword analysis further shows a shift in research themes from early, predominantly exploratory studies on a wide scale to more targeted mechanistic and translational approaches. The study underscores the increasing recognition of exosomes as promising therapeutic tools for neural repair and functional recovery post-SCI. The analysis reveals several crucial insights, challenges, and implications for future research, which are explored in the subsequent discussion.

    Publication Trends and Research Growth

    The considerable expansion of the number of publications since 2015 indicates increasing recognition regarding exosomes as a potential therapeutic strategy for SCI. This surge is consistent with broader trends observed in exosome research across various medical specialties, as reported by Théry et al (2018)47 in their detailed review of extracellular vesicles. The fast increase in publications reflects that the field is currently emerging with rapid development and findings.

    There are likely to be a number of factors driving this growth, not least the increasing technology skills that are available for exosome isolation, characterization, and analytical techniques. Facilitated by technologies like nanoparticle tracking analysis and high-resolution flow cytometry, our capacity to explore exosomes on a much deeper level has improved massively.48 Exosome-based therapies have seen an increase in the number of studies that are being conducted due to their therapeutic benefits which has led researchers towards significant funding on this front. The finding likely highlights a broader trend in growing financial support for SCI-targeting regenerative medicine solutions.49

    At the same time, neuroscientists are working within this rapidly developing interdisciplinary area to develop novel approaches by combining ideas or technology from stem cell biology and nanotechnology. This led to a cycle of ongoing discovery, in which early preclinical studies demonstrating the potential efficacy and feasibility of exosomes for neural repair and regeneration has inspired further investigation.50

    The apparent collapse of publications for 2023 and early 2024 is most likely a consequence of the indexing timetable, not an actual fall in research output. This is a common occurrence in bibliometric studies and underscores the importance of being aware to these timing effects when interpreting new trends.

    Geographical Distribution and International Collaboration

    One of the main takeaways from this analysis is that Chinese institutions lead in publication, accounting for 217 out of a total if 281 publications. This trend is consistent with a broader increase in China’s research productivity and impact in biomedical fields over the past decade.51

    Government investment in scientific research is the main reason for China’s future direction, especially those with potential therapeutics. Its leadership is also due to the large and increasing number of practicing scientists in advanced biomedical research. Meanwhile, efforts to advance research in areas such as regenerative medicine and neuroscience have facilitated the rise of specialized facilities for both basic science and clinical applications.

    The institutional analysis further reinforces China’s dominance in this research area. Among the top 10 most productive institutions, 8 are from China, with Central South University leading with 20 publications, followed by Nanjing Medical University with 18, and Zhejiang University with 13. This concentration of research output in Chinese institutions aligns with the country-level analysis and highlights the significant investments made by these institutions in SCI and exosome research. The institutional collaboration network reveals interesting patterns. Central South University, besides being the top producer of publications, also leads in collaborations with 29 connections. Zhejiang University and the Hunan Engineering Research Center for Sports & Health follow with 23 and 19 collaborations, respectively. This extensive collaborative network among Chinese institutions suggests a strong national research ecosystem in this field.

    Although China leads in the number of publications, the United States achieves greater impact with the highest citations per paper. This means US researchers are publishing fewer papers, but their work is making a bigger impact. This discrepancy in number of publications compared to influence is also apparent within other biomedical research domains reinforcing the importance of a multi-dimensional assessment approach toward scientific contributions.52

    International collaboration, especially with our Chinese as well European and US partners having strong networks is an encouraging sign. These partnerships foster knowledge transfer, sharing of resources and development of actionable protocols that are essential for a progress to be realized. However, there is some space for involving researchers from more diverse regions, particularly the Global South.

    Influential Journals and Research Dissemination

    Insights from the analysis of influential journals reveal the multidisciplinary approach of SCI and exosome research. The leading journals, including Stem Cell Research & Therapy, Journal of Nanobiotechnology and ACS Nano, reflect the convergence of stem cell biology, nanotechnology, and materials science. The high impact factors and JCR quartile rankings of these journals indicate that research on SCI and exosomes is being published in esteemed, high-quality venues, suggesting the field’s increasing recognition and credibility among the broader scientific community.

    The patterns in research dissemination revealed by the journal co-occurrence and coupling networks are quite interesting. The strong connections between neuroscience-focused journals and interdisciplinary publications showcase the field’s blend of fundamental neuroscience and applied biotechnology. Additionally, the prominence of open-access journals such as Stem Cell Research & Therapy in these networks indicates a movement towards more accessible research dissemination, enabling quicker knowledge transfer and a wider impact.

    Nonetheless, the concentration of publications within a handful of journals raises the issue of needing more specialized publication venues for exosome research in neurology. Establishing these dedicated journals could enable more thorough discussions and quicker dissemination of niche-specific findings.

    Key Contributors and Collaboration Patterns

    Looking at those top authors and institutions is a window into the movers and shakers of that field. Researchers such as Fan Jin and Cai Weihua have been among the fastest-rising in terms of citation counts, indicating that there is clearly a great deal going on here for newcomers to make significant progress. Fan Jin and Cai Weihua, both from The First Affiliated Hospital of Nanjing Medical University in China, have emerged as rapid shining stars after 2019. They represent the major body of research work on exosomes application in SCI treatment. In particular, investigation of exosomal microRNAs in control inflammation and functional recovery post-SCI is relatively novel but have been strongly implicated by their unit. For example, their 2020 study published in Journal of Nanobiotechnology revealed an exosomal miR-124-3p could regulate microglial polarization and contribute a new therapeutic means to SCI.11

    Interestingly, this co-authorship analysis also highlights the high-degree of collaboration within numerous key authors and institutions which is a promising feature in the field. These collaborations enable sharing resources and expertise to tackle the complex problems in SCI, exosome research, etc. They can also encourage more powerful, wider studies able to offer better quality of evidence for potential therapeutics and induce the construction of uniform protocols as well a best practices which is substantial hurdle in exosome research.53

    This concentration of research influence among a small group of authors and institutions underscores the call for more inclusion, in order to ensure diversity within this field. Encouraging and enabling increased participation by researchers across backgrounds as well as institutions would allow for new perspectives and novel methods to be brought into the field.

