Welcome to the Liberty Media Corporation's 2023 Q3 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 will be recorded November 3rd. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead. Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media with the SEC and the most recent Form 10-Q and registration statement on Form S-1, filed by Atlanta Braves Holdings with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media and Atlanta Braves Holdings expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Liberty Media or Atlanta Braves Holdings' expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, Sirius XM, and Atlanta Braves Holdings, including 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 release issued today, which are available on 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 and Principal Financial Officer, Brian Wendling. Also, during Q&A, we will be available to answer questions related to the Atlanta Braves Holdings, and Braves management will be available as well. Beginning with Liberty SiriusXM, we did propose a combination of LSXM and SiriusXM. The goal is to rationalize the dual corporate structure, create a single share class, and benefit both groups of shareholders. We believe such a combination would lead to enhanced trading dynamics at new SiriusXM, with increased liquidity, less technical pressure, for example, a smaller short interest, and a higher likelihood of future index inclusion. We will provide updates on this potential transaction only if and when an agreement is reached. So let me turn to Sirius itself. Q3 results demonstrate what management had put forward during the year, that there would be continuous improvement throughout the year, and we saw sequential improvements in self-pay net adds, and we expect a slightly positive back half of the year. EBITDA grew 4% versus the prior year and 6% sequentially, and there were $40 million of cost savings that were realized during the third quarter. The dividend was raised 10%. The board approved that, showing continued confidence in SiriusXM's cash flow generation capabilities. SiriusXM also announced an expanded partnership with Ford to make SiriusXM a standard feature in all traditional F-150s, beginning with the 2024 model year. That's important because the Ford F-150 has been the best-selling vehicle in the U.S. for over 40 years. Management does remain focused on its strategic objectives, supported by the significant EBITDA and free cash flow generation. You will see a new streaming experience and branded platform announced next Wednesday, the day before our Analyst Day, by the Sirius management team at their own event, and we believe this new experience will be able to drive engagement and enhance subscriber acquisition and retention. Turning now to the Formula One group. We announced in September our planned acquisition of Quint. Quint is a provider of hospitality inventory, and they sell unique experiences to F1, the NBA, for the NBA All-Star Game, the Kentucky Derby, and other sporting events. We believe this merger or this purchase will enable us an enhanced partnership with F1 and lead us to expand to other live sporting events. Quint is a high-growth asset with EBITDA and cash flow positive capabilities, and currently, already are both, but we'll expect will grow more over time. Turning to other things at F1. During the quarter in October, we repriced the $1.7 billion of our F1 term loan B, and we tightened the spread there from 300 basis points to 225 basis points. At F1 itself, we see surging popularity, and it continues. We've had continued sellouts in the grandstands and the Paddock Club. We've seen growth in engagement and awareness across social platforms, TV, digital platforms like F1T, social, consumer media, and others. You continue to see new interest in Formula One. For example, we've seen new investors, high-profile investors joined at Alpine, Rory McIlroy, Anthony Joshua, and Patrick Mahomes, and that follows Ryan Reynolds' investment in June. This morning, at F1, we also announced a five-year extension of our race in Brazil through 2030. We are excited for the inaugural Vegas race in just under two weeks, begin. The pit building is ready. We received a certificate of occupancy to operate for the race. This will be the largest pit building on the F1 calendar. The rooftop deck and wraparound balcony will provide 360-degree views of the track. The temporary structure is in place, the bridges are complete. We are ready to go. This event will offer an unparalleled fan experience. It's gonna kick off with an all-star lineup for the opening ceremony Wednesday before the race, which will air on ESPN2. To name a few, there'll be Keith Urban, Andra Day, J Balvin, will.i.am, Journey, and others. We'll also have Netflix hosting its first-ever live sporting event, the Netflix Cup. This will be a golf tournament with F1 drivers and PGA Tour players, and it will stream on Netflix on the fourteenth of November at 6:00 P.M. Eastern Time. The Vegas race is generating record-breaking sponsorship levels with new marquee brands, and these examples include Moët Hennessy, Timo, and Google Chrome. But more importantly, we think the Vegas experience will create commercial opportunities beyond the race itself and accrue to the broader F1 ecosystem. The Amex partnership we recently announced is a great example, and there are more to come. We did incur significant expense in launching year one in Vegas, and that included extra provisions for safety, security, and traffic planning, which was required by local regulators. We had several non-recurring items, for example, our first-year-only opening ceremony, as I mentioned, and the design and launch of our multipurpose app and creation of a fan database. We remain highly confident in the increased efficiency to operate there and our growing profitability in years two and beyond, and we remain bullish on the broader value creation at LVGP that far outweighs the increased investment and startup costs. Let me turn now to Liberty Live Group, to where we issued new $1.15 billion of 2 3/8 Live exchangeable in September. $918 million of those proceeds were used to repurchase 93% of our existing LYD exchangeable. Looking at the Live Nation itself, another record quarter announced. Looking year to date, they've sold 140 million tickets versus 121 million for the full 2022. Revenue was up 36%, AOI was up 33%. They saw strength in all markets, venues, and price points, with international leading the way. Year to date, concert fans are up 21%, with international fans up 34%. Per fan profitability is up double digits globally at operated and owned theaters and clubs. And sponsorship has been a tremendous win with a new large deal with Mastercard, driven again by growth in the international concerts platform. Live sees continuing tailwinds into 2024 and beyond. Consumer wallets are continuing to be spent on live experiences. We see untapped potential in the continuing globalization of Live's business, and large venues are showing a pipeline and sponsorship commitments, which are up double digits. Lastly, looking at the Braves, it was an incredible season on field and off the field, even if the playoff run was obviously more disappointing and ended earlier than we had hoped. We finished with the best record in Major League Baseball, 104 wins against 58 losses. 