Exhibit 99.2
Ï㽶´«Ã½
Pro Forma Condensed Consolidated Financial Statements
(unaudited)
Introduction
During November 2024, the board of directors of Ï㽶´«Ã½ (“Ï㽶´«Ã½ Media” or the “Company”) authorized Ï㽶´«Ã½ Media management to pursue a plan to splitoff the Ï㽶´«Ã½ Live Group (the “Split-Off”). Immediately prior to effecting the Split-Off, Ï㽶´«Ã½ Media’s subsidiary, QuintEvents, LLC (“Quint”), certain private assets and approximately $172 million of cash were reattributed from the Formula One Group to the Ï㽶´«Ã½ Live Group in exchange for certain private assets. On December 15, 2025, Ï㽶´«Ã½ Media effected the Split-Off through the redemption of Ï㽶´«Ã½ Media’s Ï㽶´«Ã½ Live common stock in exchange for common stock of Ï㽶´«Ã½ Live Holdings, Inc. (“Ï㽶´«Ã½ Live”). Ï㽶´«Ã½ Media redeemed each outstanding share of its Series A, Series B and Series C Ï㽶´«Ã½ Live common stock for one share of the corresponding series of common stock of Ï㽶´«Ã½ Live.
Following the Split-Off, Ï㽶´«Ã½ Live includes approximately 69.6 million shares of Live Nation Entertainment, Inc. (“Live Nation”) common stock, Quint, certain private assets, corporate cash and debt obligations.
The following unaudited pro forma condensed consolidated financial statements have been prepared giving effect to the Split-Off as if it occurred as of September 30, 2025 for the pro forma condensed consolidated balance sheet and January 1, 2024 for the pro forma condensed consolidated statements of operations. The unaudited pro forma condensed consolidated financial statements do not purport to represent what the Company’s financial position actually would have been had the Split-Off occurred on the dates indicated or to project the Company’s operating results for any future period.
The divestiture of the Company’s interest in Live Nation is expected to represent a strategic shift that will have a major effect on the Company’s operations due to the relative materiality of the Company’s interest in Live Nation. Accordingly, the Company intends to present its divestiture of Live Nation as a discontinued operation.
The unaudited pro forma condensed consolidated financial statements should be read in conjunction with the publicly available information of Ï㽶´«Ã½ Media, including the Form 10-K, as filed on February 27, 2025 with the Securities and Exchange Commission (the “SEC”) and the Form 10-Q, as filed on November 5, 2025 with the SEC.
Ï㽶´«Ã½
Pro Forma Condensed Consolidated Balance Sheet
As of September 30, 2025
(unaudited)
| Ï㽶´«Ã½ Media | Less: Ï㽶´«Ã½ | Ï㽶´«Ã½ Media | ||||||||||
| historical (1) | Live historical (2) | Pro forma | ||||||||||
| amounts in millions | ||||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 1,588 | 547 | 1,041 | ||||||||
| Trade and other receivables, net | 303 | 38 | 265 | |||||||||
| Other current assets | 468 | 93 | 375 | |||||||||
| Total current assets | 2,359 | 678 | 1,681 | |||||||||
| Investments in affiliates, accounted for using the equity method | 741 | 696 | 45 | |||||||||
| Property and equipment, at cost | 1,029 | 3 | 1,026 | |||||||||
| Accumulated depreciation | (202 | ) | (1 | ) | (201 | ) | ||||||
| 827 | 2 | 825 | ||||||||||
| Goodwill | 7,200 | 179 | 7,021 | |||||||||
| Intangible assets subject to amortization, net | 5,267 | 75 | 5,192 | |||||||||
