Liberty Media, the company controlled by billionaire mogul John Malone that houses assets like audio entertainment giant SiriusXM, the Atlanta Braves baseball club and the Formula One racing circuit, reported improved second-quarter financials Friday.
Quarterly revenue at the Atlanta Braves multiplied from $11 million to $216 million, while the Formula One Group’s revenue multiplied from $24 million to $501 million, the company disclosed in its earnings report. SiriusXM, the home of Howard Stern, posted a 15 percent increase in second-quarter revenue to $2.16 billion.
In terms of operating income, SiriusXM posted a 66 percent gain to $634 million and the Braves swung from a $33 million loss to a $31 million profit. Formula One’s operating loss narrowed from $136 million to $43 million.
Liberty Media, led by CEO Greg Maffei, saw its total operating income hit $622 million for the three months ending June 30, compared with $214 million in the year-ago period. Revenue rose from $1.91 billion to $2.88 billion.
Said Maffei: “SiriusXM executed well, produced outstanding results and recently increased their 2021 guidance. They continue to repurchase stock, and Liberty’s ownership is now over 78 percent. He added: “Formula 1 is delivering across the board — on the track, for our fans, teams, partners and investors — and has done an impressive job steering through the 2021 calendar. The Braves are competitive on the field and lead MLB in total attendance, with over 1.5 million fans returning to Truist Park so far this season.”
Maffei recently suggested that streaming giant Amazon would drive an accelerated push by Big Tech platforms for more sports rights worldwide. “I suspect they’re only going to get more serious over time and they won’t be the only ones,” he argued.
This story was originally published by The Hollywood Reporter.