Welcome to the Liberty Media Corporation's 2023 Q3 Earnings Call. [Operator Instructions] Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference will be recorded November 3. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially, due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media with the SEC and the most recent Form 10-Q and registration statement on Form S-1 filed by Atlanta Braves Holdings with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media and Atlanta Braves Holdings expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Liberty Media or Atlanta Braves Holdings expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, SiriusXM and Atlanta Braves Holdings, including adjusted OIBDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media, SiriusXM and Atlanta Braves Holdings Schedules one through three can be found at the end of the earnings press release issued today, which are available on Liberty Media and Atlanta Braves Holdings website. Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.

Thank you, Shane, and good morning to all. Today, speaking on the call, we will also have Formula One's President and CEO, Stefano Domenicali; and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Also during Q&A, we will be available to answer questions related to the Atlanta Braves Holdings and the Braves management will be available as well. So beginning with Liberty SiriusXM. We did propose a combination of LSXM and SIRI. The goal is to rationalize the dual corporate structure, create a single share class and benefit both groups of shareholders. We believe such a combination would lead to enhanced trading dynamics in new Sirius with increased liquidity, less technical pressure, for example, a small short interest, and a higher likelihood of future index inclusion. We will provide updates on this potential transaction only if and when an agreement is reached. So let me turn to Sirius itself. Q3 results demonstrate what management had put forward during the year that there would be continuous improvement throughout the year, and we saw sequential improvements in self-pay net adds, and we expect a slightly positive back half of the year. EBITDA grew 4% versus the prior year and 6% sequentially, and there were $40 million of cost savings that were realized during the third quarter. The dividend was raised 10%. The Board approved that, showing continued confidence in Sirius' cash flow generation capabilities. Sirius also announced an expanded partnership with Ford to make SiriusXM a standard feature in all traditional F1s, beginning with the 2024 model year. That's important because the Ford F-150 has been the best-selling vehicle in the U.S. for over four years. Management does remain focused on its strategic objectives, supported by the significant EBITDA and free cash flow generation. You will see a new streaming experience…

Thank you, Greg, and good morning. My remarks this morning when I'm talking about balance sheet figures, we'll be comparing 9/30 to the adjusted 6/30 balances that are adjusted for the split-off that was completed on July 18, and the reclassification of our tracking stocks that, was completed on August 3, as you'll see noted in the release. At quarter end, Liberty SiriusXM Group had attributed cash, liquid investments and monetizable public holdings of $339 million. Excluding $53 million of cash held at SiriusXM and including the Battery stake held at LSXM that's valued at $65 million as of 9/30. We expect these shares will be exchanged with third-party lenders to paydown debt in the near term. There's also $1.1 billion of undrawn margin loan capacity at the parent level, related to our SiriusXM margin loan. As of November 2, the value of the SiriusXM stock, was $14.9 billion. We have $1.4 billion in principal amount of debt, against these holdings. Total Liberty SiriusXM Group attributed principal amount of debt, is $11.5 billion, which includes $9.4 billion of debt, at SiriusXM. Subsequent to quarter end, Liberty SiriusXM retired, the remaining $199 million outstanding face value, of the 1.375 basket convertible notes. Turning to the Formula One Group. At quarter end, Formula One Group had attributed cash and liquid investments of $1.5 billion. This includes $947 million of cash at Formula One. Total Formula One Group attributed principal amount of debt was $2.9 billion, which includes $2.4 billion of debt at F1, leaving $500 million at the corporate level. F1's $500 million revolver is undrawn, and their leverage at quarter end was 2.2 times. And as Greg mentioned, the F1 repriced its term loan B in October, resulting in 75 basis points of margin compression to 225 basis points. The F1…

Thanks, Brian. Good morning. We are coming to the end of an action-pack triple header in the Americas, from Austin to Mexico City and this weekend to Brazil. Max Verstappen Red Bull have had an incredible season winning their second consecutive Constructor Championship and second, third consecutive title. While the Championship has been secured for several races, the other teams are still competing firstly, with tight battles all the way down the field at every event. We have had six different teams represented on the podium season to-date. McLaren, Mercedes and Ferrari have gained strength throughout the season evidenced in Austin with Lando's excellent start and excitement around the various type strategy implemented. Santa Lewis is getting closer Max in Austin and Mexico and Ford, Ferrari paused in the 6 races. We have more battles left to witness for the remainder of the season, even with the number of teams shifting focus to their 2024 forecast. With gaps in performance appearing to be closing over recent events, we hope for a real challenge for Max next year. Our business is in a position of strength. Fun engagement is high, commercial interest is strong. The teams have sustainably improved their financial health, generating their own incremental sponsorship, which benefit our entire F1 ecosystem. And we have a number of brand expansion initiatives in the works, including the much anticipated Apple TV starting Brad Pitt. I will have more to share on our strategy to capitalize on this momentum at Liberty's Investor Day next week. Braves attendance in 2023 continues to sell out. The highlight of the third quarter was the record 480,000 weekend attendance at Silverstone for the British Grand Prix, the highest recorded in any event in recent decades. Other highlights, so the Japanese Grand Prix welcome total weekend attendance…

