Liberty Media Reports 1Q Financials

Liberty Media Corporation today reported first quarter 2018 results.

Highlights include:

• SiriusXM reported strong first quarter 2018 results Total subscribers surpassed 33 million for first timeFirst quarter revenue climbed 6% to $1.4 billionTotal net subscriber additions of 330,000 in the quarterNet income grew 40% to $289 million; adjusted EBITDA (2) grew 6% to $532 millionOperating cash flow climbed 34% to $415 million; free cash flow (2) climbed 31% to $326 millionSiriusXM reiterated financial and subscriber guidance for 2018Liberty Media’s ownership of SiriusXM stood at 70.6% as of April 23 rdFrom February 1, 2018 through April 30, 2018, repurchased 2.4 million LSXMK shares at an average price per share of $41.16 and total cash consideration of $100 million
• Formula One Group Presented teams and FIA with proposals to improve sport for 2021 and beyond: alterations to power unit specifications, optimizing cost structure, balancing revenue distribution and amending technical and sporting regulations to facilitate better racing.
• Announced key long-term partnership with China Central Television, the predominant state television broadcaster in China, bringing Formula 1 (“F1”) back to this nationwide platform for the first time since 2012.  Announced renewed sponsorship agreements with DHL and PETRONASProgressed digital initiatives with OTT platform “F1 TV” available from Spanish Grand Prix; extension of Snap Inc. agreement; production of Netflix docu-series; Players’ Tribune original series; fantasy sports partnership with PlayON; F1 Live Show on Twitter
• Braves Group Announced planned sale of residential portion of Battery AtlantaSilverspot Cinema to open a 38,000 square foot theater in Battery AtlantaBraves record 19-14 as of May 6, first place in NL East division

“SiriusXM continues its track record of excellent execution and we initiated the purchase of Liberty SiriusXM shares,” said Greg Maffei, Liberty Media President and CEO. “Formula 1’s 2018 season to-date has been celebrated with exciting races and unpredictable outcomes. We look forward to this weekend’s launch of F1 TV, our OTT product. A young Atlanta Braves team has started the season strong and The Battery continues to be a compelling draw for fans and businesses.”