Liberty Media Corporation reported a consolidated revenue of $3.653 billion for the fiscal year ending December 31, 2024, marking an increase of $81 million from the previous year’s revenue of $3.572 billion. The growth was primarily driven by a rise in revenue from its Formula 1 segment, which generated $3.411 billion, up from $3.222 billion in 2023. The increase in Formula 1 revenue was attributed to higher media rights fees, race promotion revenue from additional events, and new sponsorship agreements. However, the company also faced challenges, including a decrease in revenue from its Braves Holdings segment due to its split-off in July 2023.
Operating income for Liberty Media increased to $276 million in 2024, compared to $255 million in 2023. This improvement was largely due to enhanced performance from the Formula 1 segment, which reported an operating income of $492 million, up from $392 million the previous year. The overall operating results were partially offset by losses from QuintEvents, which incurred a goodwill impairment of $73 million. Adjusted OIBDA, a non-GAAP measure, rose to $767 million, reflecting a $76 million increase from the prior year.
In terms of strategic developments, Liberty Media completed the acquisition of QuintEvents for approximately $277 million in January 2024, which is expected to enhance its event management capabilities. Additionally, the company announced plans for a split-off of its Liberty Live Group, which is anticipated to occur in the second half of 2025, subject to shareholder approval. This split-off aims to create a separate publicly traded entity, allowing for more focused management of its assets.
Operationally, the Formula 1 segment hosted 24 events in 2024, compared to 22 in 2023, contributing to increased engagement and revenue. The segment's media rights revenue grew due to contractual increases and the expansion of its direct-to-consumer F1 TV product. Liberty Media's cash and cash equivalents stood at approximately $2.956 billion as of December 31, 2024, providing a solid liquidity position to support future investments and operational needs.
Looking ahead, Liberty Media expressed optimism about its growth trajectory, particularly in expanding the global appeal of Formula 1 and enhancing its media rights and sponsorship revenues. However, the company also acknowledged potential risks, including economic uncertainties and competitive pressures in the entertainment industry, which could impact future performance.
About Liberty Media Corp
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