    Research Themes and Emerging Trends

    In our bibliometric analysis of exosomes in spinal cord injury research, the major keywords were organized into five distinct clusters, each representing specific research themes and frontier developments in this rapidly evolving field.

    Cluster 1 (22 Items): Fundamental Mechanisms and Therapeutic Pathways

    This cluster encompasses the core biological processes underlying exosome-mediated spinal cord repair, including angiogenesis, axon regeneration, blood-brain barrier modulation, and central nervous system communication. The research in this cluster focuses on understanding how exosomes facilitate neural repair through multiple mechanisms. Exosomes derived from mesenchymal stem cells have been shown to promote angiogenesis and axonal regeneration by delivering specific microRNAs and proteins to injured neural tissues.54 Recent studies have demonstrated that exosomal cargo, particularly microRNA-133b and microRNA-124, plays crucial roles in promoting neuroplasticity and functional recovery after spinal cord injury.55 The modulation of the blood–brain barrier represents another critical mechanism, where exosomes can enhance barrier permeability to facilitate therapeutic molecule delivery while simultaneously protecting neural tissues from secondary injury.56 Furthermore, extracellular vesicles serve as important mediators of intercellular communication within the central nervous system, coordinating complex repair processes involving multiple cell types including neurons, microglia, and astrocytes.57

    Cluster 2 (18 Items): Cellular Mechanisms and Inflammatory Responses

    This cluster represents research focused on the cellular and molecular mechanisms of exosome action, particularly regarding inflammation modulation, autophagy regulation, and cellular damage control. The inflammatory response following spinal cord injury is a double-edged sword, initially providing protective effects but potentially causing secondary damage if prolonged.58 Exosomes have emerged as powerful modulators of neuroinflammation, capable of shifting microglial polarization from pro-inflammatory M1 to anti-inflammatory M2 phenotypes.59 Recent breakthrough studies have shown that exosomal microRNA-216a-5p from hypoxic preconditioned mesenchymal stem cells can effectively repair traumatic spinal cord injury by modulating microglial M1/M2 polarization, leading to reduced inflammation and improved functional outcomes.60 Additionally, exosomes regulate autophagy mechanisms, which are essential for clearing damaged cellular components and maintaining cellular homeostasis following spinal cord injury. The barrier function of exosomes also extends to protecting cells from oxidative stress and excitotoxicity, two major contributors to secondary injury cascades.61 Understanding these intricate cellular mechanisms is crucial for optimizing exosome-based therapeutic strategies.

    Cluster 3 (18 Items): Therapeutic Applications and Drug Delivery Systems

    This cluster represents the translational aspects of exosome research, focusing on their application as therapeutic agents and novel drug delivery vehicles. Exosomes possess unique advantages as drug carriers due to their natural biocompatibility, ability to cross biological barriers, and inherent targeting capabilities.62 Recent studies have demonstrated the successful use of engineered exosomes for delivering therapeutic molecules directly to injured spinal cord tissues. For instance, intranasal delivery of mesenchymal stem cell-derived exosomes loaded with phosphatase and tensin homolog siRNA has shown remarkable efficacy in repairing complete spinal cord injuries.46 The field has also witnessed significant advances in exosome engineering, where researchers modify exosomal surfaces with specific targeting ligands to enhance tissue-specific delivery. Gene expression modulation through exosomal delivery represents another frontier, with studies showing successful delivery of therapeutic genes that promote neural regeneration and inhibit apoptotic pathways.63 Furthermore, the development of standardized protocols for exosome isolation, characterization, and therapeutic application has become increasingly important for clinical translation. The ability to combine exosomes with other therapeutic approaches, such as biomaterial scaffolds and growth factors, opens new avenues for comprehensive spinal cord injury treatment strategies.

    Cluster 4 (15 Items): Preclinical Models and Functional Assessment

    This cluster encompasses research methodologies, experimental models, and functional evaluation approaches used in exosome-spinal cord injury research. The development of appropriate animal models is fundamental for advancing exosome-based therapies from bench to bedside.64 Mouse models of spinal cord injury have been extensively used to evaluate exosome therapeutic efficacy, with researchers employing various injury paradigms including contusion, compression, and transection models to simulate different aspects of human spinal cord injuries. International collaborative efforts have led to the standardization of functional recovery assessments, including locomotor scoring systems such as the Basso Mouse Scale (BMS) and the Basso, Beattie, and Bresnahan (BBB) scale for rats.65 Recent studies have emphasized the importance of long-term functional assessments, as initial improvements may not always translate to sustained recovery. Advanced imaging techniques, including diffusion tensor imaging and functional MRI, have become invaluable tools for monitoring neural regeneration and assessing the efficacy of exosome treatments in preclinical models.66 The development of ischemic stroke models has also contributed to understanding exosome mechanisms, as similar pathophysiological processes occur in both conditions. Moreover, researchers are increasingly focusing on developing more clinically relevant models that better recapitulate the complexity of human spinal cord injuries, including chronic injury models and models that incorporate comorbidities commonly seen in patients.67

