Liberty Media Corporation operates through two primary tracking stock groups: the Formula One Group and the Liberty Live Group.

The Formula One Group includes Liberty Media's interests in Formula 1, a global motorsports entity that holds the commercial rights to the World Championship. It also includes Quint, a company specializing in providing official tickets and hospitality packages for various sporting and entertainment events.

The Liberty Live Group comprises Liberty Media's investment in Live Nation Entertainment Inc., a prominent live entertainment company that includes Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship.

UBS has issued a neutral rating for Liberty Media, reflecting the company's diverse portfolio and strategic positioning within the entertainment and sports sectors.