Liberty Media Corp.-Liberty SiriusXM (LSXMK, Financial) faced poor second-quarter returns in Wally Weitz's Multi Cap Equity Fund 2nd-Quarter Commentary 2024 Q2. The company's operating results were lackluster, but the anticipated merger with SiriusXM is expected to simplify the ownership structure and eliminate potential technical overhangs.
"Both Liberty Media Corp.-Liberty SiriusXM and LKQ Corp. saw poor second-quarter returns, landing both companies on the list of top detractors for the quarter and year-to-date periods. SiriusXM's operating results have been lackluster, and the current elevated investment cycle has clouded otherwise healthy cash flows." — Wally Weitz, Multi Cap Equity Fund, Q2 2024 Fund Letter
Read full letter at gurufocus Wally Weitz's Multi Cap Equity Fund 2nd-Quarter Commentary 2024 Q2 page.