Liberty Media, the company controlled by billionaire mogul John Malone and that houses such assets as satellite radio company SiriusXM Radio, the Atlanta Braves National League baseball club and the Formula One racing circuit, reported mixed first-quarter financials Tuesday.
The company posted a first-quarter loss of $21 million, compared with earnings of $364 million in the year-ago period. SiriusXM's $124 million profit was more than offset by a loss of $49 million at the Liberty Braves Group and a $96 million loss at Formula One. First-quarter operating income declined from $781 million to $259 million, as SiriusXM recorded a 13 percent gain and losses for the Liberty Braves Group narrowed, but Formula One swung to an operating loss after year-ago one-time gain.
Adjusted operating income before depreciation and amortization, another profitability metric, reached $467 million, compared with $391 million in the year-ago period.
Liberty Media also reported a quarterly revenue gain of 17 percent from $1.20 billion to $1.40 billion.
This article was originally published by The Hollywood Reporter.