Liberty Media Swings to First-Quarter Loss
The company, controlled by billionaire mogul John Malone, reports financials for the Atlanta Braves and Formula One.
Liberty Media, the company controlled by billionaire mogul John Malone that houses assets like audio entertainment giant SiriusXM Radio, the Atlanta Braves baseball club and the Formula One racing circuit, on Thursday said it swung to a first-quarter loss.
The company posted a loss of $158 million, compared with a year-ago profit of $131 million.
Liberty Media's first-quarter revenue climbed to $2.0 billion from $1.5 billion.
Formula One's operating loss narrowed from $118 million in the year-ago period to $58 million in the first quarter, while the Braves' operating loss narrowed from $51 million to $49 million. But SiriusXM's operating earnings fell 22 percent to $307 million.
Liberty Media’s ownership of SiriusXM stood at 68.6 percent as of April 22, the company disclosed.
"SiriusXM produced another strong quarter and the integration with Pandora is well underway," said Greg Maffei, Liberty Media's president and CEO. "Both Formula 1 and the Braves kicked off their 2019 seasons and broke ground on exciting new developments — Formula One on the racetrack in Hanoi and the Braves on the second phase of the Battery Atlanta."
Chase Carey, who serves as Formula One's chairman and CEO, lauded recent developments and deals struck by the racing circuit. "This quarter we announced multiple deals, securing full broadcast coverage for the 2019 season and adding new sponsors," he said. "The Netflix series Formula 1: Drive to Survive was well received by existing and new fans and created excitement for the launch of the 2019 season in March."