Atlanta Braves (BATRA) 10-Q8 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41746
Entity Registrant Name	ATLANTA BRAVES HOLDINGS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	92-1284827
Entity Address, Address Line One	12300 Liberty Boulevard
Entity Address, City or Town	Englewood
Entity Address State Or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	875-5500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001958140
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Series A common stock
Document Information [Line Items]
Title of 12(b) Security	Series A common stock
Trading Symbol	BATRA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		10,318,162
Series B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		977,776
Series C common stock
Document Information [Line Items]
Title of 12(b) Security	Series C common stock
Trading Symbol	BATRK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		50,643,882

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 181,461	$ 125,148
Restricted cash	27,556	12,569
Accounts receivable and contract assets, net of allowance for credit losses of $424 and $332, respectively	40,242	62,922
Other current assets	38,182	17,380
Total current assets	287,441	218,019
Property and equipment, at cost (note 3)	1,126,995	1,091,943
Accumulated depreciation	(338,745)	(325,196)
Property and equipment, net	788,250	766,747
Investments in affiliates, accounted for using the equity method (note 4)	100,140	99,213
Intangible assets not subject to amortization:
Goodwill	175,764	175,764
Franchise rights	123,703	123,703
Intangible assets, Total	299,467	299,467
Other assets, net	126,891	120,884
Total assets	1,602,189	1,504,330
Current liabilities:
Accounts payable and accrued liabilities	99,118	73,096
Deferred revenue and refundable tickets	212,367	111,985
Current portion of debt (note 5)	42,547	42,153
Other current liabilities	5,839	6,439
Total current liabilities	359,871	233,673
Long-term debt (note 5)	537,366	527,116
Finance lease liabilities	105,844	103,586
Deferred income tax liabilities	57,162	50,415
Pension liability	13,042	15,222
Other noncurrent liabilities	37,657	33,676
Total liabilities	1,110,942	963,688
Equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at March 31, 2024 and December 31, 2023
Additional paid-in capital	1,091,572	1,089,625
Accumulated other comprehensive earnings (loss), net of taxes	(7,341)	(7,271)
Retained earnings (deficit)	(605,648)	(554,376)
Total stockholders' equity	479,202	528,597
Noncontrolling interests in equity of subsidiaries	12,045	12,045
Total equity	491,247	540,642
Commitments and contingencies (note 7)
Total liabilities and equity	1,602,189	1,504,330
Series A common stock
Equity:
Common stock value	103	103
Series B common stock
Equity:
Common stock value	10	10
Series C common stock
Equity:
Common stock value	$ 506	$ 506

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for credit losses	$ 424	$ 332
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Series A common stock
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	10,318,162	10,318,197
Common stock, shares outstanding	10,318,162	10,318,197
Series B common stock
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	7,500,000	7,500,000
Common stock, shares issued	977,776	977,776
Common stock, shares outstanding	977,776	977,776
Series C common stock
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	50,611,586	50,577,776
Common stock, shares outstanding	50,611,586	50,577,776

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Revenue	$ 37,080	$ 30,972
Operating costs and expenses:
Selling, general and administrative, including stock-based compensation	27,093	26,848
Depreciation and amortization	14,882	14,679
Total operating costs	89,435	80,229
Operating income (loss)	(52,355)	(49,257)
Other income (expense):
Interest expense	(9,443)	(8,912)
Share of earnings (losses) of affiliates, net (note 4)	1,627	(803)
Realized and unrealized gains (losses) on intergroup interests, net		(13,377)
Realized and unrealized gains (losses) on financial instruments, net	2,974	(761)
Other, net	1,769	841
Earnings (loss) before income taxes	(55,428)	(72,269)
Income tax benefit (expense)	4,156	14,293
Net earnings (loss)	$ (51,272)	$ (57,976)
Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2) (in dollars per share)	$ (0.83)	$ (0.94)
Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2) (in dollars per share)	$ (0.83)	$ (0.94)
Baseball
Revenue:
Revenue	$ 21,970	$ 17,561
Operating costs and expenses:
Operating costs	45,207	36,771
Mixed-Use Development
Revenue:
Revenue	15,110	13,411
Operating costs and expenses:
Operating costs	$ 2,253	$ 1,931

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Comprehensive Earnings (Loss)
Net earnings (loss)	$ (51,272)	$ (57,976)
Other comprehensive earnings (loss), net of tax:
Unrealized holdings gains (loss) arising during the period	(70)
Other comprehensive earnings (loss), net of tax	(70)
Comprehensive earnings (loss)	$ (51,342)	$ (57,976)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net earnings (loss)	$ (51,272)	$ (57,976)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	14,882	14,679
Stock-based compensation	3,719	3,191
Share of (earnings) losses of affiliates, net	(1,627)	803
Realized and unrealized (gains) losses on intergroup interests, net		13,377
Realized and unrealized (gains) losses on financial instruments, net	(2,974)	761
Deferred income tax expense (benefit)	6,772	(7,715)
Cash receipts from returns on equity method investments	700	200
Net cash received (paid) for interest rate swaps	1,511	1,222
Other charges (credits), net	(542)	318
Net change in operating assets and liabilities:
Current and other assets	11,191	20,350
Payables and other liabilities	108,704	95,355
Net cash provided by (used in) operating activities	91,064	84,565
Cash flows from investing activities:
Capital expended for property and equipment	(27,642)	(13,647)
Other investing activities, net	47	110
Net cash provided by (used in) investing activities	(27,595)	(13,537)
Cash flows from financing activities:
Borrowings of debt	13,789
Repayments of debt	(4,018)	(3,893)
Contribution from noncontrolling interest		6,645
Other financing activities, net	(1,940)	(1,050)
Net cash provided by (used in) financing activities	7,831	1,702
Net increase (decrease) in cash, cash equivalents and restricted cash	71,300	72,730
Cash, cash equivalents and restricted cash at beginning of period	137,717	172,813
Cash, cash equivalents and restricted cash at end of period	209,017	245,543
Supplemental disclosure to the condensed consolidated statements of cash flows:
Capital Expenditures Incurred but Not yet Paid	$ 32,321	$ 9,441

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Consolidated Statements of Cash Flows
Cash and cash equivalents	$ 181,461	$ 125,148
Restricted cash	27,556	12,569
Total cash, cash equivalents and restricted cash at end of period	$ 209,017	$ 137,717

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock Common Class A	Common Stock Common Class B	Common Stock Common Class C	Former parent's investment	Additional paid-in capital	Accumulated other comprehensive earnings (loss)	Retained earnings (deficit)	Noncontrolling interest in equity of subsidiaries	Total
Beginning balance at Dec. 31, 2022				$ 732,350		$ (3,758)	$ (429,082)		$ 299,510
Stockholders' equity rollforward
Net Income (Loss)							(57,976)		(57,976)
Stock-based compensation				3,141					3,141
Tax sharing adjustment with Former Parent				(7,354)					(7,354)
Contribution from noncontrolling interest								$ 6,645	6,645
Other				(850)					(850)
Ending balance at Mar. 31, 2023				$ 727,287		(3,758)	(487,058)	6,645	243,116
Beginning balance at Dec. 31, 2023	$ 103	$ 10	$ 506		$ 1,089,625	(7,271)	(554,376)	12,045	540,642
Stockholders' equity rollforward
Net Income (Loss)							(51,272)		(51,272)
Other comprehensive earnings (loss)						(70)			(70)
Stock-based compensation					3,719				3,719
Other					(1,772)				(1,772)
Ending balance at Mar. 31, 2024	$ 103	$ 10	$ 506		$ 1,091,572	$ (7,341)	$ (605,648)	$ 12,045	$ 491,247