    Cluster 5 (14 Items): Regenerative Biology and Tissue Engineering

    This cluster focuses on the fundamental biological processes of neural regeneration and the integration of exosomes with tissue engineering approaches. The field has witnessed remarkable progress in understanding how exosomes promote neurogenesis, oligodendrogenesis, and axonal regeneration following spinal cord injury.68 Recent studies have demonstrated that exosomes can stimulate the differentiation of neural stem cells into functional neurons and oligodendrocytes, thereby replacing lost cells and restoring myelin sheaths.69 The delivery of exosomes through hydrogel scaffolds represents an innovative approach that combines the regenerative potential of exosomes with the structural support provided by biomaterials.70 These hybrid systems can provide sustained release of exosomal cargo while creating a permissive environment for axonal growth and neural regeneration. Growth factor delivery via exosomes has shown particular promise, with studies demonstrating enhanced expression of neurotrophic factors such as brain-derived neurotrophic factor (BDNF) and nerve growth factor (NGF) following exosome treatment.71 The concept of cognitive impairment recovery has also gained attention, as researchers recognize that spinal cord injuries can affect not only motor function but also cognitive abilities.72 Understanding the mechanisms by which exosomes promote both structural and functional recovery is essential for developing comprehensive therapeutic strategies that address all aspects of spinal cord injury pathology.

    Study Trends Shift

    The temporal dynamics of keyword bursts reveal a sophisticated evolutionary trajectory in exosome-spinal cord injury research, characterized by three distinct paradigmatic phases that reflect the field’s intellectual maturation and translational imperative.

    Foundational Era (2013–2018). This pioneering phase was fundamentally defined by “bone marrow” research (strength = 3.37), representing not merely a focus on cellular origins, but rather the field’s initial conceptual framework rooted in mesenchymal stem cell biology. This period established the revolutionary understanding that bone marrow-derived cells could generate therapeutically relevant exosomes, fundamentally challenging traditional cell replacement paradigms in neural repair.73 The concurrent emergence of “mediated transfer” (strength = 1.85, 2015–2018) signified a mechanistic awakening—researchers began recognizing exosomes as sophisticated biological couriers rather than cellular debris, marking a conceptual revolution in intercellular communication theory that would reshape regenerative medicine approaches.

    Mechanistic Enlightenment Era (2019–2021). This transformative phase witnessed an intellectual convergence around multiple breakthrough concepts. The dominance of “functional recovery” (strength = 4.22) reflected growing confidence in exosome therapeutic efficacy, while “stromal cells” (strength = 5.9, transitioning from 2018 to 2019) indicated deeper appreciation for cellular heterogeneity and therapeutic potential. The simultaneous bursts in “disease” (strength = 2.16), “mechanisms” (strength = 1.61) and “inhibition” (strength = 2.19) suggest researchers were grappling with fundamental questions of how pathological microenvironments influence exosome biogenesis and therapeutic targeting. “Mesenchymal stromal cells” (strength = 2.01) and “differentiation” (strength = 2.03) bursts indicated sophisticated understanding of how exosomal cargo could reprogram recipient cell fate, while “model” (strength = 1.89) reflected methodological maturation toward clinically relevant experimental paradigms.74

    Precision Translation Era (2022–2024). The contemporary phase reveals unprecedented therapeutic sophistication, with “delivery” (strength = 3.56) emerging as the dominant concern, reflecting the field’s recognition that therapeutic success requires bioengineering precision beyond simple exosome administration. The constellation of “therapy” (strength = 2.98), “neuroinflammation” (strength = 2.54), “recovery” (strength = 2.6), and “repair” (strength = 1.89) indicates a nuanced understanding that successful intervention requires orchestrated modulation of multiple pathophysiological processes. Notably, the sustained bursts in “cells” (strength = 2.11, extending from 2021), “microglia” (strength = 2.0), and “injury” (strength = 1.83) suggest the field’s recognition that therapeutic success depends on understanding the dual nature of cellular responses—both pathological and reparative—requiring exquisitely controlled modulation rather than blanket intervention strategies.75

    Predicted Research Hotspots for Post-2025 Era

    Precision exosome engineering will dominate based on keyword evolution patterns, with delivery prominence evolving toward injury-specific targeting capabilities.76 Combinatorial therapeutic strategies emerge from strengthening links between biomaterials, rehabilitation protocols, and exosome therapy clusters. Co-occurrence analysis shows connections between extracellular vesicles and recovery themes, suggesting integrated approaches.77 Personalized exosome medicine progression toward patient-stratified approaches is evidenced by sustained microglia keyword bursts, indicating recognition of individualized inflammatory responses requiring tailored interventions supported by advancing omics technologies.78

    Challenges and Future Directions

    While considerable progress has been made in this area, the bibliometric analysis highlights key issues and opportunities for future research. The rapid field growth has led to a variety of approaches in exosome isolation, characterization and application that highlights the importance for standardized protocols. Further clinical research is necessary to define, validate, and ensure adherence with these standards across the field.

