Liberty Media, the company controlled by billionaire mogul John Malone that houses assets like audio entertainment giant SiriusXM, the Atlanta Braves baseball club and the Formula One racing circuit, on Thursday reported stable first-quarter overall revenues, but a steep 84 percent revenue loss from its Formula One race car division.
Liberty Media posted earnings of $293 million, up from a year-earlier profit of $162 million, on overall revenues at $2.013 billion, virtually unchanged from a year-earlier $2.012 billion.
But the company got off to a bad start for the year after losing Formula One racing events due to the coronavirus pandemic. Revenue during the latest quarter was driven by a 5 percent gain at SiriusXM to $1.95 billion, while.
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