Liberty Media Reports Higher Revenue for Third Quarter
The company touts the performance of SiriusXM as it spins off its cable assets
John Malone's Liberty Media on Tuesday reported that it had taken in $1.18 billion in the third financial quarter, a slight increase in revenue from the $1.11 billion derived in the previous year's same quarter.
The company, which controls satellite radio firm Sirius XM Radio and owns stakes in Charter Communications and Live Nation, also reported that its net income came in at $33 million. Fueling the financial performance for the three months ending September 30 was record income from Sirius XM, which took in $1.1 billion and was alone made a $136 million profit.
"SiriusXM again posted outstanding results and raised guidance across the board," said Liberty CEO Greg Maffei.
Liberty is set to complete a spin-off of its cable business, Liberty Broadband, which will include stakes in Charter, Time Warner Cable and TruePosition, along with $300 million in net debt.
Liberty's stock has been punished by investors this year, down almost 70 percent, but the last three months has gone better in the market for the company.