Writer’s Strike End a Boon for Sports Networks, Agencies
With another strong start to the Formula 1 season, Liberty Media continues to evolve.
In its quarterly financial results, Liberty Media reported that Formula One Group brought in $381 million in total revenue for Q1 2023 — a 6% year-over-year increase from 2022 ($360M).
However, the group’s operating income decreased slightly year-over-year from $19 million to $16 million due to a $4 million increase in corporate expenses.
Liberty execs are focusing on the positives, though.
“The race weekends are drawing huge crowds, with the Australian Grand Prix hosting 445,000 fans and sellouts for the majority of the remaining calendar,” said Formula 1 president and CEO Stefano Domenicali.
Formula 1 is already expanding on its revenue-generating opportunities, recently signing a licensing deal with PUMA and allowing Brad Pitt to drive a real F1 car alongside drivers while filming a new movie.
Brave New World
Liberty’s other major sports holding — the Atlanta Braves — also enjoyed success in its leadup to a new season.
Atlanta Braves Holdings, LLC reported $31 million in total revenue for Q1 2023 — a 35% increase from a year prior ($23M).
Liberty reports that the team’s home opener on April 6 drew 42,000 fans — the largest crowd for that specific game in Truist Park history.
The company aims to complete its planned split-off of Braves Holdings and the reclassification of tracking stocks to create Liberty Live Group tracking stock by the end of Q2.