    Although ample evidence exists for the efficacy of exosomes derived from different types of stem cells in SCI models, there are many unknown regarding how exosome function. We should examine the molecular and cellular mechanisms by which exosomes stimulate recovery or regeneration in future investigations. With the advancement of the field towards clinical implementation, resolving issues relating to large-scale manufacture of clinically compliant exosomes will be a critical requirement. Expansion of exosome production and bioengineering techniques is another promising target for improvement.79

    Nevertheless, the delivery approaches need to be further developed for local and systematical application of exosomes in injured spinal cord recovery especially in chronic SCI.80 Investigating new delivery structures with higher targeting ability, such as biomaterial scaffolds or reprogrammed exosomes in the light-activated region could be an exciting avenue for ensuing research. In addition, since most of the existing studies have focused on immediate results, long-term investigations still needed to determine how time-resistant exosome-mediated effects really are and if there may be any chronic safety issues.

    To allow exosome-based therapies to become ultimately useful treatment strategies, the potential advantages of such a therapy in combination with other interventions including rehabilitation or electrical stimulation should be explored. The identification of exosomes as biomarkers for SCI progression and recovery could help carry out more personalized therapeutic plans. In anticipation of the clinical application, critical ethical issues, and regulatory concerns in the development of healthcare products based on exosomes should be considered.

    Efforts to engage researchers from non-traditional areas would enrich the diversity of research approaches and patient populations. Furthermore, incorporation of knowledge from fields like materials science, bioengineering, and computational biology may help in advancement of novel exosome-based therapies to treat SCI.

    Limitations of the Study

    This bibliometric analysis provides some insights but also has several limitations. Some publications relevant to our target journals may have been missed by utilizing the Web of Science database exclusively. These could be important subjects for further studies that might include additional databases ensuring more systematic evaluation. The limitation to English-language publications likely also excluded some important contributions in other languages, given the international scope of this area of research. While the number of citations provides an indication of research impact, it does not necessarily equate to high quality or clinical relevance. That said, alternative metrics such as altmetrics could potentially reveal a publication’s wider-reaching impact. Due to the time delay in indexing and updating databases, some recent articles may not be captured. In addition, since keyword analysis is reliant on the terms that have been used by authors it means not all aspects of research content are well represented.

    Conclusion

    This comprehensive bibliometric analysis reveals SCI-exosome research as a rapidly evolving field poised for clinical breakthrough but constrained by geographical concentration, mechanistic knowledge gaps, and translational infrastructure limitations. The study’s novel contribution lies in providing the first quantitative roadmap for SCI-exosome research advancement, identifying specific bottlenecks, and strategic interventions necessary for therapeutic realization. Unlike previous bibliometric studies that provided descriptive overviews, this analysis offers predictive insights and actionable recommendations that can accelerate clinical translation and optimize research resource allocation. This study establishes bibliometric analysis as a valuable tool for translational research planning, demonstrating how sophisticated analytical approaches can transform research trend observation into strategic therapeutic development guidance.

    Scope Statement

    The professional section of the manuscript provides a comprehensive bibliometric analysis of the growing body of research on exosomes as a therapeutic approach for spinal cord injury (SCI). It highlights the increasing trend in publications, with a total of 281 articles authored by 1,792 researchers from 1,006 institutions across 66 countries, indicating a robust global interest in this area. The United States and China emerge as leading contributors, reflecting significant international collaboration. Key findings include the identification of the most influential journals and authors, with notable publications receiving high citation counts, which underscores the impact of this research. The analysis also reveals emerging hotspots such as microglia, extracellular vesicles, and targeted delivery systems, suggesting active areas for future exploration. Overall, the study emphasizes the potential of exosomes as a novel treatment for SCI and provides critical insights that can guide researchers and clinicians in advancing exosome-based therapies, ultimately contributing to improved outcomes for patients with spinal cord injuries.

    Data Sharing Statement

    All data generated or analyzed during this study are included in this published article.

    Author Contributions

    All authors made a significant contribution to the work reported, whether that is in the conception (Zhihua Wang and Hangchuan Bi), study design (Zhihua Wang and Hangchuan Bi), execution (Chao Wang, Xianglin Shen and Jianyi Yang), acquisition of data (Denghui Li and Wan zhang), or analysis and interpretation (Hangchuan Bi and Rongji Yan); All authors took part in drafting, revising or critically reviewing the article; All authors gave final approval of the version to be published; All authors have agreed on the journal to which the article has been submitted; and all authors agree to be accountable for all aspects of the work.

    Funding

    1.The Major Science and Technology Project of Yunnan Provincial Department of Science and Technology, Yunnan Provincial Orthopedic and Sports Rehabilitation Clinical Medicine Research Center (grant NO. 202102AA310068). 2. Priority Union Foundation of Yunnan Provincial Science and Technology Department and Kunming Medical University (Grant No. 202401AY070001-353) and (Grant No. 202201AY070001-085). 3. Yunnan Clinical Center for Emergency Traumatic Diseases (Grant No. YWLCYXZX2023300075).

    Disclosure

    The authors declare that they have no competing interests.

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  • Northumberland solar farm rejected over harm to ‘rural paradise’

    Northumberland solar farm rejected over harm to ‘rural paradise’

    Daniel Holland

    Local Democracy Reporting Service

    Exagen A swathe of countryside, with rolling green fields and hills in the distance; in the foreground of the photo grass and flowers are pictured.Exagen

    A solar farm development had been mooted for the land, near Whittonstall

    A large-scale solar farm planned for a swathe of countryside has been refused, over concerns it would be a “wanton destruction of a rural paradise.”

    Renewable energy firm Exagen had put forward plans to build Highfield Energy Park on the site, near the village of Whittonstall, in Northumberland, but it was voted down by Northumberland County Council planning committee.

