Liberty CEO Greg Maffei, who sits on Live Nation's board, praised the concert giant's Q3 – and revealed its F1 buy will be funded partially with LN stock as collateral
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Liberty Media Corporation, which owns a 34% stake in Live Nation, grew revenues by $144m in Q2 2016, boosted by LN's "very strong quarter"
By IQ on 08 Aug 2016
Greg Maffei, the CEO and president of Live Nation stakeholder Liberty Media Corporation, praised the live entertainment giant’s “exceptional” second-quarter (Q2) 2016 financial results as Liberty Media posted a US$144 million increase in revenue compared to Q2 2015.
Liberty Media, which owns a 34% stake in Live Nation, grew its revenue to $1.366 billion in Q2 2016, up from $1.222bn this time last year.
Operating income increased from $171m to $328m, and adjusted operating income before depreciation and amortisation (OIBDA) – which excludes non-cash severance plan costs, share-based payment costs and deferred stock compensation – from $418m to $455m.
“Live Nation delivered a very strong quarter, and leading indicators point to another record year in 2016”
In the Liberty Media Group stock group, specifically – of which Liberty’s holdings in Live Nation are part – loss decreased from $17m to $12m, and adjusted OIBDA remained static, at -$7m.
Live Nation “delivered a very strong quarter”, said Maffei in Liberty’s earnings call on Friday, “and leading indicators across concerts and ticketing sales, sponsorship and advertising are pointing to another record year in 2016”.
Maffei (pictured), who last month reportedly offered $3.4bn for music streaming service Pandora in a bid to bring it and Live Nation under one roof, was reelected to the Live Nation board with an increased majority in June.
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