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Liberty Media Corporation (FWONA+0.72%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in consolidated revenue to $911 million from $936 million in the same quarter the previous year. This decrease is attributed to a reduction in Braves Holdings revenue due to the Atlanta Braves Holdings Split-Off in 2023.
Formula 1 revenue decreased to $861 million from $887 million in the same quarter the previous year. This decline is due to a calendar variance with one less event held compared to the previous year.
Operating income for the quarter was $107 million, up from $101 million in the previous year. This increase is primarily driven by improved Formula 1 operating results.
The company reported an Adjusted OIBDA of $205 million for the quarter, compared to $196 million in the previous year, reflecting an increase in Formula 1 Adjusted OIBDA.
Interest expense remained flat at $62 million for the quarter. Share of earnings from affiliates was $116 million, down from $143 million in the previous year.
Realized and unrealized losses on financial instruments were reported at $55 million, compared to gains of $39 million in the previous year. This change is primarily due to market factors affecting the fair value of exchangeable senior debentures.
Net earnings from continuing operations were $132 million for the quarter, down from $152 million in the previous year. The decrease is attributed to the aforementioned fluctuations in revenue and expenses.
The filing also discusses the completion of the Liberty Sirius XM Holdings (LSXMA0.00%) Split-Off on September 9, 2024, which resulted in Liberty Sirius XM Holdings becoming an independent public company.
Liberty Media Corporation's cash and cash equivalents as of September 30, 2024, were reported at $3,054 million, with $2,666 million attributed to the Formula One Group.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Liberty Media Corporation Series A Formula One Group Common Stock quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.