Brian Wendling

Thank you, Greg, and good morning, everyone.
The merger of Liberty Media Corporation with Sirius XM closed on September 9th. Please note that Sirius XM Holdings is presented as a discontinued operation and Liberty Media Corporation's consolidated financial statements.
Please also note that due to the timing of the Live Nation from a release of their reported results. As Greg mentioned, Liberty Media Corporation's is not expected to file its 10-Q until Tuesday, November 12th.
At quarter end, Formula One Group had attributed cash and liquid investments and monetizable totaling $3.7 billion, which includes $1.4 billion of cash and one and $65 million of cash and cash equivalents balance as of [930] also includes proceeds from the previously mentioned flow share issuance for Formula One Group attributed principal amount of debt was $2.9 billion at quarter end, which includes $2.4 billion of debt at inaudible up $530 million. At the corporate level, it was $500 million revolver is undrawn and their leverage at [930] was 1.1 times.
During the quarter, Liberty Media Corporation entered into additional interest rate swaps and as of quarter-end,$2.4 billion of that one debt was at a fixed rate in September of Formula One Group, refinanced its term loan being an extended the maturities of its debt facilities, the term loan A. and revolving credit facility manager in September 29, and the term loan B matures in September 2031.
The margin on F1, Term Loan B was permanently reduced from 2.25% to 2%, with a potential to step down to 1.75%.
We have certain leverage is met after the Moto GP acquisition closes in connection with the refinance boom ODP transaction and all acquisition related financing is now complete.
Reminder that we also obtained commitments for an incremental EUR150 million term loan A. and up EUR500 million revolvers. It or not to be entered into subject to the transaction close.
Turning to the F1 business, I'll make comments on Q3, but remind you that the business as best analyzed on an annual basis, given the impact that both the race count and mix can have on quarterly results during the third quarter, up one recognize the lower proportion of season based income was 724 raises for 29% occurring during the period compared to eight out of 22 or 36% in the prior year period.
Sponsorship revenue declined due to this lower pro rata revenue recognition. The recognition of sponsorship income varies based on the mix of races during the quarter, including the allocation of title sponsorship and other races specific sponsorship packages.
To a lesser extent this also contributed to the sponsorship revenue decline for the third quarter. This was partially offset by revenue from new partners compared to the prior year period. The decline in pro rata recognition of media rights revenue was partially offset by contractual fee increases and continued F1 TV growth rates.
Motion revenue increased in the third quarter despite one less rate being held due to the mix of events year over year with Azerbaijan this year compared to Austria and Japan last year.
Other revenue increased due to the higher licensing revenue and revenue from third party amounts of inventory, Plaza, hospitality and experiences.
Income decreased due to the mix of events in Q3, though note that the Paddock Club is seeing very strong growth year to date, adjusted EBITDA grew in the quarter due to the lower pro rata recognition of tax payments, partially offset by the expectation of increased impairments for the full year over 2023, payments represented 62.2% of premium team adjusted over a year to date through Q3 compared to 64.6 in the prior year.
Reminder that Q2 and Q3 tend to have the highest percentage payout ratios based on the greater mix of European races. We continue to expect slight leverage on team payments for the full year 24 relative to our year-to-date payout as a percent of pretax SharePoint.
And it's consistent with the message we communicated on our Q2 call. Other cost about Formula One Group revenue and SG&A should be viewed as a percent of total revenue. And looking on a year-to-date basis, the adjusted EBITDA margin improved from 24.4% to 25.8% through Q3 2024.
Looking briefly at corporate and other results in the third quarter, corporate and other revenue was $70 million, which includes frequent results in approximately $7 million of rental income related to the Las Vegas Grand Prix Plaza. Corporate and other adjusted EBITDA loss was $14 million and includes Las Vegas Grand Prix Plaza rental income, FLINT results and corporate expenses.
Flat results in the third quarter were primarily driven by a point experience across seven races, felt that Q3 is a seasonally light quarter for Quint.
Turning to the Liberty Life Group had attributed cash of $388 million. There's $400 million of undrawn margin on capacity related to our Live Nation margin on it. As of November 6th, the value of the Live Nation stock held at Liberty Life Group was $8.8 billion. We have $1.2 billion in principal amount of debt.
The currencies holdings in August, Liberty Media Corporation issued a redemption notice for all of which 0.5% Live Nation exchangeable debentures.
Approximately $12 million of debentures were redeemed and settled in the third quarter and are made there were exchanged by holders in September, but did not settle out until October.
The $50 million remaining debentures that settled in October was funded with cash on hand Liberty and up one. Our Liberty Media Corporation and up one is in compliance with our debt covenants at quarter end.
And with that, I'll turn it over to Stefano to discuss Formula one.

