Greetings and welcome to the Liberty Media Corporation and Atlanta Braves Holdings 2023 year-end earnings call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Shane Kleinstein, Senior Vice President of Investor Relations. Thank you, Shane. You may begin. Thank you. Good morning. 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 Form 10-K filed by Liberty Media and 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 statement 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, Sirius XM, and Atlanta Braves Holdings, Adjusted OIBDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media, Sirius XM, and Atlanta Braves Holdings, Schedules one through three, can be found at the end of the earnings press releases issued today, which are available on the Liberty Media and Atlanta Braves Holdings websites. 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 Officer and Principal Financial Officer, Brian Wendling. Also, during the Q&A, we will answer any questions related to Atlanta Braves Holdings, and Braves Management will be available too. So let me begin with Liberty Sirius XM. The LSXM-Sirius XM transaction is on schedule. We filed the preliminary proxy on the 1st, January 30th, rather. We still expect to close by early Q3, and the NAV discount, which was about 42% prior to announcement, is now closed to about 25% as we had hoped, and we expect it will continue to close. Looking at Sirius XM itself, the strong operating and financial performance that it had in 2023 showed the durability of the business. Self-pay net adds were up in the second half as expected, boosted by streaming. The strong margins and free cash flow generation remained largely through cost discipline. Importantly, they rebuilt their tech stack and relaunched their app in the fourth quarter, and we're beginning to show positive early results from that with better personalization, promising engagement, and improved service quality. We believe these initiatives, as well as the incremental content they added, will continue to drive long-term growth. Looking at the 2024 priorities at the business, first, increasing 360L adoption and boosting conversion and retention, continuing to deliver engaging content. Recently, they signed the quite popular SmartLess podcast with Jason Bateman, Will Arnett, and Sean Hayes. We do expect self-pay net add improvement throughout the year, and there is a focus on maintaining stable EBITDA margins and free cash flow. I look forward to remaining involved personally in the next evolution of the business as chairman and a shareholder. Turning to Formula One Group, it was an amazing 2023 at F1. We saw double-digit growth across all revenue streams Adjusted OIBDA to up 22%. We see a strong commercial start to the season, four race promotion renewals including Silverstone, a ten-year deal with venue upgrades in our important heritage market, and a new race in Madrid beginning in 2026, which will be a partial street race with convenient fan access. We do see continued growth in fandom. Recently, this week, F1 joined Threads, and 2.8 million followers were on board at the platform after half a day of use. We closed the Quint acquisition in January, as we previously noted, and the growing partnership opportunities from Quint with F1, LBGP, and other sports properties, including the Kentucky Derby and the NBA All-Star Game. Let me turn to Vegas in a minute. It was an incredible race. We were fortunate to have such a great outcome with a record 181 overtakes, and the podium came down to the final lap. It was a great result for Formula One. It created new commercial opportunities and generated fantastic global buzz. A high percentage of the first-time F1 attendees and massive audiences tuned into this race. It drew marquee brands to F1, for example, American Express, T-Mobile, Moët Hennessy, Google, and we think these brands and the marquee aspects of joining Vegas will continue to help us in 2024 and beyond. It was also hugely successful for the local community. The total economic impact of the race was estimated at $1.2 billion, and the average visitor spent 3.6x what a typical visitor spends for a non-F1 event. We look forward to building on the success of LBGP in 2024. For example, we're going to increase the GA and expand the product offerings at various price points. We're going to optimize the cost structure. The year-round commercialization efforts at Grand Prix Plaza are developing, but we will expect only a modest contribution from those in 2024. Corporate events at that site kicked off around the Super Bowl this year. In summary, the Vegas race exceeded our expectations on many levels, even though year-one costs came in higher than we had anticipated. We do not intend to disclose race specifics on this race consistent with our practice across all races. I would note that we are kicking off the F1 season with testing in Bahrain, which occurred, and look forward to the first race in Bahrain this weekend. Turning to Live Nation, 2023 was the biggest year ever, where there were all-time highs for attendance, ticket sales, and sponsorship. Concert attendance grew 20% with 145 million fans. Global demand for concerts continues to grow. The top 50 tours did 50% more international acts in 2023. We have an incredible pipeline for 2024 with no sign of consumer slowdown. We're seeing strong demand across all price points. For example, large venue shows are up double digits, and 65% of full-year large venue shows are already booked versus only 50% last year at this time. The number of shows at amphitheaters and other operated venues will also increase in 2024. Let me turn to the Braves. Obviously, there was incredible team performance in 2023, so much to highlight. I'd note one, the 947 runs scored was the first in MLB and tied an MLB home run record as well for the team. The Braves also experienced great financial growth for the year. Baseball revenue was up 9%. We've seen continued success result in higher payments under MLB's revenue sharing plan, so that is the one negative about our continued revenue growth. But I'd also note the Battery revenue was up 10%, Adjusted OIBDA was up 11%. We clearly benefit from the strengths of the