The company got off to a bad start for the year after losing Formula One racing events due to the coronavirus pandemic
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.
Revenue during the latest quarter was driven by a 5 percent gain at SiriusXM to $1.95 billion, while revenue tumbled 84 percent at the Formula One Group to $29 million and held steady at $22 million for the off-season Braves, the same as in 2019. Liberty Media doesn't expect Formula One races to continue in the second quarter, and the racing circuit plans a potentially 15-event season starting in early July. Chase Carey, CEO of the Formula One Group, said initial races in Europe would have no live attendance, and spectators may likely return with races in Asia and the Middle East later this year.
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