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Quarterly report pursuant to Section 13 or 15(d)

Investments In Affiliates Accounted For Using The Equity Method

v3.22.2
Investments In Affiliates Accounted For Using The Equity Method
6 Months Ended
Jun. 30, 2022
Investments In Affiliates Accounted For Using The Equity Method

(6)听听听Investments in Affiliates Accounted for Using the Equity Method

Liberty has various investments accounted for using the equity method. The following table includes the Company's carrying amount and percentage ownership of the more significant investments in affiliates at June 30, 2022 and the carrying amount at December 31, 2021:

June 30, 2022

December 31, 2021

听听听听

Percentage

听听听听

贵补颈谤听痴补濒耻别

听听听听

Carrying

听听听听

Carrying

ownership

(Level听1)

amount

amount

dollar听amounts听in听millions

Liberty SiriusXM Group

Live Nation (a)

31

%

$

5,751

$

112

89

Sirius XM Canada

70

%

$

NA

639

642

Other

NA

72

74

Total Liberty SiriusXM Group

823

805

Braves Group

Other

various

NA

115

110

Total Braves Group

115

110

Formula One Group

Other

various

NA

28

30

Total Formula One Group

28

30

Consolidated Liberty

$

966

945

(a) See note 8 for details regarding the number and fair value of shares pledged as collateral as of June 30, 2022 pursuant to Liberty鈥檚 margin loan secured by shares of Live Nation (the 鈥淟ive Nation Margin Loan鈥).

The following table presents the Company's share of earnings (losses) of affiliates:

Three months ended

Six months ended

June 30,

June 30,

听听听听

2022

听听听听

2021

听听听听

2022

听听听听

2021

amounts听in听millions

Liberty SiriusXM Group

Live Nation

$

54

(67)

33

(178)

Sirius XM Canada

3

3

6

7

Other

(3)

(6)

(3)

(12)

Total Liberty SiriusXM Group

54

(70)

36

(183)

Braves Group

Other

8

8

12

11

Total Braves Group

8

8

12

11

Formula One Group

Other

(1)

14

(1)

29

Total Formula One Group

(1)

14

(1)

29

Consolidated Liberty

$

61

(48)

47

(143)

Sirius XM Canada

As of June 30, 2022, Sirius XM Holdings holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc. (鈥淪irius XM Canada鈥). Sirius XM Canada is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact Sirius XM Canada's economic performance.

On March 15, 2022, Sirius XM Holdings and Sirius XM Canada entered into an amended and restated services and distribution agreement which modified the existing Services Agreement and terminated the existing Advisory Agreement, each dated as of May 25, 2017. Pursuant to the amended and restated services and distribution agreement, the fee payable by Sirius XM Canada to Sirius XM Holdings was modified from a fixed percentage of revenue to a variable fee, based on a target operating profit for Sirius XM Canada. Such variable fee is expected to be evaluated annually based on comparable companies. In accordance with the amended and restated services and distribution agreement, the fee is payable on a monthly basis, in arrears, beginning January 1, 2022. 听

In May 2017, Sirius XM Holdings extended a loan to Sirius XM Canada in the principal amount of $131 million. 听In connection with the execution of the amended and restated services and distribution agreement, Sirius XM Holdings forgave $113 million in principal amount of such loan to Sirius XM Canada, leaving an outstanding principal amount of $8 million on such loan as of June 30, 2022. The principal amount that was forgiven by Sirius XM Holdings was considered satisfied as contributed capital to Sirius XM Canada.

Sirius XM Holdings has approximately $19 million in related party current assets as of June 30, 2022. Sirius XM Holdings recorded approximately $28 million and $25 million in revenue during the three months ended June 30, 2022 and 2021, respectively, and $55 million and $50 million in revenue during the six months ended June 30, 2022 and 2021, respectively, associated with these various agreements. Sirius XM Canada paid gross dividends to Sirius XM Holdings of less than $1 million during the three months ended June 30, 2021 and less than $1 million and $1 million during the six months ended June 30, 2022 and 2021, respectively.

SoundCloud

In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (鈥淪oundCloud鈥). The investment in SoundCloud is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact SoundCloud's economic performance.

In addition to Sirius XM Holdings鈥 investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive ad sales representative in the U.S. and certain European countries. Through this arrangement, Pandora offers advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $14 million for each of the three months ended June 30, 2022 and 2021, and $27 million for each of the six months ended June 30, 2022 and 2021. Sirius XM Holdings also had related party liabilities of $18 million as of June 30, 2022 related to this agreement.