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Basis of Presentation
Basis of Presentation	(1) During November 2022, the board of directors of Liberty Media Corporation (“Liberty” or “Former parent”) authorized Liberty management to pursue a plan to redeem each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). The Split-Off was completed on July 18, 2023 and was intended to be tax-free to holders of Liberty Braves common stock. Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) is comprised of the businesses, assets and liabilities previously attributed to the Liberty Braves Group (“Braves Group”), which, as of March 31, 2024, included Atlanta Braves Holdings’ wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”) and corporate cash. The accompanying condensed consolidated financial statements The accompanying (a) condensed consolidated balance sheet as of December 31, 2023, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Atlanta Braves Holdings’ Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurements of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates. Description of Business Braves Holdings indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”). ANLBC’s ballpark (“Truist Park” or the “Stadium”), is located in Cobb County, a suburb of Atlanta, and is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority. Braves Holdings, through affiliated entities and third party development partners, has developed a significant portion of the land around Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”). The Braves and 29 other Major League baseball clubs are collectively referred to as the Clubs. The Office of the Commissioner of Baseball (the “BOC”) is an unincorporated association also doing business as Major League Baseball (“MLB”) and has as its members the Clubs. The Clubs are bound by the terms and provisions of the Major League Constitution and all rules and regulations promulgated thereunder as well as a series of other agreements and arrangements that govern the operation and management of a Club, which among other things, require each Club to comply with limitations on the amount of debt a Club can incur, revenue sharing arrangements with the other Clubs, commercial arrangements with regard to the national broadcasting of its games and other programming and commercial arrangements relating to the use of its intellectual property. Split-Off of Atlanta Braves Holdings from Liberty Prior to the Split-Off, a portion of Liberty’s general and administrative expenses, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support was allocated to the Braves Group each reporting period based on an estimate of time spent. The Braves Group paid $1.9 million during the three months ended March 31, 2023 for such expenses. Prior to the Split-Off, the Liberty Formula One Group (the “Formula One Group”) and the Liberty SiriusXM Group held intergroup interests in the Braves Group. The intergroup interests represented quasi-equity interests which were not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group had attributed interests in the Braves Group, which were generally stated in terms of a number of shares of Liberty Braves common stock. As of December 31, 2022, 6,792,903 notional shares represented an 11.0% intergroup interest in the Braves Group held by the Formula One Group and 1,811,066 notional shares represented a 2.9% intergroup interest in the Braves Group held by the Liberty SiriusXM Group. Historically, Liberty assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock and that the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock were used for the mark-to-market adjustment for the intergroup interests held by the Formula One Group and the Liberty SiriusXM Group, respectively, through the condensed consolidated statements of operations. During the second quarter of 2023, Liberty determined that, in connection with the Split-Off, shares of Atlanta Braves Holdings Series C common stock would be used to settle and extinguish the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group. Accordingly, effective as of June 30, 2023 and through the Split-Off date, the market price of Series C Liberty Braves common stock was used for the mark-to-market adjustment for the intergroup interest held by the Liberty SiriusXM Group. The intergroup interests in the Braves Group remaining immediately prior to the Split-Off were settled and extinguished in connection with the Split-Off through the attribution, to the respective tracking stock group, of Atlanta Braves Holdings Series C common stock on a one-for-one basis equal to the number of notional shares representing the intergroup interest. Following the Split-Off and subsequent Liberty Media Exchange (as defined below), Liberty and Atlanta Braves Holdings operate as separate, publicly traded companies and neither has any continuing stock ownership, beneficial or otherwise, in the other. Liberty owned 1,811,066 shares of Atlanta Braves Holdings Series C common stock following the Split-Off. In November 2023, Liberty exchanged 1,811,066 shares of Atlanta Braves Holdings Series C common stock with a third party in satisfaction of certain of Liberty’s debt obligations and an affiliate of such third party then sold the shares in a secondary public offering (the “Liberty Media Exchange”). Atlanta Braves Holdings did not receive any of the proceeds from the Liberty Media Exchange. In connection with the Split-Off, Liberty and Atlanta Braves Holdings entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement. The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Atlanta Braves Holdings and Liberty with respect to and resulting from the Split-Off. The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and Atlanta Braves Holdings and other agreements related to tax matters. Pursuant to the services agreement, Liberty provides Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support. Atlanta Braves Holdings will reimburse Liberty for direct, out-of-pocket expenses and will pay a services fee to Liberty under the services agreement that is subject to adjustment quarterly, as necessary. Additionally, pursuant to the services agreement with Liberty, components of Liberty Chief Executive Officer’s compensation will either be paid directly to him or reimbursed to Liberty, in each case, based on allocations set forth in the services agreement. The allocation percentage was 7% for Atlanta Braves Holdings during the period from July 18, 2023 to December 31, 2023 and is currently set at 8% but subject to adjustment on an annual basis and upon the occurrence of certain events. Under the facilities sharing agreement, Atlanta Braves Holdings shares office space with Liberty and related amenities at Liberty’s corporate headquarters. The aircraft time sharing agreements provide for Liberty to lease certain aircraft that it or its subsidiaries own to Atlanta Braves Holdings for use on a periodic, non-exclusive time sharing basis. Pursuant to the registration rights agreement with Liberty, Atlanta Braves Holdings has registered the shares of Atlanta Braves Holdings’ Series C common stock that were issued to Liberty in settlement and extinguishment of the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group and then exchanged by Liberty with a third party in satisfaction of certain debt obligations. Under these various agreements, amounts reimbursable to Liberty aggregated $0.5 million for the three months ended March 31, 2024. Seasonality Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.

Earnings Attributable to Atlant

Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share	(2) Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) attributable to Atlanta Braves Holdings shareholders by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. There were no potential common shares excluded from diluted EPS for the three months ended March 31, 2024 that would have been antidilutive. The Company issued 61.7 million common shares, which is the aggregate number of shares of Series A, Series B and Series C common stock issued in connection with the Split-Off on July 18, 2023. The number of shares issued upon completion of the Split-Off was used to determine both basic and diluted earnings (loss) per share for the three months ended March 31, 2023, as no Company equity awards were outstanding prior to the completion of the Split-Off. Three months ended March 31, 2024 (numbers of shares in thousands) Basic WASO 61,879 Potentially dilutive shares (1) 824 Diluted WASO 62,703 (1) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

Property and Equipment

Property and Equipment	3 Months Ended
Property and Equipment	Mar. 31, 2024
Property and Equipment
Property and Equipment	(3) Property and Equipment Property and equipment consisted of the following: March 31, 2024 December 31, 2023 Owned Owned Estimated assets assets Useful Owned available to Owned available to Life assets be leased Total assets be leased Total in years amounts in thousands Land NA $ 18,583 22,891 41,474 18,583 22,891 41,474 Buildings and improvements 15-39 283,300 355,300 638,600 281,450 355,300 636,750 Leasehold improvements 15-39 78,284 64,531 142,815 76,169 64,657 140,826 Furniture and equipment 5-7 185,812 8,687 194,499 179,828 8,518 188,346 Construction in progress NA 11,692 97,915 109,607 4,911 79,636 84,547 Property and equipment, at cost $ 577,671 549,324 1,126,995 560,941 531,002 1,091,943 Depreciation expense was $13.6 million and $13.5 million for the three months ended March 31, 2024 and 2023, respectively.

