Liberty Media, the company controlled by billionaire mogul John Malone that owns the Formula 1 racing circuit and a stake in Live Nation, reported third-quarter earnings Thursday.
On Sept. 9, the company split off its holdings in Sirius XM into a new tracking stock, Sirius XM Holdings Inc., which simplifies ownership into a new consolidated public company. Shareholders of Liberty Sirius XM now own approximately 81 percent of new Sirius, with former Sirius XM minority stockholders holding the remaining 19 percent.
Liberty Media itself reported a net loss of $3 billion in the third quarter from discontinued operations from Liberty SiriusXM holdings.
Total revenue for the Formula 1 Group, which also includes corporate and other revenue, hit $911 million, up from $887 million in the year ago period, with operating income of $110 million, up from $107 million a year ago. Revenue for Formula 1 alone fell to $861 million from $887 million.
Primary F1 revenue decreased in the third quarter due to lower media rights and sponsorship revenue as a results of one fewer race held in the current period, the company said.
FI had announced new sponsorship agreements with LVMH and Lenovo as Global Partners and American Express and Santander as Official Partners. FI had also signed multi-year licensing deals with LEGO and Mattel Hot Wheels, with both brands launching F1 products in scale in 2025.
In the third quarter, $3 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group, which consists of Liberty Media’s interest in Live Nation and other minority investments.
“The third quarter was active both at the corporate level and at our operating businesses. We closed the Liberty SiriusXM merger with SiriusXM, refinanced the F1 debt facilities and secured all necessary funding for our planned acquisition of MotoGP,” said Greg Maffei, Liberty Media President and CEO. “Formula 1’s commercial progress is incredible and we were thrilled to announce a number of hallmark deals beginning in 2025, including our new multi-year partnership with LVMH. Live Nation continues to see high global demand for their events and is already positioned for a very strong 2025 with increased stadium activity.”
More to come.