3.2 million tickets were sold, a new record for Truist Park. We won our sixth straight National League East title. The Braves have won the most division titles of any team in baseball since the institution of divisional play in 1969. Braves had strong financial performance. Baseball revenue was up 11% year to date from increased ticket demand and attendance, and the Battery continued to benefit from increased traffic and rent growth, with Adjusted OIBDA at the mixed-use up 15% in their nine months versus the prior year. And with that, let me turn it over to Brian for some more on our financial results. Thank you, Greg, and good morning. My remarks this morning, when I'm talking about balance sheet figures, we'll be comparing 9/30 to the adjusted 6/30 balances that are adjusted for the split-off that was completed on July 18, and the reclassification of our tracking stocks that was completed on August 3, as you'll see, noted in the release. At quarter end, Liberty SiriusXM Group had attributable cash, liquid investments, and monetizable public holdings of $339 million, excluding $53 million of cash held at SiriusXM and including the Battery stake held at LSXM, that's valued at $65 million as of 9/30. We expect these shares will be exchanged with third-party lenders to pay down debt in the near term. There's also $1.1 billion of undrawn margin loan capacity at the parent level related to our SiriusXM margin loan. As of November 2nd, the value of the SiriusXM stock was $14.9 billion. We have $1.4 billion in principal amount of debt against these holdings. Total Liberty SiriusXM Group attributed principal amount of debt is $11.5 billion, which includes $9.4 billion of debt at SiriusXM. Subsequent to quarter end, Liberty SiriusXM retired the remaining $199 million outstanding face value of the 1.375% basket convertible notes. Turning to the Formula One Group. At quarter end, Formula One Group had attributed cash and liquid investments of $1.5 billion. This includes $947 million of cash at Formula One. Total Formula One Group attributed principal amount of debt was $2.9 billion, which includes $2.4 billion of debt at F1, leaving $500 million at the corporate level. F1's $500 million revolver is undrawn, and their leverage at quarter end was 2.2 x. And as Greg mentioned, F1 repriced its term loan B in October, resulting in 75 basis points of margin compression to 225 basis points. points. The F1 business is best analyzed on an annual basis, given its variability in the year-over-year race calendar. With that said, though, I will make a few brief remarks on the quarterly results. During the quarter, F1 recognized a higher proportion of season-based income due to eight out of 22 races occurring during this quarter, compared to seven out of 22 in last year. The mix of races also benefited our financial results in the third quarter, with two flyaway races, Singapore and Japan, taking place this year versus France in the prior year period. Formula One grew OIBDA in the quarter, in line with revenue growth. We realized leverage on team payments during the quarter, while also making incremental investments in growth initiatives, that were lower or not incurred in the prior year period, like the Vegas race and F1 Academy. Our team payments are best viewed on a year-to-date basis and represented 64.6% of pre-team OIBDA for the first nine months. I will note that Q2 and Q3 tend to have higher percent payout ratios based on the greater mix of European races in these two quarters. Reminder that other costs of F1 revenue and SG&A are best viewed as a percent of total revenue. Other costs of F1 revenue for the quarter was 21% of total revenue. Note that the LVGP related revenues and other costs of sales will largely be recognized in the fourth quarter when the race occurs. On SG&A, the third quarter included $8 million of costs related to LVGP. On Vegas, as Greg said, the paddock building is ready. Year to date, through the third quarter, we incurred approximately $280 million of CapEx related to the pit building structure and track preparation. The majority of the CapEx spend has and will be incurred at the corporate level related to the pit building, as the land and buildings sit within F1, Formula One Group, separate from the Formula One OpCo. Track-related CapEx has and will be incurred at the F1 OpCo level. At the Liberty Live Group, there's attributed cash, liquid investments, and monetizable public holdings of $417 million, which includes the ETF assets. There's also $400 million of undrawn margin loan capacity related to our Live Nation margin loan. As of November 2nd, the value of our Live Nation stock was $5.7 billion. We have $1.2 billion in principal amount of debt against these holdings. And during the quarter, we raised $1.15 billion of new 2.375% Live Nation exchangeable bonds. Portion of these proceeds were used to repurchase approximately 93% of our outstanding 0.5% Live Nation exchangeable bonds for $918 million. There's $62 million remaining outstanding on the 0.5% bonds, which have a September 2024 put call date that we expect to settle with the remaining proceeds from the recent issuance. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end. Turning briefly to the Atlanta Braves, revenue growth in the quarter primarily reflects increased attendance at regular season games and growth in related revenues, including ticket and concession revenue, which more than offset the impact of one less home game in the current period. Battery mixed-use revenue grew due to increased rental income from existing and new tenants, and then baseball operating costs grew in the third quarter, primarily due to increased player payroll and higher minor league expenses. SG&A was also elevated in the third quarter, driven by costs related to the split off. With that, I'll turn it over to Stefano to discuss Formula One. Thanks, Brian. Good morning. We are coming to the end of an action-packed triple-header in the Americas, from Austin to Mexico City, and this weekend to Brazil. Max Verstappen and Red Bull have had an incredible season, winning their second consecutive Constructors' Championship and Verstappen's third consecutive title. While the championship has been secured for several races, the other teams are still competing fiercely with tight battles all the way down the field at every event. We have had six different teams represented on the podium season to date. McLaren, Mercedes, and Ferrari have gained strength throughout the season, evidenced in Austin with Lando's excellent start and excitement around the various style strategies implemented. Lewis is getting closer to Max in Austin and Mexico, and four Ferrari poles in the last six races. We have more battles left to witness for the remainder of the season, even with a number of teams shifting focus to their 2024 cars. With gaps in performance appearing to be closing over recent events, we hope for a real challenge for Max and Red Bull next year. Our business is in a position of strength. Fan engagement is high, commercial interest is strong. The teams have sustainably improved their financial health, generating their own incremental sponsorship, which benefit our entire F1 ecosystem. And we have a number of brand expansion initiatives in the works, including the much-anticipated Apple thing, starring Brad Pitt. I will have more to share on our strategy to capitalize on this momentum at Liberty's Investor Day next week. Race attendance in 2023 continues to sell out. The highlight of the third quarter was the record 480,000 weekend attendance at Silverstone for the British Grand Prix, the highest recorded at any event in recent decades. Other highlights saw the Japanese Grand Prix welcome total weekend attendance of 202,000 to the highest level since 2006. The Netherlands sold out at 305,000 fans. Singapore sold out at 260,000, and last weekend in Mexico saw another record with 400,000 attending. These are massive crowds for the countries where we race. As we've discussed, our fans are increasingly accessing F1 content across multiple media platforms, including linear, digital, and social. We are building richer and more varied content across media to satisfy the various types of fans. On linear TV, global audiences average approximately 70 million. Growth markets have seen solid year-over-year growth viewership, including Spain, Australia, Mexico, as well as the US, where we have also had particularly strong growth in F1 TV subs. We've seen growth on digital video viewership, with the F1 YouTube channel reaching almost 10 million subscribers, +14% year-over-year. Across our social media channels, F1 reaches 67.6 million followers as of Q3, up 26% year-over-year. TikTok is now the fastest growing platform on social media, drawing existing and new fans alike. Massive audiences gravitate to both the racing and lifestyle content across our social channels. EA launched the F1 23 game in June, and the U.S. is now the biggest market for our game, surpassing the UK for the first time. According to Open Critic, the game continues to be the highest-rated annualized sporting game franchise globally. F1 continues to advance our approach to audience measurement as consumer behaviors evolve. We aim to better capture our wider viewership and engagement for the future as we continue to grow these touchpoints. Turning to recent updates on our commercial agreement. On race promotion, we look forward to the confirmed 24 race championship calendar next year. We recently renewed our agreement in Belgium for an additional year in 2025, after a record year race attendance of 380,000 this season. The promoter has invested in its capacity increases and more variety of entertainment for fans in recent years, which has benefited their attendance figures. On media rights, we entered into a strategic partnership with Viaplay in the Netherlands that will allow their customers to access F1 TV Pro as part of their Viaplay subscription, providing fans with incremental commentary, camera angles, radio communication, and more. Our agreement with RTBF in the Netherlands and Belgium was also renewed for multiple seasons. This past week, we announced an expansion of our agreement with DAZN to broadcast F1 in Spain in an attractive deal until the end of 2026, a market with strong growth in TV viewership this season. TV Pro and Access subscribers are continuing to grow and provide a tailwind to our media rights revenue. On sponsorship, our recently announced new multi-year regional partnership with American Express welcomed them as official payment partner for F1 in the Americas and for Las Vegas Grand Prix. Card members will have special benefits and access across F1 races in the Americas, including pre-sale tickets and curated on-site benefits. We were also thrilled to renew our agreement with Pirelli and Liqui Moly. Pirelli will remain F1 global tire partner until 2027, securing their place as long-standing supplier to Formula One. Liqui Moly will also continue as an official partner under a multi-year renewal. Overall, demand and interest from sponsors continue to be strong, given the growth in our brand and the opportunity to align with F1 sustainability initiatives. We continue to have meaningful success in securing new and renewed sponsors, and we are confident in our upcoming pipeline. All eyes are now on Las Vegas as we count down to the Grand Prix weekend. While the race itself will be a spectacle, it has also generated exciting noise that benefits the entire F1 ecosystem through the increased commercial interest, fan awareness, and broader brand value. The fan experience will be unparalleled. The team has continued to invest in creative offerings for its fans, including announcing with the Wynn Club, a first-of-its-kind membership program that will debut in Las Vegas Grand Prix. The program is designed for the F1 enthusiast, and will provide members with an unparalleled hospitality experience, including exclusive access to locations within the pit building, bespoke services, and incredible cuisine. Members