Thanks, Brian.
It's been a fantastic season that therefore, the competition across the group is captivating notices in this stance and on the screen, we just completed the three lead there in the Americas with amazing action excitement and on and off the track.
We have a pretty battle for the constructive championship between MacLeod for any red book. And the driver championship is still alive as we head into the final raises, they're between first step in the notice fully imputed events in Austin, Mexico and Brazil in front of huge crowds. It has been great to see that.
But I had two wins this year, something that is threatening fans and raises excitement and the participation for especially season in 2025.
Looking at our engagement across the system, 5.8 million fans have attended ground leases through Brazil.
Attendees up season to date with sellout crowds and many leases and seven races setting new within the ratios, including the political Ambry, which welcome 480,000 fans over the weekend the largest crop for the season.
In the third quarter, we have massive crowds over 300,000 of them gallium Belgian and Dutch and the accounting Las Vegas Grand Prix Plaza. We have also they have strong power plant, Brazil disease, with attendance up across almost all races in 14 sold-out.
We have been expanding and innovative now with hospitality products like the F1carriage and Monaco Yacht to continue to provide premium experience to our events. Our promoter partners are investing in improved for infrastructure and have fun experience with live entertainment and on-site activation.
Better fund experienced benefited the promoters and the world that form brand in Silverstone Carlson with Kings of lie in those phones, the do crowds on Thursday and Friday evening, Singapore they have the first people standing up with over 100 hours of live entertainment.
In addition to the Ontrak action, including concept with the KLM in Albion and many credits in Austin, over 100,000 fans at attenders, M&M performance the spring, the races are also successfully drawing incremental business at this is on Friday, springs weekends are up approximately 30% compared to newsprints the weekends.
TV viewership on speed weekend is also on average 10% greater than no Sprint. We get discounted offers incremental benefits for our promoters, broadcast partners and sponsor with increased exposure beyond Sprint's average viewership. For us, we can to Singapore to average 65 million is only the TV channels with around 20 million of incremental viewers on digital channels, including YouTube and F1 TV. Viewership on digital channels correlate to increase year over year. Looking a few races.
I[n particular, the British Grand Prix was the most viewed the European race at Alba in the UK, Andrew, or they could viewership in the U.S. for the E that F1 TV subscriber growth continue to robust, with subscribers up 10% year over year and particularly strong in the US market. ]
We continue to innovate on digital platforms. We granted ways for funds to experience this world of football one, for example, the season we introduced bleeding episodes for our platform beyond the great bulk business and what time is up over 30% since this performance was introduced.
Social media followers were grew 38% year-over-year to 94 million impact due to the new platform launches like finance and WhatsApp. I will what's our partnership enables our close a direct relationship with fans through the messaging platform on the F1 app.
We registered a 6 million unique users in the third quarter, and we have seen continued growth from the platform contributed to a younger audience and higher that engage and funnel cake course thrilled to be in the second venue in the US, the opening party on October 9th and nearly 1,000 guests.
The DC location is hosting a number of brands. We watch body the season, including one last month for the operating room pre, and it is embodied in France for other F1. one spot gatherings like the Live recording of the F1. when they split podcast due to the maximum number of one-off, Kate is on track to open.
