Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2020 Year-End Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press star one on your telephone keypad. As a reminder, this conference is being recorded today, February 26th. I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead. 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 Liberty Media's most recent Form 10-K or Liberty Media Acquisition's Form F-1 registration statement filed with the SEC. These forward-looking statements speak only as of the date of this call. Liberty Media and Liberty Media Acquisition 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 Liberty Media Acquisition Corporation's 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 and SiriusXM, including adjusted OIBDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media and SiriusXM, schedules one and two, can be found at the end of the earnings press release issued today, which is available on the Liberty Media website. I'd like to turn the call over to Greg Maffei, Liberty's President and CEO. Thank you, Courtnee, good morning to all of you. Today, speaking on the call, we will also have Formula One's new President and CEO, Stefano Domenicali, and Liberty's Chief Accounting Officer and Principal Financial Officer, Brian Wendling. I'd once again like to recognize and thank our management teams and employees for the tremendous job they have done manning through COVID in difficult circumstances. Beginning with Liberty SiriusXM, I'd note we continued our share repurchases, repurchasing $99 million across both LSXMA and K shares in the November to January timeframe. As you know, the discount persists, we repurchased at a look-through price on Siri of about $3.70 per share. We do expect to continue to take advantage of the discount opportunity, in part driven by some recent balance sheet improvements we had at LSXM. In November, we raised $929 million of a Liberty exchangeable bond at 50 basis points to repay our Liberty exchangeable maturing later this year and fund the call spread between LSXM and FWON that originated when we did the reattribution. In tandem, we amended the Liberty margin loan and unencumbered a substantial portion of our Liberty equity. After quarter end, we amended our SiriusXM margin loan, increasing our borrowing capacity from $1.35 billion to $1.75 billion. We have generated substantial incremental borrowing capacity to go after that discount, and we continue to take advantage of it. Our ownership of SiriusXM as of January 29th stood at 76.4%. We do expect to get to 80% ownership in this year, and we recently announced a tax-sharing agreement between SiriusXM and Liberty SiriusXM. The Sirius board of directors evaluates capital return strategy every quarter and will continue to do so if Liberty gets to the 80% ownership level, as we expect later this year. Looking at Sirius itself, we welcome Jennifer Witz, who assumed her new CEO role in January. The new car penetration at Sirius hit 80% in the fourth quarter, and we have line of sight to get to 82% in 2021. SiriusXM hardware is now in one out of every two cars on the road, and the number continues to climb. SXM self-pay households listening in the digital environment, i.e., out of the car, grew 40% in 2020, and Stitcher has the largest share of U.S. podcast listening audience available to advertisers. Please do make sure you listen to the podcast of the year, "Office Ladies." For those of you who have been to our investor days, you know how much we love The Office. Turning to Live Nation, we continue to have great demand for concerts. Perhaps notably, The Weeknd sold over one million tickets worldwide for his 2022 tour just one week after announcing the tour. Clearly, there is robust demand, as we noted, for live music. Live also acquired a majority stake in Veeps, a ticketed live stream platform. I encourage you to check out the series they have on Rufus Wainwright. Turning to the Formula One Group, as I mentioned, we have a new CEO there, Stefano Domenicali, from whom you'll hear in a minute. We are planning for a record 23 races this year. Notably, the Orange Army is ready to welcome the Dutch GP and local hero, Max Verstappen, in September at Zandvoort. 2020 showed we have ample demand for hosting races, even on short notice, from both new and historic tracks. Now for many of you who have seen everything you want to see streamed and online this year, get ready to tune in for season three of "Drive to Survive," which drops on Netflix on March 19th. In January, we introduced LMAC as SPAC. We raised $575 million. That's the largest corporate SPAC to date. According to bank assistants who were involved, and maybe they're biased, it was the most oversubscribed stock of all time, and the first trade at $13.20 was the highest initial trade for any stock to date. Stock has continued to trade well, though admittedly on thin volume. We are actively in discussion with a number of targets in the TMT space. The 20% interest in LMAC is attributed to the Formula One Group. I would remind you that the Formula One Group has committed to forward purchase $250 million at $10 per unit in connection with the initial business combination when it occurs. Turning to Braves. We sadly lost some icons of the Braves in this off-season. We'd like to start by paying tribute to them, notably Phil Niekro and, of course, Hank Aaron. We started a fund named after Hank Aaron, seeded with $1 million from the Braves, plus $1 million from Major League Baseball and the Major League Baseball Players Association to help grow diversity in baseball. We are excited about our enhanced 2021 roster coming off of winning the NL East for our third straight season. We did resign Marcell Ozuna to a four-year deal. As you may recall, we came within one year, one win rather, from going to last year's World Series. Our guys are ready to go. Freddie Freeman coming off of his 2020 NL MVP. Acuña, Albies, and more are hungry and ready. Spring training did start, recently, on Tuesday. Our first spring training game is this Sunday. We expect fans to be in attendance at 25% capacity. Turning back to the home front at Three Ballpark office tower, we're near completion and 70% leased. Both Thyssenkrupp and Papa Johns will fully occupy their space by the summer of 2021. 