    The firm had proposed erecting more than 90,000 solar panels across 271 acres (110 hectares), which they said would power 21,300 homes and save 27,900 tonnes of carbon dioxide (CO2) emissions per year.

    The plans had previously been earmarked for approval, despite more than 140 public objections, but were overturned at a hearing.

    Resident Adam Brown said the impact of the proposed solar farm, located between two wind farms, would be “overwhelming”, adding there would not be sufficient access to the site for emergency services in the case of a fire.

    He was joined by other objectors, including Kevin Rooney, who said there had been a “catastrophic” error in the site’s drainage designs that risked causing flooding in the neighbouring woodland.

    Exagen, which recently won approval for a major solar park across 30 fields between Greenside, Coalburns, and Chopwell, just over the border in rural Gateshead, said the solar farm was needed to meet the government’s targets to significantly boost solar energy production by 2030.

    ‘Missed opportunity’

    Exagen’s Andrew Mott the impact of the scheme on the green belt had been “kept to a minimum”, and that the site was the “only viable location” in the area to connect to the electricity grid.

    But Northumberland county councillor Colin Horncastle, said: “I think we all agree with renewable energy, but we cannot have renewable energy at any price.

    “This is purely wanton destruction of a rural paradise.”

    The plans were spread across two sites totalling 271 acres, one of which would have hosted the solar farm and another for a substation – with the sites connected via an underground cable.

    Mr Mott suggested the substation site, north of Lynn Burn, should be deemed ‘grey belt’ – a new term introduced under the Labour government to identify lower quality green belt land where building can be permitted.

    But the public benefits of the solar farm would be sufficient to justify its development regardless, he added.

    Planning committee chair, Trevor Thorne, was among the supporters of the project.

    He said Northumberland was “missing a big opportunity” by denying the application, especially given the land was previously used for opencast mining rather than being an area of countryside that had hitherto been unspoilt.

    Berwick East independent councillor Georgina Hill moved for the refusal of the plans, however, saying: “It [the landscape] is just stunning and it would be so wrong to approve this.”

    The committee voted by an 11 to four margin to reject the scheme, sparking applause from members of the public who had attended the Morpeth hearing to oppose the application.

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  • NA passes bill to establish Pakistan Land Port Authority – Pakistan

    NA passes bill to establish Pakistan Land Port Authority – Pakistan

    The National Assembly passed the Pakistan Land Port Authority Bill 2025 on Thursday to facilitate the movement of goods and people across border crossing points.

    With the bill’s approval, Pakistan would become the third South Asian country, after Bangladesh and India, to have a land port authority. The Bangladesh Land Port Authority was created in 2002, while India did so in March 2012.

    “The House discussed and passed the Pakistan Land Port Authority Bill, 2025,” the NA’s official X account said. The bill was moved by Minister of State for Interior Tallal Chaudhry on behalf of Interior Minister Mohsin Raza Naqvi.

    Once approved by the Senate and signed by President Asif Ali Zardari, the bill will establish the Pakistan Land Port Authority, which would function as a statutory body responsible for inter-agency coordination to facilitate the movement of goods and people across border crossing points.

    As MNA Ali Zahid, who was chairing the session, ordered the clause-by-clause reading of the bill, PPP’s Syed Naveed Qamar noted that his party had reservations on some clauses.

    “The legislative committee of the party went through the bill and suggested a whole number of amendments in the bill to make it a better authority,” Qamar, chairman of the NA’s Standing Committee on Finance and Revenue, said.

    “[…] We have accepted the bill after going through a lot of deliberations and negotiations with the committee,” Qamar noted.

    On the invitation of Zahid, Qamar read out amendments to at least 12 clauses of the legislation, each of which Chaudhry said he had no objection to. They were individually moved before the House and voted in favour of, and subsequently, the bill was passed as well.

    The Pakistan Land Port Authority Bill

    The PPP government made the first attempt to establish a land port authority in 2012 under the ambit of the commerce ministry, while the PTI government made the second attempt in 2021.

    The PML-N government had also discussed the matter during its previous tenure in 2016, with various models of upgraded border posts for covered cargo at Jamrud, Taftan and Sost mulled.

    In December 2024, Law Minister Azam Nazeer Tarar moved the bill on behalf of Naqvi, but at the time, Deputy Speaker Ghulam Mustafa Shah had not referred it to the relevant committee.

    The proposed legislation will provide a framework for the declaration, regulation, security and oversight of all land ports for promoting trade, fostering free competition, implementing border control and protecting the country’s strategic interests.

    The port authority will establish a robust mechanism to carry out effective coordination with border agencies for trade facilitation in pursuance of commitments under international agreements and conventions for improved land port efficiency and regional port competitiveness.

    The bill also proposes the establishment of a 16-member governing council for supervising the authority.

    Currently, there is no single agency for the coordinated functioning of various government authorities and service providers at international border points. This lack of coordination sometimes causes a delay in the flow of goods and passengers.

    High-tech equipment is also needed to be installed at land ports to check illegal immigration and smuggling of goods.

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  • CISA, Microsoft issue alerts on ‘high-severity’ Exchange vulnerability

    CISA, Microsoft issue alerts on ‘high-severity’ Exchange vulnerability

    Customers of Microsoft are being warned of a new vulnerability impacting on-premise Exchange servers.

    The Cybersecurity and Infrastructure Security Agency (CISA) released an urgent warning on Wednesday evening about CVE-2025-53786 — a bug that would allow hackers with administrative access to on-premise Microsoft Exchange servers to escalate their privileges and take further malicious actions. 

