Liberty Media Corp Goodwill & Intangibles Disclosure
(7) Goodwill and Other Intangible Assets
Goodwill
Changes in the carrying amount of goodwill are as follows:
Formula 1 | MotoGP | | Other | | Total |
| |||
amounts in millions | |||||||||
Balance at January 1, 2024 | $ | 3,956 | NA | — | 3,956 | ||||
Acquisition of QuintEvents | — | NA | 252 | 252 | |||||
— | NA | (73) | (73) | ||||||
Other | — | NA | (1) | (1) | |||||
Balance at December 31, 2024 | $ | 3,956 | NA | 178 | 4,134 | ||||
Acquisition of MotoGP | — | 3,061 | — | 3,061 | |||||
Liberty Live Split-Off | — | — | (179) | (179) | |||||
Other | — | 8 | 1 | 9 | |||||
Balance at December 31, 2025 | $ | 3,956 | 3,069 | — | 7,025 | ||||
Intangible Assets Subject to Amortization
Intangible assets subject to amortization are comprised of the following:
December 31, 2025 | December 31, 2024 |
| |||||||||||||
| Gross | | | Net | | Gross | | | Net |
| |||||
carrying | Accumulated | carrying | carrying | Accumulated | carrying |
| |||||||||
Useful life | amount | amortization | amount | amount | amortization | amount |
| ||||||||
years | amounts in millions |
| |||||||||||||
FIA Agreement | 35 | $ | 3,630 | (1,632) | 1,998 | 3,630 | (1,473) | 2,157 | |||||||
FIM Agreement | 36 | 1,657 | (23) | 1,634 | — | — | — | ||||||||
Customer relationships | 5 - 36 | 2,988 | (1,549) | 1,439 |
| 1,854 |
| (1,441) |
| 413 | |||||
Other | various |
| 264 | (233) | 31 |
| 381 |
| (262) |
| 119 | ||||
Total | $ | 8,539 |
| (3,437) |
| 5,102 |
| 5,865 |
| (3,176) |
| 2,689 | |||
Amortization expense was $322 million, $290 million and $327 million for the years ended December 31, 2025, 2024 and 2023, respectively. Based on its amortizable intangible assets as of December 31, 2025, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):
2026 | | $ | 363 | |
2027 | $ | 354 | ||
2028 | $ | 337 | ||
2029 | $ | 321 | ||
2030 | $ | 270 |
Impairments
The Company performed a quantitative analysis of QuintEvents during the fourth quarter of 2024. Based on near-term business trends and their impact on long-term assumptions, we concluded that the estimated fair value of QuintEvents was less than its carrying value. As a result, QuintEvents recognized a goodwill impairment loss of $73 million during the year ended December 31, 2024. The fair value was determined using a discounted cash flow (income approach) calculation (Level 3).
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2017 | Mar 1, 2018 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.