will also enjoy year-round benefits to it at traditional F1 races and services throughout all our Wynn properties. As part of our partnership with the brand new Sphere, we will be taking over the Exosphere from Wednesday to Sunday of race weekend to display a combination of unique partners, F1 and Las Vegas Grand Prix content. The team in Las Vegas, led by Renee Wilm, has recently secured a number of new partnerships in addition to the previously mentioned American Express deal. With the agreements announced this quarter, the Las Vegas Grand Prix has now secured over 20 partnerships to date for the marquee event. We are committed to racing in Las Vegas in the long term. The total local economic benefit of the Grand Prix this year is expected to reach over $1.2 billion, which includes the direct spend from F1 to put on the race, the incremental spend by visitors, and the impact on local suppliers and businesses. In addition, the Las Vegas Grand Prix will generate estimated $25 million that will be allocated to K-12 public school and is developing a STEM program that will be implemented in the Clark County School District in the coming years. Perhaps a future F1 engineer will be born out of this.... Finally, F1 continues to progress our sustainability and diversity and inclusion efforts. F1 Academy completed its debut season in Austin last month. Congratulations to Marta García on her victory. And as we promised, she has now secured a fully funded seat with Prema Racing in the FRECA Series, underlining our determination to ensure the best in the academy series move upwards through the system. The F1 Academy finale was broadcast live in over 100 territories, marking a significant extension of coverage. This demonstrates the support of our broadcast partners and their commitment to bringing F1 Academy to both existing and new generation F1 fans, who can be inspired by this incredible racing talent. Additionally, our ambitious effort in the development of 100% advanced sustainable fuel is advancing well. Just last week, our partner, Aramco, announced that they will start operating two plants to produce synthetic fuel by 2025. Our partnership with DHL to use biofuel trucks across the European leg of the season was highly successful. They reduced emissions by an average of 83% compared to the diesel-driven trucks. The use of biofuel will continue into 2024 and beyond, and we are excited about the insights we are gaining this year as we explore, as we're exploring further opportunities in connection with DHL. We have only three races left in the record-breaking season. I want to thank our F1 family, FIA, fans, teams, partners, and shareholders for all of their support and enthusiasm this season. Our on-track excitement isn't done yet. With the battle for Constructors' standing outside of first place, likely to come down to the last round of racing. We hope you tune in to Brazil this weekend before we make our way to the inaugural Las Vegas Grand Prix, and then wrap the season in Abu Dhabi. I look forward to providing additional updates at Liberty's Investor Day next week. Avanti tutta! Full speed ahead. And now I will turn the call back over to Greg. Thank you. Ciao. Ciao, Stefano, and thank you, Stefano and Brian. Some of you may have seen our release that Albert Rosenthaler is retiring after 20 years at Liberty. Many of you know who Albert is and how much value he's added for our shareholders. Most recently, he served as Chief Corporate Development Officer. Previously, he was Head of Tax, and he never really relinquished that, as we know. Fortunately, he will remain a senior advisor. We do have a deep bench of talent, both on the corporate development and tax teams, and we'll continue to grow in those areas. But I'm pleased that Albert will work with them and me to drive future investment opportunities and our tax strategies. We look forward to seeing many of you at our Annual Investor Day on Thursday, November ninth, in New York. Additional information is available on our website. John Malone and I will be hosting our annual Q&A session. If you would like to submit questions in advance, you can email investorday@libertymedia.com. None of the questions can ask if they will be about comedy. We do appreciate your continued interest in Liberty Media and the Atlanta Braves holdings, and with that, operator, we will open the line for questions. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would 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 keys. Our first question comes from the line of David Karnovsky with JP Morgan. Please proceed with your question. Hey, thanks for the question. On Formula One payments or team payments year to date, if we look at the implied figure for the full year, I think it's down a bit relative to where it was in August. Greg, you noted significant launch and non-reoccurring costs related to Vegas. So wanted to see if you've adjusted your expectation for the economics of the race in the first year. I'm gonna comment a little on Vegas, and then I'll let Brian reiterate some of his comments or hopefully clarify about how those payouts, team payouts, can be misleading if looked at just on a quarterly basis. On the first point, yeah, I think Vegas is proving to be a bigger spectacle and more impactful than we had anticipated, but there also have proven to be initial startup costs. I outlined some of them, increased security, you know, one-time things like the opening day ceremony, but there were other ones, like consultants that helped us set it up, permitting costs that were unusual and the like. So there are a bunch of initial costs that are probably higher than we had originally estimated. I remain very bullish. We remain very bullish on, as I said, the impact of Formula One overall, by Las Vegas, and the potential for this race to be a profitable exercise, itself. Yeah, just, you know, year to date, we're running at 64.6. You know, as you rightly noted out, you can see it, the implied decline in the overall team payment for the year, but those are covered by what Greg noted. But Q2 and Q3 tend to have a higher percentage team payment than what we typically see for the full year, just because of that higher mix of. T he European races that have lower economics versus flyaway. So to say another way, as we come into some of the races that are, have higher revenue, one might expect that the payout ratio, there'll be higher payouts to the teams, but a lower percentage overall, so