Liberty Media, the company controlled by billionaire mogul John Malone and which houses such assets as satellite radio company SiriusXM Radio, the Atlanta Braves baseball club and the Formula One racing circuit, on Thursday reported higher fourth-quarter financials.
Operating income for the period rose 15 percent to $379 million. Adjusted operating income before depreciation and amortization (OIBDA), another profitability metric, rose 3 percent to $650 million. The company's fourth-quarter revenue edged up 1 percent from $1.99 billion to $2.01 billion.
The company's SiriusXM saw operating profit increase 16 percent to $436 million as subscriber growth drove revenue higher. Liberty Braves Group's operating loss of $28 million narrowed from a year-ago loss of $68 million, with the company citing "higher revenue and reduced operating expense due to the acceleration of player salary expense in prior periods as a result of released and injured players." Formula One swung to an operating loss of $29 million from a year-ago profit of $24 million as revenue decreased "primarily due to one less event," the company said.
"SiriusXM finished strong, hit financial milestones and ended the year with 34 million subscribers. The transaction with Pandora closed on February 1, and we are excited for the innovative audio entertainment offerings to come," said Liberty Media CEO Greg Maffei. "Formula One concluded an exciting 2018 season and increased fans at the races, TV viewership and social media engagement. The Braves posted strong financial results in their second year at SunTrust Park and the Battery Atlanta, and we look forward to the start of the season on March 28."
SiriusXM recently closed its $3.5 billion deal to acquire music streaming firm Pandora Music.
Liberty Media last year offered to invest $1.16 billion in iHeartMedia for a 40 percent stake, but then pulled the offer amid opposition from iHeartMedia.
This article was originally published by The Hollywood Reporter.