97% of the Battery tenants are operational, which speaks to the relative openness of Georgia, and we believe bodes well for fans at Truist this year. We do expect to have fans in the stands, but are not yet sure of the seating capacity restrictions, and we do have significant demand for both tickets at Truist and spring training. As I noted, we look forward to a great 2021 season and including hosting the MLB All-Star Game on July 13th. With that, let me turn it over to Brian for some more financial results. Thanks, Greg, and good morning, everyone. At Liberty SiriusXM Group, we've taken a number of steps to boost liquidity and strengthen the balance sheet. In the fourth quarter, we issued $920 million of Live Nation exchangeable bonds and amended our Live Nation margin loan. Unencumbering substantial Live Nation equity value as part of the amendment, decreasing the shares underslying the loan from 53.7 million to 9 million. Subsequent to quarter end, we amended our Siri margin loan, increasing borrowing capacity to $1.75 billion, up from $1.35 billion at year-end, and borrowing an additional $125 million. Inclusive of this additional margin loan draw, Liberty SiriusXM Group has attributed cash, restricted cash, and liquid investments of $1.1 billion, excluding 83 million of cash and restricted cash held directly at SiriusXM. We also have $1.1 billion of undrawn margin loan capacity at the parent level. Note that approximately $850 million of our cash will be used in 2021 to settle the call spread between the Formula One Group and the Liberty SiriusXM Group and to repay our 2.25% Live Nation exchangeable bonds. This value is based on estimates of the fair value, or the fair value of both liabilities at year-end. As of February 25th, the value of the SiriusXM stock held at Liberty SiriusXM Group was $19 billion, and the value of our Live Nation stock was $6 billion, excluding the value of the Live Nation call spread held at Formula One, valued at $371 million at year-end. We have $3.2 billion in principal amount of debt against these holdings. Total Liberty SiriusXM Group attributed principal amount of debt was $12.8 billion, which includes $8.6 billion of debt at SiriusXM directly. Formula One Group had attributed cash and liquid investments of $1.4 billion, which excludes $265 million of cash held at Formula One. The total Formula One Group attributed principal amount of debt was $3.6 billion, which includes $2.9 billion of debt at F1, leaving $727 million at the corporate level. At year-end, Formula One's $500 million revolver remains undrawn. At quarter end, Braves Group had attributed cash and liquid investments and restricted cash at $185 million and attributed principal amount of debt of $674 million. We are currently in compliance on all debt covenants across the portfolio. With that, I'll turn it over to Stefano to discuss Formula One. Thank you, Brian. I'm thrilled first of all, and honored to lead Formula One. Thank you to Liberty, the FIA, the teams, and all of our partners for the warm welcome. Before I start, I want to thank Chase for his tireless work over the past four years and building an organization that gives us the very strong foundation for the growth in the decades ahead. Last year was a challenge for everyone around the globe, everybody who's on the sport felt the impact of the pandemic. Formula One delivered what many thought was impossible. A 17 races calendar delivered safely and with huge enthusiasm from our fans. 72% think F1 has improved over the past two years. 68% believe F1 is in good hands under Liberty Media. 71% rate their satisfaction with being an F1 fan as eight or higher. Fans believe Formula One handled it safely very well during the global pandemic, with 90% believing the safety measure put in place to allow races to go ahead have been handled well. 81% believe F1 has communicated well with fans during the shutdown, 73% believe F1 has handled the absence of fans at the races well, and 88% feeling positive about the calendar in 2020. We all continue to navigate the challenge of COVID-19 this year. That will not preclude us and opportunities we see in front of us, which are, number one, putting the drivers at the center of F1, as they represent the soul and are the ambassador of the sport. The level of talent we have today on the grid is one of the highest F1 in history. We should celebrate that. Number two, delivering an incredible product that strengthens competition and action on the track, including 23 races this year. Number three, enhancing the long-term perspective of sport, ensuring an attractive business model for all participants and attracting new participants. Number four, remaining committed through our action to our We Race as One platform, focused on sustainability, diversity