Liberty Media Corporation

What does Liberty Media own?
Liberty Media Corporation owns Formula 1 (the global motorsport championship, acquired in 2017 for $4.4 billion), MotoGP (the global motorcycle racing championship, acquired in July 2025 through Dorna Sports for approximately EUR 4.2 billion), and holds a controlling stake in SiriusXM (satellite and online radio with approximately 34 million subscribers). Following the December 2025 split-off, Liberty Live Holdings operates as a separate publicly traded company and is no longer part of Liberty Media Corporation.

Is Liberty Media publicly traded?
Yes, Liberty Media Corporation is publicly traded on NASDAQ. The Formula One Group tracking stock trades under ticker symbols FWONA (Class A) and FWONK (Class C). Prior to the December 2025 split-off, the Liberty Live Group tracking stock traded under LLYVA and LLYVK, but these were converted into Liberty Live Holdings stock following the split-off. The company files annual and quarterly reports with the SEC.

Who founded Liberty Media?
Liberty Media Corporation was founded in 1991 by John C. Malone, a cable television pioneer who had built Tele-Communications Inc. (TCI) into the largest cable operator in the United States. Malone created Liberty Media to hold media and entertainment assets separate from TCI's cable distribution business. When AT&T acquired TCI in 1999, Liberty Media was spun off as an independent public company. Malone transitioned to Chairman Emeritus in January 2026, with Robert R. Bennett succeeding him as Chairman.

Where is Liberty Media headquartered?
Liberty Media Corporation is headquartered in Englewood, Colorado, USA. The company has been based in the Denver metropolitan area since its founding. Formula 1 is operated from its headquarters in London, England, while MotoGP (Dorna Sports) is operated from Madrid, Spain. SiriusXM is operated from its headquarters in New York City.

How many brands does Liberty Media own?
Liberty Media owns two premier motorsport brands (Formula 1 and MotoGP) and holds a controlling stake in SiriusXM (which includes Pandora). The company also operates F1 TV (streaming service) and F1 Arcade (entertainment venues) under the Formula 1 brand. Following the December 2025 split-off, Liberty Live Holdings operates independently and is no longer part of Liberty Media Corporation.

Who owns Liberty Media?
Liberty Media Corporation is a publicly traded company listed on NASDAQ. John C. Malone, the company's founder, remains the largest individual shareholder and serves as Chairman Emeritus. Robert R. Bennett serves as Chairman of the Board. Derek Chang serves as President and CEO. Institutional investors, mutual funds, and individual investors own the majority of shares through the Formula One Group tracking stock (FWONA, FWONK).

What is Liberty Media's relationship to Formula 1?
Liberty Media acquired the commercial rights to Formula 1 in January 2017 for approximately $4.4 billion from CVC Capital Partners and other sellers. Since the acquisition, Liberty Media has transformed Formula 1 through digital media investment, expanded race calendar (from 20 to 24 races), new races in Miami (2022) and Las Vegas (2023), a budget cap introduced in 2021, and the Netflix documentary series "Drive to Survive" which grew the U.S. audience. Formula 1's revenue grew from approximately $1.8 billion in 2017 to approximately $3.6 billion in 2025.

Liberty Media Corporation was founded in 1991 by John C. Malone as a media holding company. Malone, a cable television pioneer who had built Tele-Communications Inc. (TCI) into the largest cable operator in the United States, created Liberty Media to hold media and entertainment assets separate from TCI's cable distribution business. When AT&T acquired TCI in 1999, Liberty Media was spun off as an independent public company.

Throughout the 1990s and 2000s, Liberty Media built a portfolio of media investments, including stakes in Discovery Communications, QVC, Starz, and various international cable and media companies. The company became known for its complex corporate structure, using tracking stocks and spin-offs to manage its diverse holdings. Malone's strategy involved acquiring strategic stakes in media companies, influencing their direction through board representation, and eventually spinning off or selling positions as value was realized.

The transformative acquisition for Liberty Media's current form was Formula 1. In January 2017, Liberty Media acquired the commercial rights to Formula 1 from CVC Capital Partners and other sellers for approximately $4.4 billion in cash, stock, and debt assumption. The acquisition was made through a newly created Formula One Group tracking stock. Bernie Ecclestone, who had controlled Formula 1 for decades, was replaced as CEO by Chase Carey, with Ross Brawn joining as managing director for motorsports and Sean Bratches joining as managing director for commercial operations.

Under Liberty Media's ownership, Formula 1 underwent significant changes. The company invested in digital media, launched the F1 TV streaming service, expanded the race calendar from 20 to 24 races, added new races in Miami (2022), Las Vegas (2023), and other markets, and introduced a budget cap in 2021 to control team spending. Formula 1's viewership grew substantially, particularly in the United States, driven by the Netflix documentary series "Drive to Survive" and expanded broadcast coverage. The United States Grand Prix in Austin, Miami Grand Prix, and Las Vegas Grand Prix became major revenue events.