| Deferred income tax assets | 799 | 268 | 531 | |||||||||
| Other assets | 628 | 174 | 454 | |||||||||
| Total assets | $ | 17,821 | 2,072 | 15,749 | ||||||||
| Liabilities and Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable and accrued liabilities | $ | 474 | 66 | 408 | ||||||||
| Current portion of debt | 1,915 | 1,873 | 42 | |||||||||
| Deferred revenue | 1,090 | 169 | 921 | |||||||||
| Financial instrument liabilities | 1 | — | 1 | |||||||||
| Other current liabilities | 46 | 2 | 44 | |||||||||
| Total current liabilities | 3,526 | 2,110 | 1,416 | |||||||||
| Long-term debt | 5,122 | — | 5,122 | |||||||||
| Deferred income tax liabilities | 660 | — | 660 | |||||||||
| Other liabilities | 423 | 169 | 254 | |||||||||
| Total liabilities | 9,731 | 2,279 | 7,452 | |||||||||
Ï㽶´«Ã½
Pro Forma Condensed Consolidated Balance Sheet (continued)
As of September 30, 2025
(unaudited)
| Ï㽶´«Ã½ Media | Less: Ï㽶´«Ã½ | Ï㽶´«Ã½ Media | ||||||||||
| historical (1) | Live historical (2) | Pro forma | ||||||||||
| amounts in millions | ||||||||||||
| Redeemable noncontrolling interests in equity of subsidiaries | 692 | — | 692 | |||||||||
| Stockholder's equity | ||||||||||||
| Preferred stock | — | — | — | |||||||||
| Series A Ï㽶´«Ã½ Formula One common stock | — | — | — | |||||||||
| Series A Ï㽶´«Ã½ Live common stock | — | — | — | |||||||||
| Series B Ï㽶´«Ã½ Formula One common stock | — | — | — | |||||||||
| Series B Ï㽶´«Ã½ Live common stock | — | — | — | |||||||||
| Series C Ï㽶´«Ã½ Formula One common stock | 2 | — | 2 | |||||||||
| Series C Ï㽶´«Ã½ Live common stock | 1 | 1 | — | |||||||||
| Additional paid-in capital | — | — | — | |||||||||
| Accumulated other comprehensive earnings (loss), net of taxes) | (67 | ) | (36 | ) | (31 | ) | ||||||
| Retained earnings | 7,440 | (194 | ) | 7,634 | ||||||||
| Total stockholders' equity | 7,376 | (229 | ) | 7,605 | ||||||||
| Noncontrolling interests in equity of subsidiaries | 22 | 22 | — | |||||||||
| Total equity | 7,398 | (207 | ) | 7,605 | ||||||||
| Total liabilities and equity | $ | 17,821 | 2,072 | 15,749 | ||||||||
Ï㽶´«Ã½
Pro Forma Condensed Consolidated Statement of Operations
For the nine months ended September 30, 2025
(unaudited)
| Ï㽶´«Ã½ Media | Less: Ï㽶´«Ã½ | Less: | Ï㽶´«Ã½ Media | |||||||||||||
| historical (1) | Live historical (2) | Eliminations (3) | Proforma | |||||||||||||
| amounts in millions | ||||||||||||||||
| Revenue: | ||||||||||||||||
| Motorsport revenue | $ | 2,627 | — | (40 | ) | 2,667 | ||||||||||
| Other revenue | 246 | 247 | (1 | ) | — | |||||||||||
| Total revenue | 2,873 | 247 | (41 | ) | 2,667 | |||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Cost of motorsport revenue (exclusive of depreciation shown separately below) | 1,696 | — | — | 1,696 | ||||||||||||
| Other cost of sales | 160 | 201 | (41 | ) | — | |||||||||||
| Selling, general and administrative, including stock-based compensation | 363 | 63 | — | 300 | ||||||||||||
| Depreciation and amortization | 275 | 16 | — | 259 | ||||||||||||
| Acquisition costs | 28 | — | — | 28 | ||||||||||||
| 2,522 | 280 | (41 | ) | 2,283 | ||||||||||||
| Operating income (loss) | 351 | (33 | ) | — | 384 | |||||||||||
| Other income (expense): | — | |||||||||||||||
| Interest expense | (198 | ) | (22 | ) | — | (176 | ) | |||||||||
