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Atlanta Braves Holdings Reports Second Quarter 2023 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported second quarter 2023
About this update from Atlanta Braves Holdings, Inc. - Series A
[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nAtlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported second quarter 2023 results.\n\n\nHeadlines include(1):\n\n\n\nAtlanta Braves Holdings began trading July 19th following split-off of Braves and associated mixed-use development from Liberty Media Corporation\n\n\n\nTotal revenue grew 8% to $270 million in second quarter\n\n\nBaseball revenue up 8% to $255 million\n\n\n\nMixed-use development revenue up 13% to $15 million\n\n\n\n\n\n\nMixed-use development generated $10 million of Adjusted OIBDA(2) in second quarter\n\n\n\n“Atlanta Braves Holdings is the first MLB team to trade publicly in 25 years. We believe our new structure will better highlight the value of the Braves and the associated mixed-use development for the benefit of our team, fans, employees and shareholders,” said Greg Maffei, Chairman, President and CEO of Atlanta Braves Holdings. “The Braves are an iconic franchise with demonstrated on-field and financial success, and the Battery Atlanta development has become a model embraced and emulated by professional sports teams. Our leadership team will continue to support the Braves executives in Atlanta in their successful management of the club.”\n\n\nCorporate Updates\n\n\nOn July 18, 2023, Liberty Media Corporation (“Liberty Media”) completed the split-off of the Braves and its associated mixed-use development (the “Split-Off”) into the separate public company Atlanta Braves Holdings. The businesses and assets at Atlanta Braves Holdings consist of Braves Holdings, LLC, the owner and operator of the Atlanta Braves Major League Baseball Club, and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development, called The Battery Atlanta, which were previously attributed to the Braves Group tracking stock of Liberty Media. For purposes of this presentation, Atlanta Braves Holdings standalone results, assets and liabilities are shown for the three and six months ended June 30, 2023 and the prior year periods as though the Split-Off had occurred prior to such date, as well as certain historical financial information of the Braves Group tracking stock of Liberty Media, where applicable, including the financial impact of the Braves Group intergroup interests that were settled subsequent to quarter end. Atlanta ...