Liberty Media Records $2.88B in Q2 Revenue
Liberty Media — home to Formula 1, the Atlanta Braves, and SiriusXM — reported Q2 earnings Friday. Revenue was up for all three divisions and increased from $1.91 billion to $2.88 billion overall.
Total operating income reached $622 million compared to $214 million during the same quarter last year.
Formula 1 had the biggest quarter, with revenue jumping from $24 million to $501 million year-over-year and up from $180 million in Q1. The spike comes as the sport continues to gain viewers and evolve its offerings.
- June 29: F1 announced a five-year, $100 million global partnership with Crypto.com.
- April 26: It agreed to a new “sprint” format for qualifying races.
- April 19: It finalized a 10-year deal to race at the Hard Rock Stadium in Miami.
Liberty acquired F1 from private equity firm CVC for $4.6 billion in 2017.
The Braves saw revenue surge too, from $11 million to $216 million year-over-year. As venues bring back fans, the Braves have led MLB in total attendance and average attendance per game this season.
SiriusXM — which hosts a wide range of sports programs from NASCAR, ESPN, and others — saw revenue increase 15% year-over-year to $2.16 billion. Liberty owns 78.1% of the satellite radio service.