Risk Sleuth
FWONA · FWONK · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Liberty Media

33 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Race promoters

earns from · 26.7%
Race promotion revenue comprised 26.7%, 29.3% and 29.3% of Formula 1’s total revenue for the years ended December 31, 2025, 2024 and 2023, respectively.Business (Item 1)

Broadcasters (media rights)

earns from · 31.3%
Media rights revenue comprised 31.3%, 32.8% and 32.2% of Formula 1’s total revenue for the years ended December 31, 2025, 2024 and 2023, respectively.Business (Item 1)

Sponsors

earns from · 21.7%
Sponsorship revenue comprised 21.7%, 18.6% and 18.0% of Formula 1’s total revenue for the years ended December 31, 2025, 2024 and 2023, respectively.Business (Item 1)

MotoGP broadcasters (media rights)

earns from · 41.2%
Media rights revenue comprised 41.2% and 44.5% of MotoGP’s total revenue for the years ended December 31, 2025 and 2024, respectively.Business (Item 1)

MotoGP race promoters

earns from · 33.7%
Race promotion revenue comprised 33.7% and 28.6% of MotoGP’s total revenue for the years ended December 31, 2025 and 2024, respectively.Business (Item 1)

Governmental bodies (race promoters and counterparties)

earns fromnamed as a risk
Certain of Formula 1 and MotoGP’s respective counterparties are directly or indirectly governments or agencies thereof, some of which have previously experienced a deterioration in their credit quality.Risk factors (Item 1A)

ESPN

earns from
Its principal broadcasters included beIN Sports across Asia, the Middle East and North Africa; Canal+ in France; DAZN in Spain and d/b/a Fox Sports in Australia; ESPN in the U.S. and Latin America; Sky in the U.K., Germany and Italy; Viaplay across the Nordics and the Netherlands; and SuperSport across Sub-Saharan Africa.Business (Item 1)

Also named by DKNG, SPHR, TKO

Sky

earns from
Its principal broadcasters included beIN Sports across Asia, the Middle East and North Africa; Canal+ in France; DAZN in Spain and d/b/a Fox Sports in Australia; ESPN in the U.S. and Latin America; Sky in the U.K., Germany and Italy; Viaplay across the Nordics and the Netherlands; and SuperSport across Sub-Saharan Africa.Business (Item 1)

beIN Sports

earns from
Its principal broadcasters included beIN Sports across Asia, the Middle East and North Africa; Canal+ in France; DAZN in Spain and d/b/a Fox Sports in Australia; ESPN in the U.S. and Latin America; Sky in the U.K., Germany and Italy; Viaplay across the Nordics and the Netherlands; and SuperSport across Sub-Saharan Africa.Business (Item 1)

Partners and platforms

International Road-Racing Teams Association (IRTA)

depends onnamed as a risk
Although MotoGP and IRTA are currently negotiating terms for the participation of IRTA and the MotoGP Teams for the 2027-2031 period, MotoGP cannot provide assurance that IRTA or any of the MotoGP Teams will commit to participate in the MotoGP Championship beyond the 2026 season, or that IRTA will enter into a subsequent agreement beyond 2026.Risk factors (Item 1A)

Formula 1 Teams

depends onnamed as a risk
Formula 1’s ability to effectively stage the F1 Championship depends on the ongoing involvement of its participants.Risk factors (Item 1A)

Ferrari

A share of the Prize Fund is paid to Ferrari in recognition of its heritage, with the remainder paid to Formula 1 Teams based on their results in prior Constructors’ Championships (a significant majority of which is based on their position in the prior year’s F1 Championship).Business (Item 1)

Other companies

2.25% Convertible Senior Notes due 2027

$475 millionnamed as a risk
As of December 31, 2025, we had approximately $499 million principal amount of corporate-level debt outstanding, consisting of $475 million outstanding under our 2.25% Convertible Senior Notes due 2027 and $24 million of other obligations.Risk factors (Item 1A)

John C. Malone

approximately 49% of the aggregate voting powernamed as a risk
As of January 31, 2026, Mr. Malone beneficially owns shares representing the power to direct approximately 49% of the aggregate voting power in our Company, due to his beneficial ownership of approximately 97% of the outstanding shares of our Series B common stock and Mr. Malone continues to be in a position to influence significant corporate actions, including corporate transactions such as mergers, business combinations or dispositions of assets.Risk factors (Item 1A)

Liberty Live Holdings

named as a risk
In each case, as the taxpaying entity, we are subject to the risk of non-payment by Liberty Sirius XM Holdings or Liberty Live Holdings of their respective indemnification obligations under the tax sharing agreements.Risk factors (Item 1A)

Las Vegas Grand Prix

operates in
In 2025, 2024 and 2023, the Las Vegas Grand Prix was the only Formula 1 Event that was directly promoted by Formula 1, and as a result, Formula 1 was responsible for the development and operation of the circuit and paddock facilities.Business (Item 1)

Places

Europe and North America

concentrated in · fewer than eight Formula 1 Eventsnamed as a risk
Under the 2026 Concorde Agreement, the consent of 70% of the Formula 1 Teams is required for there to be more than 24 Formula 1 Events in a season or if there are to be fewer than eight Formula 1 Events across Europe and North America combined.Business (Item 1)

