Liberty Media Corporation Reports Third Quarter 2023 Financial Results

About this update from Liberty Media Corporation - Series A Liberty Formula One

[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported third quarter 2023 results. Headlines include(1):\n\n\n\nAttributed to Liberty SiriusXM Group\n\n\nSiriusXM reported third quarter 2023 operating and financial results\n\n\nThird quarter 2023 revenue of $2.27 billion\n\n\n\nNet income of $363 million, up 47% year-over-year; diluted EPS of $0.09\n\n\n\nAdjusted EBITDA(2) of $747 million; up 4% year-over-year\n\n\n\nFree cash flow(2) of $291 million\n\n\n\nYear-to-date capital returns to SiriusXM stockholders total $555 million\n\n\n\nSiriusXM reiterated 2023 financial guidance; planned November 8th next generation event\n\n\n\n\n\n\nLiberty Media’s ownership of SiriusXM was 83.5% as of October 27th\n\n\n\nRetired remaining $199 million outstanding principal amount of 1.375% cash convertible notes in October\n\n\n\n\n\n\nAttributed to Formula One Group\n\n\nAnnounced multi-year regional partnership with American Express to become official payments partner in the Americas\n\n\n\nConfirmed renewal of Pirelli as global tire partner through 2027\n\n\n\nExpanded partnership with DAZN for exclusive broadcast rights in Spain through 2026\n\n\n\nFormula 1 repriced $1.7 billion Term Loan B in October, reducing margin from 3.00% to 2.25%\n\n\n\nEntered into definitive agreement to acquire Quint in September\n\n\n\n\n\n\nAttributed to Liberty Live Group\n\n\nFair value of Live Nation investment was $5.8 billion as of September 30th\n\n\n\nIssued $1.15 billion of 2.375% Live Nation exchangeable senior debentures in September\n\n\nUsed a portion of proceeds to repurchase $858 million aggregate principal amount of 0.5% Live Nation exchangeable senior debentures\n\n\n\n\n\n\n\n\n\n“Liberty made a proposal for a combination of Liberty SiriusXM and Sirius in September, and we are confident that rationalizing this structure into a single, simplified equity will create value for all shareholders. SiriusXM drove strong adjusted EBITDA growth in the third quarter and we look forward to the reveal of their new streaming app and in-car innovations next week that substantially enhance their value proposition with consumers, especially younger audiences,” said Greg Maffei, Liberty Media President and CEO. “At Formula 1, the Las Vegas Grand ...

More updates from Liberty Media Corporation - Series A Liberty Formula One