Liberty Media Corporation("Liberty Media" or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported first quarter 2021 results. Headlines include⁽¹⁾:

• Attributed to Liberty SiriusXM Group

  • SiriusXM reported first quarter 2021 financial results

    • First quarter revenue of $2.06 billion; an increase of 5% from prior year period

    • First quarter net income of $219 million; diluted EPS of $0.05, or $0.07, excluding one-time items

    • Adjusted EBITDA⁽²⁾ of $682 million in the first quarter, up 7% from prior year period

    • SiriusXM self-pay net subscriber additions of 126,000, an increase of 83% year-over-year

    • SiriusXM reiterated 2021 financial and subscriber guidance

  • Liberty Media’s ownership of SiriusXM stood at 77.3% as of April 26^th

  • From February 1^st through April 30^th, Liberty repurchased 2.6 million LSXMA/K shares at an average price per share of $44.70 for total cash consideration of $114 million

• Attributed to Formula One Group

  • Announced 10-year agreement to host Miami Grand Prix beginning 2022

  • Secured three-year extension for Japanese Grand Prix and two-year extension for Canada Grand Prix

  • FIA, F1 and teams unanimously approved adoption of new Sprint Qualifying at three Grands Prix during 2021 season

  • Renewed multi-year global partnership with DHL as Official Logistics Partner of F1

• Attributed to Braves Group

  • Braves expanded capacity at Truist Park to 100% beginning May 7^th

• Liberty Media published disclosure aligned with Sustainability Accounting Standards Board (“SASB”) standards

“SiriusXM started the year off strong with growing trial starts and impressively low churn. They continued to repurchase stock and Liberty’s ownership is now over 77%,” said Greg Maffei, Liberty President and CEO. “Formula 1 continues to be nimble in managing its 23-race calendar and has produced some phenomenal racing. The Braves plan to expand to 100% capacity at Truist Park today and are contending in the competitive NL East.”

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2021 to the same period in 2020.