Atlanta Braves Holdings Inc-A 2025年度报告

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12months (or for such shorter period that the Registrant was required to file such reports) and (2)has been subject to such filing requirements for the past90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule12b-2 of the Exchange Act. Largeacceleratedfiler☒Acceleratedfiler☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the voting and non-voting common stock held by non-affiliates of Atlanta Braves Holdings, Inc. computed by reference to the lastsales price of such stock, as of the closing of trading on June 30, 2025, was approximately $2.5 billion. The number of outstanding shares of Atlanta Braves Holdings, Inc. common stock as of January 31, 2026 was: The Registrant's definitive proxy statement for its 2026 Annual Meeting of Stockholders is hereby incorporated by reference into Part III of this Annual Report ATLANTA BRAVES HOLDINGS, INC. 2025 ANNUAL REPORT ON FORM 10-K Table of ContentsPartI Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures I-1I-12I-25I-25I-27I-27I-27 Part II Item 5.Marketfor Registrant's Common Equity,Related Stockholder Matters and IssuerPurchases of Equity SecuritiesII-1Item 6.[Reserved]II-2Item 7.Management'sDiscussion and Analysis of Financial Condition and Results ofOperationsII-2Item 7A.Quantitative and Qualitative Disclosures About Market RiskII-10Item 8.Financial Statements and Supplementary DataII-10Item 9.Changesin and Disagreements with Accountants on Accounting and FinancialDisclosureII-10Item 9A.Controls and ProceduresII-11Item 9B.Other InformationII-11Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsII-11 Part III Item 10.Directors, Executive Officers and Corporate GovernanceIII-1Item 11.Executive CompensationIII-1Item 12.SecurityOwnership of Certain Beneficial Owners and Management and RelatedStockholder MattersIII-1Item 13.Certain Relationships and Related Transactions, and Director IndependenceIII-1Item 14.Principal Accountant Fees and ServicesIII-1 Part IV Item 15.Exhibits and Financial Statement SchedulesIV-1Item 16.Form 10-K SummaryIV-3 PART I. Item 1. Business General Development of Business Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings,” “the Company,” “us,” “we,” or “our”) isprimarily comprised of Braves Holdings, LLC (“Braves Holdings”), a wholly-owned subsidiary, andcorporate cash. On July 18, 2023, Liberty Media Corporation (“Liberty” or “Liberty Media”), the then currentparent organization of the Company, completed the previously announced redemption of each outstandingshare of its Liberty Braves common stock in exchange for one share of the corresponding series of commonstock of a newly formed entity, Atlanta Braves Holdings (the “Split-Off”). The Split-Off was inte