that this quarter's may not be indicative of the full year number. That help? Okay. That help? Yeah. I'm just sticking with Vegas for a second. It looks like the, there's a possibility of a labor strike next week at the hotels. Obviously, this could resolve before the race, but how are you thinking about the potential impact should a work stoppage go through? We have worked with the unions, and I believe our race will not be impacted directly. We're obviously watching what impact that may have on the overall Las Vegas market. Thank you. Thank you. Our next question comes from the line of Ben Swinburne with Morgan Stanley. Please proceed with your question. Thanks. Good morning. Congratulations to Albert, and I guess the IRS. Oh, he's not quite done yet. Thank goodness, we're gonna get to keep him around, so I don't have to say goodbye to him yet. But go ahead, Ben. Sorry. No problem. Greg, just to put a finer point on it, because I'm, I think people wanna know, are you guys still expecting, you know, this sort of approaching $500 million of revenue and top, a race weekend that'll be a top five, within the top five pre-EBITDA, type numbers, or are you changing that perspective today? A couple of thoughts. I think, I think those revenue numbers approaching that, still a reasonable estimate. On profitability, I think I noted, you know, we've seen, some one-time and start-up costs that may have been larger than anticipated. But remembering, how this is, impactful to us, not only directly, but indirectly, this is a very profitable race for us. As far as being measured as a top five, obviously, we don't tell the world what the top five are, but we have noted that this one will have that impact. I still think that's true, particularly when you look at the bottom line for F1, it will have that impact overall. And I think that, we will see that profitability, as I noted, once we get past some of these initial start-up costs, we'll. And we optimize, it will increase. Let's be clear, this year we optimized for being there, being on time, and having a great race. That's not to say we won't have some of that objectives next year, but I think we'll be able to optimize on other variables as well and increase profitability. Okay, thank you. And then, you made a comment, Greg, at a conference recently, I think acknowledging that kind of post the Disney, the charter thing and just higher interest rates in the world we're in, you know, sports rights inflation are probably gonna be impacted. You guys just announced this DAZN deal. There was the Apple story out there that you probably won't comment on. But can you guys just give us your perspective on what the market feels like right now, for sports rights as a seller, and whether the DAZN deal is an indication of the direction ahead as we think about, you know, forecasting your business, your businesses that are in the sports business? Thank you. There are really a couple of variables here. I mean, if you're, you know, a fully distributed and more stable sports property, there are certainly trends about fragmentation of the market and overall pricing that might give you pause. Nonetheless, you know, we've seen pretty good increases at some properties. We're in somewhat of a different position, and I think, Ben, you're focused rightly on the U.S., where we're still relatively nascent and our product is gaining traction and our audiences are growing dramatically. So I think I feel very comfortable with the F1 renewals much more than I do with the overall market. There are a lot of factors in the overall market, you know well, the fragmentation to find scale. And if you're a property trying to decide between how you get paid and reach, and that is always a challenge to be managed, that will be made more difficult with the fragmentation in the market. But either on the other side, you know, things like the SAG strike, things like the continued increase in cost of scripted content, do make sports still a very desirable place to be and the place where scale can be reached. So I've you know, there are a bunch of counter-growing trends that make me meh on the whole market, but still very bullish on F1. Is Europe tougher than the US? How would you compare those? I think the reality is most of the trends that are negative are further along in the U.S. than in Europe. Okay. But a lot of cases, Ben, as you know, the how would sports rates get bid? Largely a function of which distributor in the market needs the product or wants the product. And it could be, you know, a market where there are multiple bidders, you're gonna do very well, and where there are fewer bidders, you will do less well. And that may almost be unrelated to what is going on in the market, in that particular. Yeah. Juris- geography. Right. Thanks so much. Thank you. Thank you. Our next question comes from the line of Brian Kraft with Deutsche Bank. Please proceed with your question. Good morning. I guess I want to ask a couple, if I could. Greg, what do you think the timeline will look like to reach an agreement with the special committee of SiriusXM, assuming you do reach one? And, whether you choose to answer that question or not, I was wondering if you could maybe address the second one, which is, if you do reach an agreement, once that agreement's been reached, what would be the key milestones and the probable timing to close the spin and merge? And then separately, I just want to ask you about Quint Events. Once you close that acquisition, are there significant advantages to F1 from owning the asset, or is it more of an opportunistic acquisition to pursue growth opportunities outside of F1? Thanks. Okay, that's a lot, Brian. All right, let's start with... I already said I'm not going to comment on any further on the negotiations, timing, or the like. If a deal is reached, I think it will require a shareholder vote, likely. The structure of the shareholder vote on the LSXM side, the structure on the SXM side, given our high equity ownership and the structure of how they work, their charter and bylaws will be quicker. But there will also be the typical regulatory SEC matters and FCC matters that likely would have to be cleared. So I would still expect several months delay, even post any deal that is made, reached. On Quint, I think we're excited about Quint for many reasons, and I'll let either Stefano or Renee, who both have views, add. We're excited because of what it can do for us. One of the trends that