Liberty Media's investment in SiriusXM dates to 2009, when Liberty Media invested $530 million in Sirius XM Radio to help the company avoid bankruptcy. Liberty Media gradually increased its stake and took control of SiriusXM. SiriusXM operates satellite radio services in the United States, with approximately 34 million subscribers as of 2025. SiriusXM also owns Pandora, the music streaming platform, though Pandora's user base has declined in recent years.

In July 2025, Liberty Media completed the acquisition of Dorna Sports, S.L., the exclusive commercial rights holder of the MotoGP World Championship. The acquisition was valued at approximately EUR 4.2 billion and added the world's premier motorcycle racing championship to Liberty Media's motorsport portfolio. MotoGP operates 22 Grand Prix events across 18 countries and has a global television audience of approximately 300 million. The acquisition made Liberty Media the owner of both Formula 1 and MotoGP, the world's two premier motorsport series.

In December 2025, Liberty Media completed the split-off of Liberty Live Holdings as a separate publicly traded company. Liberty Live Holdings holds Liberty Media's former interests in Live Nation Entertainment, Quint Events, and other live entertainment assets. Following the split-off, Liberty Media Corporation focuses exclusively on its Formula One Group, which includes Formula 1, MotoGP, and related investments. The restructuring simplified Liberty Media's corporate structure and allowed each entity to focus on its core business.

In January 2026, Liberty Media announced a leadership transition. John C. Malone, the company's founder and long-time Chairman, transitioned to Chairman Emeritus of the Board of Directors. Robert R. Bennett succeeded Malone as Chairman of the Board effective January 1, 2026. Derek Chang serves as President and CEO, continuing the company's strategic direction.

Liberty Media's sustainability profile is shaped by its motorsport assets, which face inherent environmental challenges. Formula 1 has committed to achieving net-zero carbon emissions by 2030 through its "Net Zero by 2030" plan, which includes sustainable fuels, efficient logistics, and carbon offsetting. Formula 1 introduced a 100 percent sustainable fuel in 2026 as part of the new engine regulations, which require engines to run on fully sustainable fuel.

MotoGP has also introduced sustainability initiatives, including a commitment to sustainable fuels by 2027. However, the fundamental environmental impact of motorsport, including international travel, circuit construction, and fuel consumption, remains substantial. Critics argue that the net-zero commitments do not adequately address the indirect emissions associated with fan travel and circuit operations.

SiriusXM's environmental footprint is relatively limited, consisting primarily of satellite operations and studio facilities. The company has not published detailed sustainability targets, which is typical for media companies.

Liberty Media's governance practices have been scrutinized due to the company's complex corporate structure. The use of tracking stocks and multiple share classes has been criticized by some governance advocates who argue that the structure benefits insiders at the expense of minority shareholders. The December 2025 split-off of Liberty Live Holdings simplified the structure but did not eliminate the tracking stock framework for the Formula One Group.

Liberty Media has faced several controversies and regulatory challenges.

The MotoGP acquisition in 2025 was subject to regulatory review by the European Commission and other antitrust authorities. The European Commission approved the acquisition in June 2025 after examining whether Liberty Media's ownership of both Formula 1 and MotoGP would reduce competition in the motorsport rights market. The Commission concluded that the two series operated in distinct markets (four-wheel and two-wheel motorsport) and that the acquisition would not significantly reduce competition.

Formula 1 has faced controversy over its race calendar, particularly the inclusion of races in countries with human rights concerns. The Saudi Arabian Grand Prix (added in 2021), the Qatar Grand Prix (added in 2021), and the Abu Dhabi Grand Prix have drawn criticism from human rights organizations. Liberty Media has defended the calendar expansion by arguing that sport can be a force for positive change, but critics contend that the races provide legitimacy to governments with poor human rights records.

The 2021 Abu Dhabi Grand Prix finale was controversial due to the race director's handling of a late safety car period, which effectively determined the championship outcome. The controversy led to a review of race director procedures and the appointment of a new race director for the 2022 season. The incident highlighted the tension between sporting integrity and entertainment value in Formula 1.

SiriusXM has faced regulatory scrutiny related to its subscription practices. In 2024, the Federal Trade Commission (FTC) and the New York Attorney General investigated SiriusXM for allegedly making it difficult for customers to cancel subscriptions. SiriusXM agreed to pay $4.5 million to settle the New York investigation and committed to simplifying the cancellation process.

The complex corporate structure of Liberty Media, including tracking stocks and cross-holdings, has been criticized by corporate governance advocates. The structure can make it difficult for shareholders to understand the true value of their holdings and can create conflicts of interest between different share classes.