| Share of earnings (losses) of affiliates, net | 193 | 202 | — | (9 | ) | |||||||||||
| Realized and unrealized gains (losses) on financial instruments, net | (224 | ) | (482 | ) | — | 258 | ||||||||||
| Other, net | 105 | 10 | — | 95 | ||||||||||||
| (124 | ) | (292 | ) | — | 168 | |||||||||||
| Earnings (loss) before income taxes | 227 | (325 | ) | — | 552 | |||||||||||
| Income tax (expense) benefit | (5 | ) | 70 | — | (75 | ) | ||||||||||
| Net earnings (loss) | 222 | (255 | ) | — | 477 | |||||||||||
| Less net earnings (loss) attributable to the noncontrolling interests | — | — | — | — | ||||||||||||
| Net earnings (loss) attributable to Ï㽶´«Ã½ stockholders | $ | 222 | (255 | ) | — | 477 | ||||||||||
Ï㽶´«Ã½
Pro Forma Condensed Consolidated Statement of Operations (continued)
For the nine months ended September 30, 2025
(unaudited)
| Ï㽶´«Ã½ Media | Less: Ï㽶´«Ã½ | Ï㽶´«Ã½ Media | ||||||||||
| historical (1) | Live historical (2) | Proforma | ||||||||||
| amounts in millions | ||||||||||||
| Net earnings (loss) from continuing operations attributable to Ï㽶´«Ã½ stockholders | ||||||||||||
| Ï㽶´«Ã½ Formula One common stock | $ | 470 | (7 | ) | 477 | |||||||
| Ï㽶´«Ã½ Live Common Stock | $ | (248 | ) | (248 | ) | — | ||||||
| Basic net earnings (loss) from continuing operations attributable to Ï㽶´«Ã½ stockholders per common share | ||||||||||||
| Series A, B and C Ï㽶´«Ã½ Formula One common stock | $ | 1.88 | 1.91 | |||||||||
| Series A, B and C Ï㽶´«Ã½ Live common stock | $ | (2.70 | ) | NA | ||||||||
| Diluted net earnings (loss) from continuing operations attributable to Ï㽶´«Ã½ stockholders per common share | ||||||||||||
| Series A, B and C Ï㽶´«Ã½ Formula One common stock | $ | 1.79 | 1.81 | |||||||||
| Series A, B and C Ï㽶´«Ã½ Live common stock | $ | (2.70 | ) | NA | ||||||||
| Basic Weighted Average Shares Outstanding | ||||||||||||
| Ï㽶´«Ã½ Formula One common stock | 250 | 250 | ||||||||||
| Ï㽶´«Ã½ Live common stock | 92 | NA | ||||||||||
| Diluted Weighted Average Shares Outstanding | ||||||||||||
| Ï㽶´«Ã½ Formula One common stock | 257 | 257 | ||||||||||
| Ï㽶´«Ã½ Live common stock | 92 | NA | ||||||||||
Ï㽶´«Ã½
Pro Forma Consolidated Statement of Operations
For the year ended December 31, 2024
(unaudited)
| Ï㽶´«Ã½ Media | Less: Ï㽶´«Ã½ | Less: | Ï㽶´«Ã½ Media | |||||||||||||
| historical (1) | Live historical (2) | Eliminations (3) | Pro forma | |||||||||||||
| amounts in millions | ||||||||||||||||
| Revenue: | ||||||||||||||||
| Motorsport revenue | $ | 3,318 | — | (93 | ) | 3,411 | ||||||||||
| Other revenue | 335 | 340 | (5 | ) | — | |||||||||||
| Total revenue | 3,653 | 340 | (98 | ) | 3,411 | |||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Cost of motorsport revenue (exclusive of depreciation shown separately below) | 2,294 | — | (5 | ) | 2,299 | |||||||||||
| Other cost of sales | 194 | 286 | (92 | ) | — | |||||||||||
| Selling, general and administrative, including stock-based compensation | 432 | 75 | (1 | ) | 358 | |||||||||||
| Depreciation and amortization | 352 | 23 | — | 329 | ||||||||||||
| Impairment and acquisition costs | 105 | 74 | — | 31 | ||||||||||||
| 3,377 | 458 | (98 | ) | 3,017 | ||||||||||||
| Operating income (loss) | 276 | (118 | ) | — | 394 | |||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (237 | ) | (29 | ) | — | (208 | ) | |||||||||
