Shooting Starz: Networks propel Liberty arm in Q1
EmptyJohn Malone's Liberty Media reported strong first-quarter results for its Liberty Entertainment business, led by the Starz Entertainment networks, but Liberty Interactive's financials were weaker on ongoing challenges at the QVC home-shopping channel during the global recession.
The Liberty Entertainment group's adjusted operating income before depreciation and amortization jumped 63% to $132 million as revenue rose 19% to $369 million.
The results reported Friday were boosted by the acquisition of Liberty Sports Group in March 2008.
At Starz Entertainment, OIBDA soared 46% as revenue increased 8%. The company cited rate increases and a gain in the average number of subscription units.
Meanwhile, Liberty Interactive's adjusted OIBDA dropped 15% to $341 million on a 6% revenue decline to $1.8 billion. QVC's revenue was down 10%.