and inclusion, and community. To reflect on 2020, we were extremely proud to complete a successful 17-race season. The last few races brought some new faces to podium, including the Sakhir GP, which saw Sergio Pérez claiming his first win, alongside Esteban Ocon and Lance Stroll. In the same race, we were relieved to see Romain Grosjean walk away from a fiery crash, a testament to Romain, the support teams on the track, and improved safety measure in the sport. Max Verstappen secured the win of our last Grand Prix in Abu Dhabi, which capped a very successful season for Red Bull, who placed second in the constructor standing. On the financial front, clearly, we were impacted by COVID-19, but working in collaboration with our partners to mitigate these impacts. Due to the reduced number of races, duration of the season, and almost no fan attendance, unsurprisingly, primary revenue declined in all categories. However, we worked with our promoters to extend contracts where mutually agreed and worked with certain sponsors to defer selected rights into future years. We approached this agreement with a spirit of partnership and largely isolated the old contract impact 2020. The spirit of collaboration, together with the ongoing terms of our contract, leave us well-positioned with all of our material commercial partners as we enter in 2021. For the full season, we are pleased with the reaction from our fans across multiple platforms. We made significant gains across social platforms, making us the second fastest-growing major sport league in terms of follower across the four major social platform ahead of major sport, such as NFL, NBA, PGA Tour, and WWE. We have seen the fastest growth in the digital engagement compared to all our major sport within a 99% increase in 2020. On TV, our average audience per Grand Prix was 87.4 million, very marginally down on 2019, but still higher than the average audience in 2018, and compared favorably to other major sports with an international footprint that experienced big decline in 2020 due to the pandemic. We plan to engage more fans in 2021, we have set for an exciting 23 races calendar. This includes the addition of Saudi Arabia and much-anticipated race in Netherlands. We will navigate the challenge of the pandemic, are pleased with how we have already been working with our partners. We were able to reschedule Australia later in the year and announce the return of Imola and Portimão to the schedule. All conversation with promoters have been positive since the start of the year, every one of them has made it clear that the events should be going ahead as scheduled. We'd love to welcome fans back on the track, we'll be working with the local organizers and governments on that approach. We are also grateful for the efforts made by the government to allow Formula One to continue to travel to our events during a time of global quarantine. Our highly robust safety procedure have proven we can travel and race safely. Furthermore, we are evaluating the race weekend with a proposal to try a new Saturday sprint race format at some races in 2021, the result of which will determine the grid for the main event on Sunday. This was supported by the teams in principle at a meeting a few weeks ago. We will work with them and the FIA to finalize the details before the start of the season. On the sporting side, we are expecting an exciting season, with Lewis Hamilton and Mercedes fighting for a unique and historic eighth World Championship. We hope to see Ferrari, with all their history in the sport, they fight back and are excited for all the new faces and lineups on the grid. For most of the season, we were wondering where Sergio Pérez would find a driver's seat. We can't wait to see him paired up with Max Verstappen. McLaren, who had spectacular 2020 season, finishes third in Constructor Standings. We'll see Daniel Ricciardo and Lando Norris line up together. We welcome Aston Martin, an iconic brand, with an outstanding champion in Sebastian Vettel behind the wheel. We also welcome the return of Fernando Alonso to a renamed Alpine team. He's doing well, by the way, following his recent accident. Looking forward to see him at the start of the season in Bahrain. Of course, the world will be watching the major season of Mick Schumacher at Haas. Last year was momentous for Formula One in signing the new Concorde Agreement and reaching agreement on the introduction of a cost cap, taking effect this year in 2021. The next major area to cover relates to the power unit or engine. In a demonstration of our collaboration, the FIA, Formula One, and the teams voted to freeze power unit development from the start of 2022. A high level of working group has been established, which includes power unit manufacturer and fuel supplier. As we look to the next generation of the power units for 2025, the key objective are carbon neutrality, truly sustainable fuels, hybrid power units, significant cost reduction, and of course, attractiveness to the new power unit manufacturers. We believe that the sustainable fueled hybrid engine will be a very attractive offer for the OEMs and their portfolios, and provides another solution to the automotive decarbonization drive across the world. I feel very positive about this progress in this area, and have already had very productive conversation with existing and potential OEMs about the direction Formula One is moving in. Continuing on this topic, we confirm the We Race as One platform will become our official ESG platform