The media conglomerate Liberty Media has announced that its net income and revenue for the third quarter have experienced a slight decline. However, this decrease has been offset by the growth of its satellite-radio and car-racing holdings, despite the spinoff of the Atlanta Braves baseball team during this period.
Financial Summary
For the quarter ended in September, Liberty Media’s earnings slipped to $385 million, compared to $391 million in the previous year. Similarly, its revenue decreased by 1.2% to $3.21 billion.
Performance of Liberty Media’s Holdings
The Liberty Media SiriusXM Group unit reported a slight decline in revenue, reaching $2.27 billion. In contrast, Formula One Group’s revenue experienced an impressive 24% rise to $887 million. This growth can be attributed to increased interest in the sport, leading to a significant sponsorship deal with American Express.
Moreover, operating income before depreciation and amortization derived from SiriusXM Group rose by 3% to $736 million. Similarly, Formula One Group’s operating income before depreciation and amortization increased by 25% to $197 million.
Conclusion
Despite the decline in net income and revenue for the third quarter, Liberty Media’s satellite-radio and car-racing holdings have shown promising growth. The company remains steadfast in its commitment to delivering quality entertainment to its audience.
