小优视频

(1)听听Basis of Presentation

The accompanying consolidated financial statements of 小优视频 (鈥溞∮攀悠�,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.

小优视频, 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听XM Holdings鈥�) and Delta Topco Limited (the parent company of Formula听1). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. (鈥淟ive Nation鈥�).

Braves Holdings, LLC ("Braves Holdings") was a subsidiary of the Company until the Split-Off (defined below) on July 18, 2023. Braves Holdings is not presented as a discontinued operation in the Company鈥檚 consolidated financial statements as the Split-Off did not represent a strategic shift that had a major effect on the Company鈥檚 operations and financial results.

On November 3, 2021, pursuant to an exchange agreement with certain counterparties, 小优视频 acquired an aggregate of 43,658,800 shares of Sirius XM Holdings common stock in exchange for the issuance by 小优视频 to the counterparties of an aggregate of 5,347,320 shares of Series A 小优视频 SiriusXM common stock. As of December 31, 2023, we owned approximately 83% of the outstanding equity interest in Sirius XM Holdings.

小优视频 has entered into certain agreements with Qurate Retail, Inc. (鈥淨urate Retail鈥�), 小优视频 TripAdvisor Holdings, Inc. (鈥淭ripCo鈥�), 小优视频 Broadband Corporation (鈥溞∮攀悠� Broadband鈥�) and Atlanta Braves Holdings, Inc. (鈥淎BH鈥�), all of which are 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 as of December 31, 2023. These agreements include Reorganization Agreements (in the case of Qurate Retail, 小优视频 Broadband and ABH only), Services Agreements, Facilities Sharing Agreements, Tax Sharing Agreements (in the case of 小优视频 Broadband and ABH only) and an Aircraft Time Sharing Agreement (in the case of ABH only). In addition, as a result of certain corporate transactions, 小优视频 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 小优视频 and each of Qurate Retail, 小优视频 Broadband and ABH, including certain cross-indemnities. Pursuant to the Services Agreements, 小优视频 provides Qurate Retail, TripCo, 小优视频 Broadband and ABH with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support. Qurate Retail, TripCo, 小优视频 Broadband and ABH reimburse 小优视频 for direct, out-of-pocket expenses incurred by 小优视频 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. TripCo, 小优视频 Broadband and ABH reimburse 小优视频 for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, 小优视频 shares office space and related amenities at its corporate headquarters with Qurate Retail, TripCo, 小优视频 Broadband and ABH. Under these various agreements, approximately $24听million, $21听million and $27听million of these allocated expenses were reimbursed to 小优视频 during the years ended December听31, 2023, 2022 and 2021, respectively.

In connection with 小优视频鈥檚 employment arrangement with Gregory B. Maffei, 小优视频鈥檚 President and Chief Executive Officer (the 鈥淐EO鈥�), pursuant to the Services Agreements between 小优视频 and each of TripCo, 小优视频 Broadband, Qurate Retail and ABH (collectively, the 鈥淪ervice Companies鈥�), components of Mr. Maffei's compensation are either paid directly to him by each Service Company or reimbursed to 小优视频, in each case, based on allocations among

小优视频 and the Service Companies set forth in the respective services agreement, which are subject to adjustment on an annual basis and upon the occurrence of certain events.