| Share of earnings (losses) of affiliates, net | 228 | 234 | — | (6 | ) | |||||||||||
| Realized and unrealized gains (losses) on financial instruments, net | (383 | ) | (263 | ) | — | (120 | ) | |||||||||
| Other, net | 92 | 26 | — | 66 | ||||||||||||
| (300 | ) | (32 | ) | — | (268 | ) | ||||||||||
| Earnings (loss) from continuing operations before income taxes | (24 | ) | (150 | ) | — | 126 | ||||||||||
| Income tax (expense) benefit | (39 | ) | 31 | — | (70 | ) | ||||||||||
| Net earnings (loss) from continuing operations | (63 | ) | (119 | ) | — | 56 | ||||||||||
| Net earnings (loss) from discontinued operations | (2,412 | ) | — | (2,412 | ) | — | ||||||||||
| Net earnings (loss) | (2,475 | ) | (119 | ) | (2,412 | ) | 56 | |||||||||
| Less net earnings (loss) attributable to the noncontrolling interests | (412 | ) | (2 | ) | (410 | ) | — | |||||||||
| Net earnings (loss) attributable to Ï㽶´«Ã½ stockholders | $ | (2,063 | ) | (117 | ) | (2,002 | ) | 56 | ||||||||
Ï㽶´«Ã½
Pro Forma Consolidated Statement of Operations (continued)
For the year ended December 31, 2024
(unaudited)
| Ï㽶´«Ã½ Media | Less: Ï㽶´«Ã½ | Ï㽶´«Ã½ Media | ||||||||||
| historical (1) | Live historical (2) | Pro forma | ||||||||||
| amounts in millions | ||||||||||||
| Net earnings (loss) from continuing operations attributable to Ï㽶´«Ã½ stockholders | ||||||||||||
| Ï㽶´«Ã½ Formula One common stock | $ | (30 | ) | (86 | ) | 56 | ||||||
| Ï㽶´«Ã½ Live Common Stock | $ | (31 | ) | (31 | ) | — | ||||||
| Basic net earnings (loss) from continuing operations attributable to Ï㽶´«Ã½ stockholders per common share | ||||||||||||
| Series A, B and C Ï㽶´«Ã½ Formula One common stock | $ | (0.13 | ) | 0.23 | ||||||||
| Series A, B and C Ï㽶´«Ã½ Live common stock | $ | (0.34 | ) | NA | ||||||||
| Diluted net earnings (loss) from continuing operations attributable to Ï㽶´«Ã½ stockholders per common share | ||||||||||||
| Series A, B and C Ï㽶´«Ã½ Formula One common stock | $ | (0.13 | ) | 0.23 | ||||||||
| Series A, B and C Ï㽶´«Ã½ Live common stock | $ | (0.34 | ) | NA | ||||||||
| Basic Weighted Average Shares Outstanding | ||||||||||||
| Ï㽶´«Ã½ Formula One common stock | 240 | 240 | ||||||||||
| Ï㽶´«Ã½ Live common stock | 92 | NA | ||||||||||
| Diluted Weighted Average Shares Outstanding | ||||||||||||
| Ï㽶´«Ã½ Formula One common stock | 243 | 243 | ||||||||||
| Ï㽶´«Ã½ Live common stock | 92 | NA | ||||||||||
(1) Represents the historical financial position and results of operations of Ï㽶´«Ã½ Media. Such amounts were derived from the historical consolidated financial statements of Ï㽶´«Ã½ Media as filed with the SEC on Form 10-K on February 27, 2025 and on Form 10-Q on November 5, 2025.
(2) Represents the historical financial position and results of operations of Ï㽶´«Ã½ Live from the perspective of Ï㽶´«Ã½ Media. Ï㽶´«Ã½ Live’s historical financial position as of September 30, 2025 includes approximately $172 million of cash that was reattributed from the Formula One Group immediately prior to the Split-Off.
(3) Eliminations relate to i) transactions that eliminated in consolidation for purposes of Ï㽶´«Ã½ Media’s historical consolidated financial statements, but that would not eliminate after giving effect to the Split-Off or ii) historical discontinued operations.