with the three core pillars of sustainability, diversity and inclusion, and community. We are proud of the impact of this platform as last year, and will continue with our action to push forward as a sport. In the coming weeks, I will meet with all the drivers to discuss with them our We Race as One plans for this year and beyond, including the rollout of our apprenticeship, internship, and scholarship in our sport for underrepresented groups, and very important are heroes, role models, and champions of progress in our sport that inspire fans around the world. We are looking forward to season three of "Drive to Survive," hitting Netflix on March 19th. The crew once again captured all the drama and storylines of 2020, and there's no question that series continues to bring new fans to the sport. I can't express enough my excitement for all the opportunities Formula One has in front of us, and I look forward to update you on our progress. Please be sure to watch the season opening Grand Prix in Bahrain on March 28th. With that, once again, thank you so much, and will turn it over to you, Greg. Thank you. Thanks, Brian. Thanks, Stefano. To our listening audience, we appreciate your continued interest in Liberty Media, and hope you're all staying safe and healthy. Operator, with that, I'd like to open the floor to questions. Thank you. As a reminder, ladies and gentlemen, please press star one to ask a question. Our first question today comes from Vijay Jayant of Evercore. Thanks. I have to first, Greg, with the tax sharing agreement with Sirius that sort of kicks in at 80%, you mentioned that the board will decide how capital allocation works post that moment. Given the float will be pretty small and I think your dividends will be tax-free post that, is there an expectation that we should assume that we'll shift more towards dividends over buybacks? Are we effectively on a path to sort of taking the company private? Are there any obstacles sort of on that path? Is there like a squeeze out requirement at 90%? Anything you can share on sort of what happens to the equity capital structure sort of post the 80% level. Second, for Stefano, welcome. I just wanted to sort of get your perspective. You've been mentioned in the press suggesting that you're looking for more quality over quantity in terms of races and obviously talking about a sprint race. Do you really think you need to change the format of the race weekend? Do you need free practices and making it a bigger spectacle? Can you just talk about what you really think is the opportunity to make the weekend a bigger event broadly? Thank you. I'll go first and chat a little bit about dividends, capital allocation, and the like. First of all, it really is a decision of the full board. You would note correctly that on the margin, we would probably have a slight tilt towards dividends, we at Liberty Media, Liberty Sirius, compared to where we once were. It's really not that big a tilt. While we're looking at the discount to NAV running about just under 28%, substantially tightened from the 45% when the [GME] world blew up. We were running more like in the mid to low 30s, we have tightened it. That's still quite large compared to even the 7% rate we would normally pay with the DRD exclusion. I don't think it's a huge thumb on the scale for Liberty. We are marginally more oriented towards dividends, but not massively. That decision really will be driven by management and the board. As far as triggers that might involve, I would say the independent board will have to make their own decisions. One thing I think would likely be in the back of their minds is if we get to 90%, we could do a short form squeeze out merger of the remaining 10%. Some directors might think about the pace at which we would get to that kind of a number. Again, those decisions really will be made by the full board, and at some point, the independent directors will have voice about ensuring that the minority is appropriately protected. Okay, that's my go-to answer to the question with regard to the format on what we are thinking to improve in terms of show. First of all, let me say that our objective is to try to offer to the people that are coming to the event, to the people that are watching television, to the people that are really fans of Formula One, something that is exciting. The idea that we have shared, and I think that we have received a great feedback from everyone in the sport, is that we will try to figure out something that will give us a qualifying on Friday, Saturday sprint race that will determine the grid order for the Sunday race, so that will give the thrill of a great weekend that will be beneficial to all the parties involved. This is something that we are detailing with the teams and the FIA in the next weeks in order to present the final format before the start of the season in Bahrain. That's the aim of what we try to do this year in that respect. Okay, thanks so much, both. Our next question comes from David Karnovsky of JPMorgan. Thanks for taking the question. Welcome, Stefano. Can you discuss the freeze on engine development and how you think this might impact on-track competition? Then just maybe expand a bit on your view of F1's long-term engine goals in light of some of the OEMs like GM and Jaguar, moving toward all-electric vehicles. Well, thank you, David, for the question. I think that what is important to say that this idea of freezing one year in advance is connected to the new business sustainable approach that Formula One has