It's less big dislocation in the third quarter of 2025 if one exhibition reach the full stop of its global touring lumber opening on August 23rd, with great reviews from these, of course, the location is already seen. Incredible demand with the 135,000 tickets sold as a result of the exhibition stays at the location has been extended through the first quarter of 2025.
Turning to commercial updates, we have had incredible momentum in 2024 and that continued this quarter.
Most notably, our new partnership with out of the match for 2025 and expanded agreement with American Express and Lenovo demonstrate our ability to bring an iconic brands and scale our partnership into broader and larger deals as the MH first partner with someone for the last years in that world as big as Las Vegas Grand Prix Plaza with open station primarily from misspoken tequila brand, we will now welcome LVMH as a global partner and then a groundbreaking 10 years deal beginning in 2025, which will see us partner with their iconic Amazon.
And we don't mind I see and takeaway we will provide additional details specific activation by these brands at the next year.
American Express initially partnered with F1 in 2023 as a regional sponsor with branding activation rates in the Americas beginning 2025, we will expand our relationship globally with American Express becoming an official partner and compassion, Australia, Asia, Europe, the Americas in the Middle East.
Similarly, we have announced that beginning in 2025 that Lenovo will be expanded to a global patent from their previous official partner sponsorship.
We are also actively adding partnership with the new verticals, something they have joined as our official retail banking deposits in a multi-year agreement beginning this possibility, right, this partnership supercenter this Open bank product, the digital bank that is particularly focused on U.S. market expansion.
Formula One Group of success in the U.S. market was a key factor in securing the some of that package. one other area of focus is gaining momentum. These licensing, we were thrilled to announce recent partnership with both legal and myself, both of which bring the award of F1 into our fence day-to-day lives and extend our brand to new will.
This is the legal product range, a feature called F1 teams engaging content across legal, digital platform and passives and therefore, races. We can include a Fun Zone activation, our Martell partnership kick off the season with the release of a one-off kind, therefore car and the full range of heart with product we release next year look into the rest of the season.
We are weeks away from the second biggest Monoprix that has the biggest Race has continued to serve as a test bed of innovation that we can leverage across the broader F1 comment that include the opportunities in the hospitality, Teradata sponsorship and licensing.
Just last week, we had announced the first-of-its-kind special merchandise connection from those biggest ranging from a Street to our collaboration with the first brand to one-of-a-kind Vegas Golden Knights.
I read this flu season posting this merchandise collaboration on the LGBP. social channels with Garden over 1.2 million views, again impression across the board with more than 93,000 engagement and 86,000 likes this year's Las Vegas Grand Prix leverages learnings from last year across the world event, including hospitality, logistic, ticketing and more will continue to test, learn and innovate in this year ahead.
We are proud of our sustainability strategy and continue to make progress throughout the organization on our almond, environmental, social and governance report. In September, we made our first investment is sustainable aviation fuels, working with our past the V Chip.
These purchases covered approximately 11% of the estimated codify.
The mission that growth the 2024 season and the flights powered by sustainable aviation to have an estimated 80% reduction in carbon emission profile.
We look forward to more progress through the end of this year and into 2025.
Closing for one is in great position with the strong financial growth and incredible on track action is looking like the three-way battle for the constructor will come down to the final basis.
We thank our fans teams and partners for their support in these record season and look forward to more action to come amounted to full speed ahead.
And now I will turn the call back over to Grey.

