Liberty Media Corporation Reports Third Quarter 2016 Financial Results

Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) today reported third quarter 2016 results. Highlights include (1):
  • Attributed to Liberty SiriusXM Group
    • SiriusXM reported strong third quarter 2016 results
      • Revenue climbed 9% to $1.3 billion, a quarterly record
      • Net income rose 16% to $194 million and adjusted EBITDA (2) grew 10% to $492 million
      • SiriusXM increased 2016 revenue and adjusted EBITDA (2) guidance on October 27 th
      • SiriusXM initiated regular quarterly dividend of $0.01 per share
      • SiriusXM's share buyback authorization increased by $2 billion
    • Liberty Media's ownership of SiriusXM stood at 65.5% as of October 25 th
  • Attributed to Liberty Braves Group
    • Braves named Brian Snitker as manager for 2017 season
    • On-field turnaround second half of season, finishing with 37-35 record post All-Star break
  • Attributed to Liberty Media Group
    • Made minority investment in and announced agreement to acquire Formula 1 ("F1")
    • Raised $445 million through private offering of senior debentures exchangeable into Time Warner Inc. shares to partially fund F1 minority investment

"We were thrilled to announce our planned acquisition of F1, the iconic global motorsports business. We see tremendous opportunities and are excited for Chase Carey to bring his media and business experience to the sport," said Greg Maffei, Liberty President and CEO. "SiriusXM again turned in stellar results, now servicing nearly 31 million customers, and also intends to institute a quarterly dividend. Live Nation also produced outstanding results, with record quarterly growth in operating income and adjusted operating income across each core division. The Atlanta Braves dramatically improved on-field performance in the second half of the season and we look forward to moving to SunTrust Park in 2017."

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