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Liberty Media reports solid full-year earnings; F1 grows

Published 02/28/2024, 08:49 AM
Updated 02/28/2024, 08:52 AM
© Reuters.  Liberty Media reports solid full-year earnings; F1 grows

Liberty Media Corporation (LSXMA) released its fourth-quarter and year-end financial results for 2023, showcasing a stable performance across its attributed groups. The company's Liberty SiriusXM Group reported a full-year revenue of $8.95 billion and a net income of $1.26 billion, translating to a diluted earnings per share (EPS) of $0.32. Meanwhile, the Formula One Group posted a full-year 2023 revenue of $1.23 billion and an operating income of $122 million.

Liberty Media President and CEO Greg Maffei highlighted the company's achievements, noting, "Liberty had a productive 2023. We split-off the Atlanta Braves, created the Liberty Live Group tracking stock, and announced the combination of Liberty SiriusXM Group with SiriusXM." He added that Formula 1 experienced another exceptional year with significant growth in all revenue streams and that the inaugural Las Vegas Grand Prix generated a substantial global buzz.

The steady performance of Liberty Media's attributed groups, particularly the growth in Formula 1's fan base and social media presence, underscored the company's stability in the past year.

Liberty Media's ownership of SiriusXM stood at 83.4% as of January 30, 2024. The company also made strides in reducing the Liberty SiriusXM Group's debt by $279 million in the fourth quarter and by $782 million for the full year. The planned combination of Liberty SiriusXM Group and SiriusXM is expected to be completed in the early third quarter of 2024.

The Formula One Group's success was marked by a 5% increase in fan attendance, reaching 6 million in 2023, and a strong TV viewership of 1.5 billion cumulative viewers. The group's social media following also grew to 70.5 million followers. The announcement of multiple race promotion deals, including a new multi-year agreement to race in Madrid from 2026, further solidified Formula One's global presence.

Liberty Media's Live Nation investment was valued at $6.5 billion as of December 31, 2023, with Maffei expressing optimism for 2024, stating that it is "already poised to surpass a record 2023." The company's focus on strategic achievements and cost management across its groups, including SiriusXM's launch of its next-generation app and investment in marquee talent, positions Liberty Media for continued growth in the entertainment and media sectors.

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