Braves' territory. In a recent study by YouGov, the Braves had 8.4 million fans in the South region, number one in MLB, and over 65% of all other local sports teams' fans support the Braves, which is the highest crossover of any fandom in Atlanta. We've seen encouraging early-season trades, including for seven-time All-Star Chris Sale and outfielder Jarred Kelenic. We are well-positioned for future commercial and on-field success. For example, 2024 season tickets are already sold out, and there is a 16,000-person waitlist. We are looking forward with bated breath to the home opener against the D-backs on April 5th. With that, let me turn over to Brian for more on our financial results. Thank you, Greg, and good morning, everyone. At year-end, Liberty Sirius XM Group had attributable cash, liquid investments, and monetizable public holdings of $90 million. This excludes $216 million of cash held directly at Sirius XM. During the quarter, Liberty Sirius XM repaid the remaining $199 million outstanding principal of its 1.375 basket convertible notes using cash on hand. Also, during Q4, Liberty Sirius XM paid down $80 million under the margin loan, $61 million of which was from the monetization of its 1.8 million Live Nation shares. At quarter-end, there's $1.1 billion of undrawn margin loan capacity at the parent level related to our Sirius XM margin loan. As of February 27th, the value of our Sirius XM stock was $15 billion. We have $1.3 billion in principal amount of debt against these holdings. Total Liberty Sirius XM Group attributed principal amount of debt is $11.1 billion, which includes $9.3 billion of debt held directly at Sirius XM. Turning to the Formula One Group, at quarter-end, Formula One Group had attributed cash and liquid investments of $1.4 billion, which includes $1 billion of cash held directly at Formula One. Note the Quint acquisition closed in January, which will be a use of Formula One Group cash. Total Formula One Group attributed principal amount of debt was $2.9 billion, which includes $2.5 billion of debt at Formula One, leaving $533 million at the corporate level. F1's $500 million revolver remains undrawn, and leverage at the end of the year was 1.9x. As we've said in the past, the F1 business is best analyzed on an annual basis, so we'll only be speaking to full-year results. Total revenue grew 25% in 2023 with double-digit growth across all primary revenue streams. Year-over-year revenue increases include the significant revenue generation from self-promoting the Las Vegas Grand Prix, including ticketing revenue, which is included in race promotion, sponsorship revenue, which is recognized accordingly, and hospitality and experience income, which is included in other F1 revenue. Race promotion revenue also benefited from the mix of events held compared to 2022, with 2 additional flyaway races this year with Qatar and Las Vegas versus Imola and France in the prior year. Sponsorship and media rights revenue grew due to increased fees under new and renewed commercial agreements. Other F1 revenue grew 42% or $196 million, driven by hospitality and experiences, largely attributed to the Las Vegas Grand Prix, as well as growth in the Paddock Club at other events, partially offset by reduced freight income due to easing of freight cost inflation. Team payments, as a percent of Adjusted OIBDA, as reported, was 63% in 2023, down from 66% in 2022. Other costs of F1 revenue increased from 23% of total revenue in the prior year to 32% of total revenue this year, primarily driven by promoting, organizing, and delivering the Las Vegas Grand Prix, as well as increased costs of servicing additional hospitality offerings. SG&A at 7% of total revenue was in line with historic averages. Corporate and Adjusted OIBDA was a loss of $39 million in 2023, which includes the $15 million of revenue for use of the pit building during the Las Vegas race weekend. Formula One incurs a fixed monthly rent payment that approximates depreciation, plus a variable rent component during the race weekend. Note that the fixed rent payment in 2023 reflects only a portion of the years the building wasn't occupied until closer to the race weekend. Corporate level expense at Formula One Group was also elevated due to the split-off and reclassification costs. In 2024, Formula One Group corporate and Adjusted OIBDA will benefit from the Quint acquisition that closed in January, as well as a full year of the rent payments. Looking to 2024, F1 will host 24 races with the return of China and Imola compared to 22 races in this past year. Quickly looking at a few cash items, F1 estimates its cash tax rate in 2024 to be a high single-digit percent of Adjusted OIBDA, increasing towards low double digits percent in future years as a result of the UK tax rate increase. Total CapEx incurred at the Formula One Group in 2023 was $426 million, approximately $390 million of which related to the development of LBGP, with the majority incurred at the Formula One Group corporate level. At the Liberty Live Group, there's attributed cash, liquid investments, and monetizable public holdings of $418 million, which includes ETF assets. There's $400 million of undrawn margin loan capacity related to our Live Nation margin loan. And as of February 27th, the value of the Live Nation stock was $6.5 billion. We have $1.2 billion in principal amount of debt against these holdings. