Liberty Media’s quarterly earnings reports gave a peek at the massive loss the coronavirus pandemic dealt Major League Baseball teams. Liberty owns the Atlanta Braves and reported the team suffered a 95% year-over-year second quarter revenue loss.
Between April and June, the Braves generated only $11 million, down from 2019’s $208 million. There was a 97% drop in baseball revenue and a 40% drop in the team’s Battery Atlanta development.
Liberty also owns Formula One and a stake in Live Nation Entertainment. Formula One’s revenue was down 96% to $24 million.
The company reported a 32% quarterly revenue drop to $1.91 billion, which resulted in a $326 million loss. Last year, the same quarter resulted in a $116 million profit.