SiriusXM Profits Take a Dip as Earnings Rise at Parent Liberty Media
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 Wednesday reported higher second-quarter financials.
Earnings for the second quarter came in at $172 million, up from $94 million in the year-ago period, even though operating income fell from $422 million to $374 million.
SiriusXM recorded a 15 percent decline in operating profit to $333 million, while the company's Liberty Braves Group's operating profit dropped 82 percent to $6 million. Formula One swung to an operating profit of $35 million from a year-ago loss of $3 million.
Liberty Media's second-quarter revenue rose 2.8 percent to $2.2 billion.
This article was originally published by The Hollywood Reporter.