Shares of Liberty Media Corporation Series C (FWONK) plummeted 7.20% in pre-market trading on Thursday, following the company's fourth quarter and full-year 2024 financial results. The media and entertainment conglomerate reported a staggering net loss of $2.06 billion for 2024, a sharp contrast from the net earnings of $761 million in the previous year.

The significant loss appears to be the primary driver behind FWONK's pre-market plunge, as investors reacted negatively to the company's disappointing financial performance. Liberty Media's Formula One Group, which comprises a substantial portion of its business, saw higher revenue due to an increased number of races, improved sponsorship deals, and increased media rights fees. However, operating income and Adjusted OIBDA (Operating Income Before Depreciation and Amortization) for the Formula One Group declined in the fourth quarter of 2024, primarily due to higher costs associated with promoting and delivering races.

In addition to the massive net loss, Liberty Media's results were further impacted by significant one-time charges. The company incurred $32 million in costs related to corporate acquisitions and a $73 million non-cash impairment charge related to the goodwill of its subsidiary, Quint. These charges weighed heavily on the company's bottom line and contributed to the stock's pre-market plunge.

Liberty Media's Live Group, which includes its investment in Live Nation, also reported losses for the quarter and full year, further exacerbating the company's overall financial performance. While the Live Group's revenue remained flat, increased costs and expenses led to operating losses.