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Q1 earnings highlights

>Fair value of stake in DirecTV stood at $11.7 billion as of March 31, compared with a $10.7 billion year-ago value for what was then a stake in News Corp.

>Fair value of stake in IAC fell from $1.9 billion to $1.7 billion

>Liberty Media CEO Greg Maffei said he is "disappointed" that the Liberty Media Entertainment tracking stock is still trading at a discount to the net asset value of its businesses
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