    Entities should disconnect public-facing versions of Exchange Server or SharePoint Server that have reached their end-of-life (EOL) or end-of-service from the internet, according to CISA. 

    CISA cited SharePoint Server 2013 and earlier versions as examples of end-of-life technology that should be discontinued if still in use. 

    Microsoft said it had not seen exploitation of the bug as of Wednesday, but CISA warned that if the vulnerability is not addressed it “could impact the identity integrity of an organization’s Exchange Online service.”

    “CISA issued an alert tonight on a high-severity vulnerability we are actively monitoring and mitigating with on-premise Microsoft Exchange server that was disclosed today,” said CISA’s acting executive assistant director, Chris Butera. 

    “As with all high-severity threats and vulnerabilities, we immediately began working with Microsoft and our government and industry partners to assess the scope and impact. All organizations are strongly encouraged to implement Microsoft guidance to reduce risk.”

    Microsoft Exchange is one of the company’s most popular products, allowing organizations to offer employees access to email, calendar and collaboration platforms.  

    A spokesperson for the company credited Dirk-Jan Mollema from Netherlands-based Outsider Security for discovering the vulnerability and reporting it. 

    Microsoft officials argued that an attacker “would need to have obtained a highly privileged role to an on-premises server to attempt” exploitation of the bug.

    ‘Hot Fix’ was available

    The CISA alert links to a Microsoft blog post that is centered around changes to how Exchange servers are deployed in organizations.

    Buried deep in the document is a brief mention of CVE-2025-53786 and a link to a page with more information on the vulnerability. In it, Microsoft explained that on April 18, it announced changes to how customers interact with Exchange Servers that were made “in the general interest of improving the security of hybrid Exchange deployments.”

    “Following further investigation, Microsoft identified specific security implications tied to the guidance and configuration steps outlined in the April announcement,” the tech giant said. 

    “Microsoft is issuing CVE-2025-53786 to document a vulnerability that is addressed by taking the steps documented with the April 18th announcement. Microsoft strongly recommends reading the information, installing the April 2025 (or later) Hot Fix and implementing the changes in your Exchange Server and hybrid environment.”

    Microsoft’s spokesperson added that the April push to change how customers interact with Exchange Servers was part of the wider Secure Future Initiative — an effort started in the wake of another high-profile Microsoft Exchange-related email breach involving the U.S. Commerce Secretary and Congressman Don Bacon.

    CISA said organizations need to implement Microsoft’s guidance or “risk leaving the organization vulnerable to a hybrid cloud and on-premises total domain compromise.”

    Microsoft Exchange has in the past been heavily targeted by both nation-state actors and cybercriminals because it offers easy access to troves of emails, calendars and more. 

    A 2021 campaign by China-based actors against Microsoft Exchange servers saw hundreds of organizations impacted

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  • Drink it up! Daniel Day-Lewis films – ranked | Daniel Day-Lewis

    Drink it up! Daniel Day-Lewis films – ranked | Daniel Day-Lewis

    20. Nine (2009)

    The movie of the Broadway musical of Fellini’s 8½ is one of only two duds on the Day-Lewis CV. Surrounded by dazzling female actors (Nicole Kidman, Penélope Cruz, Judi Dench, Sophia Loren), he ends up making heavy weather of Guido, the bewildered auteur caught at a creative impasse. A light touch eludes him: he’s no Marcello Mastroianni, that’s for sure.

    19. Sunday Bloody Sunday (1971)

    Photograph: Youtube

    John Schlesinger’s bisexual love-triangle drama gave Day-Lewis his film debut at the age of 14. He is briefly shown sauntering along a row of parked cars, scratching the paintwork with a broken bottle. The delinquent behaviour, the insouciant look, the south London setting: this could be a teenage snapshot of Johnny from My Beautiful Laundrette.

    18. Nanou (1986)

    ‘Delon-level dashing’ … Day-Lewis with Imogen Stubbs in Nanou. Photograph: Umbrella-Caulfield/Nffc/Curzon/Kobal/Shutterstock

    Ten minutes or so of screen time doesn’t give Day-Lewis much chance to make an impression as the debonair ex of young Nanou (Imogen Stubbs). He finds her in France, where she has fallen in with a would-be terrorist, but says “au revoir” shortly after. Still, he looks Delon-level dashing in a raincoat.

    17. Gandhi (1982)

    Like Sunday Bloody Sunday, another hooligan cameo for Day-Lewis. He gets dialogue this time, all of it racist, as he tries to intimidate the young Gandhi, played by Ben Kingsley. Movies in which Day-Lewis played a more prominent role have attracted no shortage of Oscar nominations, but Gandhi is the only one of his to have walked off with the best picture prize.

    Pauline Kael was one of Day-Lewis’s early champions but she argued that he “stuck out” and “seemed like a bad actor” in this version of Mutiny on the Bounty. In his big scene, he is furiously reprimanded by Anthony Hopkins as Captain Bligh. Equally noteworthy is the sight of Day-Lewis sharing the screen for the first time with one of his own acting heroes, Phil Davis. Also among the Bounty’s crew is the comic John Sessions: in Gangs of New York, Sessions would play an actor playing Abraham Lincoln, and getting harangued and pelted for his troubles by Day-Lewis.