Gregory Maffei

Thanks, Stefano and Brian, I want to clarify one thing I might have misspoken during our corporate upgrade on the brazed they are transitioning to a stand-alone public company. We look forward to seeing you on Thursday, November 14th for our annual investor meeting.
You can join in virtually all join us in person at our new location, Jazz at Lincoln Center.
If you plan to attend in person, please make sure the registered by Monday, November 11th. As there will be no on-site resin registration link to register can be found on our website, Jon Moeller I will be hosting our annual Q&A session. If you would like to submit questions in advance, you can e-mail Investor Day at https://www.libertymedia.com/
We appreciate your continued interest in Liberty Media Corporation and operator, with that, I'd like to open the line for questions.

Question and Answer Session

Operator

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

Hey, thanks for the question offers for Gregory. Definitely strong Concord from any potential updates to provide their own progress toner talks are expected timing.
And then a second one for Brian. Just 17 payment accruals in the quarter or even year to date, the figures do imply a lower full year figure relative to what you had given at Q1 or Q2. Sort of see if there's anything specific to call out inter-quarter that shifted as far as your assumptions on operating profit for the year.

Gregory Maffei

I'll let you take a first cut at the Concord.

Brian Wendling

Yes, and thank you, Greg.
Thanks, David. I mean, as we said, first of all is, first of all, is very important to remember that we have still plenty of time on that basis in Q4. So, there's no urgent rush in our conversations is progressing very well.
And as we said before, very, very positive because at this moment, it's the ecosystem is very solid and also all the teams. And those allows us to go to as the has a huge benefit from some everyone in this moment. So, the financial security for the future, there's really that we have today.
You know, it's underline in the world, we are preparing as soon as we have everything ready. Of course, we're willing for maybe one, but that always, as I said, we want to do that. I think in the consumer, there's no rush. Everything is progressing well, as we said and looking forward to confirming you when we're going to announce something concrete.

Gregory Maffei

So, I would just add that there's definitely point the most important thing for everybody, including we and the team just to get it right. And so, we're progressing at a good pace with the expectation that everyone was signed with Glee on their face.
Yes, David, on the prepayments, as you rightly pointed out point out, that come down just a little bit on a pro rata basis. I think that there towards the Vegas, because really that's the last remaining on contracted revenue stream that we have for the year. And it largely reflects typical year two trends that promoter see So that would be the primary reasons.

Thank you.

Operator

Our next question comes from the line of Megan McGrath with Evercore ISI.
Please proceed with your question.

Good morning and thanks for taking the question. I'm sorry, Formula one sponsorship. Clearly, there's a lot of momentum there. You've announced a number of new and expanded agreements like 2025 is going to be a banner year in Greg, I think you commented that you feel good about the pipeline for commercial activity in 2026 as well. Can you help us think about how meaningful sponsorship revenue growth outlook can be in the coming years?
Thank you.

Gregory Maffei

I'll take a first cut of its okay Stefano.

Brian Wendling

Yes, no, absolutely.

Gregory Maffei

You've seen the announcement there that are mostly 25 related to unusual. What would not expect to be making announcements yet about 26 related deal. But we have a lot of activity going on around potential sponsorship around licensing and other activities.
So it's very hard. You're still quite a ways out from those. But I feel good about the progress of you that it is definitely now, I would say for sure.

Brian Wendling

And as always, we need to remember we'll adjust couple of years ago in terms of quantity and also points of a partnership.
Now we are to grow significantly in terms of quantity and of course, now the time is really to check in term of restructuring the deals in term of global, the regional official partner during the fact that we have a strong interest in our market so far, still that up with your other that we will exploit in the future.
But the ability that I can confirm, as was mentioned, is really we are really bringing in the interest that we are headed from partners that have a high value in the market, and that would be another leverage. We go through a B2B business growth within that addition linking agreed with other partners, we can create even more interest in our platform.
So, as I said, look back and see where we were a local, we are, and I think that the future is always it will be very positive again.

Gregory Maffei

And one thing I would add that almost more towards David's question that the sponsorship that we've announced for 2025, you've also seen that's all that's all moving into 25.
So, any expectations that we had for those new agreements for 24 also have that impact on impairments.

Perfect., Thank you.

