Liberty Media, the company that is controlled by billionaire mogul John Malone and houses such assets as satellite radio company SiriusXM Radio, the Atlanta Braves baseball club and the Formula One racing circuit, on Monday reported lower third-quarter earnings as higher costs and expenses outweighed increased revenue.
Quarterly earnings came in at $262 million, or $193 million attributable to Liberty stockholders, down from $366 million, or $268 million attributable to stockholders, in the year-ago period. Operating income fell from $531 million to $507 million. The company’s third-quarter revenue rose from $2.32 billion to $2.86 billion, but operating costs and expenses rose from $1.78 billion to $2.35 billion.
SiriusXM recorded a 1 percent drop in operating profit to $459 million, while the company’s Liberty Braves Group’s operating profit of $21 million fell from $45 million. Formula One posted an operating profit of $44 million, up from $39 million in the year-ago period.
“SiriusXM continues to deliver and posted another record breaking quarter,” said Liberty Media CEO Greg Maffei: “Formula 1 continues to show great momentum and is on track to hit 2019 targets, benefitting from foundation building over the last two years.”
This article was originally published by The Hollywood Reporter.