F1, Braves Power Liberty Media’s Q3

Revenue increases across Formula One Group, Braves Group, and Liberty SiriusXM Group fueled Liberty Media’s third-quarter earnings, the company announced Friday.

F1 reported a 7% year-over-year increase in revenue to $715 million, while operating income fell to $64 million from $68 million during the same period last year. 

During the quarter, F1 announced a 24-race calendar for 2023 — its largest ever — and announced several new deals.

• It extended its broadcast deal with Sky through 2029 and ESPN networks in the U.S. through the 2025 season.
• Audi announced its F1 entry as an engine supplier in line with F1’s new engine regulations in 2026.

Braves Group — owner of the Atlanta Braves, who won their fifth consecutive NL East Championship and enjoyed their highest ticket sales since 2000 at 3.2 million — reported $252 million in revenue, up from $234 million during the same period last year.

SiriusXM, which recently expressed interest in increasing its investment in live sports rights, reported a 4% year-over-year revenue increase to $2.28 billion and net income of $247 million. As of Oct. 28, Liberty Media owns 82.4% of the brand.

Vegas Values

On Friday, F1 revealed its newly added Las Vegas race would be called the Formula 1 Heineken Silver Las Vegas Grand Prix 2023. Heineken Silver comes to the U.S. in early 2023.

Las Vegas hotels are causing an uproar for their soaring prices, with the average room rate reportedly increasing 305% year-over-year during the event.