Starz owner Liberty Media posts 3Q profit
ENGLEWOOD, Colo. (AP) — Liberty Media Corp., one of the companies controlled by cable mogul John Malone, posted third-quarter net income on gains on its investments in other companies.
The results also included subscription growth at the Starz and Encore cable channels, which Liberty Media plans to spin off this year. Starz subscriptions rose 9 percent to 20.8 million. Subscriptions at its Encore channels rose 5 percent to 34.3 million. Revenue from the division rose 3 percent to $400 million.
Liberty Media also owns 49.2 percent of satellite radio broadcaster Sirius XM Radio Inc., and plans to take control of that company.
It also invests in concert company Live Nation Entertainment Inc., bookseller Barnes & Noble Inc. and media companies Time Warner Inc. and Viacom Inc. It owns the Atlanta Braves baseball team.
Englewood, Colo.-based Liberty Media reported overall net income of $1 billion, benefiting from earnings of $1.28 billion from its investments in other companies. Last year, Liberty Media lost $42 million, earning just $53 million from its investments.
Liberty Media's total revenue rose 3 percent to $555 million from $540 million a year ago.
Liberty Interactive Corp., which split off from Liberty Media in September 2011, said Tuesday that its revenue rose 3 percent to $2.2 billion. Its loss widened to $41 million from $19 million. Liberty Interactive owns the QVC shopping channel, some shopping websites and also invests in other companies.
Liberty Media shares rose 17 cents to $112.13 in morning trading while Liberty Interactive shares rose a penny to $20.47.