Ciao, Stefano, and thank you, Stefano and Brian. Some of you may have seen our release that Albert Rosenthaler is retiring after 20 years at Liberty. Many of you know who Albert is and how much value he has added for our shareholders. Most recently, he served as Chief Corporate Development Officer, previously he was Head of Tax. He never really relinquished that as we know. Fortunately, he will remain a Senior Advisor. We do have a deep bench of talent, both on the corporate development and tax teams and will continue to grow in those areas. But I'm pleased that they, Albert, will work with them and me to drive future investment opportunities and our tax strategies. We look forward to seeing many of you at our Annual Investor Day on Thursday, November 9 in New York. Additional information is available on our website. John Malone and I will be hosting our Annual Q&A session. If you would like to submit questions in advance, you can email investorday@libertymedia.com. None of the questions can ask if they will be about comedy. We do appreciate your continued interest in Liberty Media and the Atlanta Braves Holdings. And with that, operator, we will open the line for questions.

Thank you [Operator Instructions] Our first question comes from the line of David Karnovsky with JPMorgan. Please proceed with your question.

Hi. Thanks for question. On Formula One payments or team payments year-to-date, if we look at the implied figure for the full year, I think it's down a bit relative to where it was in August. Greg, you noted significant launch in nonrecurring costs related to Vegas. So I wanted to see if you've adjusted your expectation for the economics of the race in the first year?

I'm going to comment a little on Vegas and then I'll let Brian reiterate some of his comments or hopefully, clarity about how those payouts - team payouts can be misleading as looked at just on a quarterly basis. On the first point, yes, I think Vegas is proving to be a bigger spectacle and more impactful than we had anticipated, but there also have proven to be initial start-up costs. I outlined some of them increased security, onetime things like the open day ceremony, but there were other ones like consultants that help us set it up, permitting costs that were unusual and the like. So there are a bunch of initial costs that are probably higher than we had originally estimated. I remain very bullish. We remain very bullish on, as I said, the impact of Formula One overall by Las Vegas and the potential for this race be a profitable exercise itself.

Yes. And just year-to-date, we're running at 64.6%. As you rightly noted out, you can see an implied decline in the overall team payment for the year, but those are covered by what Greg noted. But Q2 and Q3 tend to have a higher percentage team payment than what we typically see for the full year just, because of that higher mix of the European races that have lower economics versus flyways.

So to say another way, as we come into some of the races that are -- have higher revenue, one might expect that the payout ratio will be higher payouts to the team, but a lower percentage overall. So that this quarter may not be indicative, of the full year number. Does that help?

Yes. And just sticking with Vegas for a second, it looks like there is a possibility of a labor strike next week at the hotels. Obviously, this could resolve before the race, but how are you thinking about the potential impact should a work stoppage go through?

We have worked with the unions, and I believe our race will not be impacted directly. We're obviously watching what impact that may have on the overall Las Vegas market.

Thank you.

Thank you. Our next question comes from the line of Ben Swinburne with Morgan Stanley. Please proceed with your question.

Yes. Good morning. Congratulations to Albert, and I guess, the IRS.

He's not quite done yet. We're going to -- thank goodness, we're going to keep him around. So I don't have to say goodbye to him yet. But go ahead, I'm sorry.

No problem. Greg, just to put a finer point on it, I think people want to know, are you guys still expecting this sort of approaching $500 million of revenue race weekend that will be top five - within the top five freezing EBITDA type numbers? Or are you changing that perspective today?

