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BATRA Liberty Media Corp.

Liberty Media Corp. Liberty SiriusXM operates as a holding company which provides satellite radio services. The company is headquartered in the United States.

Company profile

Ticker
BATRA, BATRK, FWONA, FWONK, LSXMA, LSXMB, LSXMK
Exchange
CEO
Gregory Maffei
Employees
Incorporated
Location
Fiscal year end
Former names
Liberty Spinco, Inc.
SEC CIK
Subsidiaries
Allsport Management S.A. • Alpha Prema UK Limited • Alpha Topco Limited • Atlanta Braves, Inc. • Atlanta Braves DR, Inc. • Atlanta National League Baseball Club, LLC • BDC Collateral, LLC • BDC Block C, LLC • BDC Block H, LLC • BDC Holdco, LLC ...

BATRA stock data

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Calendar

6 Aug 21
19 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 4.01B 4.01B 4.01B 4.01B 4.01B 4.01B
Cash burn (monthly) (positive/no burn) 2.08M (positive/no burn) 27.67M (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 7.6M n/a 100.97M n/a n/a
Cash remaining n/a 4B n/a 3.91B n/a n/a
Runway (months of cash) n/a 1919.2 n/a 141.1 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
2 Sep 21 Gilchrist Malcolm Ian Grant Series C Liberty SiriusXM Common Stock Payment of exercise Dispose F No No 49.82 4,791 238.69K 4,707
2 Sep 21 Gilchrist Malcolm Ian Grant Series C Liberty SiriusXM Common Stock Option exercise Acquire M No No 27.68 8,622 238.66K 9,498
2 Sep 21 Gilchrist Malcolm Ian Grant Series C Liberty Formula One Common Stock Payment of exercise Dispose F No No 51.17 673 34.44K 1,483
2 Sep 21 Gilchrist Malcolm Ian Grant Series C Liberty Formula One Common Stock Option exercise Acquire M No No 15.97 2,156 34.43K 2,156
2 Sep 21 Gilchrist Malcolm Ian Grant Series C Liberty Braves Common Stock Payment of exercise Dispose F No No 25.98 346 8.99K 379
2 Sep 21 Gilchrist Malcolm Ian Grant Series C Liberty Braves Common Stock Option exercise Acquire M No No 15.98 562 8.98K 725
2 Sep 21 Gilchrist Malcolm Ian Grant Stock Option (Right to Buy) - LSXMK Series C Liberty SiriusXM Common Stock Option exercise Dispose M No No 27.68 8,622 238.66K 0
2 Sep 21 Gilchrist Malcolm Ian Grant Stock Option (Right to Buy) - FWONK Series C Liberty Formula One Common Stock Option exercise Dispose M No No 15.97 2,156 34.43K 0
2 Sep 21 Gilchrist Malcolm Ian Grant Stock Option (Right to Buy) - BATRK Series C Liberty Braves Common Stock Option exercise Dispose M No No 15.98 562 8.98K 0
31 Aug 21 Rosenthaler Albert E Series C Liberty Braves Common Stock Sell Dispose S No No 25.7718 11,816 304.52K 31,328

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 412 599 -31.2%
Opened positions 32 58 -44.8%
Closed positions 219 74 +195.9%
Increased positions 27 195 -86.2%
Reduced positions 323 210 +53.8%
13F shares
Current Prev Q Change
Total value 10.83B 29.92B -63.8%
Total shares 203.47M 549.77M -63.0%
Total puts 0 167.5K EXIT
Total calls 102.68K 139.2K -26.2%
Total put/call ratio 1.2
Largest owners
Shares Value Change
BRK.A Berkshire Hathaway 43.21M $2B -25.6%
Vanguard 14.3M $663.31M -67.8%
BLK Blackrock 11.37M $527.52M -70.6%
JPM JPMorgan Chase & Co. 11.3M $524.35M -17.7%
MFC Manulife Financial 10.75M $267.28M 0.0%
D. E. Shaw & Co. 7.23M $335.62M -46.0%
FPR Partners 7.13M $330.89M -22.9%
Baupost 6.48M $300.83M -35.1%
Clearbridge Advisors 5.62M $260.52M -52.2%
D. E. Shaw & Co 4.46M $111.21M 0.0%
Largest transactions
Shares Bought/sold Change
Vanguard 14.3M -30.08M -67.8%
BLK Blackrock 11.37M -27.35M -70.6%
Caledonia 0 -16.82M EXIT
BRK.A Berkshire Hathaway 43.21M -14.86M -25.6%
JHG Janus Henderson 45.68K -13.63M -99.7%
TROW T. Rowe Price 58.25K -11.36M -99.5%
Manufacturers Life Insurance Company, The 0 -11.34M EXIT
Ruane, Cunniff & Goldfarb 0 -10.77M EXIT
PFG Principal Financial Group Inc - Registered Shares 74.51K -9.46M -99.2%
Ashe Capital Management 0 -8.12M EXIT

