secwatch.observer — SEC 8-K summary
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Issuer:     Liberty Media Corp (FWONA)
CIK:        0001560385
Form:       8-K
Filed at:   2023-05-05T23:59:59+00:00
Accession:  0001560385-23-000015
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1560385/000156038523000015/0001560385-23-000015-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1560385/000156038523000015/lmca-20230502x8k.htm
  HTML page:      https://secwatch.observer/filing/0001560385-23-000015

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