LIBERTY MEDIA CORP
LLYVK
Communication Services
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Liberty Media Corporation is the parent entity of John Malone's empire of tracking stocks and tax-optimized corporate structures. Tax avoidance is the organizing principle of the Liberty architecture: tracking stocks enable tax-free reorganizations, cash-rich split-offs harvest tax losses, and serial restructurings defer capital gains indefinitely. Liberty Media holds $760M in deferred tax assets and $609M in tax loss carryforwards. The SiriusXM reverse Morris trust (2024) and Liberty Live split-off both relied on external tax opinions rather than IRS private letter rulings. The IRS has won every contested case against Liberty entities: Project Soy ($2.4B deduction denied, district court found "only substantial purpose was tax evasion") and the J:COM foreign tax credit ($240M denied, 10th Circuit 2025). The empire spans Liberty Global (Bermuda parent), Liberty Latin America (Bermuda), Formula One (Jersey, 0% tax), and formerly Liberty Broadband and Liberty TripAdvisor — all structured to minimize tax obligations across jurisdictions.
Research Sources
3 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.