The company, led by CEO Greg Maffei and chairman John Malone, said it was on track to complete a split-off of the Braves and create a new Liberty Live Group tracking stock in the second quarter.
Overall revenue at Liberty Media for the year to Dec. 31 came to $11.4 billion, with net earnings attributable to shareholders reaching $398 million. Quarterly revenue at the Atlanta Braves nearly doubled to $102 million, compared to a year-earlier $53 million, while the Formula One Group’s revenue hit $787 million, up from a year-earlier $754 million, according to the earnings report.
SiriusXM, the home of Howard Stern, saw revenue for the three months to the end of 2022, come in virtually unchanged at $2.283 billion, against a year-earlier $2.281 billion. Liberty Media has three main business holdings backed by tracking stocks – SiriusXM and Live Nation Entertainment, the Atlanta Braves and Formula One.
Operating income for Liberty SiriusXM Group came to $450 million, down from a year earlier $529 million, the Braves’ operating loss narrowed to $1 million, and the Formula One operating profit came to $62 million for the fourth quarter. Liberty Media said plans to split off the Atlanta Braves and its associated real estate development project, along with the creation of a new Liberty Live Group tracking stock, were set to be completed in the second quarter of 2023.
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