Liberty Media Corporation Reports Second Quarter 2024 Financial Results
ENGLEWOOD, Colo.–(BUSINESS WIRE)– Liberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported second quarter 2024 results. Headlines include(1):
Attributed to Liberty SiriusXM Group
SiriusXM reported second quarter 2024 operating and financial results
Second quarter 2024 revenue of $2.18 billion
Ad revenue of $443 million
Net income of $316 million; diluted EPS of $0.08
Adjusted EBITDA(2) of $702 million
Free cash flow(2) of $343 million
SiriusXM reiterated 2024 financial guidance
Liberty Media’s ownership of SiriusXM was 83.3% as of July 30th
Expect to complete planned combination of Liberty SiriusXM Group and SiriusXM on September 9th
Liberty repaid $35 million under SiriusXM margin loan in second quarter
Attributed to Formula One Group
On track to complete MotoGP acquisition by year-end 2024
F1 announced 2025 Sprint calendar across China, Miami, Belgium, Austin, Brazil and Qatar
Expanded partnership with Las Vegas Convention and Visitors Authority to Official Partner of F1
Attributed to Liberty Live Group
Fair value of Live Nation investment was $6.5 billion as of June 30th
“We are excited that the combination of Liberty SiriusXM Group with SiriusXM is expected to close on September 9th. SiriusXM drove sequential adjusted EBITDA and free cash flow improvement in the quarter, demonstrating their commitment to strong financial results while supporting ongoing growth initiatives,” said Greg Maffei, Liberty Media President and CEO. “Formula 1 is having an incredible season with particularly high engagement in growth markets. Five races have already set US live viewership records for their events, and we look forward to our new opportunities ahead including Apple’s highly anticipated F1 film which will debut in June 2025. Live Nation achieved record concerts profitability and global demand hasn’t slowed as indicators point to another record year ahead.”
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three months ended June 30, 2024 to the same period in 2023.