---
schema_version: "secwatch.filing_event.v1"
accession: "0001560385-23-000015"
form_type: "8-K"
ticker: "FWONA"
cik: "0001560385"
company_name: "Liberty Media Corp"
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T16:42:44.799592+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Liberty Media Q1: SiriusXM revenue down 2% to $2.14B; split-off of Braves targeted by end of Q2

## Summary
- SiriusXM Q1 revenue $2.14B (-2% YoY), net income $233M ($0.06 EPS), adj. EBITDA $625M; full-year guidance raised.
- Formula One Group revenue $381M (+6%), adj. OIBDA $117M (-4%); F1 leverage 2.2x triggers term loan margin cut.
- Braves Group revenue $31M (+35% YoY) but operating loss widens to $49M on higher player salaries; no home games in Q1.
- $575M of 3.75% LSXMA convertible notes issued; proceeds plus cash used to repurchase $591M 1.375% notes and $112M 2.125% debentures.
- Completion of split-off of Atlanta Braves and creation of Liberty Live Group tracking stock targeted by end of Q2 2023.

## SEC filing metadata
- accession: 0001560385-23-000015
- form_type: 8-K
- ticker: FWONA
- cik: 0001560385
- company_name: Liberty Media Corp
- filed_at: 2023-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1560385/000156038523000015/0001560385-23-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1560385/000156038523000015/lmca-20230502x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001560385-23-000015
- JSON: https://secwatch.observer/filing/0001560385-23-000015.json
- Plain text: https://secwatch.observer/filing/0001560385-23-000015.txt

## Key facts
- Earnings Releases
  Liberty Media Corp reported financial results for first quarter 2023.
  - Period: first quarter 2023
  - Result: reported results
  source text: LIBERTY MEDIA CORPORATION REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS ​ ​ Englewood, Colorado, May 5, 2023- Liberty Media Corporation ("Liberty Media" or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported first quarter 2023 results.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1560385/000156038523000015/0001560385-23-000015-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.