Liberty Media Second-Quarter Operating Profit, Revenue Rise
John Malone's Liberty Media on Tuesday reported mixed second-quarter financials.
The company, which controls satellite radio firm Sirius XM Radio and owns stakes in various other firms, including cable operator Charter Communications, posted earnings of $50 million compared with a year-ago profit of $93 million.
The firm's operating profit rose from $226 million to $231 million. Quarterly revenue of $1.16 billion was up from $1.08 billion.
Liberty also owns stakes in live events giant Live Nation. Liberty reported that its stake in Charter was worth $4.40 billion as of the end of June, up from $3.31 billion as of the end of March. The value of its Live Nation holdings rose from $1.35 billion to $1.16 billion.
"We are making progress with the spin-off of [the company's cable holdings under the name] Liberty Broadband, which we anticipate completing by year-end," said Greg Maffei, Liberty Media president and CEO. "Sirius XM posted another record-setting quarter and made a further commitment to its buyback."
Liberty's ownership in the satellite radio firm increased to approximately 56 percent due to the company's stock buybacks, the firm said.