Liberty Media Completes Stock Reclassification

 Liberty Media Corporation today reported second quarter 2023 results. Headlines include:

Attributed to Liberty SiriusXM Group

• SiriusXM reported second quarter 2023 operating and financial results
• Second quarter 2023 revenue of $2.25 billion
• Net income of $310 million, up 6% year-over-year; diluted EPS of $0.08
• Adjusted EBITDA(2) of $702 million; up 3% year-over-year
• Free cash flow(2) of $323 million
• SiriusXM increased full-year free cash flow guidance on August 1st
• Announced fall preview of next gen SiriusXM experience
• Liberty Media’s ownership of SiriusXM was 83.4% as of July 28th
• Received $71 million proceeds to settle intergroup interest in Formula One Group
• Received 1.8 million shares of Atlanta Braves Holdings common stock to settle intergroup interest in Braves Group; shares will be exchanged with one or more third party lenders and proceeds will be used to reduce debt at Liberty SiriusXM Group

Attributed to Formula One Group

• Announced 24-race calendar for 2024 with increased geographic efficiency in support of F1’s sustainability objectives
• Extended agreements for Austrian Grand Prix until 2030 and Hungarian Grand Prix until 2032
• Announced extension of Heineken as Global Partner under multi-year deal
• Formula One Group shareholders received distribution of 6.8 million shares of Atlanta Braves Holdings common stock on July 19th to settle intergroup interest in Braves Group
• Paid $71 million in exchange for the cancellation of 1.1 million notional FWONA shares underlying intergroup interest held at Liberty SiriusXM Group

Attributed to former Braves Group

• Completed split-off of Braves and associated mixed-use development into separate public company Atlanta Braves Holdings on July 18th

“We were pleased to complete the reclassification of the Liberty Media tracking stocks which begin trading today, including our newly created Liberty Live Group. This action further simplifies our tracking stock structure and provides greater investor choice, while preserving Liberty’s optionality and flexibility,” said Greg Maffei (right), Liberty Media President and CEO. 

“At Formula 1, the quality of the fan experience at Grand Prix weekends continues to improve and is helping drive sellout crowds at many races. We saw the resilience of SiriusXM’s business through improved operating and financial results in the second quarter. Live Nation had yet another record quarter boosted by continued tailwinds in live events and strategic initiatives capitalizing on international growth.”