A couple of thoughts. I think those revenue numbers approaching that still a reasonable estimate on profitability. I think I noted we've seen some one-time and start-up costs that may have been larger than anticipated. But remembering how this is impactful to us, not only directly, but indirectly, this is a very profitable race for us. As far as being measured as a top five, obviously, we don't tell the world what the top five are, but we have noted that this one will have that impact. I still think that's true, particularly when you look at the bottom line for FWON, it will have that impact overall. And I think that we will see that profitability, as I noted. Once we get past some of these initial start-up costs, we'll - and we optimize, it will increase. Let's be clear, this year, we optimize for being there, being on time and having a great race. That's not to say we won't have some of that objectives next year, but I think we'll be able to optimize on other variables as well and increase profitability.

Okay. Thank you. And then you made a comment, Greg, at a conference recently, I think acknowledging that you kind of post the Disney, the charter thing and just higher interest rates in the world we're in. Sports rights inflation are probably going to be impacted. You guys just announced this one deal. There was the Apple story out there that you probably won't comment on. But can you guys - can you just give us your perspective on what the market feels like right now for sports rights as a seller? And whether the deal is an indication of the direction ahead as we think about forecasting your businesses that are in the sports business? Thank you.

There are really a couple of variables here. I mean, if you're a fully distributed and more stable sports property, there are certainly trends about fragmentation of the market and overall pricing that might give you pause. Nonetheless, we've seen pretty good increases at some properties. We're in somewhat of a different position, and I think, Ben, your focused rightly on the U.S., where we're still relatively nascent, and our product is gaining traction, and our audiences are growing dramatically. So I think I feel very comfortable with the F1 renewals much more than I do with the overall market. There are a lot of factors in the overall market where you know well, the fragmentation to find scale. And if you're a property trying, to decide between how you get paid and reach and that is always a challenge to be managed, that will be made more difficult with the fragmentation of the market. But on the other side, things like the SAG strike, things like the continued increase in cost of scripted content do make sports, still a very desirable place to be and the place where scale can be reached. So, there are a bunch of counter-growing trends that are - [make me met] on the whole market, but still very bullish on F1.

Is Europe tougher than the U.S.? How would you compare those?

I think the reality is most of the trends that are negative are further along in the U.S. than in Europe. But a lot of cases, Ben, as you know, the - how would sports rates get bid, largely a function of which distributor in the market needs the product or wants the product. And it could be a market where there are multiple bidders you're going to do very well, and where there are fewer bidders, you will do less well. And that may almost be unrelated to what is going on in the market in that particular geography.

Thanks so much.

Thank you.

Thank you. Our next question comes from the line of Bryan Kraft with Deutsche Bank. Please proceed with your question.

Good morning. I guess I wanted to ask a couple, if I could. Greg, what do you think the time line will look like, to reach an agreement with the special committee of Sirius, assuming you do reach one? And whether you just answered that question or not, I was wondering if you could maybe address the second one, which is if you do reach an agreement, once that agreement has been reached, what would be the key milestones and the probable timing to close the spin and merge? And then separately, I just want to ask you about QuintEvents. Once you close that acquisition, are there significant advantages to F1 from owning the asset? Or is it more of an opportunistic acquisition to pursue growth opportunities outside of F1? Thanks.

Okay. It's a lot, Bryan. All right. Let's start with - I already said I'm not going to comment on any further on the negotiations, timing or the like. If a deal is reached, I think it will be required a shareholder vote likely, the structure of - the shareholder vote on the LSXM side, the structure on the SXM side, given our high equity ownership and the structure of how they work their charter and bylaws will be quicker. But there will also be the typical regulatory SEC matters and FCC matters that likely have to be cleared. So I would still expect several months delay even post any deal that has made reached. On Quint, I think we're excited about Quint for many reasons, and I'll let either Stefano or Renee, who both have views add it. But we're excited because of what it can do for us. One of the trends that we are pushing forward in Formula One is understanding our customers better and really having a direct connection. And so many things that we are doing, whether it be the app or Las Vegas or Quint allow us, to better understand our customers and their needs and desires. And I think that's a continuing trend, you will see that will add power, to the F1 ecosystem and allow us to do much more. Quint is important, because of how they touch those customers are some of our best customers and how we can utilize their talents, to grow and our understanding of our existing customer base, but also expand that customer base. The opportunity outside of F1 is also very interesting. I mentioned some of the places where they are at MBA, Churchill Downs. We think there are many sporting events, many live events that could benefit from Quint-type experiences. And we think Liberty can be in a position potentially to help them reach out to some of those leagues and opportunities. So, we're excited both for what it can do for F1 and what we can help do together, hopefully in the outside world of sports. Stefano, do you want to add anything?