Investments in Affiliates Accou

Investments in Affiliates Accounted for Using the Equity Method	3 Months Ended
	Mar. 31, 2024
Investments in Affiliates Accounted for Using the Equity Method
Investments in Affiliates Accounted for Using the Equity Method	(4) The following table includes the Company’s carrying amount and percentage ownership of its investments in affiliates: March 31, 2024 December 31, 2023 Percentage Carrying Carrying Ownership amount amount amounts in thousands MLBAM 3.3 % $ 48,552 49,338 BELP 3.3 % 36,701 34,988 Other 50.0 % 14,887 14,887 Total $ 100,140 99,213 The following table presents the Company’s share of earnings (losses) of affiliates: Three months ended March 31, 2024 2023 amounts in thousands MLBAM $ (787) (1,243) BELP 1,713 197 Other 701 243 Total $ 1,627 (803) MLBAM MLB Advanced Media, L.P. (“MLBAM”) was formed in January 2000 pursuant to a vote of the 30 owners of the Clubs, whereby each Club agreed to cede substantially all of its individual Club internet and interactive media rights to MLBAM for an indirect 3.3% interest in MLBAM. The Company’s investment in MLBAM is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. At the time of the acquisition of ANLBC by a predecessor of Liberty in 2007, the fair value of the MLBAM investment exceeded ANLBC’s proportionate share of MLBAM’s net assets, resulting in excess basis in the investment in MLBAM. The excess basis as of March 31, 2024 and December 31, 2023 was indefinite lived and aggregated approximately $10.3 million. BELP Baseball Endowment, L.P. (“BELP”) is an investment fund formed by the Clubs principally for the purpose of investing, on a long-term basis, assets on their behalf intended to provide a competitive market rate investment return while minimizing investment volatility. The Company’s investment in BELP is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. The Company records its share of BELP’s earnings (losses) on a one month lag. Other Affiliates Braves Holdings has 50% interests in three joint ventures that were formed to develop, own and operate hotels in the Mixed-Use Development. The equity method of accounting is applied to these investments as Braves Holdings does not have the ability to direct the most significant activities that impact their economic performance. In addition, Braves Holdings records its share of the earnings (losses) of these investments on a three month lag.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt
Debt	(5) Debt is summarized as follows: March 31, December 31, 2024 2023 amounts in thousands Baseball League wide credit facility $ — — MLB facility fund – term 30,000 30,000 MLB facility fund – revolver 40,825 41,400 TeamCo revolver — — Term debt 162,119 165,370 Mixed-Use Development Credit facilities 84,359 70,107 Term debt 266,069 266,070 Deferred financing costs (3,459) (3,678) Total debt 579,913 569,269 Debt classified as current (42,547) (42,153) Total long-term debt $ 537,366 527,116 League Wide Credit Facility In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLB’s League Wide Credit Facility (the “LWCF”). Braves Holdings also established a special purpose Delaware statutory trust, the Braves Club Trust (the “Club Trust”), and transferred, among other things, to the Club Trust its rights to receive distributions of revenue from the National Broadcasting Contracts, which secure borrowings under the LWCF. Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs. Major League Baseball Trust has granted Wells Fargo Bank, National Association, the collateral agent in respect of the LWCF, a first priority lien to secure the borrowings under the LWCF. The maximum amount available to the Club Trust under the LWCF was $125.0 million as of March 31, 2024. The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2026. Under the LWCF, the Club Trust can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by the Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month London Inter-Bank Offered Rate (“LIBOR”) plus a margin of 1.20% to 1.325%, based on the credit rating of Major League Baseball Trust. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime, and (z) LIBOR plus 1.00%, plus a margin of 0.200% to 0.325%, based on the credit rating of Major League Baseball Trust. Beginning in May 2022, interest based on LIBOR under the LWCF was replaced with interest based on the Secured Overnight Financing Rate (“SOFR”) plus 0.1%. Borrowings outstanding under the LWCF bore interest at a rate of 6.63% per annum as of March 31, 2024. The LWCF also has a commitment fee equal to 0.20% per annum on the daily unused amount of the revolving credit facility. MLB Facility Fund In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Braves Holdings also established a special purpose Delaware limited liability company, Braves Facility Fund LLC (“Braves Facility Fund”), and transferred to Braves Facility Fund its rights to receive distributions from the Club Trust, which secure borrowings under the MLBFF. Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations and/or new construction. Term In June 2020, Braves Facility Fund converted previous borrowings under a revolving credit advance to a $30 million term note with Major League Baseball Facility Fund, LLC (the “MLB facility fund – term”). Interest is payable on June 10 and December 10 of each year at an annual rate of 3.65%. In each of December 2029 and 2030 Revolver In May 2021, Braves Facility Fund established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund – revolver”). The maximum amount available to Braves Facility Fund under the MLB facility fund – revolver was $40.8 million as of March 31, 2024. The commitment termination date, which is the repayment date for all amounts borrowed under the revolving credit facility of the MLBFF, is July 10, 2026. Under a credit agreement, Braves Facility Fund can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.275% to 1.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime rate, and (z) LIBOR plus 1.00%, plus a margin of 0.275% to 0.