Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2021 Q2 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. As a reminder, this conference is being recorded August 6th. I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead. Thank you. Before we begin, we would like to remind everyone 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 forms, 10-K and 10-Q, or Liberty Media Acquisition's Form S-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 statements 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 through three, can be found at the end of the earnings press release issued today, which is available on Liberty Media's website. Now I'd like to turn the call over to Greg Maffei, Liberty Media's President and CEO. Thank you, Courtnee, and good morning to all of you. Today, speaking on the call, we will also have Formula One's President and CEO, Stefano Domenicali, and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Beginning with Liberty SiriusXM, we continued to repurchase shares, purchasing $141 million across LSXMA and the K shares from May through July. The discount remains, and we therefore repurchased at a look-through price for on SiriusXM just over $4 per share. We continue to take advantage of the discount opportunity, I expect we will continue to do it going forward. Our ownership of SiriusXM is 78.1% as of July 23rd. Looking now at SiriusXM itself, they had an outstanding results for the quarter, another beat and raise with record low churn at 1.5%. EBITDA also set a new quarterly record and new car penetration increased to 82%. We have a continued focus on growing the already strong presence in the car. There are 140 million vehicles on the road today which are enabled for SiriusXM, and the 360L enhanced feature set will continue to evolve, based on data received from users. We're also growing engagement outside of the car, and the rebranded SXM app is gaining traction. The variable margins are as good or better than satellite. I encourage you to get it today. Please don't forget we are growing our advertising platform, with 150 million listeners, the largest digital audio ad platform in North America. With all these combined platforms and capabilities, we believe SiriusXM presents a compelling comprehensive offering for talent, media, and social brands to create and monetize audio experiences. Turning to Live Nation, the reopening accelerated, led by outdoor concerts in the U.S. and the U.K., with other countries coming along as vaccination levels increase. Festivals and amphitheaters are the focus for the summer, led by Lollapalooza, Rolling Loud, a hip hop festival in Miami, Latitude in the U.K. Between them, they all had 750,000 fans, which is back to pre-COVID levels. Live Nation is helping to put on the New York reopening concert in Central Park on August 21st. Veeps, our streaming service, continues to be an incremental live revenue stream for us with the Bob Dylan show later this month. Live expects all segments to return to AOI profitability in the second half of 2021. All signs continue pointing to a great 2022, and we expect 2022 activity and financial results will exceed 2019. Turning now to the Formula One Group. It was phenomenal racing the first half of the season, up until the summer break, with a fierce battle between Lewis and Max. Among the rest of the drivers, there is a tight competition for third. The Constructors' Championship is also highly competitive with Mercedes and Red Bull going wheel- to- wheel and McLaren and Ferrari battling for the third spot. We remain impressed with the way Formula One has continued to navigate the continued challenges from the pandemic. I have lost count of how many times we have made changes to the 2021 calendar. We continue to move forward. The Formula One team continues to plan for the known and unknown variables that come at them. We did welcome a full crowd at Silverstone, 356,000 fans over the weekend, which was tremendous. We remain confident in our ability to have a full 23-race season. We also had our first Sprint event there, which was a resounding success. We made meaningful progress on sponsorship. We continue to, and we're consistently announcing new partners. If you haven't already, I encourage you to tune in to the Business Breakdowns podcast with Stefano, where he's quite articulate about the future of the business. The link to it is on our IR homepage. The Braves baseball fans nationwide, but particularly in Atlanta and here in certain parts of Colorado, were devastated to see Acuna end his season early. We do wish him a speedy recovery. The team has been battling despite setbacks. We had an impressive comeback last night to sweep the Cardinals, the Braves are now over 500. At Truist Park, fans are back in a big way. We expanded to capacity of 100% in early May. Baseball revenue per home game is up in the second quarter compared to 2021, despite only partial capacity early in the quarter. Ticket sales, concessions, and retails per caps are all trending very favorably. We are having trouble keeping jerseys in stock. High-quality problems. The Braves do lead Major League Baseball in total attendance at over 1.5 million and average attendance at over 29,000 per game. With our financial strength, we are reinvesting in on-field talent before the trade deadline. You saw us do that, rather. At The Battery, development revenue