Tuesday October 3, 2023

Formula 1, Atlanta Braves Fuel Liberty Media’s Q2

  • Revenue for Formula 1 increased 49% year-over-year to $744 million.
  • Braves Group posted a 20% year-over-year revenue increase to $260 million.
John David Mercer-USA TODAY Sports
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Liberty Media reported its second-quarter financial results on Friday, recording revenue increases across Formula 1, Braves Group, and Sirius XM.

Revenue for F1 increased 49% year-over-year to $744 million. The division announced a number of deal extensions and renewals during the quarter, which held seven races.

  • F1 announced the extension of the Australian Grand Prix through 2035.
  • It renewed its exclusive broadcasting deal with Bandeirantes in Brazil through 2025.
  • F1 renewed its Netflix deal for the fifth and sixth seasons of “Drive to Survive.”
  • Liberty Media agreed to purchase 39 acres of land for $240 million for its new Las Vegas Grand Prix, starting in 2023.

F1 states that the first half of the 2022 season has seen record attendance in both grandstands and the Paddock Club. The division also has a goal to hit net-zero carbon by 2030.

Braves’ Book

Liberty Media’s Braves Group division, which includes the Atlanta Braves, reported a 20% year-over-year increase in revenue to $260 million and a 16% increase in operating income to $37 million. 

Baseball revenue — comprising ballpark operations, local broadcasting rights, and MLB revenue streams — jumped 21% to $247 million, and development revenue increased 8% to $13 million. At the end of the quarter, the Braves’ attendance was up 23% compared to the pre-pandemic 2019 season, and the team had 24 game sellouts as of the All-Star break.

Both F1 and the Atlanta Braves were affected by pandemic-related capacity limitations in 2021.

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