Liberty Media Corporation Reports Fourth Quarter and Year End 2024 Financial Results
Liberty Media Corporation, headquartered in Englewood, Colorado, has released its financial results for the fourth quarter and year ending December 31, 2024. The company, which operates through various segments including Formula One Group and Liberty Live Group, provided a detailed overview of its financial performance, strategic initiatives, and future outlook.
Financial Highlights
Liberty Media reported a total revenue of $3.653 billion for the year 2024, a 13.4% increase from $3.222 billion in 2023. The Formula One Group, a significant contributor to Liberty Media's revenue, saw a 6% increase in total revenue, reaching $3.411 billion in 2024 compared to $3.222 billion in 2023. However, the group's operating income slightly decreased to $287 million from $297 million in the previous year.
Adjusted OIBDA for the Formula One Group rose by 13% to $774 million in 2024, up from $686 million in 2023. The Liberty Live Group's investment in Live Nation was valued at $9.0 billion as of December 31, 2024, reflecting a significant increase from $7.625 billion at the end of the third quarter.
Business and Operational Highlights
Formula One Group reported several key performance indicators, including a 9% increase in F1 fan attendance, reaching 6.5 million in 2024. The group also renewed several race promotion agreements, extending partnerships with the Belgian, Dutch, Chinese, Italian, and Monaco Grands Prix. Additionally, the group announced an extension of its partnership with Crypto.com through 2030 and a new agreement with global lottery operator Allwyn as an Official Partner.
Liberty Media's CEO, Derek Chang, highlighted the company's strategic priorities for 2025, which include capitalizing on Formula 1's success, closing the acquisition of MotoGP, and addressing the Liberty Live structure.
Strategic Initiatives and Corporate Developments
Liberty Media did not repurchase any of its common stock from November 1, 2024, through January 31, 2025. The company has a remaining repurchase authorization of $1.1 billion as of February 1, 2025. The company also extended the date for regulatory approval of the MotoGP acquisition to June 30, 2025.
Management's Perspective
Derek Chang, Liberty Media President & CEO, expressed optimism about the company's future, stating, "As I reflect on my first month as CEO, I am energized by the opportunities ahead at Liberty Media and our portfolio companies. My time as a board member has enabled an efficient transition as we move quickly to accomplish our strategic priorities for 2025."
Stefano Domenicali, Formula 1 President and CEO, added, "Formula 1 capped off a record 2024 in race count, revenue, and Adjusted OIBDA. We are equally optimistic about 2025 as we mark F1’s 75th anniversary which will provide incremental momentum for our brand."
Future Outlook
Liberty Media's forward-looking statements indicate a focus on strategic growth and operational efficiency. The company aims to leverage the success of Formula 1, complete the MotoGP acquisition, and optimize the Liberty Live structure to drive shareholder value.
SEC Filing: Liberty Media Corp [ FWONA ] - 8-K - Feb. 27, 2025