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Investments
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Investments Investments
The details of our investments are set forth below:
Accounting MethodMarch 31,
2025		December 31,
2024		Ownership (a)
 in millions%
Equity (b):
Long-term:
VMO2 JV
$6,608.8 $6,501.4 50.0
VodafoneZiggo JV (c)
1,780.3 1,738.4 50.0
AE Group Sàrl (AtlasEdge JV) (d)
369.1 339.5 48.7
Nexfibre Networks Limited (nexfibre JV) (e)
99.5 93.4 24.9
Other
87.8 107.6 
Total — equity8,945.5 8,780.3 
Fair value: 
Short-term:
Separately-managed accounts (SMAs) (f)
— 335.6 
Long-term:
Vodafone - subject to re-use rights (g)
1,256.2 1,141.5 5.3
EdgeConneX, Inc. (EdgeConneX)
421.6 414.5 4.4
ITV plc (ITV)
388.1 351.4 10.2
Televisa Univision, Inc. (Televisa Univision)
314.8 314.8 6.4
CANAL+ Polska S.A (CANAL+ Polska).
78.0 72.5 17.0
SMAs (f)
77.9 97.5 
Plume Design, Inc. (Plume) (h)
69.7 73.0 10.3
Lions Gate Entertainment Corp.55.6 53.4 2.7
Aviatrix Systems, Inc. (Aviatrix)
31.2 31.0 4.3
Other361.4 358.1 
Total — fair value3,054.5 3,243.3 
Total investments (i)$12,000.0 $12,023.6 
Short-term investments$— $335.6 
Long-term investments$12,000.0 $11,688.0 
_______________

(a)Represents our economic ownership based on total shares owned as a percentage of total shares outstanding as of the most recent balance sheet date or the most recent publicly-available information.

(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 dividend 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 March 31, 2025 and December 31, 2024, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $942.0 million and $901.2 million, respectively, related to amounts associated with the VodafoneZiggo JV Receivables, as defined below.

(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global, comprising (i) a €700.0 million note receivable ($756.8 million and $724.4 million equivalent at March 31, 2025
and December 31, 2024, respectively) (the VodafoneZiggo JV Receivable I) and (ii) a €207.9 million note receivable ($224.8 million and $215.1 million equivalent at March 31, 2025 and December 31, 2024, respectively) (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). The VodafoneZiggo JV Receivables bear interest at a rate of 5.55% and have a final maturity date of December 31, 2030. During the three months ended March 31, 2025, interest accrued on the VodafoneZiggo JV Receivables was €12.3 million ($13.3 million), all of which has been cash settled.

(d)Liberty Global owns a 50% noncontrolling voting interest in the AtlasEdge JV.

(e)Liberty Global owns a 25% noncontrolling voting interest in the nexfibre JV.

(f)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. With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were sold as of March 31, 2025. Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized gains due to changes in fair values of certain investments, net, in our condensed consolidated statements of operations. At December 31, 2024, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $7.2 million.

(g)In connection with our investment in Vodafone, we entered into a share collar (the Vodafone Collar) with respect to the Vodafone shares held by our company. The aggregate purchase price paid to acquire our investment in Vodafone was partially financed through borrowings under a secured borrowing agreement (the Vodafone Collar Loan) collateralized by the Vodafone shares. Under the terms of the Vodafone Collar, the counterparty has the right to re-use pledged Vodafone shares. At March 31, 2025 and December 31, 2024, the net fair value of our investment in Vodafone was $99.9 million and $89.3 million, respectively.

(h)Our investment in Plume includes warrants with a fair value of $23.0 million and $24.5 million at March 31, 2025 and December 31, 2024, respectively.

(i)The purchase and sale of investments are presented on a gross basis in our condensed consolidated statements of cash flows, including amounts associated with SMAs.

Equity Method Investments

The following table sets forth the details of our share of results of affiliates, net:
 Three months ended
March 31,
 20252024
 in millions
VMO2 JV (a)
$(86.6)$0.7 
VodafoneZiggo JV (b)
(22.6)6.6 
AtlasEdge JV
(16.0)(9.1)
nexfibre JV
(12.6)12.4 
Formula E (c)
— (4.5)
All3Media Ltd. (All3Media) (d)
— (10.1)
Other, net(10.2)(3.0)
Total$(148.0)$(7.0)
_______________

(a)Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) for the 2024 period, 100% of the
share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility.

(b)Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables.

(c)Includes our share of results of Formula E prior to the Formula E Acquisition Date.

(d)We completed the sale of our investment in All3Media during the second quarter of 2024.