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter-end. Then quickly looking at the Braves, the Braves business is also best analyzed on an annual basis due to fluctuations in game count. Baseball revenue increased 9% in 2023, primarily due to increased ticket demand and attendance, leading to a 14% growth in baseball event revenue and 8% growth in retail and licensing revenue. Other baseball revenue declined primarily due to fewer concerts held compared to the prior year. The Battery had another great year, with mixed-use revenue increasing 10%. Adjusted OIBDA decreased for the year, primarily due to increased player payroll expense, as Braves' management continues to invest in its on-field success, including a number of trades and accelerated player signings in December of Adjusted OIBDA for the mixed-use development increased 11% in 2023. Just a reminder that SG&A was elevated for the full year due to the split-off costs. We would anticipate a $10 million-$15 million annual run rate for corporate overhead at the Atlanta Braves Holdings. With that, I'll turn it over to Stefano to discuss Formula One. Thanks, Brian. The 2023 season delivered incredible racing and record financial results. On the track, we want to recognize Max Verstappen and Red Bull once again on their superb performance. The rest of the grid battled until the end. The race for second in the Constructors' Championship came down to the final lap of the season between Mercedes and Ferrari. McLaren and Aston Martin battled for fourth, with McLaren intensifying the competition after a solid mid-season upgrade. Oscar Piastri had a stellar rookie season, securing 97 points, including two podiums and a sprint race victory. Albon fans had much to cheer about as he scored points in a number of races in 2023, helping Williams finish seventh, showing good progress under James Vowles' leadership. Across the entire 2023 season, six teams were represented on the podium, a reflection of the talent up and down the grid. The new regulations are increasingly benefiting competition across the field, and we believe this will continue in 2024 as the benefits of the cost cap and the technical regulation continue to mature. Financially, the business generated record revenue Adjusted OIBDA for the year. All primary revenue stream grew, benefiting from new and renewed commercial agreements. Furthermore, our Paddock Club had an incredibly strong year, with hospitality and experiences revenue growing nearly 100% year-over-year. This was driven by the expansive suite of hospitality and experience offerings at Las Vegas Grand Prix, as well as growth in our core Paddock Club product, with the Paddock Club sell-out at 10 of 19 events. Towards the end of the season, we had the spectacular inaugural Las Vegas Grand Prix. It was a formidable undertaking moving the project from startup planning to race delivery in little more than one year. We are incredibly proud of the Las Vegas team who worked with multiple stakeholders in the city and within the wider F1 community to deliver an incredible event on and off the track. Total ticket sales were 316,000 for the weekend. The race was thrilling from the start to finish. Charles Leclerc passed Pérez on the last lap to secure his second-place finish. The race generated fan-reaching multi-platform buzz and drew in new viewers who hadn't engaged all season. The local economic benefit generated by this race is remarkable. Local casino partners had record revenue, with monthly gaming revenue for Clark County at all-time high for the month of November. Stepping back to the broader calendar, the 2023 season overall delivered another year of record attendance. 6 million total fans attended the race weekend, up 5% compared to the 2022 season. 12 races promoters reported new attendance as record, including 480,000 at Silverstone, 445,000 at Melbourne, 405,000 in Mexico, and 308,000 in Belgium. Race attendance remained strong through the end of the season, with record crowds in São Paulo and Abu Dhabi. F1 fans tuned in across platforms. Last season, we worked closely with our media partner and created new tools to estimate digital viewership on platforms and channels not covered by Nielsen. Our findings suggest an additional 29% of audience are not currently covered by traditional measurements globally, representing almost 20 million on average per race weekend. The share of digital viewership is much higher for markets like the U.S., where fans rely more on video on demand and streaming platforms to watch races, especially those at less convenient times for live viewing. We will keep working with Nielsen this year to incorporate more of these digital audiences into their standard reporting to provide the most accurate picture of our total audience. Looking at broadcast TV, cumulative TV audience for the 2023 season, excluding digital viewership, was 1.5 billion, and average viewership per race was approximately 70 million. In the U.S., cumulative viewership was up 4% compared to the prior year, setting a new season cumulative TV audience record. Importantly, viewership among the under-35 and female demographics grew across all of our markets. Our sprint series continued to drive increased engagement throughout the season, which boosted TV audiences and race weekend attendances. For our sponsor, there was an over 50% increase in average brand exposure during the sprint weekends. We look forward to the sixth event in 2024. Formula One was once again the fastest-growing major sport league on social media for the fourth year in a row, with the highest growth rate compared to the 11 other global sports, including NBA, NFL, and Champions League. We grew to 70.5 million followers on social media, up 17% from the prior year, with continued growth, especially in the U.S., where social media followers were up 28%. The U.S. continues to make up our largest audience on YouTube and TikTok social platforms. For our F1.com and F1 app platforms, over 100 million unique visitors viewed over 3.1 billion pages, an increase of +10% over 2022. Consumption of highlight videos on our web and app also grew by 35%. We made greater commercial progress in 2023, securing contracts that will underpin our continued future success. As of year-end, we had over $12 billion in future revenue under multi-year contracts. Our momentum continued during the off-season and into 2024. On race promotion, we are prioritizing the quality and the value of every race slot, having reached what we believe is a comfortable near-term max of 24 races. Early this month, we announced 10-year extension with Silverstone and look forward to enhancements to the Paddock Club and other physical infrastructure upgrades at the circuit. We are excited to welcome the Madrid Grand Prix under 10-year agreement in a brand new circuit, with both street and non-street segments from 2026. The race has plans to invite 110,000 fans initially and has potential to expand to over 140,000 over several years. We also announced five years extension for