continues up in the quarter due to rental income from new tenants, both TKE and Papa Johns, and the end of COVID-related modified rents. You'll also see the phase II office tower. We're confident it will be fully leased in the near term, and Truist will move into their new headquarters later this month. Finally, we continue to make good progress on LMAC, the SPAC. We think the trends in the SPAC market, which are challenging for many, actually play to the benefit of Liberty. With that, I will turn it over to Brian for more on our financial results. Thank you, Greg, good morning, everyone. Liberty SiriusXM Group had attributed cash, restricted cash, and liquid investments of approximately $418 million, excluding $1.1 billion of cash and restricted cash held at SiriusXM. We also have $1.1 billion of undrawn margin loan capacity at the parent level related to our SIRI and Live Nation margin loan. Note that a portion of our cash will be used later in 2021 to repay our 2.25% Live Nation exchangeable bond. Based on the fair value of the liability at quarter end, the amount of cash used would be $517 million. As of August 5th, the value of our SiriusXM stock held at Liberty SiriusXM Group was over $20 billion, and the value of the Live Nation stake was nearly $6 billion. We have $3.2 billion in principal amount of debt against these holdings. Total Liberty SiriusXM Group attributed principal amount of debt is $14.1 billion, which includes the $9.9 billion of debt that's held directly at SiriusXM. Formula One Group had attributed cash and liquid investments of $1.7 billion at quarter end, which excludes $537 million of cash held directly at F1. The corporate cash balance includes $384 million that was received from LSXM in Q2 related to settling out the call spread. Total Formula One Group attributed principal amount of debt was $3.4 billion, which includes $2.9 billion of debt at F1, leaving $546 million at the corporate level. F1's $500 million revolver remains undrawn. While we are still in the period of a covenant waiver at F1, target leverage for the business remains 5- 5.5 times. Please note that during the three months ended March 31st, 2021, F1 began reclassifying certain components previously reported in other revenue into primary F1 revenue to better align with the way it currently evaluates the business. Components reclassified into primary F1 revenue include F1 TV subscriptions, F2 and F3 related fees, broadcast origination and support fees, and digital advertising, among others. Additional detail, including the impact of the revenue reclassification for the years ended December 31st, 2019 and 2020, can be found in Schedule three of our earnings press release posted to our website. To the Braves. At quarter end, the Braves had attributed cash, liquid investments, and restricted cash of $231 million, and attributed principal amount of debt, $694. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end. With that, I'll turn it over to Stefano to discuss Formula One. Thank you, Brian. The 2021 season is exceeding expectation across the board. Each weekend on the track brings drama and the unexpected. The Hungarian GP did not disappoint as Ocon claimed his maiden victory and Alpine's first as the newly branded team. Alonso impressed with his expertise, holding off Hamilton for numerous laps. The rivalry between Lewis and Max continues to build in their PIPE dreams for the championship, which culminated with the incident at Silverstone, and with the unpredictable outcome on Sunday. Hamilton and Mercedes enter the summer break slightly ahead in the standings, and the battle for the third is tight between Norris, Bottas, and Perez. The contest among the constructor is just as fierce between Red Bull and Mercedes for first, and McLaren and Ferrari for third. Formula One is living up to the promise, and the fans are responding. We had a full crowd at Silverstone, hosting 356,000 over the weekend with 140,000 inside. This sort of attendance is unrivaled in the sport. Attendance was certainly aided by the tight battle for the championship, the inaugural F1 Sprint event that produced compelling racing, and the return of the Paddock Club. On the Sprint, the first of three events this season, we have received overwhelmingly positive feedback from the teams, drivers, and fans. Certainly, this provides additional opportunities for our promoter, media, and sponsor partners. We will continue to discuss any lessons learned from the format with the teams. The fundamentals are strong. We believe this can be expanded in 2022 and look forward to the next sprinting mode. Fans are engaging across all platforms. We have data through to the British Grand Prix. On the digital front, unique users for the F1 website and app this season are up over 80% compared to 2020. Social engagement continues to grow, reaching over 40 million social interactions for the British Grand Prix. We've seen this growth reflected in our total number of those following F1 on social media, which now stand at almost 42 million. TV audiences are tuning in. We have seen strong growth over 2020 and 2021 in many markets, notably France, the Netherlands, Norway, Spain, Sweden, and the United States. F1 TV remains a great way for fans to catch all the action of the race weekend. Peak concurrent views for race days have consistently been more than 2.5x higher than the 2020 season