Formula 1, Atlanta Braves Fuel Liberty Media’s Q2

In today’s edition of the Front Office Sports newsletter, we’re taking a look at second-quarter financial results for the company behind Formula 1 and the Atlanta Braves.

Promising Results

Liberty Media reported its second-quarter financial results on Friday, recording revenue increases across Formula 1, Braves Group, and Sirius XM.

Revenue for F1?increased?49% year-over-year to?$744 million. The division announced a number of deal extensions and renewals during the quarter, which held seven races.

• F1 announced the extension of the?Australian Grand Prix?through 2035.
• It renewed its exclusive broadcasting deal with Bandeirantes in Brazil through 2025.
• F1 renewed its Netflix deal for the fifth and sixth seasons of “Drive to Survive.”
• Liberty Media?agreed?to purchase 39 acres of land for $240 million for its new Las Vegas Grand Prix, starting in 2023.

F1 states that the first half of the 2022 season has seen?record attendance?in both grandstands and the Paddock Club. The division also has a goal to hit net-zero carbon by 2030.

Braves’ Book

Liberty Media’s Braves Group division, which includes the Atlanta Braves, reported a 20% year-over-year increase in revenue to?$260 million?and a 16% increase in operating income to $37 million.?

Baseball revenue — comprising ballpark operations, local broadcasting rights, and MLB revenue streams — jumped 21% to?$247 million, and development revenue increased 8% to $13 million. At the end of the quarter, the Braves’ attendance was up 23% compared to the pre-pandemic 2019 season, and the team had 24 game sellouts as of the All-Star break.

Both F1 and the Atlanta Braves were affected by pandemic-related capacity limitations in 2021.

Conversation Starters

• South America has submitted a four-country bid to host the 2030 World Cup, which includes Uruguay, Argentina, Chile, and Paraguay.
• The majority of Fortune 500 CEOs and women in C-suite jobs were college athletes. Former Florida State and Minnesota Vikings quarterback is all-in on helping athletes recognize business opportunities after their playing days are over. Check out the new episode of our My Other Passion podcast on Apple, Spotify, or YouTube to hear Ponder and FOS editor in chief Ernest Baker talk business and behind-the-scenes NFL stories.
• ESPN is beginning production on a documentary about Basketball Hall of Famer Bill Walton as part of its “30 for 30” series.
• Casino, gaming, and entertainment company Bally’s Corporation generated $552.5 million in revenue for the second quarter ending June 30, 2022.
• Hear about the day’s most important business of sports stories in five minutes or less by listening to our daily podcast The Leadoff.

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