Liberty Media Swings To Loss

Liberty Media Corporation today reported second quarter 2020 results. Headlines:

• SiriusXM reported second quarter 2020 financial results
• Self-pay net subscriber additions of 264,000 in second quarter
• Second quarter revenue of $1,874 million
• Second quarter net income of $243 million; diluted eps of $0.05
• Adjusted EBITDA(2) roughly unchanged at $615 million in the second quarter
• Strengthened podcasting platform with acquisition of Simplecast and agreement to acquire Stitcher
• SiriusXM buyback authorization expanded by $2 billion
• Liberty Media’s ownership of SiriusXM stood at 72.9% as of July 28th
• Corporate level liquidity as of June 30th: $1.0 billion cash, cash equivalents and undrawn margin loan capacity (excluding liquidity at SiriusXM)

Attributed to Formula One Group

• F1 season began weekend of July 3rd with 15 to 18 races still targeted this season

Attributed to Braves Group

• Regular season scheduled for 60 games in 2020 with opening day July 24th

“Our employees and management teams have demonstrated strong leadership navigating the health and financial challenges presented by COVID-19. We saw the highly anticipated returns to racing at Formula 1 and to the field for the Atlanta Braves, while SiriusXM posted solid results and Live Nation completed a credit agreement amendment which enhanced flexibility,” said Greg Maffei, Liberty Media President and CEO.