Q2 2024 Liberty Media Corp and Atlanta Braves Holdings Inc Earnings Call Transcript
Key Points
- Atlanta Braves Holdings Inc (BATRA) reported strong performance from key players, with notable statistics such as leading the National League in RBIs and impressive ERA rankings.
- Fan demand remains robust, with ticketing and concessions per capita up year-over-year and a 90% renewal rate on season tickets for 2025.
- The company completed several master planning projects that have enhanced the fan experience, including new bar concessions with double-digit growth.
- The Braves announced further upgrades ahead of the 2025 season, including new seating products and an extension of existing seating areas.
- The Battery, the mixed-use development adjacent to the ballpark, continues to perform well with revenue up 11% and adjusted EBITDA up 13% in the second quarter.
- Broadcasting revenue growth was offset by higher player payroll and increased payments under the revenue-sharing plan, impacting overall profitability.
- The company faced challenges with broadcasting rights, as seen with the temporary loss of Comcast carriage, which affected ratings.
- Higher baseball operating costs were reported due to increased minor league team and player expenses.
- Despite strong fan demand, the company faces ongoing challenges in managing and optimizing streaming rights, which are held at the league level.
- Capital improvement projects around the ballpark require significant investment, with approximately $35 million expected to be spent across 2023 to 2025.
Welcome to Liberty Media's Corporation 2024 second quarter earnings conference call. (Operator instructions) As a reminder, this conference will be recorded today, August 8. I would now like to turn the call over to Clare Adams, Senior Manager, Investor Relations. Please go ahead.
Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media and Atlanta Braves Holdings with the SEC.
These forward-looking statements speak only as of the date of this call and Liberty Media, and Atlanta Braves Holdings expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty
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