Liberty Media Corporation Series C Liberty Formula One ( (FWONK) ) has released its Q3 earnings. Here is a breakdown of the information Liberty Media Corporation Series C Liberty Formula One presented to its investors.
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Liberty Media Corporation Series C Liberty Formula One is a media and entertainment company primarily focused on the ownership and management of Formula One racing, a leading global motorsport. The company operates in the media and motorsport industry, with a unique portfolio that includes strategic partnerships and sponsorships.
In the third quarter of 2024, Liberty Media Corporation reported significant corporate activities and financial results. The company completed a merger between Liberty SiriusXM Group and SiriusXM, refinanced Formula One’s debt facilities, and secured funding for the acquisition of MotoGP. Additionally, the company raised capital through a public offering of FWONK shares and announced new sponsorship deals for Formula One.
Key financial highlights for the Formula One Group included a slight increase in total revenue to $911 million, up from $887 million in the same quarter last year, despite a decrease in primary Formula One revenue due to fewer races. The company also saw a rise in operating income to $146 million, driven by decreased team payments and increased other Formula One revenue. Strategic partnerships with brands like LVMH and new licensing deals with LEGO and Mattel were notable announcements.
Liberty Media’s President and CEO, Greg Maffei, highlighted the company’s active quarter and the promising commercial progress of Formula One, anticipating further growth with new partnerships set to commence in 2025. Liberty Live Group’s investment in Live Nation was valued at $7.6 billion, indicating strong demand for live events.
Looking ahead, Liberty Media remains focused on expanding its Formula One operations through strategic partnerships and acquisitions. The company is optimistic about its future financial performance, with expectations of continued growth driven by its diversified portfolio and upcoming ventures.
