SiriusXM Drives Liberty Media Earnings

Liberty Media, the company controlled by billionaire mogul John Malone and which houses such assets as satellite radio company SiriusXM Radio, the Atlanta Braves baseball club and the Formula One racing circuit, on Thursday reported higher fourth-quarter financials.

Operating income for the period rose 15 percent to $379 million. Adjusted operating income before depreciation and amortization (OIBDA), another profitability metric, rose 3 percent to $650 million. The company's fourth-quarter revenue edged up 1 percent from $1.99 billion to $2.01 billion.

Highlights include:

Attributed to Liberty SiriusXM Group

• SiriusXM reported strong full year 2018 results
• Self-pay net subscriber additions of 1.4 million in 2018; total subscribers top 34 million
• Record 2018 revenue of $5.8 billion
• Full-year net income grew 81% to $1.2 billion; diluted EPS climbed 88% to $0.26
• Adjusted EBITDA(2) climbed 6% to $2.2 billion

SiriusXM confirmed guidance for 2019

• Completed transaction with Pandora on February 1st
• Liberty Media’s ownership of SiriusXM stood at 67% pro forma for Pandora transaction
• From November 1st through January 31st, repurchased 4.2 million LSXMK shares at an average price per share of $38.12 and total cash consideration of $159 million

“SiriusXM finished strong, hit financial milestones and ended the year with 34 million subscribers. The transaction with Pandora closed on February 1st and we are excited for the innovative audio entertainment offerings to come,” said Greg Maffei, Liberty Media President and CEO. “F1 concluded an exciting 2018 season and increased fans at the races, TV viewership and social media engagement. The Braves posted strong financial results in their second year at SunTrust Park and the Battery Atlanta, and we look forward to the start of the season on March 28th.”