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John Malone‘s Liberty Media on Wednesday posted higher first-quarter results after the inclusion of Sirius XM Radio in its financials and the separation of Starz, which was spun off into a separate company.
Liberty reported quarterly earnings of $8.06 billion, up from $150 million in the year-ago period.
Revenue increased from $35 million to $789 million in the first quarter. Adjusted operating income before depreciation and amortization swung into positive territory amid an increase of $288 million to $271 million.
“The increase in revenue, adjusted OIBDA and operating income was primarily due to the acquisition of a controlling interest in Sirius XM,” the company said.
“We are extremely pleased with the operating results of our newest subsidiary, Sirius XM, which grew its subscriber base to over 24 million,” said Greg Maffei, president and CEO of Liberty Media.
At Liberty Interactive Group, whose core asset is home-shopping channel QVC, first-quarter revenue increased 5 percent to $2.4 billion, adjusted OIBDA rose 4 percent to $437 million, and operating profit was roughly flat at $260 million.
Liberty said the fair value of its stakes in key media and entertainment companies rose in the first quarter. Its stake in Live Nation was worth $668 million, up by a third from $494 million as of the end of 2012, it said. Its stake in book retailer Barnes & Noble rose 5 percent from $262 million to $275 million, Liberty said.
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