SiriusXM Drives Liberty Media's Quarterly Financials
"SiriusXM delivered another outstanding year of results," says CEO Greg Maffei. "Chase Carey and team made great progress on their strategic goals" for Formula One.
Liberty Media, the company controlled by billionaire mogul and chairman John Malone that houses such assets as satellite radio company SiriusXM Radio, the Atlanta Braves baseball club and the Formula One racing circuit, on Thursday reported its fourth-quarter financials.
Liberty Media posted a $331 million operating profit for the period, up from $290 million last year, or $273 million when including Formula One, which the company didn't own in the year-ago period. The company's Liberty Braves Group recorded a wider operating loss, while Formula One swung to a profit and Sirius grew its profit.
Liberty Media's fourth-quarter revenue rose to $1.99 billion from $ 1.32 billion, driven by gains at SiriusXM and the Braves and the addition of Formula One revenue.
"SiriusXM delivered another outstanding year of results," said Liberty Media CEO Greg Maffei. "When Liberty completed its purchase of Formula One last January, we knew the business would require investment to achieve its full potential. Chase Carey and team made great progress on their strategic goals, and we look forward to more in 2018." And he added: "The Atlanta Braves increased revenue in 2017 by an astounding 47 percent, demonstrating the appeal of the new SunTrust Park and Battery Atlanta."