ENGLEWOOD, CO (CelebrityAccess) — John Malone’s Liberty Media on Thursday reported handsome increases in revenue and income for the third quarter of 2018.
Liberty’s financial filings revealed an aggregate revenue of $2.3bn for the quarter and net earnings of $366m for the third fiscal quarter.
Liberty Media reported an aggregate revenue of $2.3bn for the quarter, up from just over $2bn in the same quarter in 2017. For Q3, overall operating income was up as well, to $531m, improving from $382m last year.
Liberty’s SiriusXM satellite radio division performed well for the quarter, posting record revenue of $1.5 billion for the quarter and net income of $343 million, an improvement of 23% from last year.
SiriusXM added 298,000 net new self-pay subscribers in the quarter and Liberty projects accelerated subscriber growth for the broadcaster for the rest of the year.
“SiriusXM posted yet another outstanding quarter and again increased guidance on October 24th, while Live Nation had its best quarter ever with all divisions delivering their strongest quarterly AOI results,” said Greg Maffei, Liberty Media President and CEO.
Liberty also touted the renewal of Formula 1 racing contracts in Japan and Germany and announced that they are preparing to launch a new race in Vietnam beginning in 2020.
The Formula 1 group reported revenue of 647m for the quarter, up from $501m in 2017, and operating income of $31m, recovering from a loss of $17m in Q3 2017.
Liberty Media’s baseball holdings in the Atlanta Braves also enjoyed a profitable quarter after clinching 2018 NL East division title and completed the sale of the residential portion of Battery Atlanta, a mixed use commercial and residential district in Atlanta for a gain of about $156 million.
For Q3, the Braves Group reported revenue of $200m and operating income of $46m after a loss of $8m in 2017.