our Japan and Brazil races. With this announcement, we have now finalized all contract negotiations for the 2025 season and will turn our attention to optimize the race calendar for 2026 and beyond. Additionally, on media rights, we are delighted to have recently secured a long-term panregional deal across the MENA region, with its biggest sport platform beIN SPORTS. This is on the heels of over half of those in renewal signed in 2023. F1 continues to benefit from the demand for live global premium content. We are broadcasting in 200 territories and have a well-diversified portfolio of media rights contracts across markets, typically ranging from three to five years. As we have said, alternative bidders, including digital players, are increasingly showing interest in live sport and increases competition from scarce media rights. Our F1 TV product has grown significantly since launch, with Active F1 TV Pro subscribers growing 37% in 2023 compared to 2022. The product has been boosted by growing in the F1 calendar, F1 sprint races, new in-depth shows, all 20 onboard cameras, team radios, and continuously adding live programming around every season plus a revamped mobile-friendly design. We believe it delivers the best-in-class product for fans and is now available in 120 countries. Early this year, we rolled our price increase across markets for the first time since product launch in 2018 to bring the pricing in line with the market rates for the qualifying of the offering. Turning to sponsorship, we had a successful 2023 in growing existing partnerships while securing new brands, including leveraging new assets like Las Vegas and F1 Academy to generate incremental demand. Puma and Tommy Hilfiger were recently announced as official partners of F1 Academy, and we left design liberty for this season. Beauty brands like Charlotte Tilbury also became an official partner of F1 Academy, marking their first ever global sport partnership. We also announced an attractive multi-year renewal with our global partner DHL this week. Going forward, we are optimizing our existing inventory to maximize impact, exclusivity, and value for our partners. We are also actively creating new assets to capitalize on our growing demand and sponsor preference for tailored opportunities in live events. There are target verticals where we are underexposed, including financial services and betting, to name a few. Our fan engagement activities off the track continue to gain momentum. F1 Arcade's first location in London recorded 400,000 visitors in its first year, and a second UK location opened in Birmingham. The first US venue will open in Boston and DC this year, with 20 venues targeted over the next five years. The F1 Exhibition moved from Madrid, where it welcomed 170,000 visitors. It opened its second location in Vienna early this month and will continue touring iconic global cities to inspire the next generation of F1 fans. Sustainability remains a large priority for Formula One across our organization, commercial partners, and F1 teams. More detail will be provided in the coming weeks detailing our progress towards reaching the sustainability strategy we laid out in 2019. There are a number of sustainability accomplishments to highlight from last year. To name a few, progress continuing to develop over 100% sustainable hybrid fuel that will be introduced in 2026 and will be a drop in fuel usable in road cars without modification, which provides broader global benefits to the automotive industry well beyond the impact of Formula One. The nine European events of the 2023 season used freight transportation by DHL on a new fleet of biofueled trucks, reducing related logistic carbon emissions by 83%. The first cohort of students from F1 engineering scholarships embarked on their first work placement with the F1 teams. We will welcome the third cohort this year. Finally, we launched F1 Academy, the all-female driver category, to develop and prepare young female drivers to progress to higher levels of competition. The second season in 2024 will see F1 Academy race as a support series at seven F1 events. The F1 teams are getting more involved in supporting the series. In 2024, all 10 will have their liveries displayed on one F1 Academy car each and will each nominate one female driver to race in the series. We look forward to beginning our 2024 season next month. The 2024 race calendar has greater regionalization and more efficient flows of races, which reduce the distance our freight kits travel globally in support of our 2030 net-zero commitment. China returned to the calendar for the first time since 2019. The six-sprint series will take place in Miami, Austria, Austin, Brazil, Qatar, and China. We made small changes to the format this season, with sprint qualifying on Friday, sprint race followed by race qualifying on Saturday, and the Grand Prix as normal on Sunday. Much to the delight of our fans, this off-season has certainly delivered excitement. Young talent secured seats for years to come, with Charles Leclerc committing to the Scuderia at least through 2025 and Lando Norris remaining in McLaren at least through 2026. Capturing headlines, Lewis Hamilton will leave Mercedes for Ferrari in 2025 after an incredible two-year, 12 seasons with the Silver Arrows. In closing, I'm incredibly proud of the accomplishments in 2023 and eager to begin our 2024 season. We have a solid financial foundation and an attractive, growing fan base. Our team is focused on deepening this fandom with optimized content and platforms to boost engagement while capturing more fans' data so we can better tailor our commercial outreach. These efforts are spread across protecting our established fans, nurturing newly acquired fans, and growing into new cohorts, especially younger audiences and underserved growth markets like Asia. We will continue to invest in our sport to capitalize on our incredible momentum. Avanti tutta, full speed ahead. Now I will turn the call back over to Greg. Bye-bye. Ciao. Thank you, Stefano, and thank you, Brian. To the listening audience, we appreciate your continued interest in Liberty Media and the Atlanta Braves Holdings. With that, operator, I'd like to open the