taken. We were taken this year with the cost cap that is related to a certain part of the cost of managing the team. The other part was not marginal, but very important, was how we can capture the controllable investment cost as in a normal business under power unit. By associating the fact we would anticipate the end of spending new money for a new engine, we were thinking how we can capture the attention of potentially manufacture, but also making sure that the ones that are involved today are interested in the future. We do believe by being hybrid in the future is the exact position that will allow all the manufacturers to have an access to a different portfolio, not only electrification, to their normal business. Therefore, I think that what we are putting in place in that respect, having carbon neutrality, fully sustainable fuels at the center, and being hybrid, gave us a really great position in terms of package, in terms of being always at the pinnacle of technology advanced research in Formula One, and making sure that everyone can benefit from this activity also to have a sort of road relevancy, extra activity that can be beneficial to all the automotive manufacturers. By doing that, we're going to have a win-win situation. A lot of attention on power unit in a different way of only being electric, having the cost under control, and of course, being aligned with our value of being sustainable for the future. These are the basic thinking that we're taking when we decided to go and follow this path. Okay, I believe there's a number of race promotion contracts expiring at the end of this year, I think Singapore and the U.S. Just wondering how you're thinking about F1's commitment to these regions versus maybe adding new races in other flyaway markets. I think you've mentioned South Africa recently. With regards to the Vietnam GP, is there any update you can provide on whether we might see that race at some point in the future? Yeah, for sure. We are in a great moment because, despite the pandemic, we are receiving an incredible number of requests that shows that the F1 at the center of the interest, not only from the organizer all around the world, but also from the motorsport community. Our strategic plan is to decide, first of all, what is the right dimension in term of races in the year. The contract you are mentioning are expiring, but there are discussions ongoing because the ones that you are considering are really important, and there is a lot of interest to progress and keep them also in the future. We confirm, as you know, that U.S. is very important and strategic market for us, and we have the aim to add another race in U.S. We have already great partner in Austin. We are looking for other solution that will be very important for us. What I can say with Vietnam, for whatever reason happened, this year we didn't have the race. For sure that is an area, Far East in general, that is very important for the strategic growth of our business in the future. For sure, that's an area where we're going to explore other opportunities for the future. If I could just add to Stefano's comments, which I agree with. We do not have an unusual number of promoter contracts expiring this year or pretty much in any year. We have a portfolio where a certain number get renewed every year, just like we have a certain number of broadcast contracts that get renewed every year. In general, because we think demand will rise for our sport, we don't fear that. We actually appreciate that because we think there's more opportunity ahead than behind. Thank you. Our next question comes from Ben Swinburne of Morgan Stanley. Thanks. Good morning, guys. I wanted to ask both Stefano and Greg just a question around sports rights, and sort of the state of the market right now, maybe Europe and U.S. you guys had a very successful, at least based on the press reports, renewal in Germany with Sky last year. We've seen some of the other deals that have happened or are happening have gone backwards. EPL, the Bundesliga, and at least the press suggests Serie A. May roll back. Even in the U.S., there's been probably more tension than usual. Greg, obviously, with Sinclair, what's going on there, and Fox Sports is clearly tricky with cord-cutting. Maybe can you guys just give us sort of a sense as you move through 2021 and 2022, how you're feeling about your position, both with F1 and the Braves, and if you think the market's gotten either more complicated or more challenging, than it was a couple of years ago. Stefano, do you want to take it? Go, or I'm happy to. Okay. In my opinion, the situation we're living today is for sure interesting from one side, but very good on the other. What we can see that, as you know, on our business model, the broadcaster partners are hugely important for us. We can see a very good opportunity to extend and explore different models to, as I said, to be complementary platforms and provide direct connection to the fan base, both in the OTT world. That is still an area that we will, for sure, give an eye, a very important eye for the future. To be honest, I do believe that if you are able to attract, as we are doing, the sport, the commercial account. Because the interest is there, and we need to make sure that the sport we are shaping up for the future give the context to make sure that it's deliverable to the fans. That's why we have a lot of activity connected to make sure that, first of all, of course, we don't lose the traditional and very religious fans, but we need to