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. Beginning in May 2022, interest based on LIBOR under the MLB facility fund – revolver was replaced with interest based on the SOFR plus 0.1%. Borrowings outstanding under the MLB facility fund – revolver bore interest at a rate of 6.70% per annum as of March 31, 2024. The MLB facility fund – revolver also has a commitment fee equal to 0.20% per annum on the daily unused amount of the revolver. TeamCo Revolver In September 2016, a subsidiary of Braves Holdings amended a revolving credit agreement (the “TeamCo Revolver”) that provided for revolving commitments of $85 million. Under the agreement, Braves Holdings can request a revolving credit loan in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Base Rate loan was the greater of (x) the prevailing Prime rate, (y) the prevailing Federal Funds rate plus 0.50%, and (z) LIBOR plus 1.00%, plus a margin of 0.25%. In August 2022, the TeamCo Revolver was amended, increasing the borrowing capacity to $150 million, extending the maturity to August 2029 and replacing the Eurodollar interest rate with SOFR. Borrowings outstanding under the TeamCo Revolver bore interest at a rate of 6.58% and the maximum amount available was $150.0 million as of March 31, 2024. The TeamCo Revolver also has a commitment fee of 0.20% per annum on the daily unused amount of the revolving loans. Under the TeamCo Revolver, Braves Holdings must maintain certain financial covenants, including a fixed-charge coverage ratio and total enterprise indebtedness. Baseball Term Debt In August 2016, a subsidiary of Braves Holdings entered into a senior secured permanent placement note purchase agreement for $200 million (the “Note Purchase Agreement”). The notes bear interest at 3.77% per annum and are scheduled to mature in September 2041. Braves Holdings makes principal and interest payments of $6.4 million each March 30 and September 30. At March 31, 2024 and December 31, 2023, Braves Holdings had borrowings of $160.8 million and $164.0 million under the Note Purchase Agreement, respectively, net of unamortized debt issuance costs. Additionally, Braves Holdings must maintain certain financial covenants, including debt service coverage ratios. Mixed-Use Development Credit Facilities In August 2016, a subsidiary of Braves Holdings entered into a $37.5 million construction loan agreement that matures in November 2024. The proceeds were primarily used to pay the construction costs of an entertainment building adjacent to the Stadium, as well as assist with phase II construction of the Mixed-Use Development. Interest accrues monthly at 4% per annum. Beginning December 15, 2020 and on each month thereafter, Braves Holdings makes principal and interest payments of $179 thousand. At March 31, 2024 and December 31, 2023, Braves Holdings had borrowings outstanding of $34.5 million and $34.6 million, respectively, net of unamortized debt issuance costs. In December 2022, a subsidiary of Braves Holdings entered into a $112.5 million construction loan agreement that has an initial maturity date of December 2026. The proceeds of the construction loan agreement will be used to pay the construction costs of an office building adjacent to the Stadium. Loans under the construction loan bear interest at SOFR plus 2.00% per annum (subject to a reduction to 1.80% per annum if certain conditions are met). Borrowings outstanding under the construction loan bore interest at a rate of 7.33% as of March 31, 2024. As of March 31, 2024 and December 31, 2023, Braves Holdings had borrowings outstanding of $49.3 million and $34.8 million, respectively, under the construction loan, net of unamortized debt issuance costs. Under the construction loans, Braves Holdings must maintain certain financial covenants, including a debt yield ratio. Mixed-Use Development Term Debt In May 2018, a subsidiary of Braves Holdings refinanced a construction loan with a $95 million term loan agreement (the “Term Loan Agreement”). The Term Loan Agreement bears interest at one-month LIBOR plus 1.35% per annum and is scheduled to mature on May 18, 2025. The full principal amount will be due at maturity. At both March 31, 2024 and December 31, 2023, Braves Holdings had borrowings of $94.9 million under the Term Loan Agreement, net of unamortized debt issuance costs. In April 2023, the Term Loan Agreement was amended to change the reference rate on borrowings to daily simple SOFR. In June 2022, subsidiaries of Braves Holdings refinanced a construction loan agreement that was used to construct an office building within the Mixed-Use Development with a new term loan facility with $125 million in commitments, approximately $22.7 million of which is not available for borrowing as of March 31, 2024, but is expected to be available once certain conditions are met. The term loan agreement bears interest at one-month SOFR plus 2.10% per annum and is scheduled to mature on June 13, 2027. Borrowings outstanding under the term loan bore interest at a rate of 7.43% as of March 31, 2024. Approximately $1.9 million of annual principal payments commence in July 2024. At both March 31, 2024 and December 31, 2023, Braves Holdings had borrowings outstanding of $101.6 million under the term loan facility, net of unamortized debt issuance costs. In May 2023, a subsidiary of Braves Holdings refinanced an $80 million construction loan agreement that was used to construct the retail portion of the Mixed-Use Development with a new term loan with $80 million in commitments, approximately $11.3 million of which is not available for borrowing as of March 31, 2024, but is expected to be available once certain conditions are met. The term loan agreement bears interest at daily simple SOFR plus 2.50% per annum and is scheduled to mature on May 18, 2028. Approximately $1.0 million of annual principal payments commence in June 2026. At both March 31, 2024 and December 31, 2023, Braves Holdings had borrowings outstanding of $68.2 million, net of unamortized debt issuance costs. Fair Value of Debt The Company believes that the carrying amount of its debt with variable rates approximates fair value at March 31, 2024. Other fixed rate debt is considered to be carried at approximate fair value with the exception of the Interest Rate Swaps (Level 2) In May 2018, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $95 million, maturing on May 5, 2025. As of March 31, 2024 and December 31, 2023, the fair value of the interest rate swap was an asset of $2.3 million and $2.2 million, respectively. In August 2019, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million, that matured on March 8, 2023. Effective April 1, 2020, the notional amount began at $25 million and increased over time to $100 million as of August 1, 2020. In May 2022, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million, maturing on June 1, 2025. The interest rate swap became effective in March 2023. As of March 31, 2024 and December 31, 2023, the fair value of the interest rate swap was an asset of $2.5 million and $2.4 million, respectively. In June 2023, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $64 million, maturing on May 18, 2028. The interest rate swap became effective in June 2023. As of March 31, 2024 and December 31, 2023, the fair value of the interest rate swap was an asset of $820 thousand and a liability of $372 thousand, respectively. Interest rate swaps are included within other assets as of March 31, 2024 and other assets and other noncurrent liabilities

