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, on Monday reported second-quarter financials as the novel coronavirus pandemic delayed events in its sports operations.
Liberty Media posted a loss attributable to its stockholders of $326 million, compared with a year-ago profit of $116 million on a 32 percent revenue drop to $1.91 billion.
Quarterly revenue at SiriusXM fell 5 percent to $1.87 billion, while revenue tumbled 96 percent at the Formula One Group to $24 million and came in at $11 million at the Braves, down 95 percent from the year-ago period. Operating income fell 5 percent at SiriusXM to $398 million, while Formula One swung to a $122 million operating loss after a year-ago profit of $26 million, and the Braves swung from a $36 million operating profit to a $30 million loss.
“Live Nation suspended all large-scale live entertainment events,” the company also noted.
“Our employees and management teams have demonstrated strong leadership navigating the health and financial challenges presented by COVID-19,” said Liberty Media CEO Greg Maffei. “We saw the highly anticipated returns to racing at Formula One and to the field for the Atlanta Braves, while SiriusXM posted solid results.”