speak the language of the new supporters, the new fans, the young generation. We have a lot of progress to make sure that this has happened already this year. I'm positive on that, to be honest. I agree with Stefano's comments. I'd add a couple more if I could, Ben. First, we've done a lot over the last few years, thank you, Chase. Now thank you, Stefano, to try and build fan interest and fan excitement. That's better on-track competition. That's a more balanced field as we go into 2022. That's a lot of ancillary things like fan festivals, like programming, like Drive to Survive, all of those building fan interest. Obviously, esports component as well. That's an important component when you obviously go for renewal. How much fan interest, how much excitement there is. Probably the most important component is how much competition there is among potential bidders, distributors of your product. Candidly, the best deal we have probably is our U.K. deal, and it was largely because there were several bidders highly interested in getting our product. I do feel, as Stefano notes, we have a relative value. You've seen declines in some of the other higher-cost European alternatives, but if you look on any kind of basis about what cost per eyeball, cost per hour, et cetera, F1 looks like a relative value. I think a side note, Ben, which I'm sure you can appreciate, with the rising cost of alternatives like scripted content, as that gets more expensive, in some ways, it provides a floor on what the value of some of the live sports can be. Historically, live sports look so expensive, maybe not quite as much when scripted continues to rise. I'm excited about F1's prospects, but above all, we would benefit from increased competition, which is potentially some of the new digital players entering, and they have sniffed, and we'll see if we can get them excited. I do believe ultimately they will become bidders, and that will be to our benefit. As far as looking back at U.S. rights and the Braves, obviously, we've had a world where the bundle has caused a lot of overbuy, whether it be for all kinds of sports programming, including the RSNs. If that bundle breaks, there is risk around what the total amount paid to teams will be, including the Braves. I feel relatively good about the Braves contracts through 2027, first. Secondly, we have a good contract, but far and away, not the highest. Well below somebody like the Dodgers. In contrast, we have the largest broadband household audience. The Braves have the largest territory with 12 million broadband households. To the degree you look at digital alternatives and the like, we are probably in the best shape, compared to many, to benefit as new alternatives arise and the bundle potentially weakens. That's helpful. I'll hand it back over. Good luck in the NL East this season. Thank you. Thanks. Our next question comes from Bryan Kraft of Deutsche Bank. Hi, good morning. Couple questions. First, Greg, can you talk about your current expectations for what I'll call the path to normalcy for your live event businesses looking out over 2021 and 2022? There's obviously a lot of focus in the market by investors on how quickly businesses like these are going to be able to bounce back and whether back half of 2021 looks normal or 2022 looks normal. Would just love to get your thoughts on what Formula One, Live Nation, the Braves, what that path looks like for them. Just quickly on the leverage target for Formula One, can you just remind us what your target leverage ratio is? Is there any thought to running that balance sheet more conservatively in the future, just given the experience with the pandemic, or are you still comfortable with that? Thank you. I'll start on the opening. It's certainly not binary, it's not binary in a lot of ways because at F1 and the Braves, we have multiple sources of revenue. F1's got three big pillars, right? Broadcast, which was impeded, but probably will be impeded less in 2021, regardless of the pandemic. Sponsorship and advertising, which was impeded less in 2020 than certainly the fan component, the promotion component, but again, probably less in 2021. Then fans, and we're going to have a variety of alternatives where fans will be, to some degree, there, and I don't think, again, it'll be binary. We're not necessarily going to see zero to 100. It'll be somewhere potentially in between, though I'm more optimistic as we go to the end of the year, we're going to get to 100% of capacity. The same thing with the Braves, multiple revenue streams, both television and on-site, but we do have sponsorship. It's not as large a component as it is at Formula One. I think, again, not binary. The expectation is we'll probably start out at 25%. I mentioned already that Georgia's relatively open. We will be in far better shape in terms of the fan attendance than if you were in New York or California or some other locales. It will be decided not by baseball, but by the local rules and authorities. The expectation is we will have increasing numbers there, but again, not binary. I don't think we're going to go from 25 to 100 in the space of a flip of a switch. Obviously, Live Nation has obviously advertising and sponsorship, doesn't have the broadcast element, so it's the most responsive or vulnerable or affected by shutdowns. Offset to that is global business, really with the potential for very different responses depending on where you are in the world. I think Formula One, in particular, is preparing for a balance sheet that is