Saturday, August 6, 2022

Liberty Media Reports "Impressive Results" Despite Challenges

Liberty Media Corporation Friday reported second quarter 2022 results. Headlines include:

Attributed to Liberty SiriusXM Group

  • SiriusXM reported second quarter 2022 financial results
  • Revenue of $2.25 billion; increase of 4% year-over-year
  • Net income of $292 million; diluted EPS of $0.07
  • Adjusted EBITDA(2) of $679 million
  • Year-to-date capital returns to SiriusXM stockholders of $1.6 billion
  • SiriusXM reiterated full-year financial guidance on July 28th; expect positive full-year self-pay net subscriber additions
  • Liberty Media’s ownership of SiriusXM was 82.3% as of July 26th
  • From May 1st through July 31st, Liberty repurchased 2.4 million LSXMA/K shares at an average price per share of $38.84 for total cash consideration of $93 million

Attributed to Formula One Group

  • Announced extension of Australian Grand Prix through 2035
  • Secured renewal with Bandeirantes for exclusive broadcast rights in Brazil through 2025
  • Renewed deal with Netflix for fifth and sixth seasons of Drive to Survive
  • F1 reiterated commitment to be net-zero carbon by 2030 and to introduce 100% sustainable drop-in fuel with new engine formula in 2026
  • Repurchased $146 million face value of 1% FWONK cash convertible notes due 2023, effectively retiring 3.95 million underlying FWONK shares

Attributed to Braves Group

  • At the end of the second quarter, Braves attendance was up 23% compared to 2019 season
  • 24 game sellouts as of All-Star break

“SiriusXM generated impressive financial results despite the challenges in the auto market. Live Nation continues to capitalize very well on the exceptional consumer demand for live experiences. Formula 1 is making the most of our growing worldwide popularity as evidenced by race attendance, TV viewership and engagement across platforms,” said Greg Maffei (right), Liberty Media President and CEO. “The Braves have played excellent baseball the past two months and have successfully driven attendance growth compared to 2019 off of an already high base.”


SiriusXM is a separate publicly traded company. SiriusXM reported its stand-alone second quarter results on July 28, 2022.

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