line for questions. Thank you. If you'd like to ask a question, please press star one on your telephone keypad. The confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question is from Ben Swinburn with Morgan Stanley. Please proceed with your question. Thanks. Good morning. Congratulations to Renee and the Las Vegas team on a great race and outcome. I know that was a lot of work. Greg, I had a couple for you and maybe one for Brian if he's willing to entertain it. You mentioned optimizing the cost structure in Las Vegas for year two. I just maybe could spend a minute on what the opportunities are and even if you're willing to tell us where in the P&L that might show up between kind of G&A at F1 versus direct costs. Any thoughts on a new Concorde Agreement? That had been something you guys had talked about trying to execute last year. Just curious if you had any update there. And then, Brian, I didn't know if you had any guidance for us on CapEx at F1 in 2024 now that everything is sort of built, but you probably have some maintenance costs on all these new assets. So that was it. Thanks so much. Ben, I'm going to touch on the optimizing the cost structures and let Renee add to it. And on the Concorde Agreement, I'll let Stefano cover where we stand. So, on the optimizing the cost structure, look, because we moved with real speed to try and get Las Vegas up in a record time, many things were done to accommodate a great fan experience and make sure we got done on time. And with the benefit of more time, there are many things we can optimize. For example, there's a temporary structure, a bridge that was put over one of the roads that will become it was our cost that will not be re-incurred. There was work that was done around ensuring great security. I think we'll learn how to do that in a more cost-effective manner. But I'll let Renee touch on other items that she thinks we might be able to save on. Sure. Thanks, Greg. So to Greg's point, we really did lean in on transportation planning and security. No one knew just how traffic would flow. We were hoping for the best but planning for the worst. It did turn out to be significantly better than anyone feared. That will hopefully allow us this year to start looking for areas that we can cut back in. We also have the benefit in year two of having a playbook. Again, we had to lean in on fan experience and other events that would allow us to create that inaugural race weekend that we needed for year one. This year, we are looking very closely at every line item on the budget to see where can we maximize the fan experience and ensure safety while also looking to really cut back on some of those costs. Some of that will be, I think, most of that will be direct costs. Some of that will be in G&A, but mostly in direct. Do you agree, Brian? I would think most of them yeah, most would be in the operating costs. Yeah. Stefano, do you want to touch on the Concorde Agreement? Yep. Thank you, Greg. Yes, Ben. So we expect to address the renewal of the Concorde Agreement with the teams very, very shortly. Our view that is basically shared with the teams is that basically the Concorde Agreement will not need any substantial changes this time around. So we're going to start very, very soon. We had priority to finalize before the end of the season talking about regulation and other stuff with regard to other things that need to be solved before. So now we are getting close to the time where we're going to start this discussion very, very shortly, as I said, Ben. Got it. And then lastly, Ben, on the CapEx, we're not going to disclose any specific numbers, but we would expect it to start to trend back to what our normal rate was in the past, specifically on LBGP. The team might evaluate different opportunities where you could put stuff on the balance sheet versus having it as rentals in OpEx. So those opportunities might arise, but overall, we wouldn't expect it to be overly material. Thanks so much. Our next question is from Bryan Kraft with Deutsche Bank. Please proceed with your question. Hi. Good morning. I had one for Greg and Stefano and Brian. Greg, I was wondering if you could walk us through the steps that you still need to take in order to close the spin merge with Sirius XM. Stefano, I was wondering if you could just clarify, will the Madrid Grand Prix bring the race count to 25 in 2026, or will it substitute for Barcelona or another race? And then also, Stefano, if you could just comment, I mean, just qualitatively on the media rights outlook. It seems like 2024 will be a lighter year from a media rights revenue growth standpoint based on the renewal schedule and then a stronger year in 2025. I just want to see if that was right. And then the last one I had was for Brian. Brian, I was wondering if you could just help us with some baseline numbers for QuintEvents so that we could try to model that correctly, any estimate of revenue and EBITDA from last year and any color on seasonality. Thanks. So I'll touch on the first one. We received initial comments from the SEC on the proxy. I think those were relatively light. Credit the legal and accounting teams for answering those or having a proxy that was clear and transparent, and we'll be able to answer those relatively quickly. So that will need to be cleared, the final proxy, by the SEC before we can go forward with a vote at the Liberty Series level. We also have a parallel process with the SEC that I think is relatively pro forma. We do not believe that will be the long pole in the tent. So we're still targeting early third quarter. Some chance we may be able to get it done quicker, but we're trying to manage your expectations and ours. Next question or next part of the questions. I would say I think I can come in, Greg, to answer Brian to the point on Madrid, Madrid 2026. That is a year where there will be a lot of Grand Prix where mainly Europe, we have different options that we can take over. Therefore, I think Madrid shows one thing that was very important for us to see, that the attention F1 is there also in the old continent where everyone was thinking, "Oh, we need to move out of Europe because there's not anymore the interest." Madrid