we are pushing forward in Formula One is understanding our customers better and really having a direct connection. And so many things that we are doing, whether it be the app or Las Vegas or Quint, allow us to better understand our customers and their needs and desires. And I think that's a continuing trend you will see that will add power to the F1 ecosystem and allow us to do much more. Quint is important because of how they touch those customers, are some of our best customers, and how we can utilize their talents to grow and understand our understanding of our existing customer base, but also expand that customer base. The opportunity outside of F1 is also very interesting. I mentioned some of the places where they are, at NBA, Churchill Downs. We think there are many sporting events, many live events, that could benefit from Quint-type experiences, and we think Liberty can be in a position potentially to help them reach out to some of those leagues and opportunities. So we're excited both for what it can do for F1 and what we can help do together, hopefully, in the outside world of sports. Stefano, do you want to add anything? No, I think, Greg, that you touched exactly the point, at least for Formula One, for sure, the need of understanding better our customer. And the growth of the request that we have in all around the world makes. It's related to the experience, and this acquisition will allow us to talk with them better and to offer them better products and better things that will be will enable them to be closer to our F1 world. Thanks to you both. Greg, if I could ask one follow-up, just on the first one. I think you mentioned FCC, as in Federal Communications Commission matters. I guess my understanding is there would be no HSR approval needed because you already have our control. Is there an approval needed? You know, what, how should we think about what the FCC's role would be? My understanding is that... You want to-- Renee, you want to go? Yeah, no, I'm, I'm happy to. It'd be very much a pro forma application process, likely done within 45-60 days, is what we're expecting. I think the longer pole in the tent will be the FCC review, which, to Greg's point, should take a few months, I think maybe four to six months, to get the entire thing done after we have an announcement. Okay, great. Thank you so much. Thank you. Our next question comes from the line of Vijay Jayant with Evercore. Please proceed with your question. Thanks. A question on the Las Vegas race. You know, I'm assuming that the OpCo is paying the holding company as a promoter, given Liberty Media spends money on the track and the land, a sort of a promotion fee. So when Greg, when you talk about the profitability of the Vegas race, are you assuming that includes, arguably, that payment to the OpCo from the OpCo to the HoldCo? Or is it at the operating company, you know, that the profits you're sort of expecting from the race? Thanks. Well, Vijay, you're correct that there is that relationship. You know, I think we are talking about the totality, but also I think over time, how the OpCo will be a very profitable race as well. So I think you can look at it both ways. And then just, Stefano talked about, you know, the attendance at all these races. Can you sort of confirm that the Vegas race is sold out on ticketing? Stefano, I'm happy to take that one. Hi, Vijay, it's Renee. We have a handful of tickets left, and the demand's coming in in the last minute, which, knowing Vegas is a last-minute market, we did, in fact, hold tickets back for that purpose. So we are very excited, and we will be sold out by the time of the event. Great. Thank you so much. A lot of people from Los Angeles booked for Las Vegas relatively late, which is part of our strategy. Okay, thanks. Thank you. Our next question comes from the line of Stephen Laszczyk with Goldman Sachs. Please proceed with your question. Hey, Greg, thank you for taking the questions. Maybe just a follow-up on the media rights strategy for F1, to the extent you'd be willing to add to, to Ben's question. I'd just be curious to better understand how you would think through the pros and cons of entering a longer-term exclusive global media rights deal with a single distributor. Just curious to the extent you think the Formula One IP could be well suited for, for that type of structure over the long term? And I have a follow-up. Thank you. Yeah. Thanks for the question. I think, you know, we've tried to be consistent answering this. There's always a trade-off between reach and profitability. You know, there are relatively few, if any, distributors today, who have the global reach that individual players do in their respective markets. So there would be- you'd be think hard about that trade-off. And you can see that in some markets where we've actually tried to play both sides of that, where they're made, some of it's on broadcast and some of it's on pay, because we don't want to see all of our product, you know, behind a paywall, and it, which is not widely distributed. So, you know, I don't have a comment other than you're always going to weigh that trade-off, and it somewhat depends on where, you know, how we feel about the maturity of the business and in each respective market. And the length of deal we're willing to cut, in many cases, is dependent on, you know, how far we are on that curve. You know, I'd note, we've noted before, the U.S., we're fairly nascent. We try to keep a shorter-term deal, partly because we think we will do better as time goes on. In other markets where it's more mature, you're willing to talk about more stability. And there is benefit in many cases for the distributor to have more stability because they will be able to make a greater investment in the product promotion, et cetera, if they know they have long term. So you weigh all those factors. And if I may add, Greg, on that, you know, correctly saying about this ratio between reach and profitability. The speed of this change is different from country to country, from region to region. And this is really the reason why the media market today is quite complex. But we do believe that, with the mix that we have, we will take the advantage of the strategy I put in place today. That we are very confident about. Got it. Thanks for that. And then maybe one on the sponsorship side. Could you talk a little bit more about the regional deal with American Express that you recently signed, maybe the value you saw