Financial report summary

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Competition
General Motors
Risks
  • The historical financial information of the Liberty SiriusXM Group, the Braves Group and the Formula One Group included in this Annual Report on Form 10-K may not necessarily reflect their results had they been separate companies.
  • We may have future capital needs and may not be able to obtain additional financing on acceptable terms.
  • A substantial portion of our consolidated debt is held above the operating subsidiary level, and we could be unable in the future to obtain cash in amounts sufficient to service that debt and our other financial obligations.
  • The success of businesses attributed to each of our tracking stock groups, in part, depends on their popularity with audiences, which is difficult to predict.
  • Our businesses attributed to the Liberty SiriusXM Group and the Formula One Group, such as Sirius XM Holdings, Formula 1 and Live Nation, may not realize the benefits of acquisitions or other strategic investments and initiatives.
  • Weak economic conditions may reduce consumer demand for products, services and events offered by our businesses attributed to each of our groups.
  • Our Company has overlapping directors and management with Qurate Retail, Inc. (“Qurate Retail”), Liberty Broadband Corporation (“Liberty Broadband”), Liberty TripAdvisor Holdings, Inc. (“TripCo”) and LMAC, which may lead to conflicting interests.
  • The unfavorable outcome of pending or future litigation could have a material adverse impact on the operations and financial condition of businesses attributed to each of our groups.
  • Certain of our subsidiaries and business affiliates have operations outside of the United States that are subject to numerous operational risks.
  • Sirius XM Holdings faces substantial competition and that competition is likely to increase over time.
  • Sirius XM Holdings engages in extensive marketing efforts and the continued effectiveness of those efforts are an important part of its business.
  • Sirius XM Holdings relies on third parties for the operation of its business, and the failure of third parties to perform could adversely affect its business.
  • Sirius XM Holdings may not realize the benefits of acquisitions or other strategic investments and initiatives.
  • Sirius XM Holdings’ business depends in part upon the auto industry.
  • Failure of Sirius XM Holdings’ satellites would significantly damage its business.
  • Consumer protection laws and Sirius XM Holdings’ failure to comply with them could damage its business.
  • Failure to comply with FCC requirements could damage Sirius XM Holdings’ business.
  • Interruption or failure of Sirius XM Holdings’ information technology and communications systems could impair the delivery of its service and harm its business.
  • The market for music rights is changing and is subject to significant uncertainties.
  • Rapid technological and industry changes and new entrants could adversely impact Sirius XM Holdings’ services.
  • Sirius XM Holdings has a significant amount of indebtedness, and its debt contains certain covenants that restrict its operations.
  • Sirius XM Holdings’ facilities could be damaged by natural catastrophes or terrorist activities.
  • Other Risks Relating to the Liberty SiriusXM Group
  • We do not have the right to manage our business affiliate, Live Nation, which means we are not able to cause it to operate in a manner that is favorable to us.
  • Our equity method investment in Live Nation may have a material impact on net earnings of Liberty and the Liberty SiriusXM Group.
  • The business of Live Nation is subject to a number of risks and uncertainties, including many of which are similar to those above with respect to Sirius XM Holdings, such as:
  • Risks Relating to the Formula 1 Business
  • There could be a decline in the popularity of Formula 1, which may have a material adverse effect on Formula 1’s ability to exploit its commercial rights to the World Championship.
  • Termination of the 100-Year Agreements could cause Formula 1 to discontinue its operations.
  • Teams may, in certain circumstances, terminate their existing commitment to participate in the World Championship until (and including) 2025 or breach their obligations and withdraw.
  • The FIA may take actions which are not in Formula 1’s interest.
  • Formula 1 may be subject to enforcement actions under competition laws.
  • Formula 1 may be unable to renew, replace or renegotiate on favorable terms one or more of Formula 1’s race promotion, broadcasting or advertising and sponsorship contracts.
  • Formula 1 is exposed to credit-related losses in the event of non-performance by counterparties to Formula 1’s key commercial contracts.
  • Potential challenges by tax authorities in the jurisdictions in which Formula 1 operates could adversely affect Formula 1’s financial results and position and in turn, the Formula One Group.
