Liberty Media Corporation ("Liberty Media" or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported first quarter 2019 results. Highlights include:

“SiriusXM produced another strong quarter and the integration with Pandora is well underway,” said Greg Maffei, Liberty Media President and CEO. “Both Formula 1 and the Braves kicked off their 2019 seasons and broke ground on exciting new developments – Formula 1 on the racetrack in Hanoi and the Braves on the second phase of the Battery Atlanta.”

Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2019 to the same period in 2018.

LIBERTY SIRIUSXM GROUP – The following table provides the financial results attributed to Liberty SiriusXM Group for the first quarter of 2019. In the first quarter, approximately $9 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Liberty SiriusXM Group.

SiriusXM’s financial results above include the results of Pandora beginning February 1, 2019, the date Pandora was acquired by SiriusXM. Pro forma results for SiriusXM including Pandora for the full three months ended March 31, 2019, excluding acquisition accounting adjustments, can be found in Liberty Media’s Form 10-Q for the quarter ended March 31, 2019.

SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission. SiriusXM reported its stand-alone first quarter results on April 24, 2019. For additional detail on SiriusXM’s financial results for the first quarter, please see SiriusXM’s earnings release posted to their Investor Relations website. For presentation purposes on page one of this release, we include the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. Liberty Media believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results is best understood in the context of SiriusXM's historical financial presentation.

The businesses and assets attributed to Liberty SiriusXM Group consist primarily of Liberty Media’s interest in SiriusXM, which includes its subsidiary Pandora.

FORMULA ONE GROUP – The following table provides the financial results attributed to the Formula One Group for the first quarter of 2019. In the first quarter, the Formula One Group incurred approximately $9 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

“This quarter we announced multiple deals, securing full broadcast coverage for the 2019 season and adding new sponsors. The Netflix series ‘Formula 1: Drive to Survive’ was well received by existing and new fans and created excitement for the launch of the 2019 season in March,” said Chase Carey, Formula 1 Chairman and CEO. “We look forward to our first European race in Barcelona on May 12^th.”

Primary F1 revenue is comprised of (i) race promotion fees, (ii) broadcasting fees and (iii) advertising and sponsorship fees. Results in the first quarter of 2019 were favorably impacted by the timing of the 2019 race calendar, with two races taking place in the first quarter of 2019 compared to one race in the first quarter of 2018.

Race promotion revenue increased primarily due to the additional race held in the first quarter of 2019. Broadcast revenue increased due to the higher proportionate recognition of season-based income during the quarter (2/21 races took place in the first quarter of 2019 compared to 1/21 in the first quarter of 2018) and contractual rate increases. Advertising and sponsorship revenue increased due to the additional race in the first quarter of 2019 and revenue from new sponsorship agreements entered into beginning in the second half of 2018. Other F1 revenue also increased in the first quarter primarily due to the additional event held, which resulted in increased revenue from the Paddock Club, support events, television production and other technical services.

Operating loss decreased and adjusted OIBDA⁽²⁾ increased in the first quarter as revenue growth driven by the additional race and underlying contract terms more than offset elevated costs. Cost of F1 revenue increased primarily due to higher team payments driven by the pro rata recognition of such payments across the race season, as well as increased costs associated with the additional race including technical, travel and logistics, hospitality and Formula 2 costs. Selling, general and administrative expense increased primarily as a result of higher marketing costs associated with the promotion of the start of the season and F1’s digital and fan engagement initiatives.

F1’s total net debt to covenant OIBDA ratio, as defined in F1’s credit facilities for covenant calculations, was approximately 5.80x as of March 31, 2019, as compared to a maximum allowable leverage ratio of 8.25x. The race calendar variances between 2018 and 2019 resulted in income from 22 races falling in the trailing twelve months measured for F1’s covenant calculations as of March 31, 2019.

The businesses and assets attributed to the Formula One Group consist of Liberty Media’s subsidiary F1, its interest in Live Nation, minority equity investments and an intergroup interest in the Braves Group. There are approximately 9.1 million notional shares of the Braves Group underlying the Formula One Group’s 15.1% intergroup interest as of April 30, 2019.

BRAVES GROUP – The following table provides the financial results attributed to the Braves Group for the first quarter of 2019. In the first quarter, approximately $2 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Braves Group.

Baseball revenue is comprised of (i) ballpark operations, (ii) local and national broadcast rights and (iii) licensing and other shared MLB revenue streams. Development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income.

There were no home games in the first quarter of 2019, compared to three home games in the first quarter of 2018. A modest amount of baseball revenue in the first quarter of 2019 was derived from non-game day revenue sources, and development revenue was flat in the first quarter of 2019. Operating loss and adjusted OIBDA improved modestly in the first quarter of 2019.

The Formula One Group holds an approximate 15.1% intergroup interest in the Braves Group as of April 30, 2019. Assuming the issuance of the shares underlying the intergroup interest held by the Formula One Group, the Braves Group outstanding share count as of April 30, 2019 would have been 60 million.

The businesses and assets attributed to the Braves Group consist primarily of Liberty Media’s subsidiary the Braves, which indirectly owns the Atlanta Braves Major League Baseball Club, six minor league baseball clubs and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development project.

Share Repurchases

From February 1, 2019 through April 30, 2019, Liberty Media repurchased approximately 4.0 million Series C Liberty SiriusXM shares (Nasdaq: LSXMK) at an average cost per share of $40.33 for total cash consideration of $160 million. The total remaining repurchase authorization for Liberty Media is approximately $563 million and can be applied to repurchases of Series A and Series C shares of any of the Liberty Media Corporation tracking stocks.