Liberty Media Corporation Reports Second Quarter 2020 Financial Results

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[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Media Corporation (\"Liberty Media\" or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported second quarter 2020 results. Headlines include(1):\n\n\n\nAttributed to Liberty SiriusXM Group\n\n\nSiriusXM reported second quarter 2020 financial results\n\n\nSelf-pay net subscriber additions of 264,000 in second quarter\n\n\nSecond quarter revenue of $1,874 million\n\n\nSecond quarter net income of $243 million; diluted eps of $0.05\n\n\nAdjusted EBITDA(2) roughly unchanged at $615 million in the second quarter\n\n\nStrengthened podcasting platform with acquisition of Simplecast and agreement to acquire Stitcher\n\n\nSiriusXM offered new 2020 subscriber and financial guidance on July 30th\n\n\nSiriusXM buyback authorization expanded by $2 billion\n\n\n\n\nCompleted rights offering and issued 29.6 million LSXMK shares to rights holders on June 16th\n\n\nProceeds used to fully repay intergroup loan owed to Formula One Group\n\n\n\n\nLiberty Media’s ownership of SiriusXM stood at 72.9% as of July 28th\n\n\nCorporate level liquidity as of June 30th: $1.0 billion cash, cash equivalents and undrawn margin loan capacity (excluding liquidity at SiriusXM)\n\n\n\n\nAttributed to Formula One Group\n\n\nF1 season began weekend of July 3rd with 15 to 18 races still targeted this season\n\n\nAnnounced multi-year broadcast agreements in Germany, Austria and Russia\n\n\nAmended F1 term loan and revolving credit facility, waiving testing of the net leverage ratio until March 31, 2022\n\n\nLiquidity as of June 30th: $2.3 billion cash, cash equivalents and revolver capacity (including $824 million of liquidity at F1)\n\n\n\n\nAttributed to Braves Group\n\n\nRegular season scheduled for 60 games in 2020 with opening day July 24th\n\n\nAloft hotel opened end of July; remainder of phase two development continues on-time and on-budget\n\n\nLiquidity as of June 30th: $329 million cash, restricted cash, cash equivalents and revolver capacity (including $251 million liquidity at Braves)\n\n\n\n\n\n“Our employees and management teams have demonstrated strong leadership navigating the health and financial challenges presented by COVID-19. We saw the highly anticipated returns to racing at Formula 1 and to the field for the Atlanta Braves, while SiriusXM posted solid results and Live Na...

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