Liberty Media F1 unit revenue rises 28% on extra race

Liberty Media (FWONA) reported third-quarter revenue of $1.23 billion, up from $1.09 billion a year earlier, as Formula 1 added a race to its calendar.

Here's how the company did:

• Revenue: $1.23 billion vs. $1.09 billion a year earlier
• Operating income: $237 million vs. $158 million a year earlier
• Adjusted OIBDA: $353 million vs. $297 million a year earlier

Formula 1 revenue rose 28% to $1.12 billion, with seven races against six a year earlier. Operating income at the unit reached $270 million, and Adjusted OIBDA rose 44% to $338 million.

MotoGP revenue fell 34% to $111 million on two fewer races. The unit posted an operating loss of $3 million, and its Adjusted OIBDA fell 47% to $35 million on a U.S. dollar and pro-forma basis.

"We are deliberately investing in infrastructure, partnerships, people and fan touchpoints across our assets," said Derek Chang, Liberty Media President and CEO.

Ownership change

Liberty acquired all of its high-vote Series B common stock held by Dr. John Malone and related entities in exchange for Series A and Series C common shares.

The transaction closed on Nov. 4. Malone's aggregate voting power in Liberty fell to about 3%.

Cash and buybacks

The company held $1.76 billion of cash and cash equivalents at Sept. 30, plus $581 million of short-term investments.

There were no repurchases of its common stock from Aug. 1 through Oct. 31. The remaining repurchase authorization was $1.1 billion as of Nov. 1.