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HomeHollywood NewsLiberty Media Posts Loss in COVID-19-Hit Fourth Quarter

Liberty Media Posts Loss in COVID-19-Hit Fourth Quarter

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Led by CEO Greg Pardon and Chairman John Malone, the company posts its latest financials that reveal the impact of the epidemic on its businesses.
Liberty Media – A company controlled by billionaire mogul John Malone, which has assets such as audio entertainment giant SiriusXM, Atlanta Braves Baseball Club, and Formula One racing circuit, reported its fourth-quarter financials amid a pandemic of the coronavirus virus.

Revenue in the fourth quarter increased slightly by $ 2.7 billion on SiriusXM compared to $ 2.61 billion a year earlier. The Formula One group, which completed 17 races during its latest season, posted total revenue of $ 485 million, up from $ 523 million in 2019.

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The Atlanta Braves recorded nearly unchanged quarterly revenue at $ 35 million, and the Liberty SiriusXM Group saw revenue growth of $ 2.18 billion compared to $ 2.06 billion in 2019.

Liberty Media saw its operating income for three months with a loss of $ 603 million compared to a year-ago profit of $ 302 million. The full-year net income was $ 131 million, compared to $ 914 million in 2019.

During the latest quarter, Liberty Media saw delays in the 2020 F1 season and the Major League Baseball season due to the epidemic, and Live Nation continued to watch all large-scale live entertainment events as it unfolded for alternative types of music festivals and the world Watch live events at the level. To offset lost revenue.

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Liberty Media CEO Greg Pardon told analysts during a morning call that the F1 group’s balance sheet is “very strong at the operating level,” and that the prestige race car series and the Atlanta Braves have “multiple sources of revenue”, broadcasting Including and sponsorship and advertising.

“And Live Nation has advertising, but not broadcast (revenue), so it’s most susceptible to close that way, or weak,” Apology said.
John Malone told the company’s annual shareholder meeting last May that the Liberty Media novel continues to believe in the value of live event businesses, such as sports and live nation entertainment, despite the epidemic of coronavirus virus. And he said that any hit valuation can be offered a chance to buy.

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