VMO2 JV

Pursuant to an agreement (the U.K. JV Framework Agreement), Liberty Global provides certain services to the VMO2 JV on a transitional or ongoing basis (collectively, the U.K. JV Services). The agreements underlying the U.K. JV Services expire between 2027 and 2029. 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 VMO2 JV. Liberty Global charges both fixed and variable fees to the VMO2 JV for the U.K. JV Services provided pursuant to the U.K. JV Framework Agreement. We recorded revenue from the VMO2 JV of $88.5 million and $112.3 million during the three months ended March 31, 2025 and 2024, respectively, including $54.1 million and $48.9 million, respectively, related to fixed fees for the U.K. JV Services and $34.4 million and $63.4 million, respectively, related to the sale of CPE to the VMO2 JV at a mark-up and other variable charges. At March 31, 2025 and December 31, 2024, $57.4 million and $37.5 million, respectively, was due from the VMO2 JV related to the aforementioned transactions. The amounts due from the VMO2 JV, which are periodically cash settled, are included in other current assets on our condensed consolidated balance sheets.

The summarized results of operations of the VMO2 JV are set forth below:
Three months ended
March 31,
20252024
in millions
Revenue$3,126.3 $3,282.8 
Earnings (loss) before income taxes$(212.2)$43.0 
Net earnings (loss)$(165.8)$22.7 

VodafoneZiggo JV

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 pursuant to the NL JV Framework Agreement. We recorded revenue from the VodafoneZiggo JV of $46.1 million and $62.1 million during the three months ended March 31, 2025 and 2024, respectively, primarily related to (a) the NL JV Services and (b) the sale of CPE to the VodafoneZiggo JV at a mark-up. At March 31, 2025 and December 31, 2024, $30.5 million and $18.5 million, respectively, was due from the VodafoneZiggo JV related to the aforementioned transactions. The amounts due from the VodafoneZiggo JV, which are periodically cash settled, are included in other current assets on our condensed consolidated balance sheets.
The summarized results of operations of the VodafoneZiggo JV are set forth below:
Three months ended
March 31,
20252024
in millions
Revenue$1,052.0 $1,114.0 
Loss before income taxes$(89.0)$(25.5)
Net loss$(70.5)$(13.6)

Fair Value Investments

The following table sets forth the details of our realized and unrealized gains due to changes in fair values of certain investments, net:
 Three months ended
March 31,
 20252024
 in millions
Vodafone
$63.7 $48.2 
ITV
36.7 50.0 
Televisa Univision
(14.0)9.5 
EdgeConneX
(11.3)71.8 
SMAs
(3.3)19.3 
Aviatrix
0.2 (14.3)
Lacework (a)
— (67.6)
Other, net(16.2)(3.8)
Total$55.8 $113.1 
______________

(a)We completed the sale of our investment in Lacework during the third quarter of 2024.
Debt Securities
The following table sets forth a summary of our debt securities recorded within SMAs at March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Amortized cost basisAccumulated unrealized gains (losses)Fair valueAmortized cost basisAccumulated unrealized gainsFair value
in millionsin millions
Commercial paper$— $— $— $72.0 $(0.1)$71.9 
Government bonds— — — 129.4 0.4 129.8 
Certificates of deposit— — — 70.5 — 70.5 
Corporate debt securities— — — 66.4 0.2 66.6 
Structured note (a)(a)(a)77.9 (a)(a)88.0 
Other debt securities— — — 6.3 — 6.3 
Total debt securities$— $— $77.9 $344.6 $0.5 $433.1 
______________

(a)Amounts represent an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value and has a scheduled maturity date of October 1, 2026. The return on the leveraged structured note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV). The proportionate amount of debt associated with the return on the leveraged structured note may change from time to time as a result of open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or prepayments, in each case, completed by Liberty Global consolidated subsidiaries and affiliates. While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. During 2024, we invested an additional $46.6 million and redeemed $62.3 million of the leveraged structured note. The proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table:
 March 31,
2025		December 31,
2024
 
Subsidiary:
Telenet36.80 %32.10 %
Affiliate:
VodafoneZiggo JV
34.80 %33.90 %
VMO2 JV
28.40 %— %
Other (1)— %34.00 %
Total100.00 %100.00 %
_______________

(1)Other represents cash proceeds from redemptions that remain invested in the leveraged structured note.

We received proceeds from the sale and maturities of debt securities of $0.7 billion and $1.1 billion during the three months ended March 31, 2025 and 2024, respectively. The sale of debt securities resulted in realized net gains (losses) of $0.5 million and ($11.2 million) during the three months ended March 31, 2025 and 2024, respectively.
Our investment portfolio is subject to various macroeconomic pressures and has experienced significant volatility, which affects both our non-public and publicly-traded investments. Changes in the fair values of these investments, including changes with respect to interest rates within our local jurisdictions, are likely to continue and could be significant.