average, with minutes viewed over a race weekend also up by more than 2.5x versus last season. We are now 11 races into our planned 23-race season. This time last year, we had only completed four. 2021 has presented some of the same challenges as 2020, along with some new ones. I'm proud of our team and our partners as we continue to navigate the landscape. On our last earnings call, the Canadian Grand Prix had just been replaced by the Turkish Grand Prix. Due to travel restrictions related to Turkey, we had to quickly pivot again and secure back-to-back races in Austria by moving the French Grand Prix a week early. Ultimately, we were able to secure a slot for Turkey later in the calendar as a replacement for the Singapore Grand Prix. All of these changes require great nimbleness, creativity, and hard work from our partners and the countries in which we race and live. Formula One has a demonstrated ability to manage the logistics of COVID restrictions in multiple countries and has set the gold standard in testing and effective protocols to deal with positive cases. Through the British Grand Prix, we have conducted 56,000 tests on drivers, teams, and personnel that produced 38 positive cases for a positivity rate of 0.06%. Through this fine-tuned operation, we feel confident in our ability to safely deliver the 23 races. Demand to host Formula One races persists at all-time high, as evidenced by venues that were quickly able to fill slots in 2021. We will still have interest from new venues that are now currently part of the 2021 calendar and existing venues that are open to hosting a second race. Different parts of the world are at various stages of emerging from the pandemic, governments view an F1 race as an exciting way to return to the public stage and welcome visitors back. We have made tremendous progress in 2021 in sponsorship, and the momentum has continued since our last earnings call in May. Crypto.com joined as a global partner and inaugural partners of the F1 Sprint series and will become the official cryptocurrency sponsor, NFT partner of F1. They will present a brand-new award that will be announced ahead of the Belgian Grand Prix. We have also welcomed BWT as the title sponsor of the Austrian double-header, and last week announced that they will become F1's official water technology partner, working with F1 to deliver a single-use plastic free paddock by 2025. Workday signed on as the regional finance and HR enterprise partner of F1 across the U.K. and Germany. We completed a multi-year extension of our Fanatics covering e-commerce and manufacturing, following outstanding performance on our F1 online store. Sales on the official online F1 store grew by more than 40% in 2020 and accelerated to triple digits growth through the first six months of 2021. The U.S. market is the largest in terms of sales on the F1 site, highlighting the increased relevance of the sport in the country. Further in our goal to expand our reach, we announced that Formula One car liveries for all 10 F1 teams will feature in the video game Rocket League's latest expansion pack, beginning a multi-year partnership. We are less than halfway through the 2021 season. Our planning for 2022 has been ongoing for some time. As mentioned before, there is a high demand for venues to make 2022 calendar. We hope to announce the provisional calendar in September, October. We can confirm that the much-anticipated Miami Grand Prix will happen in the first half of May. Demand for these tickets is high, even though sales have not officially started. We also look forward to our move to St. Petersburg for the Russian Grand Prix beginning in 2023. This iconic city will provide a stunning backdrop for Formula One. We have previously discussed the foundation that were put in place over the last few years with cost cap regulation and the new Concorde Agreement. We have created a sustainable and a flourishing ecosystem for the sport. This, along with the compelling products on the track, has created interest and opportunities across the board. This includes ongoing discussions at the highest level with engine manufacturers who see the brand value in Formula One, as well as opportunities for the new engine and development of sustainable fuels. Along these lines, we continue to develop programs under Formula One's We Race As One initiatives. For the British Grand Prix, we delivered a carbon neutral grand prix. We plan to take these learnings as we work towards our goals for ensuring all F1 events are sustainable by 2025, and on our way to become net zero carbon by 2030. We have also seen great interest from OEMs in our plans for the next Formula One engine to be 100% sustainable fuel, and those positive discussions are continuing. For our focus to increase diversity and inclusion across Formula One, we have recently announced commitments relating to 10 engineering scholarships for underrepresented groups, and apprentice and internship programs within the F1 organization. We believe that as a truly global sport, we can make a difference by ensuring that we are diverse and inclusive in our own community, as the communities we serve around the world. We thank Chase for its generous donation to funding these scholarships. As we head into August break, I want to thank everyone at Formula One, including all of our drivers, teams, and business partners for their dedication and hard work so far this season. Enjoy some much-deserved time off. We look forward to resuming racing on August 29th. [Non-English content]. Full speed ahead. Now, I will turn the call back over to Greg. Thank you so much. Bye-bye. Ciao, Stefano, and thank you to Stefano and Brian. In very exciting news, our investor meeting will be held on Thursday, August 18th. The full experience will be offered in person at the New York Times Center and virtually. Please save the date. Additional details will be provided soon. Please note that all in-person attendees will need to be fully vaccinated against COVID-19. We appreciate your continued interest in Liberty Media and hope you all stay safe and healthy. With that, operator, I'd like to open the line for questions. Thank you. Absolutely. