
Accounting Method	September 30, 2021		December 31, 2020		Ownership (a)
	in millions				%
Equity (b):
Long-term:
VMED O2 JV	$	13,962.7	$	—	50.0
VodafoneZiggo JV (c)	2,741.1		3,052.3		50.0
All3Media Group (All3Media)	152.0		157.7		50.0
Atlas Edge JV	119.7		—		50.0
Formula E Holdings Ltd (Formula E)	93.7		105.8		32.9
Other	193.1		172.9
Total — equity	17,262.3		3,488.7
Fair value:
Short-term:
Separately-managed accounts (SMAs) (d)	2,511.4		1,600.2
Long-term:
ITV plc (ITV) (e)	571.9		581.0		9.9
SMAs (d)	431.2		365.7
Univision Holdings Inc. (Univision)	249.9		100.0		11.6
Plume Design, Inc. (Plume)	188.7		54.9		12.0
EdgeConneX Inc. (EdgeConneX)	124.5		75.1		5.5
Lions Gate Entertainment Corp (Lionsgate)	90.0		72.0		2.9
Aviatrix Systems, Inc. (Aviatrix)	78.2		7.3		3.8
Lacework Inc. (Lacework)	74.0		23.3		3.7
Skillz Inc. (Skillz)	72.9		225.4		1.8
CANAL+ Polska S.A.	71.5		92.3		17.0
Other (f)	334.1		268.8
Total — fair value	4,798.3		3,466.0
Total investments (g)	$	22,060.6	$	6,954.7
Short-term investments	$	2,511.4	$	1,600.2
Long-term investments	$	19,549.2	$	5,354.5

(b)Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At September 30, 2021 and December 31, 2020, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,247.0 million and $1,198.5 million, respectively, which include amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media.

(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $809.9 million and $855.8 million, respectively (the VodafoneZiggo JV Receivable I), and (ii) a euro-denominated note receivable with a principal amount of $240.5 million and $127.1 million, respectively (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). During the third quarter of 2021, an additional $123.0 million was loaned under the VodafoneZiggo JV Receivable II to fund the VodafoneZiggo JV’s final installment of spectrum license fees due to the Dutch government. The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the nine months ended September 30, 2021, interest accrued on the VodafoneZiggo JV Receivables was $41.7 million, all of which has been cash settled.

(d)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. As of September 30, 2021, all of our investments held under SMAs were classified as available-for-sale debt securities. At September 30, 2021 and December 31, 2020, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $5.7 million and $7.1 million, respectively.


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	in millions

All3Media	$	(3.4)	$	(0.3)	$	(18.2)	$	(40.1)
VMED O2 JV (a)	(10.4)		—		(10.7)		—
VodafoneZiggo JV (b)	(2.6)		(6.8)		6.8		(34.9)
Formula E	(10.9)		(17.4)		(6.5)		(16.7)

Other, net	(1.9)		(2.6)		(7.0)		(7.4)
Total	$	(29.2)	$	(27.1)	$	(35.6)	$	(99.1)

(a)Represents our share of the results of operations of the VMED O2 JV beginning June 1, 2021, which includes 100% of the share-based compensation expense associated with Liberty Global awards held by VMED O2 JV employees who were formerly employees of Liberty Global, as these awards remain our responsibility.

On June 1, 2021, we completed the U.K. JV Transaction. Each of Liberty Global and Telefónica (each a “Shareholder”) holds 50% of the issued share capital of the VMED O2 JV. The Shareholders intend for the VMED O2 JV to be funded solely from its net cash flow from operations and third-party financing. We account for our 50% interest in the VMED O2 JV as an equity method investment and consider the VMED O2 JV to be a related party. For additional information regarding the U.K. JV Transaction, see note 4.

In connection with the formation of the VMED O2 JV, the Shareholders entered into an agreement (the U.K. JV Shareholders Agreement) that contains customary provisions for the governance of a 50:50 joint venture and provides Liberty Global and Telefónica with joint control over decision making with respect to the VMED O2 JV.

The U.K. JV Shareholders Agreement also provides (i) for a dividend policy that requires the VMED O2 JV to distribute all unrestricted cash to the Shareholders on a pro rata basis (subject to the VMED O2 JV maintaining a minimum amount of cash and complying with the terms of its financing arrangements) and (ii) that the VMED O2 JV will be managed with a leverage ratio between 4.0 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements) with the VMED O2 JV undertaking periodic recapitalization and/or refinancings accordingly.