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Stock-Based Compensation
Stock-Based Compensation	(6) The Company recorded stock-based compensation expense of $ 3.7 million and $ 3.2 million during the three months ended March 31, 2024 and 2023, respectively. These amounts are included in selling, general and administrative expense in the condensed consolidated statements of operations. Incentive Plans Prior to the Split-Off and pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan, Liberty granted to certain of its directors, employees and employees of its subsidiaries, restricted stock (“RSAs”), restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Braves common stock (collectively, “Awards”). At the time of the Split-Off, the Awards were exchanged into RSAs, RSUs and stock options to purchase shares of Atlanta Braves Holdings common stock. Subsequent to the Split-Off, the Company can grant, to certain of its directors, employees and employees of its subsidiaries, RSAs, RSUs and stock options to purchase shares of its common stock, under the Atlanta Braves Holdings 2023 Omnibus Incentive Plan (the “2023 Plan”) and may grant Awards in respect of a maximum of 7.25 million shares of Atlanta Braves Holdings common stock. Awards generally vest over 1-5 years and have a term of 7-10 years. The Company issues new shares upon exercise of equity awards. The Company measures the cost of employee services received in exchange for an equity classified Award (such as RSAs, RSUs and stock options) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Grants of Awards The Company did not grant any options to purchase shares of Series A or Series B Atlanta Braves Holdings common stock during the three months ended March 31, 2024. In connection with the Chief Executive Officer’s employment agreement, during the three months ended March 31, 2024, Liberty granted 35 thousand performance-based RSUs of Atlanta Braves Holdings Series C common stock to its Chief Executive Officer. Such RSUs had a GDFV of $38.58 per share and cliff vest one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by the Company’s compensation committee. Performance objectives, which are subjective, are considered in determining the timing and amount of compensation expense recognized. The Company assesses the probability of achieving the performance objectives each reporting period and as satisfaction of the performance objectives is deemed probable, the Company records the associated compensation expense. The Company has calculated the GDFV for all of its equity classified Awards using the Black-Scholes valuation model. The Company estimates the expected term of the options based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of Atlanta Braves Holdings common stock (and previously, Liberty Braves common stock). The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. Outstanding Awards The following table presents the number and weighted average exercise price (“WAEP”) of options to purchase Atlanta Braves Holdings common stock granted to certain officers, employees and directors, as well as the weighted average remaining life and aggregate intrinsic value of the options. Series C Weighted Aggregate average intrinsic Atlanta Braves Holdings remaining value options (000's) WAEP life (in millions) Outstanding at January 1, 2024 3,502 $ 28.36 Granted — $ — Exercised (160) $ 23.59 Forfeited/Cancelled — $ — Outstanding at March 31, 2024 3,342 $ 28.59 4.1 years $ 35 Exercisable at March 31, 2024 2,390 $ 26.85 3.5 years $ 29 As of March 31, 2024, there were no outstanding Series A or Series B options to purchase shares of Series A or Series B Atlanta Braves Holdings common stock. As of March 31, 2024, the total unrecognized compensation cost related to unvested Atlanta Braves Holdings Awards was approximately $19.5 million. Such amount will be recognized in the Company’s condensed consolidated statements of operations over a weighted average period of approximately 1.9 years. As of March 31, 2024, 3.3 million shares of Atlanta Braves Holdings Series C common stock were reserved by the Company for issuance under exercise privileges of outstanding stock options. Exercises The aggregate intrinsic value of all Atlanta Braves Holdings Series C common stock options exercised during the three months ended March 31, 2024 and 2023 was $2.3 million and $2.2 million, respectively. RSAs and RSUs The Company had approximately 513 thousand unvested RSAs and RSUs of Atlanta Braves Holdings common stock held by certain directors, officers and employees of the Company as of March 31, 2024. These Series C unvested RSAs and RSUs of Atlanta Braves Holdings common stock had a weighted average GDFV of $37.24 per share. The aggregate fair value of all RSAs and RSUs of Atlanta Braves Holdings common stock that vested during the three months ended March 31, 2024 and 2023 was $2.0 million and $0.7 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	(7) Collective Bargaining Agreement In March 2022, the Major League Baseball Players Association (“MLBPA”) and the Clubs entered into a new collective bargaining agreement that covers the 2022-2026 MLB seasons (“CBA”). minimum player salary levels, an expanded postseason schedule and other provisions impacting Braves Holdings’ operations and its relationships with members of the MLBPA. Braves Holdings’ minor league players are also parties to a collective bargaining agreement. Approximately 13% of the Company’s labor force is covered by collective bargaining agreements. There are two components of the revenue sharing plan that each Club is subject to under the CBA: a straight base revenue pool (the “Pool”) and the Commissioner Discretionary Fund. The size of the Pool is equal to the total amount transferred if each Club contributed 48% of its prior years’ net defined local revenue (“NDLR”). The contributions per Club are based on a composite of the prior three years’ NDLR and funds are distributed equally to all Clubs. Certain Clubs are disqualified from revenue sharing from the Pool based on market size. Also, each season, the Clubs are required to equally fund a Commissioner’s Discretionary Fund up to $15 million. Club submissions of NDLR are subject to audit by the MLB Revenue Sharing Administrator and are subject to rules issued by the MLB Revenue Sharing Definitions Committee. During the three months ended March 31, 2024 and 2023, Braves Holdings incurred $815 thousand and $198 thousand, respectively, in revenue sharing, which is included as an expense within baseball operating costs in the condensed consolidated statements of operations. Employment Contracts Long-term employment contracts provide for, among other items, annual compensation for certain players (current and former) and other employees. As of March 31, 2024, amounts payable annually under such contracts aggregated $267.4 million in 2024, $204.9 million in 2025, $161.7 million in 2026, $111.7 million in 2027, $105.2 million in 2028 and $146.3 million, combined, thereafter. Additionally, these contracts may include incentive compensation (although certain incentive compensation awards cannot be earned by more than one player per season). Diamond Sports Group, LLC (“Diamond Sports Group”) Bankruptcy ANLBC has a long-term local broadcasting agreement with Sportsouth Network II, LLC, a subsidiary of Diamond Sports Group, granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves (“Braves Broadcast Agreement”). In March 2023, Diamond Sports Group along with certain affiliates (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 (“Chapter 11 Proceeding”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). On February 12, 2024, the Bankruptcy Court entered an agreed order among the Debtors, ANLBC and certain other MLB Clubs who have broadcast agreements with Diamond Sports Group or its affiliates, and the BOC, whereby the Debtors agreed not to reject or cause the termination of various club broadcasting agreements, including the Braves Broadcast Agreement, before the end of the 2024 MLB Season (“Agreed Order”). The Agreed Order provides other protections to ANLBC, MLB and the other covered Clubs to give some assurance that the Debtors will pay all required fees under the various club broadcasting agreements, including the Braves Broadcast Agreement, until the earlier to occur of (i) a plan of reorganization is confirmed by the Bankruptcy Court and the Debtors exit bankruptcy and (ii) the final payment for the 2024 MLB season is paid. In addition, the Debtors filed their Disclosure Statement (as revised) and Joint Plan of Reorganization (as revised) ("Joint Plan of Reorganization”) on April 17, 2024. The Bankruptcy Court has approved the Disclosure Statement and has scheduled a hearing to consider confirmation of the Joint Plan of Reorganization for June 18, 2024. If the Joint Plan of Reorganization is confirmed by the Bankruptcy Court, the Debtors are expected to assume the Braves Broadcast Agreement. If the Braves Broadcast Agreement is assumed by the Debtors, both ANLBC and Sportsouth Network II, LLC will continue to be responsible for their respective obligations under the Braves Broadcast Agreement. In the event Diamond Sports Group is unsuccessful in its efforts to confirm the Joint Plan of Reorganization or other plan of reorganization, it is possible that the respective bankruptcy cases of the Debtors could be converted to cases under Chapter 7 of the bankruptcy code. In such event, a trustee will be appointed to liquidate the remaining assets of the Debtors and ANLBC may be required to repay up to $34.2 million, the amount remitted to ANLBC during the 90-day To date and throughout the Chapter 11 Proceeding, ANLBC has received all scheduled payments in accordance with the Braves Broadcast Agreement. Litigation Braves Holdings, along with the BOC and other MLB affiliates, has been named in a number of lawsuits arising in the normal course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
Segment Information
Segment Information	(8) The Company, through its ownership of Braves Holdings, is primarily engaged in the entertainment and real estate industries. The Company identifies its reportable segments as those operating segments that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets. The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as attendance, viewership and social media. The Company has identified the following as its reportable segments: ● Baseball – operations relating to Braves baseball and Truist Park and includes ticket sales, concessions, advertising sponsorships, suites and premium seat fees, broadcasting rights, retail and licensing. ● Mixed-Use Development – includes retail, office, hotel and entertainment operations within The Battery Atlanta. The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. Performance Measures The following table disaggregates revenue by segment and by source: Three months ended March 31, 2024 2023 amounts in thousands Baseball: Baseball event $ 1,168 1,118 Broadcasting 2,101 891 Retail and licensing 5,653 4,375 Other 13,048 11,177 Total Baseball 21,970 17,561 Mixed-Use Development 15,110 13,411 Total revenue $ 37,080 30,972 When consideration is received from a customer prior to transferring services to the customer under the terms of a contract, deferred revenue is recorded. The primary source of the Company’s deferred revenue relates to suite and season ticket arrangements, as well as certain sponsorship arrangements. Deferred revenue is recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. The Company had long-term deferred revenue of $18.2 million and $16.4 million as of March 31, 2024 and December 31, 2023, respectively, which were included in other noncurrent liabilities in the condensed consolidated balance sheets. During the three months ended March 31, 2024 and 2023, the Company recognized $5.3 million and $4.4 million, respectively, of revenue that was included in deferred revenue at the beginning of the respective year. Significant portions of the transaction prices for Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $312.8 million for the remainder of 2024 2025 2026 2027 For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring, acquisition and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flows provided by (used in) operating activities and other measures of financial performance prepared in accordance with GAAP. Adjusted OIBDA is summarized as follows: Three months ended March 31, 2024 2023 amounts in thousands Baseball $ (41,716) (35,835) Mixed-Use Development 9,933 9,153 Corporate and Other (1,971) (4,705) Total $ (33,754) (31,387) Other Information March 31, 2024 December 31, 2023 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in thousands Baseball $ 957,857 85,253 6,245 882,442 84,326 12,152 Mixed-Use Development 598,852 14,887 21,397 571,586 14,887 56,884 Corporate and other 48,294 — — 51,256 — — Elimination (1) (2,814) — — (954) — — Total $ 1,602,189 100,140 27,642 1,504,330 99,213 69,036 (1) This amount relates to income taxes payable that partially offsets income taxes receivable in the condensed consolidated balance sheets. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: Three months ended March 31, 2024 2023 amounts in thousands Adjusted OIBDA $ (33,754) (31,387) Stock-based compensation (3,719) (3,191) Depreciation and amortization (14,882) (14,679) Operating income (loss) (52,355) (49,257) Interest expense (9,443) (8,912) Share of earnings (losses) of affiliates, net 1,627 (803) Realized and unrealized gains (losses) on intergroup interests, net — (13,377) Realized and unrealized gains (losses) on financial instruments, net 2,974 (761) Other, net 1,769 841 Earnings (loss) before income taxes $ (55,428) (72,269)