No. I think, Greg that you touched exactly the point that is for Formula One, for sure. The need of understanding better our customer. And the growth of the request that, we have in all around the world makes - it's related, to the experience, and this acquisition will allow us, to talk with them better and to offer them better products and better things that will be - will enable them to be closer to our F1 world.

Greg, if I could ask one follow-up just on the first one. I think you mentioned FCC is in Federal Communications Commission matters. I guess my understanding, is there would be no HSR approval needed, because you already have hard control. Is there an approval needed? How should we think about what the FCC's role would be?

My understanding is, is that - Renee, you want to go?

Yes. No, I'm happy to. It would be very much a pro forma application process, likely done within 45 to 60 days is what we're expecting. I think the longer pole in the tent will be the SEC review, which to Greg's point, should take a few months, I think maybe four to six months to get the entire thing done after we have an announcement.

Okay. Great. Thank you so much.

Thank you. Our next question comes from the line of Vijay Jayant with Evercore. Please proceed with your question.

So thanks. A question on the Las Vegas race. I'm assuming that the OpCo is paying the holding company, as a promoter, given Liberty Media spend money on the track and the land sort of a promotion fee. So when -- Greg, when you talk about the profitability of the Vegas race, are you assuming that includes arguably that, payment to the OpCo - from the OpCo to the Holdco? Or is it at the operating company, the profits you're sort of expecting from the race? Thanks.

Well, Vijay, you're correct that there is that relationship. I think we are talking about the totality, but also, I think, over time, how the OpCo will be a very profitable race as well. So I think you can look at it both ways.

And then just - Stefano talked about the attendance in all these races. Can you sort of confirm that the Vegas race is sold out on ticketing?

Stefano, I'm happy to take that one. Vijay, it's Renee. We have a handful of tickets left, and the demand coming in, in the last minute, which knowing Vegas is the last-minute market, we didn't back - hold ticket back for that purpose. So, we are very excited, and we will be sold out by the time of the event.

Los Angeles -- for Las Vegas relatively late, which is part of the war strategy.

Great. Thanks.

Thank you. Our next question comes from the line of Stephen Laszczyk with Goldman Sachs. Please proceed with your question.

Hi. Great. Thanks for taking the questions. Maybe just a follow-up on the media rights strategy for F1 to the extent you'd be willing to add to Ben's question. I would just be curious to better understand how you would think through the pros and cons of entering a longer-term exclusive global media rights deal with a single distributor? Just curious to the extent you think the Formula One IP could be well suited for that type of structure over the long term? And I have a follow-up? Thank you.

Thanks for the question. I think we've tried to be consistent in answering this. There's always a trade-off between reach and profitability. There are relatively few, if any, distributors today who have the global reach that individual players do in their respective markets. So there would be - if you think hard about that trade-off. And you can see that in some markets where we've actually tried to play both sides of that, where they're made some of it's on broadcast and some of it's on pay because we don't want to see all of our product behind the paywall which is not widely distributed. So I don't have a comment other than you're always going to weigh that trade-off, and it depends on what - how we feel about the maturity of the business and in each respective market. And the length of deal we're willing to cut in many cases is dependent on how far we are on that curve. I note - we've noted before, in the U.S., we're fairly nascent, and we try to keep a shorter-term deal partly because we think we will do better as time goes on. In other markets, where it's more material, we're willing to talk about more stability. And there is benefit in many cases for the distributor to have more stability because they will be able to make a greater investment in the product promotion, et cetera, if they know they have long term. So you weigh all those factors.

And if I may add, Greg, on that correctly saying about this ratio between reach and profitability, the speed of this change is different from country-to-country, from region-to-region. And this is really the reason why, the media market today is quite complex. But we do believe that with the mix that we have, we will take the advantage of the strategy put in place today. That's why we are very confident about it.

Got it. And then maybe one on the sponsorship side. Could you talk a little bit more about the regional deal with American Express that you recently signed, maybe the value you saw on each other to bring this deal to the table? And if you think that could be a good template or framework for other payment providers or financial institutions on a more global basis? Thank you.

I'll let Renee add, but I would note that one of the reasons why AmEx is unique is not only it is a great company, great brand, et cetera, with an audience and a customer base which fits very well with us, but also the case where really they came out on the regional basis because of the strength and wanting, to be involved in Las Vegas. So, it's a great example of Las Vegas leading us and broadening the base. It's also a case where using our digital capabilities, we're going to be able to - for regional players, to be able to show sponsorship capabilities and opportunities in a respective market, or in respective series of markets in a region because of those. Renee?