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, everyone, to ask a question, press star one on your telephone keypad, we'll pause for a quick moment to assemble the queue. All right, our first question will come from Ben Swinburne with Morgan Stanley. Please go ahead. Hey, good morning, everybody. Greg, just to clarify, is it August 18th or November 18th? November 18th. Did I say August? You did, yeah, which I thought you meant November. Thanks for clarifying. Yeah, exciting for in person. Two actual questions, if I could. Greg, just looking at the discounts, Liberty Broadband, I know this isn't a Liberty Broadband call, but I think it's relevant for Liberty SiriusXM, that discount has not improved. It's probably widened even since that buyback kicked into substantial levels. I'm just wondering what you take from that as we think about the opportunity to sort of go after the discount at Liberty SiriusXM, since you're going to incidentally have access to a lot more capital at some point over the next quarter or two. You guys commented in the release about F1 TV contributing to revenue growth. I feel like that product went from something we were really focused on as a business to sort of fading, and now I'm sort of wondering, given COVID and just the popularity of the sport increasing, what's the vision there? Is that something that you guys are investing more in? Do you see that as a big revenue opportunity, or is it more of an enhancer of kind of the core rights and maybe a driver of engagement? Just maybe you can update us on how you're thinking about the OTT streaming product at this point. Sure. Thank you, Ben. First on the discounts. Well, I happen to be well aware, since we have a Liberty Broadband call, of what's going on there. We actually, during the quarter, for example, Charter was up about 15%, and our NAV per share of Liberty Broadband of Charter was up about 17%. Because we were able to buy as much as we were able to buy this year at a discount, we are actually driving the NAV of Charter, excuse me, of LBRD up substantially faster than Charter itself. Look, I think it'll have its desired result. Good things come to those who wait. We are not necessarily hoping or suggesting everyone's going to wait forever, but we believe this will ultimately pay to our benefit, and we can already see those results mathematically in terms of what's happened to the NAV per share of LBRD compared to the underlying Charter. I think we'll go at it, and as you point out, we're going to have more capital, we expect, in the coming months. We'll see how it responds. On the vision for F1 TV, I think it has evolved. I'll let Stefano comment as well. I think just the sheer heft of the amount of content we have caused us to think about whether that was going to be a meaningful way to connect with our customers or an enhanced way, i.e., would it be the primary way or an enhanced way? I think it still is going to be an enhanced way. How much of it becomes incremental revenue? How much of it becomes a way to join with our customers? That'll evolve, but you've seen what's happened, for example, with WWE going into Peacock and obviously the scale of content being much higher than us. I think it's very difficult for a point service to think you're going to replace what we have currently with scaled aggregated services, whether those are linear or whether those are scaled aggregated digital services. One way or another, I think those are going to be the primary way we get paid, but we will find other ways to add value and revenue through things like F1 TV. Sorry, I hope I didn't steal your thunder there, Stefano. No, Greg, I think that you are perfectly spot on. I think, Ben, if I may add from what Greg has said, is F1 TV is a huge potential to make sure that we can enhance the experience with more and more content to our customers. We are exploring projects together with our promoters to give real and live content we can offer in a special condition to the ones that are attending to the events, and then extending the appetite of having unique content in our platform in order to grow that experience. That's really an incremental way of adding more and more appetite and content to people that are in love with Formula One. On the TV rights, generally talking, we have the privilege of many of our major deals have been already completed. We are in a situation where we can really see the evolution of the TV rights, because this is something that is not uniform and different from region to region, and the OTT development will for sure have a big hit in the future. We are in