Earnings Attributable to Atla_2

Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share
Schedule of weighted average number of common shares outstanding	Three months ended March 31, 2024 (numbers of shares in thousands) Basic WASO 61,879 Potentially dilutive shares (1) 824 Diluted WASO 62,703 (1) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
Property and Equipment (Tables)	Mar. 31, 2024
Property and Equipment
Schedule of property and equipment	March 31, 2024 December 31, 2023 Owned Owned Estimated assets assets Useful Owned available to Owned available to Life assets be leased Total assets be leased Total in years amounts in thousands Land NA $ 18,583 22,891 41,474 18,583 22,891 41,474 Buildings and improvements 15-39 283,300 355,300 638,600 281,450 355,300 636,750 Leasehold improvements 15-39 78,284 64,531 142,815 76,169 64,657 140,826 Furniture and equipment 5-7 185,812 8,687 194,499 179,828 8,518 188,346 Construction in progress NA 11,692 97,915 109,607 4,911 79,636 84,547 Property and equipment, at cost $ 577,671 549,324 1,126,995 560,941 531,002 1,091,943

Investments in Affiliates Acc_2

Investments in Affiliates Accounted for Using the Equity Method (Tables)	3 Months Ended
	Mar. 31, 2024
Investments in Affiliates Accounted for Using the Equity Method
Schedule of carrying amount and percentage ownership of investments in affiliates	March 31, 2024 December 31, 2023 Percentage Carrying Carrying Ownership amount amount amounts in thousands MLBAM 3.3 % $ 48,552 49,338 BELP 3.3 % 36,701 34,988 Other 50.0 % 14,887 14,887 Total $ 100,140 99,213
Schedule of share of earnings (losses) of affiliates	Three months ended March 31, 2024 2023 amounts in thousands MLBAM $ (787) (1,243) BELP 1,713 197 Other 701 243 Total $ 1,627 (803)

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt
Schedule of debt	March 31, December 31, 2024 2023 amounts in thousands Baseball League wide credit facility $ — — MLB facility fund – term 30,000 30,000 MLB facility fund – revolver 40,825 41,400 TeamCo revolver — — Term debt 162,119 165,370 Mixed-Use Development Credit facilities 84,359 70,107 Term debt 266,069 266,070 Deferred financing costs (3,459) (3,678) Total debt 579,913 569,269 Debt classified as current (42,547) (42,153) Total long-term debt $ 537,366 527,116

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Stock-Based Compensation
Schedule of stock based compensation activity	Series C Weighted Aggregate average intrinsic Atlanta Braves Holdings remaining value options (000's) WAEP life (in millions) Outstanding at January 1, 2024 3,502 $ 28.36 Granted — $ — Exercised (160) $ 23.59 Forfeited/Cancelled — $ — Outstanding at March 31, 2024 3,342 $ 28.59 4.1 years $ 35 Exercisable at March 31, 2024 2,390 $ 26.85 3.5 years $ 29

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2024
Segment Information
Schedule of disaggregates revenue by segment and by source	Three months ended March 31, 2024 2023 amounts in thousands Baseball: Baseball event $ 1,168 1,118 Broadcasting 2,101 891 Retail and licensing 5,653 4,375 Other 13,048 11,177 Total Baseball 21,970 17,561 Mixed-Use Development 15,110 13,411 Total revenue $ 37,080 30,972
Schedule of revenue and adjusted OIBDA	Three months ended March 31, 2024 2023 amounts in thousands Baseball $ (41,716) (35,835) Mixed-Use Development 9,933 9,153 Corporate and Other (1,971) (4,705) Total $ (33,754) (31,387)
Schedule of other information	March 31, 2024 December 31, 2023 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in thousands Baseball $ 957,857 85,253 6,245 882,442 84,326 12,152 Mixed-Use Development 598,852 14,887 21,397 571,586 14,887 56,884 Corporate and other 48,294 — — 51,256 — — Elimination (1) (2,814) — — (954) — — Total $ 1,602,189 100,140 27,642 1,504,330 99,213 69,036 (1) This amount relates to income taxes payable that partially offsets income taxes receivable in the condensed consolidated balance sheets.
Schedule of reconciliation of adjusted OIBDA to operating income (loss) and earnings (loss) before income taxes	Three months ended March 31, 2024 2023 amounts in thousands Adjusted OIBDA $ (33,754) (31,387) Stock-based compensation (3,719) (3,191) Depreciation and amortization (14,882) (14,679) Operating income (loss) (52,355) (49,257) Interest expense (9,443) (8,912) Share of earnings (losses) of affiliates, net 1,627 (803) Realized and unrealized gains (losses) on intergroup interests, net — (13,377) Realized and unrealized gains (losses) on financial instruments, net 2,974 (761) Other, net 1,769 841 Earnings (loss) before income taxes $ (55,428) (72,269)

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	1 Months Ended		3 Months Ended
Basis of Presentation (Details) $ in Millions	Nov. 30, 2023 shares	Nov. 30, 2022	Mar. 31, 2024 USD ($) item shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023	Dec. 31, 2022 shares
Basis of Presentation
Number of other league baseball clubs \| item			29
Liberty Media Corporation
Basis of Presentation
Number of shares owned			1,811,066
Reimbursable amount \| $			$ 0.5
Affiliated Entity \| Liberty Media Corporation
Basis of Presentation
Payment to related party \| $				$ 1.9
Affiliated Entity \| Liberty Media Corporation \| CEO
Basis of Presentation
CEO compensation allocation percentage			8%		7%
Liberty Formula One Group \| Liberty Braves Group
Basis of Presentation
Shares owned						6,792,903
Intergroup Interest Percentage						11%
Liberty Sirius XM Group \| Liberty Braves Group
Basis of Presentation
Shares owned						1,811,066
Intergroup Interest Percentage						2.90%
Liberty Braves Group
Basis of Presentation
Split-off ratio		1
Liberty Braves Group \| Liberty Media Corporation
Basis of Presentation
Shares exchanged	1,811,066

Earnings Attributable to Atla_3

Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share (Details) - shares		3 Months Ended
	Jul. 18, 2023	Mar. 31, 2023
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share
Stock Issued During Period Shares Stock Split-off	61,700,000
Equity awards outstanding		0

Earnings Attributable to Atla_4

Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share - Schedule of weighted average number of common shares outstanding (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2024 shares
Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share
Basic WASO	61,879
Potentially dilutive shares	824
Diluted WASO	62,703

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property and Equipment
Owned assets	$ 577,671		$ 560,941
Owned assets available to be leased	549,324		531,002
Total	1,126,995		1,091,943
Depreciation expense	13,600	$ 13,500
Land
Property and Equipment
Owned assets	18,583		18,583
Owned assets available to be leased	22,891		22,891
Total	41,474		41,474
Building and Building Improvements
Property and Equipment
Owned assets	283,300		281,450
Owned assets available to be leased	355,300		355,300
Total	$ 638,600		636,750
Building and Building Improvements \| Minimum
Property and Equipment
Estimated useful life	15 years
Building and Building Improvements \| Maximum
Property and Equipment
Estimated useful life	39 years
Leasehold Improvements
Property and Equipment
Owned assets	$ 78,284		76,169
Owned assets available to be leased	64,531		64,657
Total	$ 142,815		140,826
Leasehold Improvements \| Minimum
Property and Equipment
Estimated useful life	15 years
Leasehold Improvements \| Maximum
Property and Equipment
Estimated useful life	39 years
Furniture and Fixtures
Property and Equipment
Owned assets	$ 185,812		179,828
Owned assets available to be leased	8,687		8,518
Total	$ 194,499		188,346
Furniture and Fixtures \| Minimum
Property and Equipment
Estimated useful life	5 years
Furniture and Fixtures \| Maximum
Property and Equipment
Estimated useful life	7 years
Construction in Progress
Property and Equipment
Owned assets	$ 11,692		4,911
Owned assets available to be leased	97,915		79,636
Total	$ 109,607		$ 84,547

