| Investments In Affiliates Accounted For Using The Equity Method |
(7)ÌýÌýInvestments in Affiliates Accounted for Using the Equity Method
ÎçҹѰ»¨ has various investments accounted for using the equity method. The following table includes the Company’s carrying amount and percentage ownership and market value (LevelÌý1) of the more significant investments in affiliates at December 31, 2024, and the carrying amount at DecemberÌý31, 2023:
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DecemberÌý31,Ìý2024 |
​ |
DecemberÌý31,Ìý2023 |
Ìý |
​ |
ÌýÌýÌýÌý |
Percentage |
ÌýÌýÌýÌý |
Fair Value |
ÌýÌýÌýÌý |
Carrying |
ÌýÌýÌýÌý |
Carrying |
Ìý |
​ |
​ |
ownership |
​ |
(Level 1) |
​ |
amount |
​ |
amount |
Ìý |
|
​ |
​ |
dollarÌýamountsÌýinÌýmillions |
Ìý |
Formula One Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Other |
Ìý |
various |
​ |
Ìý |
NA |
Ìý |
$ |
33 |
Ìý |
41 |
​ |
Total Formula One Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
33 |
Ìý |
41 |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ Live Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Live Nation |
​ |
30% |
​ |
$ |
9,019 |
Ìý |
​ |
430 |
​ |
307 |
​ |
Other |
​ |
​ |
​ |
​ |
NA |
​ |
​ |
28 |
​ |
26 |
​ |
Total ÎçҹѰ»¨ Live Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
458 |
​ |
333 |
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​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Consolidated ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
$ |
491 |
​ |
374 |
​ |
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The following table presents the Company’s share of earnings (losses) of affiliates:
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​ |
YearsÌýendedÌýDecemberÌý31, |
Ìý |
​ |
ÌýÌýÌýÌý |
2024 |
ÌýÌýÌýÌý |
2023 |
ÌýÌýÌýÌý |
2022 |
Ìý |
|
​ |
​ |
amountsÌýinÌýmillions |
Ìý |
Formula One Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Other (a) |
​ |
$ |
(10) |
Ìý |
(4) |
Ìý |
— |
​ |
Total Formula One Group |
​ |
​ |
(10) |
​ |
(4) |
​ |
— |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ Live Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Live Nation (a) |
​ |
​ |
236 |
​ |
21 |
​ |
NA |
​ |
Other (a) |
​ |
​ |
2 |
​ |
1 |
​ |
NA |
​ |
Total ÎçҹѰ»¨ Live Group |
​ |
​ |
238 |
​ |
22 |
​ |
NA |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ SiriusXM Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Live Nation (a) |
​ |
​ |
NA |
​ |
127 |
​ |
72 |
​ |
Total ÎçҹѰ»¨ SiriusXM Group |
​ |
​ |
NA |
​ |
127 |
​ |
72 |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Braves Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Other |
​ |
​ |
NA |
​ |
12 |
​ |
32 |
​ |
Total Braves Group |
​ |
​ |
NA |
​ |
12 |
​ |
32 |
​ |
Consolidated ÎçҹѰ»¨ |
​ |
$ |
228 |
Ìý |
157 |
Ìý |
104 |
​ |
| (a) |
ÎçҹѰ»¨â€™s interests in Live Nation and certain other equity affiliates were reattributed to the ÎçҹѰ»¨ Live Group effective August 3, 2023. ÎçҹѰ»¨â€™s share of earnings (losses) related to these affiliates were reflected in the results of the ÎçҹѰ»¨ SiriusXM Group and the Formula One Group prior to the Reclassification and are reflected in the results of the ÎçҹѰ»¨ Live Group following the Reclassification.
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Live Nation
Live Nation is considered the world’s leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show.
See noteÌý9 for details regarding the number and fair value of Live Nation common stock pledged as collateral pursuant to the margin loan secured by shares of Live Nation (“Live Nation Margin Loanâ€) as of December 31, 2024.
Summarized financial information for Live Nation is as follows:
Consolidated Balance Sheets
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December 31, |
​ |
​ |
ÌýÌýÌýÌý |
2024 |
ÌýÌýÌýÌý |
2023 |
ÌýÌýÌýÌý |
|
​ |
​ |
amounts in millions |
​ |
Current assets |
​ |
$ |
9,290 |
Ìý |
9,533 |
Ìý |
Property, plant and equipment, net |
​ |
Ìý |
2,442 |
Ìý |
2,101 |
Ìý |
Intangible assets |
​ |
​ |
1,366 |
​ |
1,539 |
​ |
Goodwill |
​ |
Ìý |
2,621 |
Ìý |
2,691 |
Ìý |
Other assets |
​ |
​ |
3,920 |
​ |
3,166 |
​ |
Total assets |
​ |
$ |
19,639 |
Ìý |
19,030 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities |
​ |
$ |
9,358 |
​ |
9,984 |
​ |
Long-term debt, net |
​ |
​ |
6,177 |
​ |
5,459 |
​ |
Other liabilities |
​ |
​ |
2,159 |
​ |
2,175 |
​ |
Redeemable noncontrolling interests |
​ |
​ |
1,126 |
​ |
860 |
​ |
Equity |
​ |
​ |
819 |
​ |
552 |
​ |
Total liabilities and equity |
​ |
$ |
19,639 |
​ |
19,030 |
​ |
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Consolidated Statements of Operations
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​ |
YearsÌýendedÌýDecemberÌý31, |
​ |
​ |
​ |
2024 |
ÌýÌýÌýÌý |
2023 |
ÌýÌýÌýÌý |
2022 |
​ |
|
​ |
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amounts in millions |
​ |
Revenue |
​ |
$ |
23,156 |
Ìý |
22,726 |
Ìý |
16,681 |
​ |
Operating expenses: |
​ |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
Direct operating expenses |
​ |
​ |
17,328 |
​ |
17,251 |
​ |
12,348 |
​ |
Selling, general and administrative expenses |
​ |
Ìý |
4,096 |
Ìý |
3,557 |
Ìý |
2,956 |
​ |
Depreciation and amortization |
​ |
​ |
550 |
​ |
517 |
​ |
450 |
​ |
Other operating expenses |
​ |
​ |
357 |
​ |
316 |
​ |
205 |
​ |
​ |
​ |
​ |
22,331 |
Ìý |
21,641 |
Ìý |
15,959 |
​ |
Operating income (loss) |
​ |
​ |
825 |
​ |
1,085 |
​ |
722 |
​ |
Interest expense |
​ |
​ |
(326) |
​ |
(350) |
​ |
(278) |
​ |
Other income (expense), net |
​ |
​ |
240 |
​ |
178 |
​ |
46 |
​ |
Earnings (loss) before income taxes |
​ |
​ |
739 |
​ |
913 |
​ |
490 |
​ |
Income tax (expense) benefit |
​ |
​ |
392 |
​ |
(209) |
​ |
(116) |
​ |
Net earnings (loss) |
​ |
​ |
1,131 |
​ |
704 |
​ |
374 |
​ |
Less net earnings (loss) attributable to noncontrolling interests |
​ |
​ |
235 |
​ |
147 |
​ |
108 |
​ |
Net earnings (loss) attributable to Live Nation stockholders |
​ |
$ |
896 |
​ |
557 |
​ |
266 |
​ |
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