Operator

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

Great. Thanks for taking the questions two on Formula one, maybe first for Greg on media rights.
Just curious for your latest thoughts on the sports media rights landscape heading into the US renewal next year and maybe how you're approaching here in negotiations with ESPN on.
And second on Brian J. Wendling, you mentioned in the Las Vegas Grand Prix be in the last uncontracted piece of the puzzle here. Just curious if there's anything more you can say on demand for Vegas heading into the final few weeks and any expectations around revenue and profitability for the event this year.
Thank you.

Gregory Maffei

Stephen, thanks for the question.
I'll start on the media side. As I think as well know, we have a partnership with ESPN in advance of the end of 25, not a typical that there is some negotiating period with that. I'm obviously not going to disclose.
The specifics have been it's been a great partner. We will look to see what we can do with them. But there's also a lot of other interest from but partners and we're trying to construct the deal that manages to bring both the best economic opportunity for F1.
But even more importantly, perhaps expose our fans the best experience in a logical way across as much breadth as possible. So as always, we're going to play between economics and reach and hopefully come up with the best result for our one fans that ourselves.
I lead the Renee talked a little bit about Las Vegas.

Thanks, Greg. It clearly did take a step back and focus on what the Markman hearing your tail and obviously, your one, we are very much focused on quality and experience here to it's been a lot of focus around cost structure and optimizing our product ladder.
We did expect that to continue building two years three and beyond. We made a number of improvements coming into this year, which have allowed us to continue to be dynamic and adjusting products and pricing based on real-time feedback we're receiving from the market.
We would note the all in Constella Vegas race weekend has come into line with the other US rates at and we refer you to the commentary from our hotel partners win in theaters.
Regarding the continued strength at F1 in terms of recent activity. And as expected, we are seeing an uptick in traffic and conversion rate around ticket sale. And we expect that to continue as we get closer to the race weekend. We are, of course, benefiting from the very competitive championship this year.
And we have seen success with our recent promotions, including the Lewis Hamilton package and some special offerings that we have run in partnership with our sponsors, chemo and Amax de-levering to go, I think it's out there. We are very excited to see year to come together over the next couple of weeks.
And of course, we remain very positive on the benefits that Vegas is providing to the broader ecosystem of funding line, including that LVMH, the American Express and getting back to the media rights renewal.
We are looking to see the benefit of Vegas next year as well. And great start this discussion.

That's great.
Thank you for us.

Operator

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

Thanks, Good morning.
Sure, Greg, how much are we wanted to comment, but Live Nation stocks that quite strong last few months. Some of that, I think in anticipation correctly, I guess of the election outcome, what do you think a Republican DOJ needs for the range of outcomes for the lawsuit against Live Nation and one ability to navigate that successfully from a shareholder point of view?
And then at the risk of beating team payments to data, right. I think you're you've shown over and over 200 basis points of leverage year to date on how you think about the full year versus that and how much of a swing factor is Las Vegas? Is that sort of at a larger than normal variable when you think about your business as we think about the full year?
Thanks so much.

Gregory Maffei

But it was nice of you to set up and acknowledge it would be very difficult for me to comment on that.
But Live Nation continues to prosper as a business and continue to believe it serves customers well, and there is no basis for the lawsuit, and I don't think that's going to change their view is not going to change regardless of administration.
Great.

Brian Wendling

Brian Young on prepayments like with like we said last quarter that slight leverage, I think dominium's might have been the words are you that we were at 61.9% year to date to Q2.
So, we're going to stick with that. In terms of Vegas being a swing factor, I mean, if you think about our business, most of the revenues are contracted, most of the costs are contracted.
The two big swing factors in any given year are the sponsorship go get and then Vegas ticket sales because that does have the highest volatility or start to get more clarity on both of those, although bagasse being a last-minute market, as we pointed out many times, there's lots of work to be done as you enter Q4, so it can be a swing factor, but we continue to be optimistic here.