invincible, whatever comes, and we're fully supportive of that. I do think they will have fans at events this year. Certainly, you've already seen some of that, and it will grow. They announced earnings slightly ahead of expectations, I think, yesterday. Meaningful efforts, there will still be indefinitely work to be done throughout 2021. That's probably somewhat of a non-answer, Bryan, because we certainly aren't in the crystal ball business exactly, but we are in the business of trying to prepare to make sure we benefit when it does open and that we're prepared if that doesn't happen at the rates of pay or change or pace that we would like. I think all three of those businesses are well prepared. That sort of turns to the balance sheet question. I think one of the things about being part of the Liberty Group is we have the ability to hopefully look ahead and be thoughtful for the benefit of our operating companies. The Formula One balance sheet is very, very strong. I think the operating levels that we have on our agreements are fine. Obviously, they're strong both at the F1 operating level, and then when you look at the cash at the F1 level, it's quite strong. I'm not really worried about the balance sheet. Great. Thanks for. Just to answer your question real quick on the leverage target. Our stated leverage target on Formula One is 5x - 5.5 x. As you'll recall, our 8.25 max leverage has been waived through March 31st of 2022. When we bought the business, it had that approaching that 8x leverage, and we substantially de-levered it, not only through cash operations generated, but we did have a primary equity issuance as well. Both of those reduced the leverage even prior to the pandemic. Got it. Okay, thank you. Thanks to you both. Appreciate it. Thanks. Our next question comes from David Beckel of Berenberg Capital. Hey, thanks a lot for the question. Sort of piggybacking on your commentary about reopening, I was wondering if you could help us think about revenue recognition for the promotion side, really all the revenue streams under a variety of different scenarios. It seems as if the vaccine rollout, for the most part, is going better than expected in many parts of the world. Should we be thinking about race promotion revenue being materially affected in H1, or is that somewhat protected given the concessions you made last year? As a follow-up to that, I'd love to hear your thoughts to the extent you're willing to share on how the team payment structure might affect earnings or EBITDA to F1 this year. Specifically, maybe you could frame it in reference of 2019 levels. If your EBITDA level, pre-team EBITDA exceeds 2019, should we expect marginal upside in the current year? I think promotion will be still reduced in 2021, certainly versus what we would have in a non-pandemic year. We will have restricted audiences and restricted fans at some of our events. I do expect it. We're not here to make a forecast, in part because some of this is still up in the air floating around, but also because that's what we like to let you do. It'll definitely be impacted. The amount to which, we'll see. Going forward, with the new Concorde Agreement, we have a structure which as we increase profitability, we have the opportunity to take back some of what historically F1 earned comparably over the years. The rates get a little more attractive for us. Whether we'll hit that in 2021, given the risks around pandemic, I'm not as confident. In the years going forward, as we continue to have a fully healthy business, I do believe our share of the margin will slightly increase. Stefano, would you add anything? I couldn't agree more. I think that what is important that with the new governance, with the new Concorde Agreement, with the new cost control measure, it's given the sustainability approach that allow us to think bigger. This is something that I do believe that is really the right fundamentals that drives the right way, both from the commercial point of view and also from the team perspective to be part of this incredible championship. Great. Thanks, Rob. Thank you. The next question today comes from David Joyce of Barclays. Thank you very much. Couple questions. One on the broadcast side of the Formula One business for this year. Would there be any lingering COVID-related impacts, or should we think about it as being comparable to 2019, then grossing up for step-ups, escalators, and number of events? Then secondly, on the Braves, with the Sinclair RSN agreement, and this was already touched on a little bit earlier in the call, where do you stand with them moving towards having a hybrid over-the-top model? How does that play into your economics, and what could that do for further fan engagement even as that could tie into sports betting once that becomes something on the horizon in Georgia? Thank you. Thank you. We expect a fairly normal broadcast revenue stream in light of our 23 races. Now, again, crystal ball about exactly how COVID plays out, but our goal was to try and take the pain in 2020 to the degree that we rightly had to make concessions to some of our broadcasters. Our goal as much as possible was to make that a 2020 event and bring 2021 back to normal. That is our hope and our expectation. COVID could change that, as a warning. Thinking about the RSNs, as I said, our contract runs through to 2027. I know Sinclair is trying to do some different things. It's not clear to me exactly what rights Sinclair has to do some of the things that they think they can do or want to do. I know there