Investments in Affiliates Acc_3

Investments in Affiliates Accounted for Using the Equity Method (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jan. 31, 2000
Investments in Affiliates Accounted for Using the Equity Method
Investments in affiliates, accounted for using the equity method	$ 100,140	$ 99,213
MLBAM
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	3.30%		3.30%
Investments in affiliates, accounted for using the equity method	$ 48,552	49,338
BELP
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	3.30%
Investments in affiliates, accounted for using the equity method	$ 36,701	34,988
Other
Investments in Affiliates Accounted for Using the Equity Method
Percentage ownership	50%
Investments in affiliates, accounted for using the equity method	$ 14,887	$ 14,887

Investments in Affiliates Acc_4

Investments in Affiliates Accounted for Using the Equity Method - Share of earnings (losses) of affiliates (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2000 item	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net		$ 1,627	$ (803)
MLBAM
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net		$ (787)	(1,243)
Number of owners \| item	30
Percentage ownership	3.30%	3.30%
Excess basis		$ 10,300		$ 10,300
BELP
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net		$ 1,713	197
Percentage ownership		3.30%
Term of lag		1 month
Other
Investments in Affiliates Accounted for Using the Equity Method
Share of earnings (losses) of affiliates, net		$ 701	$ 243
Percentage ownership		50%
Term of lag		3 months
Number of joint ventures \| item		3

Debt - Summary of debt (Details

Debt - Summary of debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt
Deferred financing costs	$ (3,459)	$ (3,678)
Total debt	579,913	569,269
Debt classified as current	(42,547)	(42,153)
Total long-term debt	537,366	527,116
MLB Facility Fund - Term
Debt
Carrying amount of debt	30,000	30,000
MLB Facility Fund - Revolver
Debt
Carrying amount of debt	40,825	41,400
Term debt
Debt
Carrying amount of debt	162,119	165,370
Mixed Use Development Credit Facilities
Debt
Carrying amount of debt	84,359	70,107
Mixed Use Development Term Debt
Debt
Carrying amount of debt	$ 266,069	$ 266,070

Debt - League wide credit facil

Debt - League wide credit facility (Details) - Baseball league wide credit facility - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	May 31, 2022	Dec. 31, 2013	Mar. 31, 2024
Debt
Maximum borrowings			$ 125
Interest rate (in percent)			6.63%
Commitment fee percentage			0.20%
One month LIBOR
Debt
Interest rate basis		one-month London Inter-Bank Offered Rate (“LIBOR”)
One month LIBOR \| Minimum
Debt
Margin/spread on interest rate (in percent)		1.20%
One month LIBOR \| Maximum
Debt
Margin/spread on interest rate (in percent)		1.325%
LIBOR
Debt
Interest rate basis		LIBOR
Margin/spread on interest rate (in percent)		1%
Federal Funds rate
Debt
Interest rate basis		Federal Funds rate
Margin/spread on interest rate (in percent)		0.50%
Base Rate
Debt
Interest rate basis		Base Rate
Base Rate \| Minimum
Debt
Margin/spread on interest rate (in percent)		0.20%
Base Rate \| Maximum
Debt
Margin/spread on interest rate (in percent)		0.325%
SOFR
Debt
Interest rate basis	Secured Overnight Financing Rate
Margin/spread on interest rate (in percent)	0.10%

Debt - MLB facility fund term a

Debt - MLB facility fund term and revolver (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	May 31, 2022	May 31, 2021	Mar. 31, 2024	Jun. 30, 2020
Baseball MLB facility fund - term
Debt
Carrying amount of debt				$ 30
Maturity amount 2029				15
Maturity amount 2030				$ 15
Interest rate (in percent)				3.65%
Baseball MLB facility fund - revolver
Debt
Maximum borrowings			$ 40.8
Line of credit interest rate (in percent)			6.70%
Commitment fee percentage			0.20%
Baseball MLB facility fund - revolver \| One month LIBOR
Debt
Interest rate basis		one-month LIBOR
Baseball MLB facility fund - revolver \| One month LIBOR \| Minimum
Debt
Margin/spread on interest rate (in percent)		1.275%
Baseball MLB facility fund - revolver \| One month LIBOR \| Maximum
Debt
Margin/spread on interest rate (in percent)		1.40%
Baseball MLB facility fund - revolver \| LIBOR
Debt
Interest rate basis		LIBOR
Margin/spread on interest rate (in percent)		1%
Baseball MLB facility fund - revolver \| Federal Funds Rate
Debt
Interest rate basis		Federal Funds rate
Margin/spread on interest rate (in percent)		0.50%
Baseball MLB facility fund - revolver \| Base Rate
Debt
Interest rate basis		Base Rate
Baseball MLB facility fund - revolver \| Base Rate \| Minimum
Debt
Margin/spread on interest rate (in percent)		0.275%
Baseball MLB facility fund - revolver \| Base Rate \| Maximum
Debt
Margin/spread on interest rate (in percent)		0.40%
Baseball MLB facility fund - revolver \| SOFR
Debt
Interest rate basis	SOFR
Margin/spread on interest rate (in percent)	0.10%

Debt - TeamCo revolver (Details

Debt - TeamCo revolver (Details) - TeamCo Revolver - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2016	Mar. 31, 2024	Aug. 31, 2022
Debt
Maximum borrowings	$ 85		$ 150
Interest rate (in percent)		6.58%
Remaining borrowing capacity		$ 150
Commitment fee percentage		0.20%
Federal Funds Rate
Debt
Interest rate basis	Federal Funds rate
Margin/spread on interest rate (in percent)	0.50%
LIBOR
Debt
Interest rate basis	LIBOR
Margin/spread on interest rate (in percent)	1%
Base Rate
Debt
Interest rate basis	Base Rate
Margin/spread on interest rate (in percent)	0.25%

Debt - Baseball term debt (Deta

Debt - Baseball term debt (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2016	Mar. 31, 2024	Dec. 31, 2023
Debt
Outstanding borrowings		$ 579,913	$ 569,269
Senior Secured Permanent Placement Note
Debt
Carrying amount of debt	$ 200,000
Interest rate (in percent)	3.77%
Principal and Interest payment	$ 6,400
Outstanding borrowings		160,800	$ 164,000
Estimated fair value		$ 137,000

Debt - Mixed-use development cr

Debt - Mixed-use development credit facilities (Details) - USD ($) $ in Thousands		1 Months Ended
	Dec. 15, 2020	May 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Dec. 31, 2023	Aug. 31, 2016
Debt
Outstanding borrowings				$ 579,913	$ 569,269
Term loan maturing on May 18, 2028
Debt
Carrying amount of debt		$ 80,000		80,000
Outstanding borrowings				68,200	68,200
Term loan maturing on May 18, 2028 \| SOFR
Debt
Interest rate basis		SOFR
Margin/spread on interest rate (in percent)		2.50%
Mixed Use Development Construction Loan Facility Maturing November 2024
Debt
Carrying amount of debt						$ 37,500
Outstanding borrowings				34,500	34,600
Interest rate (in percent)						4%
Principal and Interest payment	$ 179
Mixed Use Development Construction Loan Facility Maturing December 2026
Debt
Carrying amount of debt			$ 112,500
Outstanding borrowings				$ 49,300	$ 34,800
Interest rate (in percent)				7.33%
Mixed Use Development Construction Loan Facility Maturing December 2026 \| SOFR
Debt
Interest rate basis			SOFR
Margin/spread on interest rate (in percent)			2%
Debt instrument conditional basis spread on variable rate			1.80%