  • Changes in tax laws could adversely affect Formula 1 and the Formula One Group.
  • Formula 1 may face difficulties expanding into new markets, including as a result of being unable to attract race promoters for new Events.
  • Formula 1’s business is subject to laws and regulations including with respect to advertising, broadcasting and the environment, and changes in and judicial interpretations of such laws and regulations could have a material adverse effect on Formula 1 and the Formula One Group.
  • The new economic and security relationship between the U.K. and the E.U. stemming from Brexit could have a material adverse effect on our business, particularly with respect to the movement of goods and people.
  • Events beyond Formula 1’s control may cause one or more events to be cancelled or postponed or prevent Formula 1 from providing an international television feed, each of which could result in the loss of revenue under Formula 1’s commercial contracts.
  • Accidents during Events may cause losses that are not covered by insurance, disrupt an Event and cause Formula 1 reputational damage.
  • Terrorist acts during Events may cause Formula 1 damage and losses that are not covered by insurance.
  • Rival motor sport events could be established involving existing Teams or different teams, or existing Teams may divert their resources to participate in another motor sport event, which could lead to fewer Teams and race circuits being involved in Formula 1, or a Team’s primary engagement in motor sport being in another motor sport event, either of which could diminish the competitive position of Formula 1.
  • Changes in consumer viewing habits and the emergence of new content distribution platforms could adversely affect Formula 1’s business and the Formula One Group.
  • If confidential information regarding Formula 1’s business arrangements is disclosed or leaked, it could affect Formula 1’s relationships with counterparties and/or Teams and result in less favorable commercial contracts and adversely affect Formula 1’s business and the Formula One Group.
  • Formula 1 depends on trademarks, copyrights and intellectual property.
  • The terms of Formula 1’s indebtedness may limit its financial and operating flexibility.
  • Fluctuations in the value of the US dollar against the functional currencies of Formula 1’s business and Formula 1’s counterparties’ business could adversely affect Formula 1’s profitability and the Formula One Group.
  • Formula 1 is reliant upon the retention of certain key personnel and the hiring of strategically valuable personnel, and Formula 1 may lose or be unable to hire one or more of such personnel.
  • The Teams have certain governance rights under the 2021 Concorde Agreement that may limit or, at a minimum, influence actions that Liberty may seek to cause Formula 1 to take.
  • The financial success of the Braves Group will depend, in large part, on the Major League Baseball club, the Braves, achieving on-field success.
  • The success of the Braves will depend largely on their ability to develop, obtain and retain talented players.
  • The risk of injuries to key or popular players creates uncertainty and could negatively impact financial results.
  • Focus on team performance, and decisions by MLB may negatively impact financial results in the short-term.
  • The organizational structure of MLB and its rules and regulations impose substantial restrictions on the operations of Braves Holdings and its subsidiaries.
  • Organized labor matters could have an adverse effect on the Braves Group’s financial results.
  • The possibility of MLB expansion could create increased competition.
  • Viewership, and interest in baseball generally, may fluctuate due to factors outside of our control.
  • Broadcasting rights, both national and local, present an important source of revenue for Braves Holdings, and decreases in this broadcasting revenue could have an adverse effect on the Braves Group’s financial results.
  • Braves Holdings’ need for capital to fund its operations and recent borrowings used or to be used to finance construction and development of the Braves’ stadium, the Development Project and a spring training facility could negatively impact the Braves Group’s financial condition.
  • The financial performance of the Braves Group may be materially adversely affected if it does not experience the anticipated benefits of the Development Project in the near term or at all.
  • Development activities, such as those associated with the Development Project, are subject to significant risks.
  • Certain covenants included in the documents governing indebtedness impose limitations on the liquidity of the Braves Group.
  • Holders of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock are common stockholders of our Company and, therefore, are subject to risks associated with an investment in our Company as a whole, even if a holder does not own shares of common stock of all of our groups.
