Q2 2024 Liberty Media Corp and Atlanta Braves Holdings Inc Earnings Call Transcript
Key Points
- Liberty Formula One Group (FWONA) reported a 29% increase in revenues for the first half of the year, driven by three additional races and strong sponsorship growth.
- The 2024 Formula One season is highly competitive, with seven different race winners and eight drivers on the podium across the first 14 races.
- F1 TV subscribers increased by 11% year-over-year, with a 16% increase in the U.S. market, indicating strong digital engagement.
- The sponsorship pipeline is robust, with interest from blue-chip clients and new categories, enhancing commercial opportunities.
- The company is making significant progress on its ESG initiatives, including a commitment to net-zero emissions by 2030 and diversity and inclusion programs.
- Race promotion revenue was relatively flat year-over-year despite two additional races, attributed to event mix and varying fees.
- The company faces regulatory scrutiny, including a DOJ investigation related to antitrust concerns, which could impact future operations.
- The 2024 season is a peak CapEx year, which may pressure free cash flow in the short term before expected growth in subsequent years.
- The ongoing DOJ lawsuit against Live Nation creates an overhang on the stock, potentially affecting investor sentiment.
- The Braves experienced a reduction in ratings due to a carriage dispute with Comcast, highlighting vulnerabilities in media distribution.
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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