    15. Eversmile, New Jersey (1989)

    Up to his teeth … in Eversmile. Photograph: Everett Collection Inc/Alamy

    In his second stab at fish-out-of-water comedy, Day-Lewis is an over-zealous Irish travelling dentist given to philosophical musings (“Did we somehow mislay our genetic memory or did God just forget to give us better teeth?”) as he brings good brushing technique to Argentina courtesy of the DuBois Foundation for the Development of Dental Consciousness. Tending to priests, peasants and gangsters alike, he roams the land on his motorcycle and sidecar, gets chased by multiple Santa Clauses, falls for a woman on the run from her wedding, and finally declares: “The world is collapsing! And I have an erection!”

    14. The Crucible (1996)

    Ill-fated dalliance … Day-Lewis with Winona Ryder in The Crucible. Photograph: 20th Century Fox/Allstar

    Put Day-Lewis and Winona Ryder together on screen and it never works out well for their characters (see also: The Age of Innocence). In Arthur Miller’s by-the-book adaptation of his own ageless play about the Salem witch trials, Day-Lewis is the farmer John Proctor, who pays a heavy price for dallying with young Abigail (Ryder). It was through the making of the film, directed by Nicholas Hytner, that Day-Lewis first met Miller’s daughter, Rebecca, whom he married at the end of 1996, and with whom he had two of his three children, including Ronan, co-writer and director of Anemone.

    13. The Boxer (1997)

    Packing a punch … in The Boxer. Photograph: Universal/Sportsphoto/Allstar

    Training under Barry McGuigan, Day-Lewis boxed twice a day, seven days a week, for nearly three years to prepare to play the IRA soldier who embraces his pugilist roots after serving 14 years in prison. More inflammatory is his rekindled romance with his teenage sweetheart, who happens to be another prisoner’s wife, played by Emily Watson. In his third film for Jim Sheridan, Day-Lewis gives a hushed, coiled performance (he doesn’t lose his rag until the 85-minute mark). It heralded his first retirement – after this, he didn’t make another film for five years – but is not exactly what you’d call going out on a high.

    ‘Uptight prig’ … in A Room with a View. Photograph: Goldcrest/Kobal/REX/Shutterstock

    Central to the rise of Day-Lewis was the timing of this Merchant-Ivory adaptation of EM Forster’s novel, which opened immediately after My Beautiful Laundrette. Hard to imagine a better illustration of his range than the back-to-back sight of the sensually swaggering Johnny in Laundrette and the uptight prig Cecil Vyse in Room. The moment when jilted Cecil stands with his shoe in his hand was all Day-Lewis’s idea. “If you take your shoes off in a situation in which you’re vulnerable,” he said, “you’ll feel 10 times more vulnerable.” Spoken like the shoemaker he would eventually become during his first retirement.

    As Gerry Conlon, one of the Guildford Four who were wrongly convicted and imprisoned for the 1974 IRA pub bombing, Day-Lewis goes from impish troublemaker to broken wreck and finally folk hero. Terrific to see him sharing the screen again with Phil Davis: this time, Davis is a brute putting the screws on him in the interrogation room. And the scene in which Gerry brutally castigates his father, Giuseppe (Pete Postlethwaite), when the two of them are cooped up together in the same cell, remains blistering. Ultimately, this is a moral work rather than a cinematic one, and there is nothing much for Day-Lewis to play in the final hour but righteousness.

    10. Phantom Thread (2017)

    Less a coherent movie than a string of eye-catching confrontations, Day-Lewis’s second collaboration with Paul Thomas Anderson – and the catalyst for his second retirement – casts him as Reynolds Woodcock, a fastidious and imperious 1950s dressmaker. Fun though the standoffs are, especially Reynolds’s hilariously disproportionate hissy fit after his asparagus is cooked in butter rather than oil and salt, the movie is little more than an arthouse Devil Wears Prada, with Day-Lewis in Meryl Streep mode and everyone else (bar Lesley Manville, superb as his indomitable sister) running scared.

    9. Lincoln (2012)

    Day-Lewis won his third best actor Oscar for a mesmerising performance as the president trying to pass the 13th amendment, which outlawed slavery, as the civil war rages. Under Steven Spielberg’s direction, he brings a lolling looseness to lines that sound as if they’ve only just occurred to him. A simple scene depicting Lincoln meeting wounded soldiers in hospital is rendered moving by the actor’s unforced affability, his warming burr. His charisma makes you understand why the soldiers would get a kick simply from standing in his shadow.

    Nothing to do with Titanic, the Jack and Rose here are a father and daughter, played by Day-Lewis and Camilla Belle respectively, whose off-the-grid lifestyle is jeopardised when Jack’s girlfriend (Catherine Keener) comes to stay, bringing her teenage sons (Paul Dano and Ryan McDonald). Under the direction of his wife, the novelist and film-maker Rebecca Miller, Day-Lewis exudes grumpy charm as the Scottish immigrant whose love for his daughter grows gradually suffocating and even unsavoury. Two years before he and Day-Lewis locked horns spectacularly on screen in There Will Be Blood, Dano comes off badly in their fracas in a treehouse. It was Dano’s fine work here that prompted the senior actor to recommend him to Paul Thomas Anderson for that movie.

    7. The Unbearable Lightness of Being (1988)

    ‘Wry, carnivorous sexual magnetism’ … with Juliette Binoche in The Unbearable Lightness of Being. Photograph: Ronald Grant

    Philip Kaufman’s ambitious film of Milan Kundera’s novel about the Prague Spring contains a lead performance for which Day-Lewis has expressed regret. Though the script was in English, he learned Czech but still found himself out of his depth as the priapic brain surgeon Tomas: “It was something to do with language. The idea of speaking English with a Czech accent meant it wasn’t coming from anywhere.” Accept that touch of inauthenticity and it’s still possible to savour Day-Lewis’s wry, carnivorous sexual magnetism, and the pitiful sight of Tomas’s spirit being crushed by the political regime and the betrayals it demands. Other pluses: that mane of liquorice-coloured hair, and the actor’s tingling rapport with Juliette Binoche and Lena Olin.

