茄子污污视频

Annual report pursuant to Section 13 and 15(d)

Basis of Presentation

v3.22.4
Basis of Presentation
12 Months Ended
Dec. 31, 2022
Basis of Presentation

(1)聽聽Basis of Presentation

The accompanying consolidated financial statements of 茄子污污视频 (鈥淟iberty,鈥 鈥渨e,鈥 鈥渙ur,鈥 鈥渦s鈥 or the 鈥淐ompany鈥 unless the context otherwise requires) represent a consolidation of certain media and entertainment related assets and businesses. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.

Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries primarily in North America and the United Kingdom (鈥淯.K鈥). Our most significant subsidiaries include Sirius XM Holdings Inc. (鈥淪irius聽XM Holdings鈥), Formula聽1 and Braves Holdings, LLC (鈥淏raves Holdings鈥). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. (鈥淟ive Nation鈥).

On November 3, 2021, pursuant to an exchange agreement with certain counterparties, Liberty acquired an aggregate of 43,658,800 shares of Sirius XM Holdings common stock in exchange for the issuance by Liberty to the counterparties of an aggregate of 5,347,320 shares of Series A Liberty SiriusXM common stock. As of December聽31, 2022, we owned approximately 82% of the outstanding equity interest in Sirius XM Holdings.

Liberty has entered into certain agreements with Qurate Retail, Inc. (鈥淨urate Retail鈥), Liberty TripAdvisor Holdings, Inc. (鈥淟iberty TripAdvisor鈥), Liberty Broadband Corporation (鈥淟iberty Broadband鈥), 茄子污污视频 Acquisition Corporation (鈥淟MAC鈥) and GCI Liberty, Inc. (鈥淕CI Liberty鈥), all of which are, or were (in the case of LMAC and GCI Liberty), separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others, other than Liberty鈥檚 equity interests in LMAC prior to its dissolution, as described in note 11, and GCI Liberty鈥檚 ownership of shares of Liberty Broadband鈥檚 Series C non-voting common stock prior to the merger of GCI Liberty and Liberty Broadband in December 2020. These agreements include Reorganization Agreements (in the case of Qurate Retail and Liberty Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of Liberty Broadband only). In addition, as a result of certain corporate transactions, Liberty and Qurate Retail may have obligations to each other for certain tax related matters.

The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and each of Qurate Retail and Liberty Broadband, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC (prior to termination) and GCI Liberty (prior to termination) with general and administrative services including legal, tax, accounting, treasury and investor relations support. Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty (prior to termination) reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services and in the case of Qurate Retail, Qurate Retail鈥檚 allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. Liberty TripAdvisor, Liberty Broadband, LMAC (prior to termination) and GCI Liberty (prior to termination) reimburse Liberty for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities with Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC (prior to termination) and GCI Liberty (prior to termination) at Liberty鈥檚 corporate headquarters. Under these various agreements, approximately $21聽million, $27聽million and $28聽million of these allocated expenses were reimbursed to Liberty during the years ended December聽31, 2022, 2021 and 2020, respectively.

In December 2019, Liberty entered into amendments to the Services Agreements with each of Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty (collectively, the 鈥淪ervice Companies鈥) in connection with Liberty鈥檚 entry into a new employment arrangement with Gregory B. Maffei, its President and Chief Executive Officer. Under the amended Services Agreements, components of Mr. Maffei鈥檚 compensation are either paid directly to him by each Service Company or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service

Companies set forth in the amended Services Agreements. Following the merger between GCI Liberty and Liberty Broadband in December 2020, GCI Liberty no longer participates in the Services Agreement arrangement due to the termination of its Services Agreement with Liberty.

In December 2020, in conjunction with the merger, GCI Liberty made an executive termination payment to Liberty of approximately $6 million. See note 14 for additional information related to termination payments.