SiriusXM Drives Liberty Media's Second-Quarter Earnings Rise
Liberty Media, the company controlled by billionaire mogul John Malone that houses such assets as satellite radio company SiriusXM Radio, the Atlanta Braves baseball club and the Formula One racing circuit, on Wednesday reported mixed second-quarter financials.
Net income for the second quarter came in at $94 million, up from $82 million in the year-ago period, with operating income rising from $328 million to $422 million.
While satellite radio giant SiriusXM recorded a 15 percent gain in operating profit and the company's Liberty Braves Group's operating loss was unchanged at $3 million, Formula One, which the company didn't own in the year-ago period, posted a lower operating profit.
Liberty Media's second-quarter revenue rose 56 percent to $2.14 billion from $1.37 billion.
This article was originally published by The Hollywood Reporter.