Discontinued Operations

3 Months Ended

Mar. 31, 2026

(2) Discontinued Operations

On December 15, 2025, the Company completed the Liberty Live Split-Off. The Liberty Live Split-Off was accomplished by a redemption by the Company of each outstanding share of its Liberty Live common stock in exchange for one share of the corresponding series of common stock of Liberty Live Holdings. As a result of the Liberty Live Split-Off, Liberty Live Holdings is now an independent, publicly traded company.

As disclosed in note 1, Liberty’s interest in Live Nation (including related debt and derivative instruments) and corporate cash and expenses previously attributed to the Liberty Live Group are presented as discontinued operations in the Company’s condensed consolidated financial statements as the Liberty Live Split-Off represents a strategic shift that had a major effect on the Company’s operations and financial results.

The following table provides details about the major classes of line items constituting earnings (loss) from discontinued operations, net of tax as presented in the condensed consolidated statements of operations.


	Three months ended
	March 31, 2025
	amounts in millions
Selling, general and administrative	$	4
		4
Operating income (loss)		(4)
Other income (expense):
Interest expense		(7)
Share of earnings (losses) of affiliates, net		4
Realized and unrealized gains (losses) on financial instruments, net		(10)
Other, net		2
		(11)
Earnings (loss) from discontinued operations before income taxes		(15)
Income tax (expense) benefit		3
Net earnings (loss) from discontinued operations		(12)
Less net earnings (loss) from discontinued operations attributable to the noncontrolling interests		—
Net earnings (loss) from discontinued operations attributable to Liberty stockholders	$	(12)

Liberty Media Corp 10-Q