Liberty Media Reports 3Q Financial Results

Liberty Media Corporation Friday reported third quarter 2023 results. Headlines include:

Attributed to Liberty SiriusXM Group

• SiriusXM reported third quarter 2023 operating and financial results
• Third quarter 2023 revenue of $2.27 billion
• Net income of $363 million, up 47% year-over-year; diluted EPS of $0.09
• Adjusted EBITDA(2) of $747 million; up 4% year-over-year
• Free cash flow(2) of $291 million
• Year-to-date capital returns to SiriusXM stockholders total $555 million
• SiriusXM reiterated 2023 financial guidance; planned November 8th next generation event
• Liberty Media’s ownership of SiriusXM was 83.5% as of October 27th
• Retired remaining $199 million outstanding principal amount of 1.375% cash convertible notes in October

Attributed to Formula One Group

• Announced multi-year regional partnership with American Express to become official payments partner in the Americas
• Confirmed renewal of Pirelli as global tire partner through 2027
• Expanded partnership with DAZN for exclusive broadcast rights in Spain through 2026
• Formula 1 repriced $1.7 billion Term Loan B in October, reducing margin from 3.00% to 2.25%
• Entered into definitive agreement to acquire Quint in September

Attributed to Liberty Live Group

• Fair value of Live Nation investment was $5.8 billion as of September 30th
• Issued $1.15 billion of 2.375% Live Nation exchangeable senior debentures in September
• Used a portion of proceeds to repurchase $858 million aggregate principal amount of 0.5% Live Nation exchangeable senior debentures

Greg Maffei

“Liberty made a proposal for a combination of Liberty SiriusXM and Sirius in September, and we are confident that rationalizing this structure into a single, simplified equity will create value for all shareholders. SiriusXM drove strong adjusted EBITDA growth in the third quarter and we look forward to the reveal of their new streaming app and in-car innovations next week that substantially enhance their value proposition with consumers, especially younger audiences,” said Greg Maffei, Liberty Media President and CEO. 

“At Formula 1, the Las Vegas Grand Prix is two weeks away and will be the highest attended sporting event drawing the biggest viewing audience in Vegas history. This event will deliver a spectacular fan experience and is accruing long-lasting commercial benefits for the broader Formula 1 ecosystem. Live Nation remains positioned for a record-breaking 2023 after delivering their largest quarterly AOI ever.

Corporate Update

On July 18, 2023, Liberty Media completed the split-off of the Braves and its associated mixed-use development into the separate public company Atlanta Braves Holdings, Inc. The Braves Group was a tracking stock of Liberty Media prior to the Split-Off and therefore its results are reflected in Liberty’s historical consolidated results.