Debt - Mixed-use development te

Debt - Mixed-use development term debt (Details) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2023	Jun. 30, 2022	May 31, 2018	Mar. 31, 2024	Dec. 31, 2023
Debt
Outstanding borrowings				$ 579,913	$ 569,269
Term Loan Maturing On May 18, 2025
Debt
Carrying amount of debt			$ 95,000
Outstanding borrowings				94,900	94,900
Term Loan Maturing On May 18, 2025 \| One month LIBOR
Debt
Interest rate basis			one-month LIBOR
Margin/spread on interest rate (in percent)			1.35%
Term Loan Maturing On June 13, 2027
Debt
Carrying amount of debt		$ 125,000
Outstanding borrowings				101,600	101,600
Annual principal payments		$ 1,900
Amount unavailable until conditions are met				$ 22,700
Interest rate (in percent)				7.43%
Term Loan Maturing On June 13, 2027 \| SOFR
Debt
Interest rate basis		one-month SOFR
Margin/spread on interest rate (in percent)		2.10%
Term Loan Maturing On May 18, 2028
Debt
Carrying amount of debt	$ 80,000			$ 80,000
Outstanding borrowings				68,200	$ 68,200
Annual principal payments	$ 1,000
Amount unavailable until conditions are met				$ 11,300
Term Loan Maturing On May 18, 2028 \| SOFR
Debt
Interest rate basis	SOFR
Margin/spread on interest rate (in percent)	2.50%

Debt - Interest rate swaps (Det

Debt - Interest rate swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	May 31, 2022	Aug. 01, 2020	Apr. 01, 2020	Aug. 31, 2019	May 31, 2018
Debt
Derivative assets	Other assets, net	Other assets, net
Derivative liabilities		Other noncurrent liabilities
Interest Rate Swap Maturing On May 5, 2025
Debt
Notional amount								$ 95,000
Derivative assets, fair value	$ 2,300	$ 2,200
Interest Rate Swap Maturing On March 8, 2023
Debt
Notional amount					$ 100,000	$ 25,000	$ 100,000
Interest Rate Swap Maturing On June 1, 2025
Debt
Notional amount				$ 100,000
Derivative assets, fair value	2,500	2,400
Interest Rate Swap Maturing On May 18, 2028
Debt
Notional amount			$ 64,000
Derivative assets, fair value	$ 820
Derivative liabilities, fair value		$ 372

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation
Stock based compensation expense	$ 3.7	$ 3.2
Dividend rate	0%
CEO \| Performance Shares
Stock-Based Compensation
Vesting period	1 year
Shares granted	35
Grant date fair value	$ 38.58
2023 Plan \| Stock compensation plan
Stock-Based Compensation
Number of authorized shares	7,250
2023 Plan \| Stock compensation plan \| Minimum
Stock-Based Compensation
Vesting period	1 year
Term of awards	7 years
2023 Plan \| Stock compensation plan \| Maximum
Stock-Based Compensation
Vesting period	5 years
Term of awards	10 years

Stock-Based Compensation - Outs

Stock-Based Compensation - Outstanding Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common Class C
Options outstanding rollforward
Outstanding beginning balance	3,502
Exercised	(160)
Outstanding ending balance	3,342
Exercisable	2,390
Exercise price rollforward
Outstanding beginning balance	$ 28.36
Exercised	23.59
Outstanding ending balance	28.59
Exercisable	$ 26.85
Weighted average remaining life outstanding	4 years 1 month 6 days
Weighted average remaining life exercisable	3 years 6 months
Aggregate intrinsic value outstanding	$ 35
Aggregate intrinsic value exercisable	29
Unrecognized compensation cost	$ 19.5
Weighted average period of unrecognized compensation cost	1 year 10 months 24 days
Shares reserved for issuance	3,300
Aggregate intrinsic value	$ 2.3	$ 2.2
Common Class A and B
Options outstanding rollforward
Outstanding ending balance	0
Restricted Stock And Restricted Stock Units \| Common Class A and C
Exercise price rollforward
Number of unvested shares	513
Grant date fair value	$ 37.24
Aggregate fair value	$ 2	$ 0.7

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2022 USD ($) plan	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Commitments and Contingencies
Potential amount that could be required to be written-down		$ 12,700
Diamond Sports Group Bankruptcy
Commitments and Contingencies
Potential maximum amount that could be required to be repaid		$ 34,200
Preference period		90 days
Employment Contracts
Commitments and Contingencies
Amount payable under employee contracts in 2024		$ 267,400
Amount payable under employee contracts in 2025		204,900
Amount payable under employee contracts in 2026		161,700
Amount payable under employee contracts in 2027		111,700
Amount payable under employee contracts in 2028		105,200
Amount payable under employee contracts thereafter		146,300
Collective Bargaining Agreement
Commitments and Contingencies
Number of components of revenue sharing plan \| plan	2
Revenue pool, contribution, percent of prior years net defined local revenue	48%
Revenue pool, contribution, net defined local revenue, period	3 years
Amount funded to commissioner's discretionary fund	$ 15,000
Amount incurred in revenue sharing		$ 815	$ 198
Percentage of labor force covered		13%

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Information
Revenue	$ 37,080	$ 30,972
Operating segment
Segment Information
Revenue	37,080	30,972
Operating segment \| Baseball
Segment Information
Revenue	21,970	17,561
Operating segment \| Baseball \| Baseball event
Segment Information
Revenue	1,168	1,118
Operating segment \| Baseball \| Broadcasting
Segment Information
Revenue	2,101	891
Operating segment \| Baseball \| Retail and licensing
Segment Information
Revenue	5,653	4,375
Operating segment \| Baseball \| Other
Segment Information
Revenue	13,048	11,177
Operating segment \| Mixed-Use Development
Segment Information
Revenue	$ 15,110	$ 13,411

Segment Information - Performan

Segment Information - Performance measures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Information
Long term deferred revenue	$ 18.2		$ 16.4
Revenue recognized	5.3	$ 4.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 312.8
Expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 316.6
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 290.4
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 471.4
Expected timing of satisfaction period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2032-01-01
Segment Information
Remaining performance obligation, revenue expected to be recognized	$ 128.4
Expected timing of satisfaction period

Segment Information - Adjusted

Segment Information - Adjusted OIBDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Information
Adjusted OIBDA	$ (33,754)	$ (31,387)
Operating segment \| Baseball
Segment Information
Adjusted OIBDA	(41,716)	(35,835)
Operating segment \| Mixed-Use Development
Segment Information
Adjusted OIBDA	9,933	9,153
Corporate and other
Segment Information
Adjusted OIBDA	$ (1,971)	$ (4,705)

Segment Information - Other inf

Segment Information - Other information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Segment Information
Total assets	$ 1,602,189	$ 1,504,330
Investments in affiliates	100,140	99,213
Capital expenditures	27,642	69,036
Operating Segments \| Baseball.
Segment Information
Total assets	957,857	882,442
Investments in affiliates	85,253	84,326
Capital expenditures	6,245	12,152
Operating Segments \| Mixed Use Development
Segment Information
Total assets	598,852	571,586
Investments in affiliates	14,887	14,887
Capital expenditures	21,397	56,884
Corporate and other
Segment Information
Total assets	48,294	51,256
Elimination
Segment Information
Total assets	$ (2,814)	$ (954)

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Information
Adjusted OIBDA	$ (33,754)	$ (31,387)
Stock-based compensation	(3,719)	(3,191)
Depreciation and amortization	(14,882)	(14,679)
Operating income (loss)	(52,355)	(49,257)
Interest expense	(9,443)	(8,912)
Share of earnings (losses) of affiliates, net	1,627	(803)
Realized and unrealized gains (losses) on intergroup interests, net		(13,377)
Realized and unrealized gains (losses) on financial instruments, net	2,974	(761)
Other, net	1,769	841
Earnings (loss) before income taxes	$ (55,428)	$ (72,269)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (51,272)	$ (57,976)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false