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Formula One, Live Nation and SiriusXM Bolster Liberty Media in First Quarter

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Liberty Media, the holding company controlled by John Malone which includes SiriusXM (and its Live Nation subsidiary), Formula One and the Atlanta Braves baseball team, reported solid first-quarter earnings on Friday, bolstered by SiriusXM and “record-breaking demand” for Live Nation events.

Liberty posted revenue of $2.19 billion in Q1, with an operating income of $484 million, up 111 percent from the same quarter a year earlier. Much of that was due to the performance of SiriusXM and its subsidiaries, with CEO Greg Maffei saying that the satellite radio company delivered “robust financial results while navigating well through challenging macroeconomic conditions and supply chain issues.”

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Formula One, meanwhile, continues its hot streak, doubling its revenue year-over-year to $380 million, and posting a profit of $19 million in the quarter. The company will hold its inaugural Miami Grand Prix this week and said that Netflix had picked up two more seasons of the unscripted series Drive to Survive, which chronicles the behind-the-scenes action on the circuit.

“We were pleased to announce multiple new sponsors around the start of the season, especially in the technology space,” FormulaOne CEO Stefano Domenicali said.

As for the Braves, the baseball team reported a $40 million loss, identical to the same quarter a year ago (which makes sense, with the season starting in Q2). Revenue improved slightly year-over-year due to some World Series-related retail sales, and improved rights fees.

A delayed start to the season (thanks to negotiations for a new collective bargaining agreement) could impact Q2 revenue, though Liberty noted that the team is still expected to play a full season.

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