Liberty Media Corporation has reported its financial results for the second quarter of 2024. The attributed to Liberty SiriusXM Group, which includes SiriusXM and Pandora, saw a 3% decrease in revenue from $2.25 billion in the second quarter of 2023 to $2.178 billion in the second quarter of 2024. However, the operating income for SiriusXM increased by 4% from $464 million in the second quarter of 2023 to $482 million in the second quarter of 2024, and the adjusted OIBDA decreased by 2% from $702 million to $688 million during the same periods.
Formula One Group experienced a significant increase in revenue from $724 million in the second quarter of 2023 to $988 million in the second quarter of 2024. The operating income for Formula 1 also saw an increase from $72 million to $84 million, and the adjusted OIBDA increased from $155 million to $160 million for the same periods.
Additionally, Liberty Live Group's investment in Live Nation was valued at $6.5 billion as of June 30th, 2024.
It is worth noting that Liberty Media’s total cash and cash equivalents increased to $2.085 billion as of June 30, 2024, from $1.666 billion as of March 31, 2024. The total debt attributed to Liberty Media decreased to $15.028 billion as of June 30, 2024, from $15.442 billion as of March 31, 2024.
These financial results suggest a mixed performance across the different segments of Liberty Media Corporation, with some areas experiencing growth while others faced declines. Following these announcements, the company's shares moved 1.1%, and are now trading at a price of $21.24. If you want to know more, read the company's complete 8-K report here.