United Kingdom

operates in
Liberty Media Corporation (“Liberty”, the “Company”, “we”, “us” and “our”), through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries with events held worldwide and operations primarily headquartered in the United Kingdom (“U.K.”) and Spain.Business (Item 1)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

Spain

operates in
MotoGP is generally required to comply with Spanish and European laws and regulations and, when hosting events in other countries, MotoGP adapts to applicable local requirements.Business (Item 1)

Also named by ASTS, DCI, HROW, TJX

Hazards

Russia-Ukraine war

named as a risk
Most recently Formula 1 and MotoGP have had Events cancelled due to severe flooding in the regions where the Events were scheduled to take place, due to circumstances arising from Russia’s invasion of Ukraine (in the case of Formula 1) and other political circumstances in the host country (in the case of MotoGP).Risk factors (Item 1A)

Also named by ADSK, ATR, AVAV, CSCO, CTVA, EMR, FIS, FLO and 21 more

Flooding

named as a risk
Most recently Formula 1 and MotoGP have had Events cancelled due to severe flooding in the regions where the Events were scheduled to take place, due to circumstances arising from Russia’s invasion of Ukraine (in the case of Formula 1) and other political circumstances in the host country (in the case of MotoGP).Risk factors (Item 1A)

Also named by AOS, JBI, KIM

Commodities and inputs

Euro

exposed to its price · approximately $33 million for every 10% changenamed as a risk
MotoGP's reported revenue for the year ended December 31, 2025 would have been impacted by approximately $33 million for every 10% change in the Euro / U.S. dollar exchange rate.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

U.S. dollar

exposed to its pricenamed as a risk
In 2025, a significant proportion of Formula 1 and MotoGP’s revenue and costs, including cash and debt, were denominated in U.S. dollars and the Euro, respectively.Risk factors (Item 1A)

Also named by A, AAPL, AEHR, CROX, CSCO, IDXX, KEYS, LECO and 4 more

Regulators

European Commission

subject tonamed as a risk
However, given the uncertainty of the law in this area, and the possibility of third parties instigating action, there is a risk of E.C. investigations, challenges or proceedings against Formula 1 or MotoGP.Risk factors (Item 1A)

Also named by AAPL, BKNG, CCK, IONS, KRYS, META, MRNA, TEX and 1 more

Fédération Internationale de l'Automobile (FIA)

subject tonamed as a risk
If Formula 1’s license under the 100-Year Agreements was terminated in accordance with its terms or the FIA or another person successfully challenged the validity of that license (or the 100-Year Agreements as a whole), it could cause Formula 1 to discontinue its operations, lead to the termination of substantially all of Formula 1’s commercial contracts, prevent Formula 1 from exploiting the commercial rights to the F1 Championship and require Formula 1 to discontinue use of the F1 Championship trademarks and other intellectual property rights, which would materially and adversely affect the Company.Risk factors (Item 1A)

Fédération Internationale de Motocyclisme (FIM)

subject tonamed as a risk
Failure to consent to proposed changes to the MotoGP Championship, other actions by the FIM, may conflict with MotoGP’s interests and may materially and adversely impact MotoGP’s operations and revenue, and in turn may materially and adversely affect the Company.Risk factors (Item 1A)

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk
Depending on how the jurisdictions in which Formula 1 and/or MotoGP operate, and those in which the Company and its subsidiaries are based, choose to implement the OECD’s approach in their tax treaties and domestic tax laws, and depending on the future evolution of the OECD’s “Two Pillar” approach, Formula 1 and/or MotoGP could be adversely affected due to their income being taxed at higher effective rates.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

General Data Protection Regulation (GDPR)

subject tonamed as a risk
For example, the General Data Protection Regulation (“GDPR”), which became effective in 2018, gives consumers in the E.U. additional rights and imposes additional restrictions and penalties on companies for illegal collection and misuse of personal data and restricts transfer of personal data to countries that are deemed not to have adequate protection, such as the U.S.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

Internal Revenue Code Section 355

subject tonamed as a risk
If it is determined that the Liberty Sirius XM Holdings Split-Off and/or the Liberty Live Split-Off do not qualify under Section 355, Section 368(a)(1)(D) and related provisions of the Code, we and the former holders of Liberty SiriusXM common stock and/or Liberty Live common stock who received common stock of Liberty Sirius XM Holdings in the Liberty Sirius XM Holdings Split-Off or of Liberty Live Holdings in the Liberty Live Split-Off could incur significant tax liabilities.Risk factors (Item 1A)

Also named by AVGO, ECG, LLYVA, POST

100-Year Agreements (FIA–Formula 1)

depends onnamed as a risk
The license under the 100-Year Agreements is critical to the ongoing operation of Formula 1’s business.Risk factors (Item 1A)

FIM Agreement

depends onnamed as a risk
The rights granted under the FIM Agreements are critical to the ongoing operation of MotoGP’s business.Risk factors (Item 1A)

E.U. competition law

subject tonamed as a risk
In addition, those laws and rules could cause certain of Formula 1’s or MotoGP’s commercial contracts to be unenforceable in whole or in part and/or require various terms (including duration, scope and exclusivity) to be modified, and/or Formula 1 or MotoGP could be liable for damages or other sanctions.Risk factors (Item 1A)

Alcohol advertising restrictions

subject tonamed as a risk
For example, advertising of alcohol is restricted in certain countries where Events are held.Risk factors (Item 1A)