showed the opposite. I think 2026, you're going to see something interesting. We are discussing with other promoters in Europe to do something that will be announced as soon as we close, for sure. But Madrid will be a big boost because the event will be organized in a place where, as Greg was mentioning at the beginning of his speech, will be in a sort of track and a place where will be around the convention area to allow to give the opportunity to the fans to live that event in an incredible way. But of course, so far, the focus in Spain is in Barcelona. There is a big commitment to do a great Grand Prix there in the next couple of years. With regard to the media rights, I would say there are two points that I think that we cannot consider light, the 2024, because we just signed a very important deal we'll be in for the next 10 years. We do believe that also the F1 Plus TV will be going very, very well this year. So I think that for sure is a year where we're going to see another growth. And of course, we are getting ready for a very important year when in the future, in two years' time, there will be the media deal in the U.S.. That will be a very important deal we need to discuss in the right moment where we're going to believe where we believe this will be another step in terms of our growth in that landscape. Yeah. And then Brian, on Quint, we're not going to give the 2024 numbers, but what we would say is that the acquisition should be accretive to the Formula One group overall. So you can kind of do the math from there. It's not overly material to the Formula One business, but it should be accretive going forward. Thank you. And maybe just one follow-up for Greg. Just Greg, what's the amount of time you need between SEC approval for the proxy and the vote and then the vote and closing the transaction? Circa two months. Okay. Gotcha. Thanks very much. Appreciate it. Our next question is from David Karnovsky with JPMorgan. Please proceed with your question. Hi. Thank you. For Greg or Renee, I think your Vegas Hotel partners were consistent in their views on their earnings calls that the race should have a broader appeal and benefit some of the lower end or further properties on the Strip. So interested in how you're thinking about potentially accommodating that and what it means for the race in terms of ticketing or operational adjustments. And then for Brian, F1 operating leverage for the year was a little better than we and I think some investors had anticipated. In the release, you called out a reduction in the team payout percentage as per the 2021 Concord. Just want to make sure that was the main driver and there weren't kind of any one-time adjustments to consider. I'll let Renee touch on the Vegas partners. Yeah. Thanks for the question. So we will be going on sale pretty soon. When we go on sale, you'll see that we have a significantly higher number of general admissions. We are actually creating a brand new general admission-only zone, which will have single-day tickets and will be at the lowest price point that you will have seen for the Las Vegas Grand Prix. This is largely driven to accommodate the lower-end properties and also to bring downtown into the mix. We are also working in partnership with the LVCVA to actually engage downtown, different types of activations, potentially watch parties, but really to spread this benefit of what was an incredible weekend throughout the entirety of the valley. And then on the F1 operating leverage, to your point, it primarily is the team fees. There's lots of ins and outs, but there's no material one-time items. Great. Thank you. Our next question is from David Joyce with Seaport Research Partners. Please proceed with your question. Thank you. Just wanted to try to get a finer point on the team payments there. Would Quint be excluded from team-share payments, or would some of those activities, if one related, be involved? I guess the same would go for any other acquisitions. Would any tuck-ins be outside of the Concorde Agreement? And related to that, how are you balancing reinvesting into business versus thinking about capital returns from here? Thanks. I think Quint has an arm's-length deal existing prior to our purchase with F1, and we would expect that arm's-length deal to continue. But the Quint results are part of the F1 tracking stock, not part of F1. And that would likely be the case for any other acquisitions. Can't say absolutely because it would depend on the company, but likely that would be outside the F1 group or the F1 operating statement shared with the teams. We continue to weigh opportunities like Vegas. Obviously, we look at lots of sporting properties. We think we have something to bring to the sporting world based on what we have been able to achieve at F1. We think there are some things that we could bring forward to other sports properties, but we're judicious in that. People approach us because of those skills. Certainly, looking at continued share repurchase is an alternative as well. We weigh third-party alternatives that might arise with that. Thanks. If I could add one on the Braves, if we could just get an update, please, on where the process is with the bankruptcy courts on the RSNs. Thanks. Derek, do you want to touch on that? Sure. Thanks for your question. We're watching that closely. What we see is the bankruptcy presentation that was made is still being followed. Diamond Sports seems to have a plan for emerging from bankruptcy, as you've probably read. We're watching and seeing that just like you are. For our purposes, we're still getting full payment and operating the agreement as normal. So at this point in time, nothing's deviating from that. We don't expect that, especially as they've laid out per their plan. All right. Thank you very much. Our next question is from Barton Crockett with Rosenblatt Securities. Please proceed with your question. Okay. Thank you for taking the question. I'm just wondering on the EBITDA growth year-over-year. I understand you're not going to break out Vegas in any specificity, but is there any comment you can make on whether or not Vegas provided any material impact on that EBITDA change? Did it up down, or was it no