Liberty Media reports 24 pct cash increase in 1Q
DENVER—Liberty Media Corp.'s first-quarter revenue rose in all three of its business units, which include QVC and Starz television channels and a stake in DirecTV, the company said Thursday.
The company, controlled by cable magnate John Malone, also reported a 24 percent increase in consolidated cash to $3.9 billion but did not provide net income or per-share figures for the three months ended March 31. Each of its three units has a separate tracking stock.
"We're pleased with some of the operational and structural progression we've made," Chief Executive Officer Greg Maffei told analysts during a conference call.
Liberty Media performed well in the first quarter, said Janco Partners analyst April Horace. "QVC's results were essentially flat year over year but in today's economic times, flat's pretty good," she said.
Liberty Interactive Group, including QVC Shopping Network and a variety of online assets, reported a 10-percent increase in revenue. QVC's consolidated revenue increased 5 percent to $1.77 billion.
QVC CEO Mike George acknowledged that the results were below overall targets although its international revenue rose 15 percent to $589 million due to favorable exchange rates, higher sales in Germany and more subscribers in Japan and Great Britain.
Liberty Entertainment Group, which includes Starz Entertainment LLC, a 48-percent stake in satellite TV provider DirecTV and other assets, reported an 11-percent increase in revenue.
Of that, Starz Entertainment posted a 3 percent increase in revenue to $273 million, bolstered by rate hikes for its premium channels. Subscribers to both its Starz and Encore premium channels rose to 48 million from 44 million in a year-over-year comparison.
Liberty Capital, which includes the Atlanta Braves and interests in Time Warner Inc. and Sprint Nextel Corp., reported a 26-percent increase in revenue. The company, based in suburban Englewood, Colorado, credited the increase to the acquisition of the Major League Baseball team among other assets.
The results were released shortly before the stock market closed Thursday. Liberty Entertainment shares closed unchanged at $27; Liberty Interactive shares rose 4 cents to close at $15.62 and Liberty Capital's stock dipped 8 cents to $15.71 a share.
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