  • Possible market confusion may result from holders of our tracking stocks mistakenly believing that they (i) directly own stock of a company that is attributed to one of our tracking stocks and (ii) have any equity or voting interests with respect to companies attributed to one of our tracking stocks.
  • We may split off, spin off or reattribute assets, liabilities and businesses attributed to our tracking stock groups in a manner that may disparately impact some of our stockholders if our board of directors determines such transaction to be in the best interest of all of our stockholders, and in some cases, not all of our stockholders would be entitled to vote on such a transaction.
  • Our board of directors’ ability to reattribute businesses, assets and expenses between and among tracking stock groups may make it difficult to assess the future prospects of our tracking stock groups based on past performance.
  • We could be required to use assets attributed to one group to pay liabilities attributed to another group.
  • The market price of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock may not reflect the performance of the businesses and assets attributed to the Liberty SiriusXM Group, the Braves Group and the Formula One Group, respectively, as we intend.
  • The market price of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock may be volatile, could fluctuate substantially and could be affected by factors that do not affect traditional common stock.
  • The market value of Liberty SiriusXM common stock, Liberty Braves common stock or Liberty Formula One common stock could be adversely affected by events involving the assets and businesses attributed to one or more of the other groups.
  • We may not pay dividends equally or at all on Liberty SiriusXM common stock, Liberty Braves common stock or Liberty Formula One common stock.
  • Our tracking stock capital structure could create conflicts of interest, and our board of directors may make decisions that could adversely affect only some holders of our common stock.
  • Our directors’ or officers’ equity ownership may create or appear to create conflicts of interest.
  • Other than pursuant to our management and allocation policies, we have not adopted any specific procedures for consideration of matters involving a divergence of interests among holders of shares of stock relating to our three groups, or among holders of different series of stock relating to a specific group.
  • Our board of directors may change the management and allocation policies to the detriment of one or more groups without stockholder approval.
  • Holders of shares of stock relating to a particular group may not have any remedies if any action by our directors or officers has an adverse effect on only that stock, or on a particular series of that stock.
  • Stockholders will not vote on how to attribute consideration received in connection with a merger involving our Company among holders of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock.
  • We may dispose of assets of the Liberty SiriusXM Group, the Braves Group or the Formula One Group without stockholder approval.
  • Holders of Liberty SiriusXM common stock, Liberty Braves common stock or Liberty Formula One common stock may receive less consideration upon a sale of the assets attributed to that group than if that group were a separate company.
  • In the event of a liquidation of Liberty, holders of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock will not have a priority with respect to the assets attributed to the related tracking stock group remaining for distribution to stockholders.
  • Our board of directors may elect to convert the common stock relating to one group into common stock relating to another group, thereby changing the nature of a stockholder’s investment and possibly diluting their economic interest in our Company, which could result in a loss in value to them.
  • Holders of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock vote together and have limited separate voting rights.
  • Transactions in Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock by our insiders could depress the market price of those stocks.
  • Our current charter includes restrictions on the share ownership of Liberty Braves common stock by certain persons, which if triggered would result in an immediate transfer of the applicable number of shares to a trust for the benefit of the holder.
  • Our capital structure, as well as the fact that the Liberty SiriusXM Group, the Braves Group and the Formula One Group are not independent companies, may inhibit or prevent acquisition bids for the businesses attributed to the Liberty SiriusXM Group, the Braves Group or the Formula One Group and may make it difficult for a third party to acquire us, even if doing so may be beneficial to our stockholders.
Content analysis
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H.S. junior Avg
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