Thanks a lot.

Operator

Our next question comes from the line of Brian Meredith with UBS.
Please proceed with your question.

Great., Thank you.
I'm not to look too far ahead, but I guess how are you thinking about the opportunity for race promotion and the race calendar in 2026? Is that a year when we could start to see some new venues added to the calendar? And just more broadly, how you're thinking about your positioning for renewals, given the elevated attendance you've seen over the past few years?
Thanks.

Gregory Maffei

Stefano, do you want to take a cut?

Okay, thanks.
Thanks, Greg.
Of course, a 26-race promotion, as you know, we have Madrid that was part of the of the calendar. We have a long-term deal on the other side. As you know, that is represented the vast majority of the situation today.
And these allow as opposed to work with them in order to promote better quality to make sure that what we want to offer to our customers about the level is the highest standard in 26 and further beyond. Of course, we have some news to share very, very soon with regards to the possibility in the midterm to have some rotational European Las Vegas Grand Prix Plaza and some of the new offshore come later.
And this is something that's, of course, clarifying the due course, it is true though, we are that we have a large demand of either new possible venue that was to come in.
And now we chose will be always balanced between yield the right to economic benefits that we can have as a system and also to leverage but also the market that we can see potential would be beneficial for us to grow even further our business.
So, it's something that we are managing in a way and safeguard today, you know, we have a quality problem to and book that was not the case just a couple of years ago.

Great, Thank you.

Operator

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

Hi, good morning, if I could. First on media rights, other major markets in the Americas that have media rights contracts coming up for renewal around the same time as the US.
And might we consequently see in Americas media rights deal rather than just the US contract this time around? And then also related to that, how has what you've value from here to U.S. media partner change since the renewal at ESPN, given just how streaming has become such a larger part of the business now?
And then just separately, sort of a follow up on Vegas and maybe to ask a little more bluntly. I mean, it sounds like promote ocean revenue is clearly going to be up, but ticket prices are going to be down. So probably overall ticket revenue is going to be down. Is that a fair interpretation of what Rene it was going through before?
Thank you.

Brian Wendling

David's, Okay, Stefan, all take a cut on the media book.
We have similar that we would love to find a partner who would take on more markets. That's always very interesting and make use of perhaps with them and us. There isn't a huge renewal in the Americas that make it logical not to say it wouldn't happen, but I don't think it would be an enormous economic swing.
In any case, if we bundled with somebody for all the Americas, we certainly have had rumors of larger deals.
And in some cases, we see certainly do have regional deals. But I'm not sure that's going to work for the Americas that way that there's some partner who is going to take all of it that way.
As far as streaming, obviously, we see the rise of streaming. We've noticed a couple of cost of a cross a couple of our businesses. We certainly noticed from the reality is we have a great string product and F1 TV ourselves, which has shown tremendous growth.
And we would look to consider whether a media partner, how we interact with them on both a linear side of that existed and the streaming side and how our FY23 dividend. But clearly streaming is going to be a mix, more major component of all sports right's packages going forward.
When we went on and on Vegas or Zytiga?

Sure.

Yes, having scale and I guess just to reiterate, we generally do not give real specific economic side. With regard to your question on ticket revenue, aggregate ticket revenue will be down from what we originally budgeted in Q2 one. However, it throughout the course of 24, we'll also continue to reduce costs from what we budgeted Q1 at this, I would say that we're working hard to focus on getting the best profitability that we can from Vegas. And again, we would refer you to the broader benefit that it does bring to the 20%.

Thank you.

Operator

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

Thank you, two little questions, please.
one was just a little bit more on the media rights. Just given that some of your recent deals have been extended beyond the typical kind of three-year period, we used to see in other sports leagues have done that as well. Just wondering how you're thinking about your objectives with these upcoming rights to deals?
And then the second question is on just a little on the accounting of how you'll be recognizing the fund moving next year.