impact? Because that was a very big kind of year-over-year growth, and that was a new race that was obviously meaningful. So that's one. And then secondarily, following up on the Braves kind of questioning, I was wondering if you could comment on some of the discussion that Major League Baseball is interested potentially in rolling up sports local team rights for its own kind of streaming service and that that could potentially be a roadblock or something to be resolved as you go through this Diamond restructuring. So if you could talk about kind of your views, your support for that idea. Thank you. So touching on LVGP, I can say that LVGP was a positive contributor to F1's earnings for 2023. And with the cost optimization measures we've discussed and, frankly, improved interest in the race and improved potential price points, I think we will see a greater contribution in 2024. I think that's where we'll leave that. On MLB, I think I'm reluctant to comment. You've seen some of the public actions that MLB was against some of the Diamond proposed restructurings. But other than that, I think we'd leave it alone. Other than Derek, if you want to add anything. No. The only other thing I might say, just point of clarification if you're not aware, the current agreement with Diamond does not include streaming rights. So those streaming rights continue to be held at the league level. That's not necessarily the case for all teams, but in our case, it is. And so we're obviously deferential to what the league is going to do as a whole. But right now, our streaming remains at the league-wide level. Okay. Great. Thank you. Thank you. Our next question is from Stephen Laszczyk with Goldman Sachs. Please proceed with your question. Thanks. Good morning. Two on Formula One, maybe for both Greg and Stefano. First, on Paddock. Could you maybe talk a little bit about where you see opportunity to grow hospitality revenues in 2024? I'm curious what, if any, pricing increases from where we're at for Paddock. It's been a pretty nice tailwind over the last few years. And then are there any areas across the slate in particular where you think there's opportunity to grow capacity? And then secondly, on sponsorship, nice growth in 2023. Could you maybe just talk a little bit more about the opportunity in 2024? How much room do you feel like there still is to increase inventory without diluting the existing sponsorship value add? Stefano, I think you mentioned creating some new assets. I'd be curious if you could talk a little bit more about that and what verticals remain large opportunities. Thank you. Stefano, do you want to start on hospitality? Yep. Yep. Thank you, Greg. Thank you, Stephen. I think that what has been amazing in the last couple of years is the fact that our offer in terms of Paddock Club has been always appreciated by our customer. We did some adjustment on pricing, not everywhere, because, of course, we understand that, of course, the prices are very important and very sensitive things to do or to apply. And therefore, I think that what we have done this year, that is basically already confirming an incredible request from our partners and teams and guests, is try to maximize eventual potential of growth in the area that there is still availability of space. And the other thing that we are doing is to see if there is another kind of offer that we can put together. Of course, the fact that now we are together with Quint, we're going to exploit the maximum opportunity to make sure that the Paddock Club experience can grow also in the area of entertainment because that's another place where we are exploiting in a different way the racing we can experience for our fans. With regard to the sponsorship, I think that what we have seen the last couple of years has been an incredible growth in terms of quality and in terms of quantity of our partners. That means that we need to keep having the right attention towards this kind of revenue stream. But that means that also we need to be ready to increase our possibility to having the right offer in terms of new opportunity. I think that one that is pretty clear that we are able to optimize and we have done already last year in a way has been the digital possibility to differentiate from area to area these different options for our partners. On the other side, of course, there are two main areas where we believe there is potential to do, but we need to have the right competencies, and we need to find the right partners, consider the complexity. That is one area that is the gambling. And the other area is on the financial services that has been already taking a big step last year with Amex. But I think there is huge opportunity that we can take into the future. And that's really where I believe, in all term, that the potential to even grow is still there and will be there. Got it. Thank you. Thank you. Our next question is from Peter Supino with Wolfe Research. Please proceed with your question. Hi. Good morning. One for Stefano and one for Greg. Stefano, if you wouldn't mind, with Silverstone and Madrid and São Paulo and Suzuka all signed in the last quarter, I guess we have seen contracts locked in for 5 or 10 years in some cases. So how should we be thinking about the trade-offs in terms of contract duration, escalators, step-ups for promotion rights like this? Curious about the pros and cons and how we can think about that for modeling. And then, Greg, if you could please comment on the bigger picture for sports rights. It's become very controversial, this topic that was once only driven by optimists. If you could let us know how you see sports rights values playing out over the next several years given the puts and takes of linear and streaming? Thank you. Well, Peter, thank you. With regard to the first question, I think, as always, when we take the decision with regard to the renewal, there are a lot of elements that we need to consider. First of all, of course, the financial aspect is relevant, no doubt. And the fact that we are able to stabilize with certain promoters, which we believe represent an incredible opportunity in terms of our stability on this market, is a relevant element to consider. The fact