Liberty Media Reports 1Q Results

Liberty Media Corporation today reported first quarter 2020 results. Headlines include:

Attributed to SiriusXM:

• Self-pay net subscriber additions of 69,000 reported for first quarter
• First quarter revenue of $2.0 billion; a pro forma increase of 5%
• First quarter net income of $293 million; diluted EPS of $0.07
• Adjusted EBITDA(2) reached $639 million in the first quarter, up 13%
• Liberty Media’s ownership of SiriusXM stood at 72.2% as of April 24th

“We are operating in unprecedented times, impacting the Liberty portfolio across the globe. Our companies in the live event space have been working with players, teams, bands, fans and government authorities to operate during social distancing and safely provide unique and engaging experiences.

"We thank our employees and partners for their dedication, flexibility and leadership,” said Greg Maffei, Liberty Media President & CEO. “We were pleased to complete the reattribution between Formula One Group and Liberty SiriusXM Group in April. Liberty SiriusXM now includes Live Nation, a complementary business and an established leader in the entertainment space. SiriusXM posted solid first quarter results and the business is proving resilient. Formula One Group has a strengthened balance sheet which will enable us to enhance the F1 business and be opportunistic.”

In a statement, Liberty Media says it is monitoring and continues to assess the effects of the COVID-19 pandemic on its operations, wholly-owned businesses and various investments. The global spread of COVID-19 has prompted most local, state and federal government agencies, both domestically and internationally, to impose travel restrictions and local quarantines or stay at home restrictions to contain the spread. As a result, the business operations of Formula 1, the Atlanta Braves and Live Nation have been largely, if not completely, suspended. Although it is expected that these restrictions will eventually be loosened or fully lifted, the timing is uncertain and could change given the evolving circumstances. Liberty Media and our portfolio companies will continue to comply with the recommendations of various government agencies and focus on the safety of our employees, partners and customers.