Gregory Maffei

So, I think on the media rights deals, I outlined some of our goals in terms of growing reach and making it a great experience for our fans as well as payments to us.
So, I think all of those goals remain the same. We've chosen market by market longer or shorter deals based on where we withstood the market, what our growth was, what our partners were doing and what we wanted to go. And obviously one of the reasons we could have shorter deal in the US last time as we were confident and really betting on ourselves that we would get a larger renewal down their road that did work the first time we did a three-year deal.
I'm optimistic it will work again; I'm not projecting whether the deal will be shorter or longer.
I would note it's likely particularly if you went to another partner, which got sure that's going to happen, you probably would kind of longer deal just because that partner wants to have some period to grow in doing that work together. But that's just observing on the media market.
That's not projecting what we will or won't do on the US

Brian Wendling

And on the F1 movie, we've been paid in 2023, 2024 for their use of the Paddock building and having access to certain races. I think going forward, the revenues that you would expect there would be pretty small.

Okay, Thank you.

Operator

Thank you, our next question comes from the line of Barton Crockett with Rosenblatt Securities.
Please proceed with your question.

Okay, great, thanks for taking the question on, I guess a couple, if I can.
one is now turning to Vegas on looking beyond the race. I know there's been some hope that the off season could be monetized at Vegas and that could help maybe the margin profile. And I'm just wondering if you could give us an update of from, we are progress and are you really doing anything meaningful in the off-season? You mentioned the film. I'm just wondering if there's anything meaningful happening

Through our so we are working hard to launch the effect on beginning. And I'd say late Q1 of 25, it's going to be actually very much focused around educating news and bringing many advanced deeper into the store.
And obviously, Las Vegas is a destination and we wanted to leverage that and bring these visitors to learn more about Formula one coming, we bring to the U.S. culture and there will naturally occurring there. It will also be assigned interactive experience 3D, 4D offering, which will also a little bit the legacy F1 exhibition type educational experience as well.
And then we will be looking to package those experiences to enhance the in uncompensated. So a lot more to come, and we hope to be giving more specifics around that business during last week.

Okay. And then if I could just follow-up also on sponsorship on just to be cleared with all these announcements starting in 2025, it sounds like 2025 is going to be a strong year for sponsorship on, but I was wondering if you could comment on that more directly? Is that what we're seeing?

Gregory Maffei

Yes.

Okay, great, thank you.

Gregory Maffei

I hope that going to be a good year, that you called it correctly.

Okay, thank you.

Operator

Thank you, ladies and gentlemen.
Our final question this morning comes from the line of Jonathan Monnickendam with European Key account.
Please proceed with your question.

Hi all, on localization of on the new markets and expansion, identical to expand to a calendar on, especially in emerging markets are what I'm trying to get at is what I'm trying to get a sense of what your post to OC market expansion while maintaining the exclusivity or the lower of Formula One Group.

Gregory Maffei

So, Brain, do you want to talk about expanding your breakout?
I think I know the answer, but I'll let you go off on that now let's take.

Brian Wendling

Thanks, Gregory, which as we've said, we believe that the balance we have in terms of numbers that I've one so 2024, balance number, that would feel if the life to people exactly would you say, Jonathan?
And I do believe that all the proposition that have come in and now let's take one is just giving us the possibility to make even the better choice, but our future. So as always, need to be balanced, knowing that to you know, we cannot follow only the pure that its financial position because it saves is different from region to region.
But these are flat to propose to our stakeholders, the right choice. And I think that we are in a good momentum to make sure that the strategy for the future, it's even stronger. And that's why we are so confident about the fact that this will help to enhance our platform on the sport on social and business perspective.

Thank you.

Gregory Maffei

With that, Operator, we're done on questions, and we're done with the conference today.
I mentioned we look forward to seeing many of you either virtually or in-person next week at our Investor Day. Thanks for joining and your interest in Liberty Media Corporation Media.

Operator

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