Liberty Media, overseen by billionaire tycoon John Malone and boasting ownership of Formula 1 racing and SiriusXM among its portfolio, unveiled its fourth-quarter financial results on Wednesday, showcasing significant growth for its racing brand and other key assets.
The Formula 1 Group reported a substantial increase in quarterly revenue, soaring from $754 million to $1.23 billion, as disclosed in its earnings report. Meanwhile, SiriusXM, home to renowned host Howard Stern, experienced a modest uptick in revenue, reaching $2.29 billion for the final quarter of 2023.
Operating profit saw a mixed picture, with Liberty SiriusXM Group witnessing a slight decline from $529 million to $455 million, while the Formula 1 operating result surged from a profit of $41 million to $122 million.
Of particular note was the notable rise in the fair value of Liberty’s equity investment in Live Nation, reaching nearly $6.52 billion by the end of 2023, up from $5.78 billion in September. Liberty Media CEO Greg Maffei highlighted Live Nation’s impressive performance, projecting continued growth in 2024 as the music industry embraces globalization.
Maffei also outlined Liberty’s productive year in 2023, including the spinoff of the Atlanta Braves, the introduction of the Liberty Live Group tracking stock, and the announcement of the Liberty SiriusXM Group’s merger with SiriusXM.
Stefano Domenicali, CEO of the Formula One Group, emphasized the sport’s robust growth across all revenue streams, with double-digit expansion and significant global buzz generated by events like the Las Vegas Grand Prix. He also noted the increasing interest from various media players, including tech giants, in acquiring Formula 1’s worldwide media rights, highlighting the competitive landscape in sports media.
Looking ahead, the Formula 1 Group anticipates continuing its upward trajectory, with ongoing negotiations for media rights renewals, such as the upcoming U.S. deal with ABC, ESPN, and ESPN+ for the 2026 Formula 1 season. With Formula 1’s resurgence in popularity on a global scale, fueled by compelling races and enhanced fan experiences, the brand remains well-positioned for sustained growth in the years to come.
