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Investing.com -- Liberty Media Corporation reported its fourth quarter and full year 2024 results on Thursday, with Formula One Group revenue declining but full-year results showing growth. The company’s stock fell 4.5% following the announcement.
Formula One Group revenue decreased YoY to $1.17 billion in Q4, primarily due to lower race promotion and media rights revenue. However, full year revenue increased 6% to $3.65 billion, driven by growth across all primary revenue streams.
Q4 operating income for Formula One Group declined to $126 million, while adjusted OIBDA fell to $200 million. For the full year, operating income rose to $492 million and adjusted OIBDA grew to $791 million.
"Formula 1 capped off a record 2024 in race count, revenue and Adjusted OIBDA," said Stefano Domenicali, Formula 1 President and CEO. "We are equally optimistic about 2025 as we mark F1’s 75th anniversary which will provide incremental momentum for our brand."
The company reported 24 races held in 2024, up from 22 in 2023. F1 fan attendance reached 6.5 million, a 9% increase from the previous year.
Liberty Media extended the date for regulatory approval of its MotoGP acquisition to June 30, 2025. The fair value of Liberty Live Group’s investment in Live Nation was $9.0 billion as of December 31, 2024.
Derek Chang, Liberty Media’s new President & CEO, expressed optimism about the company’s future, stating, "I am energized by the opportunities ahead at Liberty Media and our portfolio companies."