MUMBAI: Liberty Media, the company that owns Formula 1 racing since 2017, has reported an increase in revenue in the first quarter of 2018, according to a report in deadline.com.
The company earned $131 million, vis-à-vis a loss of $21 million a year ago.
Revenue shot up to $1.5 billion, 9% more from last year’s total revenue of $1.4 billion.
Although the Formula 1 arm saw an operating loss of $118 million, it is the radio company that Liberty Media owns 70% stake of, Sirius XM that saw operating income boom to $525 million. As a result, the company still managed to sign a long-term partnership with China Central Television, the country’s national broadcaster, for Formula 1 to return to Chinese TV for the first time since 2012. Formula 1 is also all set for the new F1 TV Pro streaming service, beginning from the upcoming Barcelona Grand Prix.
“We’re very excited to move forward with this important new dimension of our business,” said Formula 1 CEO Chase Carey.