a privileged position of having the biggest content really ready on, and then having the chance to exploit what we are producing today in order to be ready at the right time to maximize the fact that Formula One is really great shape today. That makes sense. Thank you. Thanks a lot to you. Up next, we'll take a question from Bryan Kraft with Deutsche Bank. Please go ahead. Hi. Thanks. Good morning. I have one for Stefano and one for Greg. Greg, curious if there's anything from the infrastructure legislation that could be an opportunity or a risk for Liberty that you're watching, whether it's something for an existing portfolio company or a new opportunity for Liberty to invest behind. Sort of an open-ended question, curious on your thoughts there. Stefano, sports betting was one of the opportunities that Chase had identified when he first became CEO, and I'm just wondering if you could give some perspective on that opportunity for Formula One going forward and any plans or activity that you have going on in the sports betting area. Thank you. Touching first on the infrastructure bill, I think we're full on LBRD questions in a way today already in the LMC call, but that's all right. I think there are some opportunities that will arise. Most of them are going to arise at Charter or GCI. If you look at our businesses, I don't think we're going to see a massive change. At SiriusXM, I guess if you think about greater connectivity in general, that's probably a plus for our 360L, but it's on the margin. It's not like a massive opportunity. I think in and of itself, it's just a continuation or acceleration of ongoing trends. The rest of the business is Formula One, the Braves, Live Nation, not as obvious to me how the infrastructure bill is helpful. Obviously, at Broadband and Charter and GCI, there are both opportunities there in terms of increasing customer supply of funds to buy broadband, increasing money around broadband, probably helping us extend some of our broadband footprint. There are also some threats there where new entrants may be encouraged. Pluses, gives and takes in that bill, I would say, from the perspective of Charter and GCI. Could have been far worse for some of the initial proposals. I think the ones, in terms of the threat level, are way down from what might have been initially proposed about preferences for fiber over coax, preferences for overbuilds, preferences for munis, muni builds. All of those things are muted compared to what might have been. If I may, Bryan, on your question with regards to betting. First of all, we don't have to forget that we have already one partner, 188BET, that we are working together. As you know, the area of betting is an area with a lot of issues depending on the region and the country, and we need to make sure that everything is really clear on that side. For sure, it's a big opportunity that could be explored in the future. Once again, working in progress to make sure that the next step of our partnership will be the right one in term of dimension, opportunity that could be good for our sport. Okay. Thank you. Up next, we'll hear from David Karnovsky with JP Morgan. Please go ahead. All right. Thank you. On Formula One, Stefano, can you discuss in more detail your takeaways on the sprint race format, both in terms of how you think it was received by the fans, but also by your partners on the race promotion and television side? I think you mentioned maybe expanding the format next year. Any sense for how many races you could roll this out to? Then maybe one for Greg. You mentioned good progress on LMAC. I know you're somewhat limited in what you can say on this, but is there any more color you can provide on it or your position in the SPAC market overall? Thanks. Thanks, David, for the question. First of all, when we talk about the sprint format, the idea was to offer something different in order to make sure that there was something new that we can offer to all the stakeholders in Formula One. We have said that we wanted to do three tests. One has been done in Silverstone, the other one will be in Monza, and the other one will be at the end of the season in Brazil. At the end of this complete test, we're going to have a plan in which to see what will be the next step. What I can already say is that after the first Sprint event in Silverstone, the response that we have, both from the drivers, from the teams, the media, has been really positive. Also for the promoter, because if you think that every day we have something new to say. People coming on the track on Friday were really tuned for the first qualifying already on Friday. The outcome of the first event has been dramatically positive, if I may say. It's great because that's brought attention, interest to TV, and also partners, because thanks to that, we have brought in, for example, Crypto.com. We have already seen our financial interest has been positive. Therefore, there has been, if I may say, good sign, very positive sign. We want to restart what we said. We're going to have a full debriefing, if I may say that, at the end of the season. We have a plan for the future, of course. We are developing that. We are fine-tuning some of the comments that we received. What I can say is that if we move, as we should, I do believe so, in that direction, in the future, for sure there will be not every race. We have ideas to create