that you have seen in the last couple of years that we were able to ratify incredible agreements with certain promoters means that there is, from one side, of course, a very interesting financial package, but on the other side, an incredible opportunity to develop our business in other areas that are on top of the one that is related to the promotional fee. That's really our approach. It is clear that if you see the development of our regionalization of the calendar, we have moved out from being European-centric to a very worldwide basic development that needs to be kept into the future. I just want to confirm the fact that we believe 24 races is the right number. And I think that we're going to play in the right way. I was mentioning just briefly before on the fact that we have certain opportunities that we want to bring into the market in the next couple of years, starting from 2026 onwards. So if I could just add on what Stefano said. Look, you weigh. I think it's not unlike your sports rights question, which I'll get to in a sec. You weigh what's the appeal of the venue and what are the economic opportunities for us. And in general, if you see us cut a very long deal, you must think we think it's a pretty good opportunity, both on the fan basis and on the economic basis. You see a shorter-term deal, that's open to question. And so we weigh all of those. On the sports rights, clearly, the world has gotten more muddled, as you suggested. In general, more people bidding. That's a positive. Also, more sports. That may be a challenge. And then the issue of fragmentation and trying to find where your sport is for your fans and making it easy. We are always looking, particularly given our big sponsorship business, on the trade-off between reach and what we get paid. So lots of factors there. Overall, on whether you're positive or negative, I would note I feel very positive about the sports properties we're involved with. Why? Both have incredible fan demand, have high ratings relative to what they get paid, both have a passionate fan base, as I suggested. Look at the ratings for where the Braves are. Look at who is watching F1 and where they're willing to get up and watch it early in the morning. Both of them are not hugely monetized relative to what some of their peers are monetized. And I think if you look at sports rights in general, you've seen renewals on properties that did not necessarily have massive growth and still get more money. So I remain, in general, bullish on sports rights given the multiplicity of buyers and, in particular, bullish on the sports rights for the properties we're involved in. That's a great answer. Thank you. And if I could pile on with one, since my esteemed colleagues seem to be comfortable doing the same, I wanted to ask you on the US media rights for F1, the ESPN renewal. It's generally understood that ESPN doesn't earn much advertising revenue on that contract. And so how do you think about the case for them paying more? I think the case and obviously, I have a little bit of bias for this. I think the case is pretty easy. You've got one of the cases where you have massive growth in fan interest, and we can show statistically how much our fan interest has grown across all sorts of platforms. We have a very desirable upscale audience. We have a younger audience. A lot of factors that they would like to bring to the party, ESPN or anybody else, not to limit it to that. So I think there are a lot of reasons why we can make the case that our media rights in the U.S. are more valuable, and there will be likely a multiplicity of players, and we will likely get a better number. Thank you all. Thank you. Our last question is from Jeffrey Wlodarczak with Pivotal Research Group. Please proceed with your question. Good morning, guys. I had a follow-up on Vegas. Do you anticipate, after your Vegas experience, taking a promoter role in more races, I guess, post 2025? And then specifically on your decision not to let in another team, I assume you need a new I guess, could you provide color on that? And then do you need a new Concorde Agreement to raise the entry fee to make more teams more palatable for the existing teams? Thanks. Thanks, Jeff. I'll touch on the first part about promotion or co-promoting or whatever. You'll see my answer. And then, Stefano, maybe you will comment on the 11th team. Go on. On promotion. Look, I think we went in and promoted Vegas for a variety of reasons. We thought it was a unique opportunity to promote the sport. We thought it was a unique economic opportunity. We thought we would learn a lot about being a promoter and make us more credible with other promoters. I do not know that there are many opportunities out there, like Vegas, where we're going to say, "We absolutely want to do this." There may be opportunities in the future where we can partner with promoters. Some promoters are short on capital. Some promoters are short on some skills. And there are things that we could bring to the table. But in many cases, our promoters bring local knowledge, local contacts, local strengths that are very valuable. And we wouldn't necessarily be able to supplant those. So in some way, to think about enhancing that and working together, I think that's the more likely path than thinking we're going to become a promoter of a bunch of races. And yeah. Jeff, with regard to the second question, 11th team, for sure, is a point related to the Concorde Agreement, but it is a point of a joint work that has to be done between the FIA and FOM in regard to the different kind of evaluation that we need to do. So I think that with regard to what has happened, I think that the process has been followed, and we presented the result in the right way. For the future, it's a matter of discussion, of course, with the teams, with the right commercial and technical proposition that will be discussed accordingly within this year. Thank you. All right. Thank you. I believe that was our last question. Thank you again to the listening audience for both your interest in Liberty Media and the Braves. We look forward to speaking with you again next quarter, if not sooner. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.