Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2025

Acquisitions and Dispositions [Abstract]

Formula E Acquisition

On October 2, 2024 (the Formula E Acquisition Date), we gained control of Formula E through the acquisition of the Formula E shares held by Warner Bros. Discovery, Inc. (Warner Bros. Discovery) and certain other minority shareholders, which increased our ownership interest in Formula E from 38.2% to 65.6% (the Formula E Acquisition). The total purchase price for these additional shares totaled €150.0 million ($165.7 million at the transaction date). We also acquired Warner Bros. Discovery’s €50.0 million ($55.6 million at the transaction date) shareholder loan to Formula E upon closing of the transaction. Liberty Global began consolidating 100% of Formula E’s results from the Formula E Acquisition Date.

Pro Forma Information

The following unaudited pro forma consolidated operating results for the three months ended March 31, 2024 give effect to the Formula E Acquisition as if it had been completed as of January 1, 2023. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Formula E Acquisition had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable.






Revenue (in millions)	$	1,225.6
Net earnings from continuing operations attributable to Liberty Global shareholders (in millions)	$	626.9

Basic earnings from continuing operations attributable to Liberty Global shareholders per share	$	1.66
Diluted earnings from continuing operations attributable to Liberty Global shareholders per share	$	1.63

Spin-off

On November 8, 2024, we completed the Spin-off, following a series of transactions that resulted in the transfer of the Sunrise Entities to an independent, separate publicly-traded Swiss company, Sunrise Communications AG (the Spin-off). No gain or loss has been recognized in connection with the Spin-off.

The Spin-off was accomplished through the distribution of Sunrise common shares, in the form of Sunrise American depository shares (ADSs), to Liberty Global shareholders. Liberty Global shareholders received one Sunrise Class A ADS for every five Liberty Global Class A or Class C common shares and two Sunrise Class B ADSs for each Liberty Global Class B common share.

In connection with the Spin-off, we provide certain services to Sunrise on a transitional or ongoing basis (collectively, the Sunrise Services). The agreements underlying the Sunrise Services expire between 2027 and 2029. During the three months ended March 31, 2025, we recorded revenue of $49.6 million associated with the Sunrise Services, including $30.9 million related to fixed fees for the Sunrise Services and $18.7 million related to the sale of customer premises equipment (CPE) and other variable charges.

Presentation of Discontinued Operations

The operations of the Sunrise Entities are presented as discontinued operations in our condensed consolidated financial statements for the three months ended March 31, 2024. The operating results of the Sunrise Entities for the three months ended March 31, 2024 are summarized in the following table (in millions). These amounts exclude intercompany revenue and expenses that are eliminated within our condensed consolidated statement of operations.






Revenue	$	853.8
Operating income	$	34.9
Loss before income taxes	$	(123.4)
Income tax benefit	15.9
Net loss attributable to Liberty Global shareholders	$	(107.5)