have been some discussions with baseball about new alternatives, but I do not expect a major change. Assuming we can run a full 162-game schedule on a normal pace, I would expect we would have normal revenue streams from Sinclair certainly in 2021 and through the rest of the contract. Whether their new engagement models would help us with Sinclair, that could be additive, we'll see. Again, I'm not exactly sure what some of Sinclair thinks their rights are to do some of those things, but that's Mr. Ripley's job. Just finally on the COVID impacts on Formula One. In broad strokes, how should we think about those promotion and sponsorship contracts in the mix between fixed and variable components? Is there a general algorithm that's baked into the contracts, or how should we think about that? Look, most of them probably do not have triggers, or any triggers that they do have, we will likely be able to meet. On the other hand, take a partner who's a large international airline who basically gets shut down for all foreign travel. You can decide whether you're going to be a good partner with them or not for the long term, and that's been our goal. We'll work with them in the way that we appreciate that they have worked with us during the difficult time. All right. Thank you. Thank you. Our next question comes from Jason Bazinet. Thanks so much. I guess having extra liquidity is always a good thing, but I was wondering if there's any color that you might add in terms of these amendments that you did to unencumber some of the passive equity stakes that happened. Is there something specific that you were looking to do or some need that you have in terms of more just general optionality? Thanks. Well, you know we're into optionality, Jason, but I'll let Ben Oren, our relatively new treasurer, answer. Sure. With respect to the Sirius margin loan, we did do an upsize, we kept it to the same one billion shares collateralizing that loan as we had previously under the 1.35. We're just maximizing our ability to access dollars. With respect to Live, it's really a function of what happened in the previous margin loan where we repaid it and we had a substantial number of shares that were underlying that collateral pool. When we right-sized the loan to $200 million, we appropriately took the amount of shares underlying that to something that's closer to a realistic LTV for a margin loan. Okay, I understand. Thank you. The next question comes from John Tinker of Gabelli. Thank you. Terrific numbers in The Battery and the Braves, which unfortunately I think get a little lost given most people focus on the team. Would you ever consider in any way highlighting that valuation of your property in any different way? John, when we have great analysts like you writing up the value for us, we don't need to do all the work. Come on. I think you're right. There is value in The Battery. It is impressive, and it's a function both of Georgia being a relatively open place, as we've noted, and I think really the great job that the Braves management team has done to create a secure environment, one where people are willing to come, and it's open and doing well. I'm not sure we're going to create a tracker or do something different around that, but we'll try and make sure we highlight appropriately that there is value in The Battery and our real estate developments. Thank you. Thanks. The final question today comes from Matthew Harrigan of Benchmark. Thank you. Even though Formula One probably generates more data than any other sport in concert with AWS and Intel and Qualcomm, it was really underdeveloped under the ancien régime with Bernie. You've had a lot of success with virtual Grand Prix now. I think you've got a lot of latitude in maybe having more look angles and all that on cameras in the races eventually. Can you talk about the potential there and how you see that developing? It feels like you've made some strides, but there's still a lot of headroom in terms of what you could do on the TV side and the video game side. Thank you. Yeah. No, I think that's a great point, Matthew. If you think about an evolving world where we have increased, starting on the sort of the broadcast side, but we have potential for increased digital players. The number of cameras we have, the angles we have, your ability to dial up what angle you want, that really plays perfectly to the strength of those kind of digital players and different kind of straight linear feeds. I think we are a sport that will benefit from that increased attention on the digital side in terms of viewing. Different experience and one that the fan can tailor. I think you can see that opportunity ahead. It'll be great. The other point is that all that data, proprietary data, we began to take advantage of through our contract with ISG. That did not turn out as well as we would like, but as we go forward and look at the opportunities around that, I do believe there is quite a lot around gambling, around fan information that is valuable and that we are in a very strong place relative to most sports because of the amount of data and the amount of which of it is proprietary. I think on both sides, that's a huge asset. Thanks, Greg. Thank you. With that, operator, I think we're done. Thank you to our listening audience for your continued interest in Liberty Media, and we look forward to speaking with you again next quarter, if not sooner. Ladies and gentlemen, that concludes today's conference call. We thank you for your participation. You may now disconnect.