Braves Report Strong Quarter, but Still Face Media Uncertainty

The Braves posted yet another solid financial quarter and have reached the postseason for seven straight years, reaffirming their status as one of MLB’s top-performing clubs on and off the field. Team officials, however, warned Wednesday that turbulence in their local media situation could bring serious future impacts.

Atlanta Braves Holdings, Inc. reported third-quarter earnings that included a 7% increase in total revenue to $290.7 million, beating analyst expectations, and $6.4 million in operating income, down 59% from the comparable quarter in 2023. The figures continued a run of high-level performance since the franchise spun off from Liberty Media in July 2023. 

The Braves are just one of two MLB teams currently assured of staying with FanDuel Sports Network parent company Diamond Sports Group in 2025, with the other being the Marlins. The regional sports network operator is attempting to complete a reorganization process, and it has a confirmation hearing scheduled for Nov. 14. DSG, however, is looking to renegotiate many of its baseball rights deals. 

“While the pending bankruptcy proceeding of Diamond Sports Group has not previously had a material unfavorable impact on the company’s revenue, and the company has received scheduled payments to date, we cannot currently predict whether such bankruptcy proceedings are reasonably likely to have a material unfavorable impact on our revenue in the future,” said Braves president and CEO Derek Schiller in an earnings call with analysts.

At a bankruptcy court hearing last month to confirm a naming rights deal with FanDuel, MLB said it would be opposing DSG’s assumption of its Braves broadcast deal. While acknowledging the broader media industry uncertainty, Schiller said the club’s strong run of on-field success and its expansive market territory provide some insulating effects. 

“We’re not just waiting for bankruptcy to be defining what might happen, but we’re also studying the potential opportunities for us,” Schiller said. “No matter what happens, we think we are in a very enviable position. … We think we have an opportunity to capitalize further on that [market] territory should those rights come back to us.”

Inside the Numbers

The sharp drop in the Braves’ operating income owes in part to increased baseball costs, such as player payroll that rose in 2024 to $236.4 million and MLB revenue-sharing obligations. Team attendance in 2024 declined 6% to 3.01 million after setting a Truist Park record in 2023, but still ranked fifth in the league, trailing only the Dodgers, Phillies, Padres, and Yankees, in that order. 

Within the club’s overall revenue, the Braves generated $17.4 million in quarterly revenue from their mixed-use development, The Battery, up from 12% from last year’s third quarter. The Braves also are actively preparing to host MLB’s 2025 All-Star Game at Truist Park. 

The Braves are the only publicly traded MLB club, something that chairman Terry McGuirk said Thursday “we do not take lightly.” The club, meanwhile, also recently was ranked as the league’s top franchise in overall guest experience, concessions, and non-game entertainment.