a special format for a certain historical Grand Prix and certain special awards that we want to offer and add to the already incredible platform for Formula One. Very positive comments after the first exercise and ready to prepare at the end of the three events, a proposal that can bring home what we can see hopefully will be a big step versus a differentiation of Formula One, also in a sporting proposition. All right. Moving on. We are taking a question now from James Ratcliffe with Evercore ISI. Please go ahead. Thanks. One on LSXM and one on Formula One, if I could. First of all, on Formula One, in a couple of recent sponsorship deals, can you just give us an update on how many remaining sort of verticals you think are really available to you and are attractive opportunities? Secondly, on Liberty Formula One, you brought back, excuse me, on Liberty SiriusXM, you brought back $140 million in stock in the quarter. You presumably are going to be able to get the cash flows from SiriusXM tax-free around about the end of the year. Why not accelerate the buyback now? I mean, you've got what? $1 billion in debt or a little bit more than that directly in margin loans, and the massive value of the SiriusXM stake. Why not take that buyback activity up to ramp it up now rather than waiting till you have the ability to get the cash tax-free? Thanks. Stefano, I'll let you go first. Well, James, so thanks- Yeah. Do you want to comment on sponsorship? Thank you, Greg. James, I mean, from my perspective, we have seen already a great momentum this year in the sponsorship growth that is connected to all what we have seen in the championship. Going to your better question regarding how many verticals you believe that could be still open in our global partners, I would say maybe one or two, and maybe the one on which we are working on that is very important for us is the technological provider. That is something related to our possible commercial offer that we want to exploit to a great broadband to be available around the world. That's mainly, I would say, the most important one that I think will be important for us to work on. If I could add on sponsorship. I think it's an evolving market, we certainly see new categories in technology, as Stefano pointed out as one. When we bought the business nearly five years ago, I don't think we thought about a crypto sponsorship. I don't think that was really on our horizon, now it's a meaningful number. I think new categories are created. Things change. BWT was a team sponsor, now they're one of our sponsors. Things move around. I'm not sure it's as static that is able to answer that it's this many or this number. I think it moves around, there are lots of opportunities still out there, it's our challenge to go in and pursue them. On the question of LSXM, I think we have been ramping. We do have a plan. We will have more capital that comes in. I think, given that the way to support the debt at LSXM is primarily with flows from Sirius, recognizing we don't have an operating business there. We've been relatively cautious with margin debt and the like, and we've been relatively constrained in how much exchangeables we could do with this X amount of liquidity. I think you'll see a plan that's probably more aggressive, recognizing what's coming. Those have been some of the constraining factors. Thank you. Our next question will come from David Joyce with Barclays. Please go ahead. Thank you. A couple questions. One on Formula One. I was wondering, given all the fluidity in the race schedule this year, have the race promotion contracts been renegotiated based on the regulatory allowance of capacity? Have they been fixed with the presumption that you have some normals be coming back later, say, next year? Kind of secondly on that, would you be to a kind of a normal steady period, do you think, in capacity and race promotion revenue level by the fourth quarter? Then a second question on Liberty Sirius. It was kind of tax related in terms of your options. Hypothetically, if you were to sell into a Sirius share buyback program once you're over 80%, would your sales of the stock somehow be tax-free, or is there any leakage from that? Thank you. If I may, Greg. You first, Stefano. Okay, thank you, Greg. Greg, as you said, the fluidity is really the thing that we had to manage this year. We are heading into the second part of the season where that will be still a topic. The good thing is that each situation we have to manage is unique, different, because every agreement is different from the one that we have country- by- country, place-b y- place. I have to say that, of course, the effort is always to make sure that from all the points that we need to manage, and of course, also on the financial side, is to optimize the dimension of it and minimize any negative possible impact we can have. We have agreement where honestly, the number of attendees doesn't mean anything to us. Some others, we are working together to see what could be the benefit that we can bring home depending on the situation. We are working closely with all the promoters and the authorities to make sure that we can really make the right plan for the future, knowing that, as Greg was saying before, the situation is evolving continuously. The thing that we have to do is to make sure that we are able to react in the right way. The things that we can