in each other to bring this deal to the table, and if you think that could be a good template or framework for other payment providers or financial institutions on a more global basis? Thank you. I'll let Renee add, but I would note that one of the reasons why Amex is unique is not only is a great company, great brand, et cetera, with an audience and a customer base, which fits very well with us, but also the case where really they came out on the regional basis because of the strength and wanting to be involved in Las Vegas. So it's a great example of Las Vegas leading us and broadening the base. It's also a case where using our digital capabilities, we're going to be able to, for regional players, be able to show sponsorship capabilities and opportunities in a respective market or a respective series of markets in a region because of those. Renee? So I would just add to that, something Greg mentioned earlier around the importance of, you know, data management and understanding who our fan base is. And being able to work with American Express on their presale platform has really proven to not only help us move to hospitality early, but also to get more visibility into who our fans are. So we think this is going to be a great win across the board. Thank you. Thank you. Thank you. Our next question comes from the line of Stephen Glagola with TD Cowen. Please proceed with your question. Yeah, thanks for the question. Were these initial startup costs for Vegas fully captured in the increased CapEx guidance last quarter? And what are your expectations for recurring annual maintenance CapEx for the Grand Prix Vegas? Thank you. I think we are not changing anything we said about CapEx from what we said last quarter. I think most of my comments were really directed at more OpEx and some of those costs that I mentioned, like security, like the, you know, the opening ceremony rather. I don't believe we are making any announcements today on CapEx. I would differentiate. There will potentially be. I don't think there's massive ongoing CapEx for maintenance. I'll make that statement. But there will be CapEx potentially for year-round activation as we come up with new opportunities to take advantage of the facility, and we really have not captured or forecast that because we're still working on what that may look like, so we don't really have a number for you today or something to talk about. Because we are looking at a range of activation capabilities, and candidly, we're focused on November eighteenth, so. Thanks, Greg. I appreciate that. And if I can just ask one more, to you and, Stefano. With the FIA approving Andretti last month, can you just give us any updates on your views with respect to adding an eleventh team to the grid? You know, how are you evaluating this, and what are the potential gating items for you to get incrementally more inclined to grant admission or reject? Thank you. I'll let Stefano answer that. Yeah. Okay, thanks, thanks, Steven. I mean, as you know, there is a process that is in place, so as always, we don't have to give any anticipation. The FIA did its right role of doing its first assessment. Now we are in the process of doing our assessment on the commercial and marketing side, and as soon as this process will be finished, of course, we will inform everyone accordingly. First of all, of course, sharing this info in the first instance with the FIA. Okay, thank you. Thank you. Our next question comes from the line of David Joyce with Seaport Research Partners. Please proceed with your question. Thank you. I wanted to turn to the Liberty Live tracker. Just wondering what your opportunities and constraints are there. Conceptually, what might be some logical next steps, you know, for that? Might you buy a music venue that could allow you to spin that off in five years? Or might you do something like what you proposed to do with Sirius? And yes, and given that you've got such a discount at that equity, would that be something of interest, you think, with Live Nation to combine, given that they've got a significant cash balance now? Thanks. Yeah. Thank you, David. I think our strategies around Liberty Live are evolving. We do look at it as, as you've seen in the past, as something we've been able to do, expand and grow. Creating an ATB there, so that we could potentially have a spin down the road, you know, that's always something Liberty wants to maintain optionality around. But our first goal would probably be to build a strategy in and maybe in conjunction with Live Nation, around things that are incremental and additive, that we could own, that we think are positive, that could somewhere potentially be valuable to Live Nation as well. So, no plan or intent today on any of the above, but we have ideas and are working through. Thanks. Second, if I could, on the Atlanta Braves, on the RSN side of the equation, that's significant revenue annually, that's coming from the RSNs. Is there any update or any thoughts of how that could be replaced, if needed, either by, you know, the league or your own capabilities? Yeah. Derek, do you want to handle that? Yeah, sure. So obviously, there's ongoing legal with this situation, so we don't want to go too far with what we can say on it. I think probably the best way to answer this is, we are continuing to deliver what we are expected to do under the terms of our agreement, and up to this point in time, they are... We expect that to continue. Yeah, Derek's way of being more cautious than I would. I think our understanding is this is among, if not the most profitable of Diamond's RSNs, reflecting the large territory we have, the high demand that Derek and his team have built around the Braves, and the relatively, you know, not the highest payment among the RSN payments. This is a very profitable RSN, so I do not believe they'll be rejected. But given the strength of the territory and the strength of the Braves, people's interest in the Braves, I do believe we could replace that revenue stream, or a good portion of it, at least, with other alternatives. Thanks, Greg. Thanks, Derek. Thank you. Our next question comes from the line of Jason Bazinet with Citi. Please proceed with your question. I just had a question on Formula One. You guys have accomplished so much with this asset since you bought it. You know, the Concorde Agreement, growing sponsorship, tweaking the calendar, increasing popularity of the sport. I would just be curious, over the next three