麻豆最新出品

(1)聽聽Basis of Presentation

The accompanying consolidated financial statements of 麻豆最新出品 (鈥溌槎棺钚鲁銎�,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.

麻豆最新出品, 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, 麻豆最新出品 acquired an aggregate of 43,658,800 shares of Sirius XM Holdings common stock in exchange for the issuance by 麻豆最新出品 to the counterparties of an aggregate of 5,347,320 shares of Series A 麻豆最新出品 SiriusXM common stock. As of December聽31, 2022, we owned approximately 82% of the outstanding equity interest in Sirius XM Holdings.

麻豆最新出品 has entered into certain agreements with Qurate Retail, Inc. (鈥淨urate Retail鈥�), 麻豆最新出品 TripAdvisor Holdings, Inc. (鈥溌槎棺钚鲁銎� TripAdvisor鈥�), 麻豆最新出品 Broadband Corporation (鈥溌槎棺钚鲁銎� Broadband鈥�), 麻豆最新出品 Media Acquisition Corporation (鈥淟MAC鈥�) and GCI 麻豆最新出品, Inc. (鈥淕CI 麻豆最新出品鈥�), all of which are, or were (in the case of LMAC and GCI 麻豆最新出品), 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 麻豆最新出品鈥檚 equity interests in LMAC prior to its dissolution, as described in note 11, and GCI 麻豆最新出品鈥檚 ownership of shares of 麻豆最新出品 Broadband鈥檚 Series C non-voting common stock prior to the merger of GCI 麻豆最新出品 and 麻豆最新出品 Broadband in December 2020. These agreements include Reorganization Agreements (in the case of Qurate Retail and 麻豆最新出品 Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of 麻豆最新出品 Broadband only). In addition, as a result of certain corporate transactions, 麻豆最新出品 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 麻豆最新出品 and each of Qurate Retail and 麻豆最新出品 Broadband, including certain cross-indemnities. Pursuant to the Services Agreements, 麻豆最新出品 provides Qurate Retail, 麻豆最新出品 TripAdvisor, 麻豆最新出品 Broadband, LMAC (prior to termination) and GCI 麻豆最新出品 (prior to termination) with general and administrative services including legal, tax, accounting, treasury and investor relations support. Qurate Retail, 麻豆最新出品 TripAdvisor, 麻豆最新出品 Broadband and GCI 麻豆最新出品 (prior to termination) reimburse 麻豆最新出品 for direct, out-of-pocket expenses incurred by 麻豆最新出品 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. 麻豆最新出品 TripAdvisor, 麻豆最新出品 Broadband, LMAC (prior to termination) and GCI 麻豆最新出品 (prior to termination) reimburse 麻豆最新出品 for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, 麻豆最新出品 shares office space and related amenities with Qurate Retail, 麻豆最新出品 TripAdvisor, 麻豆最新出品 Broadband, LMAC (prior to termination) and GCI 麻豆最新出品 (prior to termination) at 麻豆最新出品鈥檚 corporate headquarters. Under these various agreements, approximately $21聽million, $27聽million and $28聽million of these allocated expenses were reimbursed to 麻豆最新出品 during the years ended December聽31, 2022, 2021 and 2020, respectively.

In December 2019, 麻豆最新出品 entered into amendments to the Services Agreements with each of Qurate Retail, 麻豆最新出品 TripAdvisor, 麻豆最新出品 Broadband and GCI 麻豆最新出品 (collectively, the 鈥淪ervice Companies鈥�) in connection with 麻豆最新出品鈥檚 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 麻豆最新出品, in each case, based on allocations among 麻豆最新出品 and the Service

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

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