Liberty Media's 3 biggest assets are Formula 1 Group (which includes such diverse entities as the Drone Racing League), Sirius XM Radio and the Atlanta Braves MLB team. In the past, they have had an on again, off again relationship with NewsCorp.
In 2018, ESPN got the American broadcast rights to F1 for practically nothing. NBC, how had been the broadcaster over here, dropped out at the last minute when F1 started the F1 TV service. NBC insisted on exclusive broadcast rights or nothing at all. For a short time, there was a chance that no one would broadcast the 2018 season over here.
It is said that the Roman emperor Tiberius named the insane Caligula as his successor so that he would always seem better by comparison, always be "the good old days." Maybe that was Bernie's game with Liberty.