to five years, other than getting to know your fan base better, which you mentioned, what do you think the top two or three opportunities that remain are? Look, I think we have three or four big revenue streams, and I think all of them have upside. Starting with broadcast, the increased interest in the sport globally, but particularly in the U.S., have given us an opportunity with a broader range of distributors and the increasing number of digital players who might enter the market. And as they get broader awareness as sports players, our willingness to go with them only increases. So you've seen examples like DAZN, you're seeing things like Netflix coming and doing something with us around golf and Formula One, admittedly small, but an interesting start. All those make us have opportunities there. In the races, yes, we are not going to increase the number of races at the, certainly at the pace, if at all, that we have. But in a perverse way, the fact that there's a limited supply and an increasing number of people who want a race, an increasing number of cities or venues that want a race, have allowed us, in many cases, to utilize that limited supply to play off, you know, raise the requirements, raise our prices. And promoters are doing far better. If you've seen, for example, how many people showed up at Austin, how many people are showing up. The increase in demand has made it so promoters are more profitable, have more scale, and we're able to extract more money from them, not in the victim way that some people would call it, but because it's a better business for them and there are other players who want to bid if they don't want to play. In sponsorship, you're seeing us have grown that dramatically over the last several years. I think far more we can do. MX is a great example. Moving from a world of just paint on the track to a digital experience to activation. Part of that's, again, understanding our customers better. All of those, I think, have an opportunity. And then hospitality, and Quint is a part of that. What we're doing, what we've been able to do, increase the Paddock Club, frankly, because of demand, how we've been able to increase prices at the Paddock Club. All those give us, I think, a range of opportunities in hospitality. So I think all four revenue streams are healthy and have upside. Stefano, what did I miss? I think that the list is already quite interesting and full, but for sure, you know, the concept that we have seen about Amex, there is a regionalization, is another key factor of attracting new partners, and this is gonna be our strategy. But we don't have to forget that two other areas, for sure will be very important is licensing and merchandising, where we just are at a beginning of restructuring, where we can really see potential of, of, of what we can do. I mean, we don't have to also underestimate the potential of being bigger in, on social and, and bigger on, on the awareness of the sport, and being able to connect more and more with this new initiative, with our fans. We will be able to provide services that, of course, will have a payback for us. An incredible time in front of us, and that's the beauty of the sport that we are investing and really believing in it. Thank you. I believe our last question. Thank you. Our final question comes from the line of Barton Crockett with Rosenblatt Securities. Please proceed with your question. Okay, thanks for getting me in here. I was curious, Greg, about your thoughts about the opportunities for baseball overall to create a better streaming experience than the kind of fragmented circumstance that's developing right now with teams, you know, doing their own kind of local streaming, their own local broadcast. Do you think over time there should be some type of aggregation of the local team rights into a new streaming or an existing streaming platform, you know, to optimize kind of the experience for—from a market opportunity and from the consumer experience perspective? Do you think that should happen? Do you think it can happen? Could you guys play a role on that, that creates value for your shareholders? I'll comment, then I'll let Derek add. You know, baseball is, was an innovator with MLB.com, everything back to Bob Bowman that they did with BAM Tech. And much of that has been accrued to the benefit, and I think with the increased interest in the sport this year, all to the good. You're right that the local rights regime is complicated, and how that has been divided has made probably some innovation more difficult over time. We at various times have looked at that and potentially partnering with MLB to help on that. I think there are many plans out there being looked at. None has yet come to pass, but there surely is demand in the sport. Derek, what would you add? Yeah, thanks, Greg. So what I would say, just on a macro level, not trying to get too far ahead of Major League Baseball or the commissioner's office in this, but, you know, you think about baseball and maybe even ahead of that, live sports content, still very much in demand, regardless of, you know, all the changes in fragmentation that's happening in the marketplace. So I think being in the live sports content business is certainly a very good thing. And then, to baseball specifically, you know, you got 162 games, so there's an enormous amount of that content. The sport is extremely popular, as Greg mentioned, you know, selling 70 million tickets this year, and there's all the other factors. So I think from a macro perspective, the sport is very healthy and has great opportunity. And, you know, looking at it from just a Braves lens, a little bit to Greg's earlier comments, we have, you know, a very large marketplace. We are significantly advantaged in that marketplace, especially against a lot of our peer sets. And, so there's a lot of opportunity, and that disruption might happen, but at the same time, I think the opportunity for us and for the broader sport is certainly there. Great. Thank you. Thank you all for your interest in Liberty Media. I think that was our last question. We look forward to seeing, and the Atlanta Braves. Don't mean to slight our Braves friends. I'm so used to being part of the family, I don't have to call them out separately. Thank you for your interest. As I said, we look forward to seeing many of you next week in New York, and if not, on our next earnings call. Thank you. This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.