    6. Gangs of New York (2002)

    It was Leonardo DiCaprio who coaxed Day-Lewis out of his first retirement during a stroll in Central Park. The young star’s reward? To be comprehensively acted off the screen. As bullyboy William Cutting, aka Bill the Butcher, Day-Lewis isn’t merely the dominant presence in Martin Scorsese’s misshapen, mid-19th-century gangster thriller: he is its sole source of dynamism. In stove-pipe hat, flapping trenchcoat and with an American eagle printed on his glass eye, he looks like the Babadook’s sleazy uncle, giving off strong proto-Trumpian energy as he decries “the foreign hordes defiling” his land. There’s also a nice Day-Lewis Cinematic Universe crossover when he strides through a crowd of anti-Lincoln protesters and lobs a knife that hits a portrait of the president he would portray a decade later. He also gets to describe Ireland, his real-life off-screen love, as “an excrementous isle”.

    5. The Last of the Mohicans (1992)

    Born to be wild … in The Last of the Mohicans. Photograph: Allstar Collection/Cinetext/20 C/Sportsphoto/Allstar

    The method actor as matinee idol. Even those who haven’t seen Michael Mann’s stylish, swoon-worthy take on the James Fenimore Cooper novel will know the lengths to which Day-Lewis went to portray Hawkeye, adoptive son of a Mohican chief. He lived wild for weeks, ate only what he could hunt or forage, learned to load a rifle while running through the forest and built his own canoe. The North Carolina landscapes are ravishing, though they risk being upstaged by the magnificence of the actor’s mighty brow and glossy tresses as he darts among the trees in slow-mo. Then there is that emphatic demand to Madeleine Stowe: “Stay alive, no matter what occurs! I will find you!” Who could possibly disobey?

    4. My Beautiful Laundrette (1985)

    ‘Brooding, funny, horny’ … with Gordon Warnecke in My Beautiful Laundrette. Photograph: Ronald Grant

    Screenwriter Hanif Kureishi saw the influence of Clint Eastwood on Day-Lewis’s minimalist performance as Johnny, the gay former thug who helps spruce up a London launderette. Director Stephen Frears thought he was more like Marlene Dietrich. The actor described it as “the first film that I ever passionately wanted to do”. Hence the letter he wrote to Frears (“I know you think I come from a public-school background but I’ve got very nasty friends”) in which he threatened to break the director’s legs if he didn’t give him the part. It worked. As did his brooding, funny, horny performance. A star was born right there among the suds.

    3. The Age of Innocence (1993)

    ‘Tortured panache’ … with Michelle Pfeiffer in The Age of Innocence. Photograph: Columbia/Allstar

    The critic Jonathan Romney floated the theory that Newland Archer, the elegant lawyer played by Day-Lewis in Martin Scorsese’s rapturous adaptation of Edith Wharton’s study of late-19th century New York mores, was a “soul brother” to Jake La Motta in Raging Bull: “He simply wears fancier gloves.” There is certainly a seam of cunning and coldness in Day-Lewis’s performance, but there is boyish wonder too, especially in the gasping, enchanted laugh he lets slip whenever Countess Olenska (Michelle Pfeiffer) does something irreverent or iconoclastic. As Archer tries to expedite his marriage to her cousin May (Winona Ryder) in an attempt to quell his feelings for the countess, Day-Lewis strikes and sustains a note of tortured panache.

    Two contradictory things are true of Jim Sheridan’s film about the artist and writer Christy Brown, who was born with cerebral palsy. One: there is no excuse for a disabled actor not to have been cast in the role. And two: Day-Lewis – who won his first Oscar for this – is astonishing in it. The first of three projects with Sheridan, this marked the beginnings of the Daniel Day-Loopy PR machine, as stories abounded of the lengths to which he went to stay authentically in character: never leaving his wheelchair, having to be carried over the cables on set, contorting his body so fiercely that he broke two ribs during filming. The movie hasn’t endured as well as it might: it ends on a happy-ever-after with Brown’s future-wife Mary Carr, who, it was later alleged by his biographer Georgia Louise Hambleton, isolated and abused him.

    1. There Will Be Blood (2007)

    Awe-inspiring … as Daniel Plainview in There Will Be Blood. Photograph: Miramax/Sportsphoto/Allstar

    The comedian Adam Riches once called Day-Lewis “the greatest actor never to appear in anyone’s favourite film”. Paul Thomas Anderson’s awe-inspiring character-study-disguised-as-an-epic gives the lie to that quip. Speaking in the corroded rumble of John Huston’s Noah Cross from Chinatown (another monstrous devourer of people and land alike), Day-Lewis is extraordinary as Daniel Plainview, a rapacious early-20th century Californian oil prospector. In a performance that can be summed up as long overcast periods interrupted by all hell breaking loose, usually with Paul Dano on the receiving end as the pipsqueak preacher who is Plainview’s sole adversary, Day-Lewis doesn’t make us like Plainview or even understand his cruelty, but we absolutely believe in him. And, as with all great monster movies, we are eager to see what he breaks next. After nearly three hours in his company, audiences are likely to develop a severe case of Stockholm syndrome.

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