So I would just add to that, something Greg mentioned earlier around the importance of data management and understanding who our fan base is and being able to work with American Express on their presale platform has really proven to not only help us move the hospitality early but also to get more visibility into who our fans are. So we think this is going to be a great win across the board.

Thank you.

Thank you.

Thank you. Our next question comes from the line of Stephen Glagola with TD Cowen. Please proceed with your question.

Yes. Thanks for the question were these initial start-up costs for Vegas fully captured in the increased CapEx guidance last quarter? And what are your expectations for recurring annual maintenance CapEx for the Grand Prix Vegas? Thank you.

I think we are not changing anything we said about CapEx from what we said last quarter. I think most of my comments were really directed at more OpEx. And some of those costs that I mentioned, like security, like the opening festival - opening ceremony rather. I don't believe we are making any announcements today on CapEx. I would differentiate there will potentially be -- I don't think there's massive ongoing CapEx for maintenance. I'll make that statement. But there will be CapEx potentially for year-round activation as we come up with new opportunities to take advantage of the facility. And we really have not captured or forecast that because we're still working on what that may look like. So we don't really have a number for you today or something to talk about because we are looking at a range of activation capabilities. And candidly, we're focused on November 18.

I appreciate that. And if I can just ask one more with you or Stefano on - with the FIA approving and ready last month, can you just give us any updates on your views with respect to adding 11 team to the grid? How are you evaluating this? And what are the potential gating items for you to get incrementally more inclined to grant admission or reject?

I'll let Stefano answer that.

Yes. Okay. Thanks, Stephen. I mean, as you know, there is a process that is in place. So as always, we don't have to give any anticipation. The FIA did it's right role of doing its first assessment. Now we're in the process of doing our assessment on the commercial and marketing side. And as soon as this process will be finished, of course, we will inform everyone accordingly. First of all, of course, sharing this info in the first instance with the FIA.

Yes. Thank you.

Thank you. Our next question comes from the line of David Joyce with Seaport Research Partners. Please proceed with your question.

Thank you. I wanted to turn to the Liberty Live tracker. Just wondering what your opportunities and constraints are there? Conceptually, what might be some logical next steps for that? Might you buy a music venue that, could allow you to spin that off in 5 years? Or might you do something like you propose, to do with Sirius? And given that you've got such, a discount at that equity, would that be something of interest you think with Live Nation to combine, given that they've got a significant cash balance now? Thanks.

Yes. Thank you, David. I think our strategies around Liberty Live are evolving. We do look at it, as you've seen in the past, is something we've been able to do expand and grow, creating an ATB there so that we could potentially have a spin down the road. That's always something Liberty wants to maintain optionality around. But our first goal would probably be to build a strategy and maybe in conjunction with Live Nation around things that, are incremental and additive that we could own that we think are positive that could somewhere potentially be valuable to Live Nation as well. So no plan or intent today on any of the above, but we're - we have ideas, and they're working through.

Thanks. And second, if I could, on the Atlanta Braves on the RSN side of the equation, that's significant revenues annually that's coming from the RSNs. Is there any update or any thoughts on how that could be replaced if needed, either by the league or your own capabilities?

Derek, do you want to handle that?

Yes, sure. So obviously, there's ongoing legal with this situation. So, we don't want to go too far with what we can say on it. I think probably the best way to answer this is we are continuing to deliver what we are expected to do under the terms of our agreement. And up to this point in time, they are and - we expect that to continue.

Yes. Derek's way being more cautious than I would. I think our understanding is this is among, if not the most profitable of Diamond's RSNs reflecting, the large territory we have, the high demand that Derek and his team have built around, the Braves and the relatively, not the highest payment among RSN payments. It is a very profitable in our sense. So, I do not believe they will be rejected. But given the strength of the territory and the strength of the Braves, people's interest in Braves, I do believe we could replace that revenue stream, or a good portion of it at least with other alternatives.

Thanks Greg. Thanks Derek.

Thank you. Our next question comes from the line of Jason Bazinet with Citi. Please proceed with your question.

I just had a question on Formula One. You guys have accomplished so much with this asset since you bought it. The concrete agreement growing sponsorship, tweaking the calendar, increasing popularity of the sport. I would just be curious, over the next three to five years, other than getting to know your fan base better, which you mentioned, what do you think the top two or three opportunities that remain are?

