Summary
Liberty Media Corporation's (FWONK) 2019 10-K filing reveals a diversified business structure with primary segments focused on Liberty SiriusXM Group, Braves Group, and Formula One Group. The Liberty SiriusXM Group's performance is largely driven by its controlling interest in Sirius XM Holdings, which operates satellite and streaming radio services and recently acquired Pandora. The Braves Group's financials are primarily tied to the Atlanta Braves baseball team and its associated development projects. The Formula One Group holds Liberty's interest in Formula 1, a global motorsports business, and its investment in Live Nation Entertainment. Financially, the company reported increased consolidated revenue driven by Sirius XM Holdings and Formula 1. However, net earnings attributable to Liberty stockholders saw a significant decrease compared to the prior year, largely due to a substantial unrealized loss on financial instruments and increased interest expense. The company's liquidity remains supported by cash balances and credit facilities across its segments, though it carries a considerable amount of corporate-level debt.
Financial Highlights
42 data points| Revenue | $10.29B |
| SG&A Expenses | $1.80B |
| Operating Expenses | $8.82B |
| Operating Income | $1.47B |
| Interest Expense | $657.00M |
| Net Income | $106.00M |
Key Highlights
- 1Consolidated revenue increased to $10.3 billion in 2019, primarily driven by the acquisition of Pandora by Sirius XM Holdings and growth at Formula 1 and Braves Holdings.
- 2Net earnings attributable to Liberty stockholders significantly decreased to $106 million in 2019, down from $531 million in 2018, impacted by a $315 million loss on financial instruments and higher interest expenses.
- 3Liberty SiriusXM Group, driven by Sirius XM Holdings, saw revenue rise to $7.8 billion, boosted by the Pandora acquisition and subscriber growth.
- 4Formula One Group's revenue increased to $2.0 billion, with growth in broadcasting and advertising/sponsorship, though race promotion revenue saw a slight decline.
- 5Braves Holdings reported increased revenue to $476 million, with baseball revenue growing due to higher attendance and broadcast rights, partially offset by a decrease in development revenue following the sale of residential assets.
- 6The company's corporate-level debt stood at $3.6 billion as of December 31, 2019, with significant additional debt at the subsidiary level, particularly within Sirius XM Holdings.
- 7Liberty continued its share repurchase program, buying back approximately 11.0 million shares of Series C Liberty SiriusXM common stock for $443 million in 2019.