Liberty Media Corporation is primarily engaged in the motorsport and live entertainment industries through its subsidiaries, Formula 1 and MotoGP. The company completed several corporate restructuring transactions, including the Atlanta Braves Holdings Split-Off (July 18, 2023), a reclassification of tracking stocks (August 3, 2023), the Liberty Sirius XM Holdings Split-Off (September 9, 2024), and the Liberty Live Split-Off (December 15, 2025). On July 3, 2025, Liberty Media acquired approximately 84% of MotoGP Sports Entertainment Group, S.L. for a preliminary purchase price of approximately $3,659 million. Consolidated revenue increased by $829 million to $4,482 million for the year ended December 31, 2025, compared to $3,653 million in the prior year. Consolidated operating income increased by $290 million to $577 million for the year ended December 31, 2025, compared to $287 million in the prior year. Consolidated Adjusted OIBDA increased by $294 million to $1,068 million for the year ended December 31, 2025, compared to $774 million in the prior year. Net earnings from continuing operations were $596 million for the year ended December 31, 2025, a significant improvement from net losses of $44 million in 2024. Formula 1's revenue increased by $462 million to $3,873 million in 2025, with primary revenue up $329 million due to contractual increases in media rights, race promotion fees, new sponsors, and F1 TV subscription growth. MotoGP contributed $325 million in revenue and $117 million in Adjusted OIBDA to consolidated results from its acquisition date on July 3, 2025, through December 31, 2025. As of December 31, 2025, corporate-level debt outstanding was approximately $499 million, and total consolidated debt was $5,022 million. Cash and cash equivalents totaled $1,055 million as of December 31, 2025.