v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Investments by Accounting Method
The details of our investments are set forth below:
Accounting MethodJune 30,
2025		December 31,
2024		Ownership (a)
 in millions%
Equity (b):
Long-term:
VMO2 JV
$6,844.9 $6,501.4 50.0
VodafoneZiggo JV (c)
1,873.1 1,738.4 50.0
AE Group Sàrl (AtlasEdge JV) (d)
395.8 339.5 48.7
Nexfibre Networks Limited (nexfibre JV) (e)
92.5 93.4 24.9
Other
90.2 107.6 
Total — equity9,296.5 8,780.3 
Fair value: 
Short-term:
Vodafone - subject to re-use rights (f)
1,328.1 — 5.1
Separately-managed accounts (SMAs) (g)
— 335.6 
Long-term:
EdgeConneX, Inc. (EdgeConneX) (h)
516.3 414.5 4.2
ITV plc (ITV)
431.2 351.4 10.1
Televisa Univision, Inc. (Televisa Univision)
313.9 314.8 6.3
CANAL+ Polska S.A (CANAL+ Polska).
83.7 72.5 17.0
SMAs (g)
82.8 97.5 
Plume Design, Inc. (Plume) (i)
60.0 73.0 10.5
Lionsgate (j)
40.8 53.4 2.5
Aviatrix Systems, Inc. (Aviatrix)
27.2 31.0 4.3
Vodafone - subject to re-use rights (f)
— 1,141.5 5.2
Other (j)374.1 358.1 
Total — fair value3,258.1 3,243.3 
Total investments (k)$12,554.6 $12,023.6 
Short-term investments$1,328.1 $335.6 
Long-term investments$11,226.5 $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 their respective fair values. At June 30, 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 $1,024.0 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 ($823.4 million and $724.4 million equivalent at June 30, 2025 and December 31, 2024, respectively) (the VodafoneZiggo JV Receivable I) and (ii) a €207.9 million note receivable ($244.5 million and $215.1 million equivalent at June 30, 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 six months ended June 30, 2025, interest accrued on the VodafoneZiggo JV Receivables was €23.5 million ($27.7 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)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. During the second quarter of 2025, we executed a series of transactions that resulted in (i) the disposition of 90 million of our Vodafone shares and the associated unwind and settlement of the corresponding amounts of the Vodafone Collar and the Vodafone Collar Loan, respectively, and (ii) the restructure of the remainder of the Vodafone Collar, which effectively reduced the net fair value of our economic interest in our investment in Vodafone to nil ($89.3 million at December 31, 2024). This series of transactions resulted in net cash received of €70.9 million ($81.7 million at the applicable rate). Subsequently, in July 2025, we fully settled the Vodafone Collar Loan using the value of the remaining Vodafone shares and the Vodafone Collar. For additional information regarding the Vodafone Collar and the Vodafone Collar Loan, see notes 6 and 9, respectively.

(g)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 the first quarter of 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 (losses) 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.

(h)As of June 30, 2025, our investment in EdgeConneX is held through two distinct limited partnerships (LPs), Herndon Topco and a new investment entered into the second quarter of 2025, McNair Topco. The ownership percentages in EdgeConneX are 4.3% and 3.4% for Herndon TopCo and McNair TopCo, respectively. The combined investment in EdgeConneX through these LPs results in a weighted ownership percentage of 4.2%. This calculation considers the individual ownership percentages and the respective investment amounts in each LP.

(i)Our investment in Plume includes warrants with a fair value of $19.1 million and $24.5 million at June 30, 2025 and December 31, 2024, respectively.

(j)On May 7, 2025, Lions Gate Entertainment Corp. (NYSE: LGF.A and LGF.B) completed the full separation (the Lionsgate Separation) of its studio and network business into two independent, publicly traded companies, Lionsgate Studios Corp. (Lionsgate) and Starz Entertainment Corp. (Starz). All previous Lions Gate Entertainment Corp. shares have been exchanged for shares in the new companies Lionsgate (NASDAQ: LION) and Starz (NASDAQ: STRZ). Following the separation, our investment in Starz is reflected in ‘Other’ fair value investments in the above table.

(k)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.
Schedule of Equity Method Investments
The following table sets forth the details of our share of results of affiliates, net:
 Three months ended
June 30,		Six months ended
June 30,
 2025202420252024
 in millions
VMO2 JV (a)
$(161.1)$3.0 $(247.7)$3.7 
VodafoneZiggo JV (b)
(48.1)4.8 (70.7)11.4 
nexfibre JV
(29.6)(0.7)(42.2)11.7 
AtlasEdge JV
(18.5)(4.7)(34.5)(13.8)
Formula E (c)
— (18.8)— (23.3)
All3Media Ltd. (All3Media) (d)
— (5.4)— (15.5)
Other, net(7.3)(2.8)(17.5)(5.8)
Total$(264.6)$(24.6)$(412.6)$(31.6)
_______________

(a)Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) for the 2024 periods, 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.
The summarized results of operations of the VMO2 JV are set forth below:
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
in millions
Revenue$3,373.5 $3,375.4 $6,499.8 $6,658.2 
Earnings (loss) before income taxes$(403.9)$27.1 $(616.1)$70.1 
Net earnings (loss)$(308.9)$12.6 $(474.7)$35.3 
The summarized results of operations of the VodafoneZiggo JV are set forth below:
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
in millions
Revenue$1,123.3 $1,091.6 $2,175.3 $2,205.6 
Loss before income taxes$(157.6)$(10.0)$(246.6)$(35.5)
Net loss$(119.9)$(15.4)$(190.4)$(29.0)
Schedule of Debt Securities
The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net:
 Three months ended
June 30,		Six months ended
June 30,
 2025202420252024
 in millions
Vodafone
$57.9 $(1.7)$121.6 $46.5 
ITV
43.1 33.1 79.8 83.1 
Televisa Univision
(27.6)1.2 (41.6)10.7 
Plume
(9.7)(26.7)(13.0)(27.8)
Lionsgate (a)
(9.5)(4.1)(7.3)(10.1)
Aviatrix
(4.0)(13.2)(3.8)(27.5)
EdgeConneX
14.9 17.3 3.6 89.1 
SMAs
6.7 1.6 3.4 20.9 
Lacework (b)
— (8.0)— (75.6)
Other, net(16.5)(29.3)(31.6)(26.0)
Total$55.3 $(29.8)$111.1 $83.3 
______________

(a)Amounts represent the change in fair value of our investment in Lionsgate, both before and after the Lionsgate Separation. Following the Lionsgate Separation, changes in fair value related to our investment in Starz are included in ‘Other, net’ in the above table.

(b)We completed the sale of our investment in Lacework during the third quarter of 2024.
The following table sets forth a summary of our debt securities recorded within SMAs at June 30, 2025 and December 31, 2024:
June 30, 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)$71.9 
Government bonds— — — 129.4 0.4 129.8 
Certificates of deposit— — — 70.5 — 70.5 
Corporate debt securities— — — 66.4 0.2 66.6 
Structured note (a)(a)(a)82.8 (a)(a)88.0 
Other debt securities— — — 6.3 — 6.3 
Total debt securities$— $— $82.8 $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. 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:
 June 30,
2025		December 31,
2024
 
Subsidiary:
Telenet36.30 %32.10 %
Affiliate:
VodafoneZiggo JV
33.50 %33.90 %
VMO2 JV
30.20 %— %
Other (1)— %34.00 %
Total100.00 %100.00 %
_______________

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