Look, I think we have three or four big revenue streams, and I think all of them have upside starting with broadcast. The increased interest in the sport globally, but particularly in the U.S., have given us an opportunity with a broader range of distributors and the increasing number of digital players, who might enter the market. And as they get broader awareness as sports players, our willingness to go with them only increases. So you've seen examples like DAZN, you're seeing things like Netflix coming and doing something with us around golf and Formula One, admittedly small, but an interesting start. All those make us have opportunities there. In the races, yes, we are not going to increase the number of races at - certainly at the pace, if at all, that we have. But in a perverse way, the fact that there's a limited supply and an increasing number of people, who want a race and increasing number of cities or venues that want a race have allowed us, in many cases, to utilize that limited supply to play off, raise the requirements, raise our prices. And promoters are doing far better if you've seen, for example, how many people showed up at Austin, how many people are showing up. The increase in demand has made it, so promoters are more profitable, have more scale, and we're able to extract more money from them, not in the victim way that some people would call it, but because it's a better business for them and there are other players who want to bid if they don't want to play. In sponsorship, you're seeing us have grown that dramatically, over the last several years. I think far more we can do. AmEx is a great example, moving from a world that just paint on the track to a digital experience, to activation. Part of that's, again, understanding our customers better, all of those, I think, have an opportunity. And then hospitality. And Quint is a part of that. What we're doing - what we've been able to do, increase the Paddock Club, frankly, because of demand, how we've been able to increase prices, at the Paddock club, all those give us, I think, a range of opportunities in hospitality. So I think all 4 revenue streams are healthy and have upside. Stefano, what did I miss?

I think that the list is already quite interesting and full. But for sure, the concept that we have seen about AmEx, the regionalization is another key factor of attracting new partners, and this was going to be our strategy. But we do not forget that two other areas, for sure, will be very important, is licensing and merchandising, where we just at the beginning of restructuring where we can really see potential of what we can do. I mean, we don't have to also underestimate the potential of being bigger on social and bigger on the awareness of the sport and being able to connect more and more with this new initiative with our fans, we will be able to provide services that, of course, we have to pay back for us. So an incredible time in front of us. And that's the beauty of the sport that we are investing now really believe in it.

Thank you.

I believe our last question.

Thank you. Our final question comes from the line of Barton Crockett with Rosenblatt Securities. Please proceed with your question.

Okay. Thanks for getting me in here. I was curious, Greg, about your thoughts about the opportunities for baseball, overall to create a better streaming experience than the kind of fragmented circumstance that's developing right now with teams doing their own kind of local streaming, their own local broadcast. Do you think over time there should be some type of aggregation of the local team rights into new streaming, or an existing streaming platform to optimize kind of the experience from a market opportunity and from a consumer experience perspective? Do you think that should happen? Do you think it can happen if you guys play a role on that that creates value for your shareholders?

I'll comment, and then I'll let Derek add. Baseball was an innovator with mlb.com, everything back to Bob Bowman that they did with BAMTech. And much of that has been accrued to the benefit. And I think with the increased interest in the sport this year, all to the good, you're right that the local rights regime is complicated. And how that has been divided, has made probably some innovation more difficult over time. We, at various times, have looked at that and potentially partnering with MLB to help on that. I think there are many plans out there being looked at, none has yet come to pass, but there's surely a demand in the sport. Derek, what would you add?

Yes. Thanks, Greg. So what I would say, just on the macro level, not trying to get too far ahead of major baseball or the commissioner's office in this. But you think about baseball and maybe even ahead of that, live sports content still very much in demand, regardless of all the changes and fragmentation that's happening in the marketplace. So, I think being in the live sports content business, is certainly a very good thing. And then to baseball specifically, you've got 162 games. So, there's an enormous amount of that content. The sport is extremely popular, as Greg mentioned, selling 70 million tickets this year and just all the other factors. So, I think from a macro perspective, the sport is very healthy and has great opportunity. And looking at it from just at Braves lens, a little bit to Greg's earlier comments, we have a very large marketplace. We are significantly advantaged in that marketplace, especially against a lot of our peer sets. And so, there's a lot of opportunity, and that disruption might happen. But at the same time, I think the opportunity for us and for the broader sport is certainly there.

Great. Thank you.

Thank you all for your interest in Liberty Media. I think that was our last question. We look forward to seeing in the Atlanta Braves, don't mean to slide our Braves friends. I so used to being part of the family, I don't have to call them out separately. Thank you for your interest. As I said, we look forward to seeing many of you next week in New York. And if not, on our next earnings call. Thank you.

This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.