Starz Grows Pay TV Subs, Profit in Third Quarter
CEO Chris Albrecht lauds "continued solid financial and operational performance and momentum in implementing our original programming strategy."
John Malone's Liberty Media said Tuesday that subscriber count and bottom line at pay TV company Starz improved in the third-quarter.
Starz's revenue decreased 2 percent to $389 million amid fewer theatrical films released on home video and no theatrical films released this year.
But Starz's adjusted operating income before depreciation and amortization increased 27 percent to $107 million, and operating income rose 31 percent to $101 million.
Starz' subscription units increased 9 percent, while Encore subscriptions rose 3 percent compared to the third quarter of 2010. "Subscription growth in 2011 has been impacted by a current lack of cooperative marketing campaigns with certain distribution partners," the firm said.
Said Chris Albrecht, Starz president and CEO: "Starz Entertainment performed well in the third quarter with continued solid financial and operational performance continued solid financial and operational performance and momentum in implementing our original programming strategy.
With 2012 Starz Originals, which include Spartacus: Vengeance, Magic City, and a second season of Boss, we will deliver to our subscribers a slate of entertaining premium programming."
Meanwhile, Liberty Capital, which collects various Liberty investments such as Sirius XM Radio and Live Nation, group's revenue decreased 40 percent to $151 million, but adjusted OIBDA remained was flat at $25 million and its operating loss improved by $17 million to $14 million. The changes were primarily due to the impact of a change in attribution of Starz Media from Liberty Capital to Liberty Starz, which took effect on Sept. 30, 2010.