Liberty Media, a holding company controlled by John Malone that includes SiriusXM (and its subsidiary Live Nation), Formula 1 baseball teams and the Atlanta Braves, announced strong first-quarter earnings on Friday, driven by SiriusXM and a lawsuit. .
Liberty reported first-quarter revenue of $2.19 billion, operating income of $484 million, up 111% from the same quarter last year. Much of this was due to the work of SiriusXM and its subsidiaries, with CEO Greg Maffei saying the satellite broadcaster showed “strong financial results when navigating difficult macroeconomic conditions and supply chain issues”.
Meanwhile, Formula 1 continues its hot streak, doubling revenue to $380 million a year and posting $19 million in quarterly profit. The company is holding the opening of the Miami Grand Prix this week and announced that Netflix has taken on two more seasons of the unwritten series. travel to surviveDepicting the action behind the scenes in a circle.
“We were delighted to announce many new sponsors at the start of the season, especially in the technology space,” said Stefano Domenicali, CEO of Formula 1.
As for the Braves, the baseball team posted losses of $40 million in the same quarter last year (which logically starts the season in the second quarter). Revenue improved slightly year-on-year due to World Series-related retail sales and improved royalties.
A delay to the start of the season (thanks to the new collective bargaining) could hurt second-quarter earnings, though Liberty noted the team is still looking forward to a full season.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