Each Shareholder has the right to initiate an initial public offering (IPO) of the VMED O2 JV after the third anniversary of the closing, with the opportunity for the other Shareholder to sell shares in the IPO on a pro rata basis. Subject to certain exceptions, the U.K. JV Shareholders Agreement prohibits transfers of interests in the VMED O2 JV to third parties until the fifth anniversary of the closing. After the fifth anniversary, each Shareholder will be able to initiate a sale of all of its interest in the VMED O2 JV to a third party and, under certain circumstances, initiate a sale of the entire VMED O2 JV; subject, in each case, to a right of first offer in favor of the other Shareholder.

Pursuant to an agreement entered into in connection with the closing of the VMED O2 JV (the U.K. JV Framework Agreement), Liberty Global provides certain services to the VMED O2 JV on a transitional or ongoing basis (collectively, the U.K. JV Services). Pursuant to the terms of the U.K. JV Framework Agreement, the ongoing services will be provided for a period of two to six years depending on the type of service, while transitional services will be provided for a period of no less than 12 months after which both parties shall be entitled to terminate based on specified notice periods. The U.K. JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by or will otherwise benefit the VMED O2 JV. Liberty Global charges both fixed and variable fees to the VMED O2 JV for the U.K. JV Services it provides during the term of the U.K. JV Framework Agreement. During the three and nine months ended September 30, 2021, we recorded revenue of $69.7 million and $93.9 million, respectively, related to the U.K. JV Services. In addition, at September 30, 2021, $52.0 million was due from the VMED O2 JV, primarily related to (a) services performed under the U.K. JV Framework Agreement and (b) amounts incurred by Liberty Global for certain equipment and licenses purchased on behalf of the VMED O2 JV. Amounts due from the VMED O2 JV will be periodically cash settled and are included in other current assets in our condensed consolidated balance sheet.

Pursuant to an agreement (the NL JV Framework Agreement), Liberty Global provides certain services to the VodafoneZiggo JV (collectively, the NL JV Services). The NL JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VodafoneZiggo JV. Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the NL JV Services provided during the term of the NL JV Framework Agreement. We recorded revenue from the VodafoneZiggo JV of $45.2 million and $47.2 million during the three months ended September 30, 2021 and 2020, respectively, and $161.0 million and $135.3 million during the nine months ended September 30, 2021 and 2020, respectively, primarily related to (a) the NL JV Services and (b) the sale of customer premises equipment at a mark-up. At September 30, 2021 and December 31, 2020, $51.3 million and $27.4 million, respectively, were due from the VodafoneZiggo JV related to the aforementioned transactions. Amounts due from the VodafoneZiggo JV are periodically cash settled and are included in other current assets on our condensed consolidated balance sheets. In addition, during the nine months ended September 30, 2021 and 2020, we received dividend distributions from the VodafoneZiggo JV of $240.9 million and $102.0 million, respectively, which were accounted for as returns on capital for purposes of our condensed consolidated statements of cash flows.


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	in millions

Univision	$	5.9	$	—	$	161.3	$	—
Plume	78.7		—		133.8		29.6
Skillz	(104.6)		(0.1)		(83.3)		45.3
Aviatrix	42.6		—		65.4		—
Lacework	—		—		48.8		—
EdgeConneX	2.7		—		20.5		—
Lionsgate	(39.6)		13.1		18.0		(7.8)
ITV	(118.6)		(20.5)		(9.1)		(450.2)
Other, net	23.5		(15.1)		17.9		(25.9)
Total	$	(109.4)	$	(22.6)	$	373.3	$	(409.0)


	September 30, 2021
	Amortized cost basis		Accumulated unrealized gains (losses)		Fair value
	in millions

Commercial paper	$	1,019.2	$	—	$	1,019.2
Corporate debt securities	846.7		0.6		847.3
Government bonds	709.5		(0.4)		709.1
Certificates of deposit	351.1		—		351.1
Other debt securities	15.9		—		15.9
Total debt securities	$	2,942.4	$	0.2	$	2,942.6

We received proceeds from the sale of debt securities of $1.9 billion and $1.3 billion during the three months ended September 30, 2021 and 2020, respectively, and $4.8 billion and $3.8 billion during the nine months ended September 30, 2021 and 2020, respectively, the majority of which were reinvested in new debt securities held under SMAs. The sale of debt securities resulted in realized net gains (losses) of nil and $0.1 million during the three months ended September 30, 2021 and 2020, respectively, and ($1.6 million) and $0.8 million during the nine months ended September 30, 2021 and 2020, respectively.