Liberty Media Corporation Reports Second Quarter 2024 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, LLYVA, LLYVK) today reported second quarter 2024 results. Headlines include(1):\n\n\n\nAttributed to Liberty SiriusXM Group\n\n\nSiriusXM reported second quarter 2024 operating and financial results\n\n\nSecond quarter 2024 revenue of $2.18 billion\n\n\n\nAd revenue of $443 million\n\n\n\nNet income of $316 million; diluted EPS of $0.08\n\n\n\nAdjusted EBITDA(2) of $702 million\n\n\n\nFree cash flow(2) of $343 million\n\n\n\nSiriusXM reiterated 2024 financial guidance\n\n\n\n\n\n\nLiberty Media’s ownership of SiriusXM was 83.3% as of July 30th\n\n\n\nExpect to complete planned combination of Liberty SiriusXM Group and SiriusXM on September 9th\n\n\n\nLiberty repaid $35 million under SiriusXM margin loan in second quarter\n\n\n\n\n\n\nAttributed to Formula One Group\n\n\nOn track to complete MotoGP acquisition by year-end 2024\n\n\n\nF1 announced 2025 Sprint calendar across China, Miami, Belgium, Austin, Brazil and Qatar\n\n\n\nExpanded partnership with Las Vegas Convention and Visitors Authority to Official Partner of F1\n\n\n\n\n\n\nAttributed to Liberty Live Group\n\n\nFair value of Live Nation investment was $6.5 billion as of June 30th\n\n\n\n\n\n\n“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.”\n\n\nDiscussion of Results\n\n\nUnless otherwise noted, the following discussion compares financial information for the three months ended June 30, 2024 to the same period in 2023.\n\n\nLIBERTY SIRIUSXM GROUP – The following table provides the financial results attribut...

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