say so far to date that we didn't have any material cash impact on our numbers. I agree with Stefano's comments. Obviously, we work with our promoter partners to maximize the audience allowable and safely at each race, and that'll impact the revenues that occur. Obviously, it's a changing market every day. Delta, Lambda, we'll see what happens. We're obviously designed to maximize attendance in the safest way possible. We skipped over one comment about LMAC, and we were so excited about Formula One, I think it probably wouldn't happen. Look, obviously, there's a limited amount I can comment. Our observations about the SPAC market are probably consistent with most of the investors and analysts on this call. It's gotten a lot harder to raise SPAC money, and it's gotten harder to get combinations done because the PIPE market is particularly difficult, and the discounts expected from fair trading value are probably widening. All of those have meant that weaker players have probably been washed out. We know of deals that were proposed at X price that didn't get done at any price, not just below the proposed price. I think that trend, I'd like to believe, favors us both because we have a very strong investor group in LMAC, the SPAC, who have expressed willingness to do a PIPE with us, but also because, unlike many sponsors who are just playing for the promote, we are putting up at least $250 million into the deal and could put substantially more if we found the right opportunity. Our willingness to, in fact, be a PIPE investor alongside PIPE investors, I think is a comforting thought to many. I have recently been approached by numerous firms about, "Hey, we'd love to come along with you and partner on a deal," et cetera. I think there's plenty of capital available for us for the right deal. The right deal is likely to involve something where there is more capital required to scale compared to a normal IPO or something like that, and it's probably partly due to a COVID-related recovery or the like. All of those are speculations about what we'll see. We have seen a lot of those kind of opportunities, but have not found the perfectly priced one or opportunity we like yet, but I'm confident we will. On the question about selling into the buyback, our tax treatment will vary depending on whether we sell to the company. We currently have no arrangement to do or whether we sell into the market. The latter would be taxable, the former would be tax-free. Great. Thank you very much. Up next, we'll hear from Jason Bazinet with Citi. Please go ahead. I think this is going to be an easy question for you to answer. If I just fast-forward a bit and we get to the point where there is some sort of equity exchange or takeover between LSXMA and SIRI, where we get the one operating business and one security, is it obvious to you which one of those is the surviving entity? Can you just talk about the pros and cons? Thank you, Jason. I'm not sure it's an easy question, Jason. I'm not sure it's known. You could imagine scenarios where, in effect, SIRI becomes an operating subsidiary of Liberty Media with its own tracking stock, or you can imagine scenarios where there was effectively an RMT, Reverse Morris Trust, where our shares were subsequently spun out to our shareholders and SIRI became a freely traded company. Both of those are imaginable scenarios, certainly. Okay. No real constraints to go either way from your perspective? No. Okay. Thank you. All right, our last question will come from Matthew Harrigan with Benchmark. Please go ahead. Thank you. Now that John Tinker's at Comscore, I get the default Braves question. Stepping back from the Braves and looking at MLB overall, you've got good new TV contracts through 2028, albeit pretty Fox-centric, and Ohtani having a lot of appeal even to non-baseball geeks. You have some real issues over a longer period of time with ratings for the sport and the competition in the field. Do you think Manfred and the owners group overall are amenable to fairly draconian measures, like maybe even moving back the pitcher's mound to get more excitement into the game? I know that's kind of a fourth question, but it translates to financials over a period of time as well. Thanks. Thank you, Matthew. We remain super excited about the Braves. There are continuous work led by commissions which involve both owners representatives, MLB representatives, and player representatives to look to make the game even more exciting. A lot of that revolves around speed to try and shorten the playing times. You've seen innovations like double headers going to seven innings, at least for this period of time. You've seen innovations during COVID about starting a tie game, starting runners at second base, things like that. There are certainly attempts to speed things up. I'm not convinced moving the pitcher's mound is going to be happening anytime soon, but all things are open and possible. I think people respect the tradition of the game, but also want to create as much excitement as possible, and that balance will be tried to be maintained. Thanks, Greg. Thank you to our listening audience and the questioners. We hope to speak with you next quarter, if not sooner, and at our Investor Meeting in November, if there was any doubt. Thank you very much. That does conclude today's call. We thank you for your participation. You may now disconnect.