Liberty Media Corporation reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in total revenue, which amounted to $911.9 million, down from $2.5 billion in the same quarter of 2023. This decrease was primarily attributed to reduced revenue from its Formula 1 segment, which generated $848.9 million compared to $2.3 billion in the prior year. The decline in Formula 1 revenue was influenced by a lower number of events held during the quarter.

Despite the revenue drop, Liberty Media's operating income for the quarter increased slightly to $107 million from $101 million year-over-year. However, net earnings showed a stark contrast, with a loss of $2.9 billion compared to a profit of $443 million in the same period last year. This loss was largely due to the impact of discontinued operations following the split-off of Liberty SiriusXM Holdings, which resulted in a significant loss attributable to Liberty stockholders of $2.4 billion.

For the nine months ended September 30, 2024, Liberty reported a net loss of $2.1 billion, a sharp decline from a profit of $798 million in the same period of 2023. The company’s retained earnings also fell from $15.1 billion at the end of 2023 to $7.5 billion by September 30, 2024.

Liberty's cash and cash equivalents saw a substantial increase, rising to $3.1 billion from $1.7 billion at the end of 2023. This increase was bolstered by the issuance of Series C Liberty Formula One common stock, which generated approximately $939 million in net proceeds.

Strategically, Liberty Media made several significant moves, including the acquisition of QuintEvents, LLC for approximately $277 million and the agreement to acquire approximately 86% of Dorna Sports, S.L. for around €3 billion. The company also completed the split-off of Liberty SiriusXM Holdings, which was classified as a discontinued operation, impacting its financial results significantly.

Overall, while Liberty Media faced challenges in revenue generation and profitability, it also made strategic acquisitions and maintained a strong cash position, positioning itself for future growth.