Liberty Media hails LN results after record Q3
Despite having forked out US$746 million for Formula 1 in September, Liberty Media Corporation posted record turnover of US$1.3 billion in the third quarter (Q3) of 2016.
The radio and mass media group, which owns a 34% stake in Live Nation, recorded a 9% increase in revenue and a 16% climb in net income, to $194m, buoyed by what its president and CEO, Greg Maffei, calls “outstanding results” in Q3 from Live Nation. Speaking to investors, Maffei (pictured) also praised the strong performance of satellite radio group SiriusXM and baseball team Atlanta Braves.
“We were thrilled to announce our planned acquisition of F1, the iconic global motorsports business,” Maffei told investors. “We see tremendous opportunities and are excited for [new F1 chairman] Chase Carey to bring his media and business experience to the sport.
“Live Nation produced outstanding results, with record quarterly growth in operating income and adjusted operating income across each core division”
“SiriusXM again turned in stellar results, now servicing nearly 31 million customers, and also intends to institute a quarterly dividend. Live Nation also produced outstanding results, with record quarterly growth in operating income and adjusted operating income across each core division. The Atlanta Braves dramatically improved on-field performance in the second half of the season, and we look forward to moving to SunTrust Park in 2017.”
It also emerged in Liberty’s earnings call that funding for the remaining cash component of its $1.1bn acquisition of Formula 1 is expected to come partially from a $500m loan with shares of Live Nation and Viacom pledged as collateral.